All but the S&P closing by summer. Only the options pits will remain. Everything else traded computer-only.

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Could never have seen this one coming...lol

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

Where will all the guys gather at 3 to do coke? Will Alcox close?

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Elections have consequences.

Alcocks which is now Oneills will be fine

There's still a ton f people trading in the cme/Cbot building


And electronic trading will drive you to drink as quick or quicker p



Its sad that a lot if good people will lose jobs but that's 90% done already

Your job safe for now?

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Proud member of the white guy grievance committee

It aint the six minutes. Its what happens in those six minutes.

Yes, this doesn't affect me except maybe get a little busier


But long term is tenuous

The long term is tenuous for everybody.

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Reality is your friend, not your enemy. -- Seacrest

At least Louis Winthorpe III has the heroin trade to fall back on.

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Sex isn't dirty, sex isn't a crime. It's a loving act between two or more consenting adults.

-Hank Kingsley

Algos

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

True.

On one hand I'm fortunate to have lasted in the business but been its annoying hearing people predict my job will beer gone soon for 12 years.


Anyway, its part of my journey

What happens to ken vroman?

Probably nothing. CMEgroup was over 99% electronic trading already. This is just closing an old room where trades barely ever happen anymore in the futures pits


Options pits will be staying open

Yeah, probably more futures trades done in the hallway these days (broker walking past his buddy: "you just bought 10") .

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The algos are definitely here to stay, though the last two blowups at our firm involved algos that went haywire before humans could react. Ended up costing millions. On the other hand, we have no control over trading limits on guys in the pits, so if they decide to take a flyer, they can do a lot of damage as well.

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Will this guy still be cutting people in half?

https://www.youtube.com/watch?v=kupTj6yC65U

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Jaw/RPB, you ever read the Quants?

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Hawaii (fuck) You

That's in my regular rotation of Youtube clips I play in the office. Awesome. That doesn't even do justice to what kind of douchebag that guy is

I work @ CBOE and this has been talked about for years. Kinda strange that it's actually happening. I know some phone guys that work over there and they might end up on the street after this happens...

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"I'm not smiling because I thought what you said was humorous. I'm smiling because one day I know you'll be dead..."

I think its terrible, but its reality. In a way it has heled me as I dont trade big money, so I have large stops and I can outlive algo moves these days. When I was at a prop shop, they just killed me on algos meant to push out shorts, etc. Now I can recognize such moves and take advantage of the retracements.

I think it was 2 years ago when there was the mistaken AP report of a bomb at the whitehouse for 1 minute, which set off a ton of Algos and the market spiked down and shot right back up 400 pts in 15 seconds? It is what it is.

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

Damn BF, you're talking like a savvy trader. I saw some of your currency posts, and I figured you were just fooling around. How long did you work for a prop shop? Did you just trade S&P futures or did you dabble in everything?

I stick to equities and will play options on stocks. I don't need to fool around with futures and that type of stuff. My knowledge base is all fundamental analysis of common stocks, so why stray into other areas?

If I were to play futures, I would definitely bet on oil coming back to $70 by year end. I ran a few stock screens yesterday on oil producers. I was thinking about making a play or two in that area.

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Hawaii (fuck) You

If I wanted to blow all my dough I'd do it on high priced hookers. At least it would be fun for a while.

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Reality is your friend, not your enemy. -- Seacrest

No, but will check it out.



I vaguely recall the White House scare, but maybe you were thinking of the flash crash? http://en.wikipedia.org/wiki/2010_Flash_Crash

That day was crazy. The main problem for traders was not knowing which orders would be later busted due to the prices being so far out of whack. (I think Procter and Gamble went down to 0.01 for a short time.)

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Built a prop shop location in 2009 for a client. thus between projects would trade. Now trade much more. Prop shop is now leased to a church

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

A friend of mine that I grew up with pretty much invented black box trading. I'm sure I may have mentioned this here in the past. He developed the software with his PhD advisor when he was down in Champaign working on his doctorate, which I believe had something to do with fluid flows.

The program was called "Prophet". One night my buddy decided to replace all the market data with NFL stuff and all kinds of patterns became visible. He got some money together and went out to Vegas where he just killed it, like a 65-67% clip. Unbelievable numbers. I think his brothers still run a newsletter based on that software.

He and I and another guy we grew up with were all pretty good friends, probably because all of us can be difficult to deal with. All of us have been kicked out of companies that were built around us.

Anyway, here's a book about him and the guys that pioneered algorithms in trading:

http://www.amazon.com/The-Predictors-Ma ... 0805057579

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Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

Thanks Jorr, I love stuff like that.

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Hawaii (fuck) You