Trading the SPX

I had an NDX position stopped out at 1885 and am NOT happy :/

I'm waiting for CMC Markets to get back to me about this one. Is there a precedent for when a similar situation has occured in the past? I imagine there would be quite a few people who've been stopped out given the SPX and DJI went below their 2007 lows.
 
I just got this explanation from CMC markets... any advice on how to respond would be appreciated!


Dear Kris,

Thank you for contacting CMC Markets Client Services.

Further to our earlier conversation, I have confirmed with our dealers that the fluctuation for the NDAQ100 is a representation of the underlying market and the order in question will remain executed.

If we can be of any assistance please contact us via email, web chat or phone between the hours of 6am Monday and 9am Saturday AEDST.

A reliable, highly efficient service, superior pricing & liquidity with local presence & knowledge.

Email address: [email protected]
Web Chat: Available on the top tool bar on the MarketMaker platform
Phone: 1300 660 262
Client help site: CMC Markets helpdesk

Regards,

Chay
Client Services (Sydney)
 
Last edited:
kreks said:
I just got this explanation from CMC markets... any advice on how to respond would be appreciated!


Dear Kris,

Thank you for contacting CMC Markets Client Services.

Further to our earlier conversation, I have confirmed with our dealers that the fluctuation for the NDAQ100 is a representation of the underlying market and the order in question will remain executed.

If we can be of any assistance please contact us via email, web chat or phone between the hours of 6am Monday and 9am Saturday AEDST.

A reliable, highly efficient service, superior pricing & liquidity with local presence & knowledge.

Email address: [email protected]
Web Chat: Available on the top tool bar on the MarketMaker platform
Phone: 1300 660 262
Client help site: CMC Markets helpdesk

Regards,

Chay
Client Services (Sydney)
Click to expand...

I was wondering the same thing. Looks like S/B co's won't bust the trades.

http://www.trade2win.com/boards/384244-post1.html
 
new_trader said:
I was wondering the same thing. Looks like S/B co's won't bust the trades.

http://www.trade2win.com/boards/384244-post1.html
Click to expand...

"Globex is currently reviewing future option trades on the equity index futures which occurred earlier this morning, and in particular, trades done between 01:01 and 01:05 Chicago time which resulted in a large number of trade cancellations in the equity index futures..."

Apparently IB has cancelled those trades from clients that were affected.
Having had a quick look-around other forums, it seems that other brokers have done the same...

If SB companies don't, then that says a lot about these companies doesn't it?
 
firewalker99 said:
"Globex is currently reviewing future option trades on the equity index futures which occurred earlier this morning, and in particular, trades done between 01:01 and 01:05 Chicago time which resulted in a large number of trade cancellations in the equity index futures..."

Apparently IB has cancelled those trades from clients that were affected.
Having had a quick look-around other forums, it seems that other brokers have done the same...

If SB companies don't, then that says a lot about these companies doesn't it?
Click to expand...

Yes it does! Can I ask where you got that quote from (had a quick look at the CME site but saw nothing). I'm going to send it to CMC!
 
Read this elsewhere

To GLOBEX traders:
Mon Jan 14 06:37:46 2008 EST

GLOBEX CANCELLED TRADES UPDATE

Further to our earlier bulletins; although not confirmed, we understand that there was a mass order error by another financial firm which resulted in a large imbalance in the GLOBEX order book, and the subsequent spike in the market. GLOBEX cancelled (busted) trades which occurred outside of the no-bust range in their equity index futures and future options. We believe we have manually removed all of the cancelled trades from customer accounts. This is a manual process, so customers should use the previous price ranges as guidance, and contact customer service if you believe that your position is incorrect. It is important to note that all other trades will stand. This includes trades which have been executed because of the large market move, including stop and conditional orders that may have been triggered by the price move. It shall also include orders that were triggered by an execution price of a trade that was subsequently cancelled by GLOBEX. Clients should manage their current positions. We understand that clients may be adversely affected by the ruling made by GLOBEX, and have made a formal complaint to the exchange.
 
firewalker99 said:
To GLOBEX traders:
Mon Jan 14 06:37:46 2008 EST

GLOBEX CANCELLED TRADES UPDATE

Further to our earlier bulletins; although not confirmed, we understand that there was a mass order error by another financial firm which resulted in a large imbalance in the GLOBEX order book, and the subsequent spike in the market. GLOBEX cancelled (busted) trades which occurred outside of the no-bust range in their equity index futures and future options. We believe we have manually removed all of the cancelled trades from customer accounts. This is a manual process, so customers should use the previous price ranges as guidance, and contact customer service if you believe that your position is incorrect. It is important to note that all other trades will stand. This includes trades which have been executed because of the large market move, including stop and conditional orders that may have been triggered by the price move. It shall also include orders that were triggered by an execution price of a trade that was subsequently cancelled by GLOBEX. Clients should manage their current positions. We understand that clients may be adversely affected by the ruling made by GLOBEX, and have made a formal complaint to the exchange.
Click to expand...


For what it's worth, I had a stop loss and and a sell-on-stop order with IG Markets for the dow at 12,450, which WEREN'T triggered thank God...
 
kreks said:
Yes it does! Can I ask where you got that quote from (had a quick look at the CME site but saw nothing). I'm going to send it to CMC!
Click to expand...

My broker has the Day High and Low as per the spike. Now, I am only guessing, but if CME officially record these as the day high & low then I would say that technically speaking, the SB companies will treat the price spike as bona-fide and not bust any trades or make any refunds. That said, I would bet that anyone who made money from SB during the spike has probably had to give it back..
 
new_trader said:
My broker has the Day High and Low as per the spike. Now, I am only guessing, but if CME officially record these as the day high & low then I would say that technically speaking, the SB companies will treat the price spike as bona-fide and not bust any trades or make any refunds. That said, I would bet that anyone who made money from SB during the spike has probably had to give it back..
Click to expand...

Yep, just given 289 SPX points back to Capital Spreads. I was short from Friday and took advantage of the spike at 7am this morning to close out manually to gain the points. Cap spreads gave the dough and left me with a huge smile which was just wiped off when they withdrew the cash from my account. The "helpful" Nick said that this morning they honoured all positions including people stopped by the spike but have had to now reverse this and re-open the stopped out positions after CME busted the spike. Hope this helps folk with their longs.....
 
Bitchy Message

ajaskey, we notice you haven't posted on our forums in several weeks, why not take a few moments to ask a question, help provide a solution or just engage in a conversation with another member in any one of our forums?

To make the board gods happy, here is my latest outlook.

Andy's Market Watch Outlook
 
Perhaps a number of people out there in the greater universe also trade the S&P 500 ???
I follow the 2 main boards with comments on the Dow but it is a bit of a pain to keep translating the figures into comparable S&P figures.

The min bet on the S&P is 50p a point on Fins. Which is a bit more interesting than paper trading and imho the S&P index is less swayed by the irrational and so easier to bet.
 
Pat, what is the fins platform like?
The general consensus was pretty aweful when i was researching them, but that was a few years ago.
I have traded with CMC for a while and the actual platform is very good. However, the 50p per point miimum stake is attractive to a piker such as myself.

I have developed a system for the SPX. Results have been outstanding. Trades are generally placed at the close of each session and often closed in the globex hours. Would this be possible with finspreads?

Is the account opening procedure easy?

cheers.
 
candles said:
Pat, what is the fins platform like?
The general consensus was pretty aweful when i was researching them, but that was a few years ago.

I think they have improved a bit lately with a Java set-up BUT one needs stops and limits because they still freeze occasionally when the action starts !

I have traded with CMC for a while and the actual platform is very good. However, the 50p per point miimum stake is attractive to a piker such as myself.

ditto for me

I have developed a system for the SPX. Results have been outstanding. Trades are generally placed at the close of each session and often closed in the globex hours. Would this be possible with finspreads?

They used to close at 9.15 pm GMT. Not sure if its changed

Is the account opening procedure easy?

Yup as far as I remember from a few years ago

cheers.
Click to expand...

Perhaps we could get this thread up and running again ???????????????
 
Pat494 said:
Perhaps we could get this thread up and running again ???????????????
Click to expand...

Hi Pat
I trade the S & P, and also gbp/ yen ,and several other pairs
I use AOl my computer has problems , when I am useing AOL & CMC at the same time

I work out my short and longs for the day , and just wait for the trade to come to me
I will try to post in the mornings
all the best
Hornblower
 
Pat494 said:
Perhaps a number of people out there in the greater universe also trade the S&P 500 ???
I follow the 2 main boards with comments on the Dow but it is a bit of a pain to keep translating the figures into comparable S&P figures.

The min bet on the S&P is 50p a point on Fins. Which is a bit more interesting than paper trading and imho the S&P index is less swayed by the irrational and so easier to bet.
Click to expand...

I agree with you on the relevance of the S&P - probably the best index to rally gauge what the market is doing. I do weekly TA on the S&P to some detail, and pick up several YouTube clips by US traders each night that also keep a close eye on it (lazy, but I don't want to spend the whole evening drawing S/R lines). The other indices seem to follow and though I trade the FTSE100, the logical extension would be for me to open up on the S&P too so it was nice to find this thread. I'd like to submit thoughts on S&P TA from time to time but only as an observer for now.
 
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