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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: William H Huebl who wrote (69483)	6/16/2004 6:45:08 AM
From: Real Man	Read Replies (2) \| Respond to of 94695

I thought I'd pass this, it looks very bad... "Only have a minute but, write more later but... The entire S&P price action in the futures is being controlled by one counter party. All the guys frickin hate them: their CME clearing number is 990N and they clear through Gelbel trading. That one account is solely responsible for the current level of the S&P. They are the ones that are throwing the S&P up overnight. Then they are the ones that are sitting on the bid all day long, supporting the market action. The S&P pits have been decimated, absolutely ruined. There is no volatility, so all the traders have left. Now the hot pit is the Eurodollar pit. Go figure, that used to be like watching paint dry. All the traders I have talked to view the market as being rigged. They keep waiting for the price action to break loose, but it never does. They are stunned by the lack of volatility. And furious. "time after time after time 990 just sits there on the bid. Don't they ever go away. They just absorb the entire market and then push the price whereever they want it to go." Gee, I wonder who that counter party is. They are all terrified of shorting, because every time they do, they get drilled. I thought it was just my systems that weren't working that well, but they are far more dispirited than I. Gotta go. Be back at you all in the next couple days."