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Old 10-24-2008, 06:40 AM   #1

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Limit Down Discussion

Could someone advise about limit down
It was pretty scary for me seeing S&P500 stuck
Was not in a position at the moment but what could one do
I see flow of orders on the tape for 855.25 and they are rolling in hundreds
FESX (Euro Stoxx made a low 2173 and is coming upto daily pivot @2254)

So will S&P open with a Gap-Down, re-open higher &
What happens to all these contracts placed at 855.25 (market & limit orders ?)

https://www.cme.com/trading/files/Eq...LimitGuide.pdf



Many thanks
Minoo
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Old 10-24-2008, 07:38 AM   #2

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Re: Limit Down Discussion

i don't trade the S&P, but did trade the Ags before and got caught in a limit move.

its a circuit breaker...in this case the market can trade up, but nobody can offer below the limit move....it locks down until the market opens and then we are in a whole new ball game.

if the futures stay limit down at the open, it will open lower. but historically there is usually a bounce off the limit. but that does not mean the bounce will change the direction...

gonna be a rough ride for the equity guys..
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Old 10-24-2008, 08:15 AM   #3

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Re: Limit Down Discussion

Limit Down Question

After market limits down

Could someone explain what happens to orders when the market limits down, new orders and one which were already placed.

Which order type is hold where ? On brokers local server or exchange server, which order type one can cancel and which one cannot be cancelled if any

At the moment market is limit-down but Why is the tape so bullish are these mostly people trying to get out of their shorts, trying to hedge or some kind of limit-down strategy being played out.

I need some input to my trading plan

Any suggestios, enlightenment would be well appreciated

Many Thanks Minoo
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Old 10-24-2008, 08:49 AM   #4

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Re: Limit Down Discussion

When it opens it will no longer be limit down (unless it moves).

There is an overnight limit (which is where it is now stuck) and a larger day limit (which is somewhere else (i don't trade us markets)).
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Old 10-24-2008, 09:32 AM   #5

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Re: Limit Down Discussion

10 pts wide in the pit (840 x 850 on the open)

Solomon a big buyer on the open

heeeeheee
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