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Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,057 since Dec 2013
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Seems like there was good volume in both futures and options for the first 4-5 hours but things dieing down now.
Option Bid/Ask now so wide you can't trade anything.
12.58am
ESU5 ~ 1924
V Wing Vol looks like its ~ +12
X Wing Vol ~ +9
For the first time in a while, I'm now short ES Options, V1400P.
To CFE,ECBOT,GLOBEX,NYBOT,NYMEX,NYSELIFFE traders:
Mon Aug 24 08:40:32 2015 EST
In light of the notable volatility in global markets, we are temporarily suspending intra-day margin release. Please monitor your accounts accordingly to ensure margin compliance. Any account not in margin compliance will, as always, become subject to IB-initiated liquidation.
I would have waited for after the Monday 7-10 am selling wave before adding new shorts. But of course I could have been wrong.
It seemed like the selling was in waves as each part of the world started trading. Down to open plus Chinese market down. Then a rebound. Then another drop when EU started trading then a rebound. Now down big when US is fully trading and people are being forced out. I'm guessing we won't settle at -100 ES but this might be big enough drop to keep the selling going for another day.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,057 since Dec 2013
Thanks Given: 4,409
Thanks Received: 10,225
When ES was down on its lows ~ 1830/1840 ~ V wing vol was +20 ish and X wing Vol was +17 ish.
With ES back to ~ 1900, V wing vol is +12 ish and X wing Vol was +10 ish.
My IMx3 spreads have hit exit point. I will exit when I see market start to drop again.
My IMx4 spreads are not at exit point at 10:15 am (ignoring craziness from 9:10 am to 9:40 am). But drawdown is 47%. I will probably exit these today too.
I suspect margin calls tomorrow will send another wave of selling.
After this is over we need to research ways to limit losses better. Selling futures? Just getting out at any sign of trouble? Find another way to invest money
I am seriously troubled by what the markets have become because of algo trading.
I believe the appropriate quote is "The market can stay irrational for longer than you can stay solvent."
Brutal month so far - I wonder how much the Chinese stock market was driven by Chinese housewives buying stocks on insane margin? Seems very similar to the GBP/JPY carry-trade unwind with the prior crisis. Lots of people lost their shirts during that move.