<p>the article also mentioned that silver had a similar move. Do you think it was a fat finger or just a big trade, dstark?</p>
<p>I really, really don’t know.</p>
<p>There was a trade similar to this a couple of months ago…</p>
<p>But that was when gold was down $90 on the day…and then some firm just sold the crap out of gold and it dropped another $10 in seconds…maybe less…Somebody seemed to be liquidating…</p>
<p>This time…</p>
<p>I don’t know…</p>
<p>It could have been a fat finger…and somebody was trading a gold-silver spread…and when gold dropped they bought gold and sold silver…which put pressure on silver.</p>
<p>Could have been a fat finger on both products…Somebody hit a key and both trades went off…</p>
<p>Maybe…it wasn’t a fat finger…somebody wanted out…</p>
<p>Firms don’t usually announce what they are doing…or if they had a fat finger. :)</p>
<p>What happens if it was a fat finger? Does it get unwound somehow?</p>
<p>No…it becomes a loss in this case…</p>
<p>Millions of dollars if it was a fat finger.</p>
<p>If it was a fat finger…the firm that did the trade would have to buy the futures back…would not be easy to buy back 7,500 futures.</p>
<p>The Jun futures traded a little than 100,000 futures today.</p>
<p>What if you don’t have the money? Does the process catch that before the order is fulfilled?</p>
<p>There should be sanity checks on these trades so a trade too large for a firm can not occur.</p>
<p>A sanity check might be something like …you can’t place an order of more than 75 futures at once.</p>
<p>Rarely…a sanity check might not work…</p>
<p>If the customer can’t afford the loss…the clearing firm has to eat it.</p>
<p>A clearing firm might be JP Morgan, Goldman Sachs, ABN Amro etc…</p>
<p>Some large firms self-clear. Maybe a firm like O’Conner might self clear. I don’t know if they self clear or not.</p>
<p>When you, Notrichenough, trade…your trade is cleared.
So…if you can’t cover your losses…your clearing firm covers the losses.</p>
<p>Every trade that you do…when you pay a commission…part of that commission goes to your clearing firm…so the clearing firm has money to pay off losses.</p>
<p>ADP report looked good. ;)</p>
<p>I am shocked you didn’t mention CHK today, qdogpa.</p>
<p>Just catching up on the news…saw the fact 69% of companies that have reported " beat" their number…perhaps the " experts" who follow these companies and provide the number for their firms are not so good…Aubrey from CHk has his own hedge fund, this guy is good. ;)</p>
<p>:)…</p>
<p>For the Ken Fisher fans,his Q1 2012 holdings were released and he SOLD 98% of his SPY holdings…bearish sign? He did add to his GE,Exxon and Wells Fargo stakes</p>
<p>Did he move to out of stocks or cash…or did Fisher just concentrate his stock holdings…or buy other indexes?</p>
<p>Actually… I don’t give a s… what he does. :)</p>
<p>Yes, not a fan of his, and with him coming around to my belief the market looks toppy, i have to hope he is right,lol</p>
<p>:)…</p>
<p>Why was the ADP report good? It looked like a stinker to me. Market agreed.</p>
<p>I sold out of DECK for a small profit. Shorted TRIP on earnings breakout, but probably stupid to do so. Will be out of TRIP by end of day or next.</p>
<p>I assumed my winky wink face would make readers understand i was being sarcastic. Lol</p>
<p>Well…razorsharp…your last couple of trades look very good.</p>
<p>I am short puts in MSFT…I am going to own MSFT if it breaks 31 and stays below 31 at expiration.</p>
<p>I missed the wink. sorry</p>
<p>I used to own MSFT and wanted to write covered calls on it but I could not find enough premium in it to justify doing so. I have yet to figure out how MSFT trades. Charts never worked for me. I couldn’t find any analysts who were good at predicting MSFTs move. The stock never moved much. It seemed to move with the market more than on anything else. Institutions love it. Maybe that is why it moved so slowly.</p>
<p>I was away from my computer yesterday and missed the big move up in WTI crude. I was away again today and missed the big move down in crude. Oh well. </p>
<p>There is so much bad news on CHK. Maybe it’s time to look at bottom feeding.</p>
<p>You might be right…but I don’t trust CHK.</p>
<p>I would rather find other places to speculate.</p>
<p>The MSFT option premium is very low.</p>
<p>That is a downside in selling premium in MSFT. :)</p>
<p>I am also toying with the idea of CHK,looking for a quick trade</p>