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| Sometimes ...stuff happens & no one will know any details really until Monday, if then. I recall being told by a then retired CME trader (think he retired in 1964) about the pit trading following a pig crop report. As was told to me, an elderly gentleman trader (very elderly & suspect a little senile) spent trading sessions in a chair reading newspapers & killing time, seldom traded & if he did, it was 1 or 2 contracts. He was a long time member & was just the way he spent his day. A sense of humor is required in this business (to some degree) & 'the boys' spent some time following a pig crop report telling the old boy the report was so bearish the market could possibly be limit sellers for days. The next morning, the opening belly call was steady to slightly higher ..on the bell the old duffer stepped in & offered 150 cars at limit down. Not anticipating any real moves, the boys with the stop-loss decks were not prepared and had to race into the pit, the price offer disrupted the spread traders and while I don't remember all of the details any more...it was havoc for several minutes as the order was legit, he had plenty of margin money. | |
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Friday's soybean market - what actually happened?
