Locals bid up SP market after bulk Paper sellers on the Open.

Ben Lichtenstein has appeared on CNBC and Bloomberg TV, has shared his expertise on Bloomberg radio, and has been published in numerous periodicals including Futures magazine and Stocks & Commodities. He is a member of the Chicago Mercantile Exchange with over 15 years of experience working on the trading floor.

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The broadcasters may call the S&P e-mini ES Globex contract, ‘minis’, ‘the mini’ or ‘the screen’. Also, they may call the S&P CME SP Pit Traded contract, ‘the big contract’ or ‘the S&P’. The broadcasters are calling the trades within a few feet of the S&P CME SP trading pit and are referring to the S&P CME SP contract.

You are hearing the broadcasters quote the current bid and offer of the S&P CME SP pit traded contract – quickly. When they say ’0 even bid at one half’, that could mean 1280.00 is the bid and 1280.50 is the offer. But could also mean, 1290.00 is the bid and 1290.50 is the offer. They are broadcasting tick for tick and must quote the figures to stay with the pit action. When the pit is packed and active they may just say, ’0 at half’ or ’20 bid at 70′. It is easy to follow along when looking at the ES chart and trades.

The prices you SEE in the video are the S&P e-mini (electronic symbol ES) Globex Mar 2009 contract. The prices you HEAR are the S&P CME (pit traded symbol SP) Pit Traded Mar 2009 contract. The two contracts trade within a tick or two of each other, during pit traded hours 8:30 – 15:15 cst.

The pit traders are trading the SP and may trade the ES also. When they do, the broadcasters may say ‘they’re trading the mini’ or ‘they just sold/bought the mini’.

Click here for more information: http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500_FO.html

The subscribers of TradersAudio.com are listening to the SP contract trading Live in Chicago while watching the ES, another futures contract or stock on their computer.

*This is not trading advice. These videos are for informational, educational and entertainment purposes only. Full product information on the S&P 500 Futures is available at the CME website http://www.cmegroup.com – We are not a brokerage firm, we do not take trading orders, do not execute trades or manage customer accounts. The Squawk Box is not trading advice and provided for informational purposes only. No claims or representations of profitability are being made herein.

Author: tradersaudio
Keywords: informedtrades traders audio ES YM futures analysts stock market day trading emini squawk SnP s&p commodities charts finance money
Added: February 13, 2009