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Spread Compression Time With ES "Fair Value" About 15 Point Lower

Tyler Durden's picture


Time to reestablish some compression trades. As the latest update from Capital Context indicates, ES, relative to its risk benchmark consisting of all other risk assets, is once again along in its optimism, trading about 15 points above its implied fair value. Paradoxically, the driver of today's bout of irrational exuberance is not the latest monetary stimulus announcement by the Fed, which obviously did not come, (and it may be time for the daily dose of sobriety: without fiscal and monetary stimulus Q3 and Q4 GDP will tumble; good luck buying stocks on contrarian bent when even the NBER admits we have entered a double dip), but merely "buying the news" - supposedly everyone was convinced there would be announcement by the Fed, which in itself was a catalyst to buy?! Regardless, the buying is only happening in stock as can be seen by the ES. As such it is time to put the trusty old compression trade back on: short ES, long the Contextual Risk leg.


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Fri, 08/26/2011 - 13:47 | 1604852 mynhair
mynhair's picture

Might have to hold it into Monday, though.  Seems everyone has evacuated.

Fri, 08/26/2011 - 13:48 | 1604855 narapoiddyslexia
narapoiddyslexia's picture

Excuse my ignorance, but how do you, "long the Contextual Risk leg?"

Fri, 08/26/2011 - 13:49 | 1604859 HelluvaEngineer
HelluvaEngineer's picture

Not sure it's as important this time, frankly.

Fri, 08/26/2011 - 13:50 | 1604863 redpill
redpill's picture

Couldn't tell you, I'm still dumbfounded as to why this stupid stock market is green today.

Fri, 08/26/2011 - 13:51 | 1604870 HelluvaEngineer
HelluvaEngineer's picture

Didn't this happen last time Bernanke disappointed?  I seem to remember the floor falling out shortly thereafter.

Fri, 08/26/2011 - 13:56 | 1604888 Cognitive Dissonance
Cognitive Dissonance's picture

Sell the rip. Disappointment will arrive Monday along with the pumping out of the NYC subways.

Fri, 08/26/2011 - 14:06 | 1604934 WestVillageIdiot
WestVillageIdiot's picture

It might be interesting trying to get back onto Manhattan Monday.  The PATH, Long Island RR, Jersey Transit and subways could be very difficult.  Even Metro North could get screwed up. 

And yet the NASDAQ just keeps climbing.  Yoga pants, burrito joints and even banks are just going straight up.  As is gold.  The dollar is dead. 

Fri, 08/26/2011 - 14:26 | 1605007 slaughterer
slaughterer's picture

People want to be fully invested during the hurricane so that they can rest assured that their money at least is in a safe place. /sarc

Fri, 08/26/2011 - 14:28 | 1605017 slaughterer
slaughterer's picture

Yup, last time the floor fell out for two days after the JH EOD rally. 

Fri, 08/26/2011 - 14:14 | 1604964 espirit
espirit's picture

Compare $CH30 and $INDU - at resistance.

Fri, 08/26/2011 - 14:56 | 1605148 freethinker4now
freethinker4now's picture

I know. Goes up on printing speculation. Then goes up when no printing? Skitzo

Fri, 08/26/2011 - 18:06 | 1605870 blingblingbert
blingblingbert's picture

Man, have you not heard about the invisible hands?

Fri, 08/26/2011 - 15:03 | 1605171 pvzh
pvzh's picture

I'm still dumbfounded as to why this stupid stock market is green today.

1. Hurricane -- Bullish (lots of broken windows).

2. Stockpiling on stocks (they are non-perishable too, and unlike gold you can eat them ;-) ).

/ sarc off

Fri, 08/26/2011 - 14:05 | 1604900 B-rock
B-rock's picture

...Buy TZA...


Or TZA Sept 2 $50 Calls.... ??

Fri, 08/26/2011 - 14:13 | 1604961 nobusiness
nobusiness's picture

I love this trade. 

Out of the money call options on a triple inverse of the most volitile market the small caps with only 5.2 trading days left.


Fri, 08/26/2011 - 14:15 | 1604966 French Frog
French Frog's picture

Posted a few times but still awaiting some sort of reply ....

Dear ZH,

I'm very much enjoying those arbitrage trades between the ES and your RISK index. I suspect that the vast majority of readers or traders in here do not have access to a RISK chart let alone being able to trade it.

It would be good if you could run some charts to see what other more 'common' instrument is currently the most corelated to the RISK index (it used to be Aud/Jpy I believe).

Once we know that, I feel that more people would benefit from this info as you could then do the pair hedge/trade with minimal risk (ie. short ES & long 'that' instrument), rather than simply going for the more risky 1 trade (in this instance, short ES, as many people have probably been burnt shorting the indices 'naked', especially when one remembers the many meltup mondays that we've had).

Just a thought, because the 'easy money' title is only correct IF you are able to trade it in reasonable safety by being hedged.

Thanks in advance

Fri, 08/26/2011 - 14:39 | 1605073 disabledvet
disabledvet's picture

Or just buy gold of course. Sometimes it really is all about the entertainment in "u followed our advice and lost everything? HRdy Har Har!" something tells me " they aint broadcasting from topeka here." one more thought: if i have a billion dollars in the bank or a billion dollars worth of gold which do i get back if the bank fails? Not that banks fail of course. At least that's what the government guy told me back in 2007. "Banks dont fail anymore."

Fri, 08/26/2011 - 14:19 | 1604976 arm50
arm50's picture

the spread is (12*lqd-9*ief-4*spy)/4=x, can be found on their site. It is a good trade, just eats cap req.


Fri, 08/26/2011 - 15:14 | 1605211 gguillory75
gguillory75's picture

huh?  is that buy 12 sh LQD, sell 9 sh IEF and 4 sh SPY?  What's the "/4" part?

Fri, 08/26/2011 - 16:05 | 1605031 citrine
citrine's picture

As Tyler mentioned at the beginning, the risk leg of the "Context" index is a basket consisting of risk assets. Few weeks ago he let us know what is included in the basket, but I can not be completely certain at this point.

Fri, 08/26/2011 - 13:54 | 1604878 Rick64
Rick64's picture

Maybe or they're waiting for the selling to start.

Fri, 08/26/2011 - 14:07 | 1604940 WestVillageIdiot
WestVillageIdiot's picture

Like a fucking idiot I bought some puts on QQQ today.  I can feel my ass getting rimmed.  Anybody else as stupid as me? 

Fri, 08/26/2011 - 14:09 | 1604945 --Freedom--
--Freedom--'s picture

Bought some sqqq when the NASDAQ was at 2.5% up, so am even today on that. Can't fucking believe it will close that high, but who knows?
Nice move in gold, though.

Fri, 08/26/2011 - 14:36 | 1605055 slaughterer
slaughterer's picture

The floor will fall out next week, do not worry. 

Fri, 08/26/2011 - 14:42 | 1605086 disabledvet
disabledvet's picture

I do worry. I'm a worry wart. And a mr. fidget as well.

Fri, 08/26/2011 - 14:21 | 1604972 B-rock
B-rock's picture


Fri, 08/26/2011 - 14:24 | 1605000 WestVillageIdiot
WestVillageIdiot's picture

Not if it is with a tire iron.

Fri, 08/26/2011 - 14:21 | 1604990 economists_do_i...
economists_do_it_with_models's picture

Not stupid at all.  Look at the 3yr chart of SPY:$DAX on

Things have gotten so far out of line that it's pitiful.

Setting up for another major 2008/flash crash type correction.

Fri, 08/26/2011 - 14:27 | 1605015 nobusiness
nobusiness's picture

I actually caught the low today within 45 seconds.  trouble is I bought IWM Puts.  So yes I'm just as dumb as you.

Fri, 08/26/2011 - 15:08 | 1605186 caerus
caerus's picture


Fri, 08/26/2011 - 14:13 | 1604960 slaughterer
slaughterer's picture

The gap between ES and risk will be closed in futures before open on Monday. 

Fri, 08/26/2011 - 14:35 | 1605053 B-rock
B-rock's picture


Fri, 08/26/2011 - 13:49 | 1604860 Cognitive Dissonance
Cognitive Dissonance's picture

Spread Compression Time With ES "Fair Value" About 15 Point Lower

I'm no longer flexible enough to play those Twister games. But I could try something close with Mrs CD tonight if that's OK?

Fri, 08/26/2011 - 13:58 | 1604895 anynonmous
anynonmous's picture

speaking of twister

WTF happened to operation twist and extended duration

all the prick did was extend the duraation of the next FOMC

Fri, 08/26/2011 - 14:02 | 1604916 centerline
centerline's picture

Yeah.  Total nothing burger today.  I guess I could say I am bit confused - but really nothing surprises me anymore.  I suspect today is a deer-in-the-headlights moment.  I don't think any of the markets know how to react right now... all looking for some sort of direction.  Sort of like the volume lately (aside from bursts of selling activity), the bots are levitating the market in abscense of actual volume trading.  

Fri, 08/26/2011 - 14:11 | 1604951 SheepDog-One
SheepDog-One's picture

Doesnt take hardly anything at all for them to pop ES .5%, big deal, the dump is coming soon.

Fri, 08/26/2011 - 14:24 | 1604997 centerline
centerline's picture

I wouldn't want to be long into the weekend.  As such, a minor selloff could be in order this afternoon.  Compression trade should be complete here in the next hour or so.

Fri, 08/26/2011 - 15:35 | 1605290 TwelfthVulture
TwelfthVulture's picture

Many moons ago I was taught to trade the INITIAL market reaction to Fed announcements.  Initial reaction this morning was violently down. 

Fri, 08/26/2011 - 14:11 | 1604952 AnarchoCapitalist
AnarchoCapitalist's picture

It will come. The market needs to go lower before Bernanke's hand is forced.

Fri, 08/26/2011 - 13:49 | 1604861 So Close
So Close's picture

15 mins ahead of you.  Finally.  ;-)

Fri, 08/26/2011 - 13:52 | 1604869 centerline
centerline's picture

I dont think one of these trades has failed in a very long time.

Fri, 08/26/2011 - 13:55 | 1604877 Zeilschip
Zeilschip's picture

Unless Trichet and Lagarde pull a rabbit out of their hats this weekend, I can't see how the two-day September FOMC hopium can carry this market permanently higher. 

Fri, 08/26/2011 - 14:11 | 1604955 WestVillageIdiot
WestVillageIdiot's picture

And gold is laughing at Bernanke once again.  Go ahead launch QE3 at the FOMC meeting.  We can get the DXY into the 60s.  We can get WTI over $100.  As much as I have difficulty admitting this I think the American public is waking up.  Add to this Obama's coming handouts and the groups such as "The Tea Party" are going to be handed a lot of power back to them.  The ridiculous blame they took over the "debt hole" debate will wash away like a pigeon on The Hudson this weekend. 

Fri, 08/26/2011 - 13:56 | 1604887 B-rock
B-rock's picture

Hey, it's been a while...  How ya'been Compression Trade?

Fri, 08/26/2011 - 14:00 | 1604893 WoodMizer
WoodMizer's picture

Is the physical premium the difference between apmex spot and paper futures on the comex?

i know it's off topic, but gold over 1800 caught my eye.

Fri, 08/26/2011 - 13:58 | 1604894 besodemuerte
besodemuerte's picture

Excuse my ignorance, but what exactly is the .CONTEXT Index?  I love watching these trades over the months but I don't know what the hell that Index is.  I've seen these done before with other benchmarks, maybe I'm just falling asleep at the wheel lately.  Thanks.

Fri, 08/26/2011 - 14:02 | 1604911 Zeilschip
Zeilschip's picture

Maybe someone can paste the CIX formula from Bloomberg into this thread?

Fri, 08/26/2011 - 14:48 | 1605113 disabledvet
disabledvet's picture

Sure. It's a trade "put in context." as in "this is really good" when in fact in the immortal words of the Goldman Saxony "it is shit." any other questions?

Fri, 08/26/2011 - 13:59 | 1604901 John McCloy
John McCloy's picture

  Im looking for that EUR to nosedive 

Fri, 08/26/2011 - 14:00 | 1604903 kahunabear
kahunabear's picture

Nah, everybody's buyin' the huge economic benefits of the hurricane demolishing the eastern seaboard.

Fri, 08/26/2011 - 14:12 | 1604957 SheepDog-One
SheepDog-One's picture

This Cat 3 turns into a mild thunderstorm tomorrow.

Fri, 08/26/2011 - 14:32 | 1605041 LawsofPhysics
LawsofPhysics's picture

Yep.  Unless you believe weathermen are correct 95% of the time.  In that case you also believe in pixie dust and unicorns that shit skittles. 

Fri, 08/26/2011 - 14:00 | 1604905 DavidC
DavidC's picture

Forgive my phraseology, but how the fuck do we get a move like today's without some typr of correction and yet, thus far, it just doesn't want to know.

HFT mungous?


Fri, 08/26/2011 - 14:04 | 1604924 Gibu The Great
Gibu The Great's picture

Algos and stocks in general are "dumb" and can take some time to figure out wtf is going on.

Fri, 08/26/2011 - 14:03 | 1604918 Gibu The Great
Gibu The Great's picture

Gold caught a bit of a bid, back up above 1800. 

Fri, 08/26/2011 - 14:03 | 1604920 swissaustrian
swissaustrian's picture

Option settlements for gold&silver coming up...

Fri, 08/26/2011 - 14:03 | 1604922 aint no fortuna...
aint no fortunate son's picture

sorry Tyler, i just bought the SRTY - that'll kill any short side risk

Fri, 08/26/2011 - 14:03 | 1604923 buzzsaw99
buzzsaw99's picture

the only volume came on early selling. the people have left, it is now just the hal 9000 at work.

Fri, 08/26/2011 - 14:05 | 1604929 Boilermaker
Boilermaker's picture

Precisely, I was just looking at the IYR chart and the same shit there.  It's firmly in the lets-ramp-the-living-shit out this slot now.

Fri, 08/26/2011 - 14:13 | 1604959 buzzsaw99
buzzsaw99's picture

It looks like the old DJIA holding pattern at 11.3K to me.

Fri, 08/26/2011 - 14:04 | 1604926 Boilermaker
Boilermaker's picture

+350 DOW today.  As if they give a shit whether it's legit or not.

Fri, 08/26/2011 - 14:05 | 1604927 nobusiness
nobusiness's picture

Fing Machines

Fri, 08/26/2011 - 14:06 | 1604931 carbonmutant
carbonmutant's picture

Ghost rally by the few traders left on the floor...

Fri, 08/26/2011 - 14:07 | 1604939 Dick Darlington
Dick Darlington's picture

Funny crap from Bbg today. One headline says US stocks rally because The Bernank & Beard signalled eCONomy doesn't need immediate aid. And another headline saying European stocks tank because The Bernank & Beard didn't give all the starving junkies one more shot.

Now where can i sign up for a job like that? Write some shit, no matter what, all day long, smoke some more crack and call yourself a journalist. The quality of the reporting is plunging at a rate similar The Bernank & Beard is adding to the endless lies.


Fri, 08/26/2011 - 14:20 | 1604986 slaughterer
slaughterer's picture

When the system itself is a lie, the representation of it (here, the Bloomberg "crack smoking" journalism) must also be a lie to be accurate with the system. 

Fri, 08/26/2011 - 14:24 | 1604998 --Freedom--
--Freedom--'s picture

Where can you sign up? Pretty much any media outlet in the country. I worked in media for a while, and it's amazing how clueless these folks are. I often see references to a media conspiracy, and there is one, but only at the very top. Most people actually working as journalists aren't in on it...they are just clueless and trying to keep their jobs.

Fri, 08/26/2011 - 14:36 | 1605056 carbonmutant
carbonmutant's picture

Close enough...

Fri, 08/26/2011 - 14:35 | 1605048 YesWeKahn
YesWeKahn's picture

Do you think that those jounalists know and understand anything?

Fri, 08/26/2011 - 14:52 | 1605130 disabledvet
disabledvet's picture

I can answer that one too: "cnbc." what else u all got this day? I'm drinking a Hurricane and feelin GOOD!

Fri, 08/26/2011 - 14:09 | 1604944 pacdm
pacdm's picture

But please can someone tell me why the market is up and Gold is up and oil is flat!

Thank you


Fri, 08/26/2011 - 14:21 | 1604981 --Freedom--
--Freedom--'s picture

Gold flat? It's up 2.5%...just hit 1810.

Whoops. Misread your comment. Thought you were saying gold was flat as well.

Fri, 08/26/2011 - 14:30 | 1605025 LMAO
LMAO's picture


$ down might be a reason why everything else is up atm.

As to oil, don't worry; they are trying to punch through record-levels Light-Brent spread.

Fri, 08/26/2011 - 14:18 | 1604974 economists_do_i...
economists_do_it_with_models's picture

These divergence signals seem like they are never wrong.  100%.  Thank you for sharing.

Fri, 08/26/2011 - 14:19 | 1604980 anynonmous
anynonmous's picture

Krasting had some pretty well thought ideas of how this might play out - I am looking forward to his follow up this weekend - hopefully he gets it posted before he loses his power and internet

Fri, 08/26/2011 - 14:23 | 1604993 Ausperity
Ausperity's picture

Correct me if I'm wrong, but- last time the FED had a scheduled announcement, didn't it take the market til about 3pm(EST) to figure out that BennyBuxx didn't announce QE3?

Fri, 08/26/2011 - 14:26 | 1605010 zerohandle
zerohandle's picture

cant this also converge to the upside?

Fri, 08/26/2011 - 14:31 | 1605032 mynhair
mynhair's picture

Sure, if there is volume creating it.  This is all robot fumes.

Fri, 08/26/2011 - 14:47 | 1605108 Tyler Durden
Tyler Durden's picture

Of course it can. It is irrelevant which way it compresses, as long as it does. It also means that trading just one leg can be hazardous to one's health.

Fri, 08/26/2011 - 14:56 | 1605145 disabledvet
disabledvet's picture

Define "it." are we talking money here or Stephen King?

Fri, 08/26/2011 - 15:03 | 1605169 slaughterer
slaughterer's picture

Important caveat: I once traded just the ES side of this compression and got burned.  Make sure to do both legs equal weighting. 

Fri, 08/26/2011 - 16:32 | 1605536 zerohandle
zerohandle's picture

Any way to play the risk leg using an ETF?

Fri, 08/26/2011 - 16:38 | 1605563 Stoploss
Stoploss's picture

I use index etf's. Careful with the leverage.

Fri, 08/26/2011 - 16:56 | 1605658 zerohandle
zerohandle's picture

ok so..TZA for the /es what do you use for the risk basket?

Fri, 08/26/2011 - 19:34 | 1606109 Stoploss
Stoploss's picture

TNA, UPRO, UDOW, whatever is a long play. I stick mainly with RUT and S&P index plays.


I am also margined, so i have no settlement reqs, so when im out, i have a full pipe ready at all times.

If your not margined, i advise caution with the levered plays.

Fri, 08/26/2011 - 19:35 | 1606128 zerohandle
zerohandle's picture

thx guy

Fri, 08/26/2011 - 16:37 | 1605550 Stoploss
Stoploss's picture

It has been my experience that on light volume days the spread tends to close up, longs side wins, and closes down on heavier volume days, short side wins.

Of course, i forgot to check volume, and picked the wrong side. Shit happens..

Fri, 08/26/2011 - 14:32 | 1605021 adr
adr's picture

Well the PPT stock ramp did its job and traders are too confused as to what to do. The ramp up has all the looks like a computer signal. It looked like someone tried to intervene but then just gave up and let the program run. There was a definite pattern in the morning trade from the top and bottoms of each jump:

Dow: Up 133 down 46, up 126 down 46, up 120 down 58 and then period of gyration then back up 120 points

Nasdaq: Up 45 down 13, up 31 down 14, up 27 down 14 gyration then up 25 points

S&P: up 20 down 5, up 13 down 5, up 11 down 5 with the same gyration and then up 14

After the fourth ramp up stocks have been gyrating around the same levels since noon. Every single metric across the board followed nearly the same pattern at the exact same time. Individual momo stocks followed the pattern as well as crude.

Are we supposed to believe that a massive quantity of individual investors all bought and sold the exact same stocks at the exact same time and bid the exact same percentage across the exchanges???

Where is the SEC??? This is madness.

Fri, 08/26/2011 - 14:52 | 1605128 adr
adr's picture

I just looked at the time of the top and bottom of each jump. Across all three exchanges and the crude futures each jump and drop occurred at the exact same time. I don't have access to the millisecond but here it went:

Dow, Nadaq, and S&P and Crude

Bottom 10:08

Top: 10:28

Bottom: 10:38

Top: 10:48

Bottom: 11:00

Top: 11:16

Bottom: 11:30

Top: 12:12

The tops and bottoms of the moves in crude matched perfectly until 11:16

Can someone explain how that can happen??? Other than total manipulation.

Fri, 08/26/2011 - 15:04 | 1605175 slaughterer
slaughterer's picture

ETFs, basket trading and HFT.  It is all still legal under the SEC. 

Fri, 08/26/2011 - 14:31 | 1605030 YesWeKahn
YesWeKahn's picture

Thank you Tyler! This type of information is SO valuable.

Fri, 08/26/2011 - 14:31 | 1605033 fartinyourgener...
fartinyourgeneraldirection's picture

so let me get this straight....

the market goes up 5% off its lows this week in anticipation of QE3...

then when QE3 isn't announced, the stock market goes up?

me cornfused

Fri, 08/26/2011 - 15:25 | 1605257 ActionFive
ActionFive's picture

Perhaps they needed a "reason" for markets to go up with no volume or fundamentals- so they used QE and POMO etc. else there would be loss of confidence in the markets. Later, they would have to break that conditioning to give the illusion of a real market.

Today, they don't need a reason for markets to up with no volume or fundamentals. That is the conditioning that is now allowed/accepted, and is built into the markets.

Evident in this kind of wordage/story at MW today-

“There seemed to be a high amount of anxiety that he’d say something that was going to scare the markets, but right about when he started speaking, whatever the market was worried about seemed to go away,” said Randy Frederick, director of trading and derivatives at the Charles Schwab Center for Financial Research

Fri, 08/26/2011 - 14:31 | 1605034 fartinyourgener...
fartinyourgeneraldirection's picture

so let me get this straight....

the market goes up 5% off its lows this week in anticipation of QE3...

then when QE3 isn't announced, the stock market goes up?

me cornfused

Fri, 08/26/2011 - 14:36 | 1605054 Gibu The Great
Gibu The Great's picture

Give it a few hours... or a day or two. 

Fri, 08/26/2011 - 14:59 | 1605157 disabledvet
disabledvet's picture

That's easy Mr Fart! "The whole game is rigged i tell u! Rigged!" what else we got?

Fri, 08/26/2011 - 15:36 | 1605294 hackettlad
hackettlad's picture

You're not alone mate.

Fri, 08/26/2011 - 14:35 | 1605049 gatorontheloose
gatorontheloose's picture

compression ON

Fri, 08/26/2011 - 14:35 | 1605052 737Controller
737Controller's picture

For us newbies....any chart comparisons that we can bring up to simulate this es risk spread...I only have access to stock but can do all the fun stuff on it. Thanks again for a great site.

Fri, 08/26/2011 - 14:41 | 1605077 madddmaxxx
madddmaxxx's picture

Looks like the rollover may be starting. Almost dumped my QQQ puts, but gonna keep them for awhile now. GLD looking good

Fri, 08/26/2011 - 14:43 | 1605092 mynhair
mynhair's picture

I'm thinking some GLL in case of another margin hike.

Fri, 08/26/2011 - 14:52 | 1605129 Yardstick of Ci...
Yardstick of Civilization's picture

Can anyone post a link or give an idea of what assets make up the risk basekt and fair value (Contextual Risk Leg)?  Are they the same thing?

Thanks . . . .

Fri, 08/26/2011 - 15:01 | 1605163 mynhair
mynhair's picture

Use the search box up top.

Fri, 08/26/2011 - 15:08 | 1605168 plocequ1
plocequ1's picture

Whats with the  Cramer ad? My son, You are as conflicted as Private Joker wearing a Peace sign and writing born to kill on his helemet. Now answer my question or youll be standing tall in front of the man.

Fri, 08/26/2011 - 15:04 | 1605172 mynhair
mynhair's picture

Watch the bastards close the spread in AH.

Fri, 08/26/2011 - 15:06 | 1605178 mynhair
mynhair's picture

What was that?  SPY just threw a large red open candle.

Fri, 08/26/2011 - 15:25 | 1605252 bill1102inf
bill1102inf's picture

Thanks for the easy $2500 Tyler, im done for the week.  Y'all enjoy the Obamacane over the weekend!

Fri, 08/26/2011 - 15:29 | 1605272 B-rock
B-rock's picture

OK, that was 3.38% since the alert.  TZA.

Fri, 08/26/2011 - 15:30 | 1605273 defn8Dog
defn8Dog's picture

HFT dump began right after this ZH post.  This has become f*^$g ridiculous.

Fri, 08/26/2011 - 15:42 | 1605311 Barb Dwire
Barb Dwire's picture

Tyler et al. You guys absolutely rock. This is the second such trade I've made on this advice from you guys, and you turned a big red day into a (barely) green day. I can't thank you guys enough for being an honest port in a sea of bullshit.

Fri, 08/26/2011 - 16:06 | 1605423 737Controller
737Controller's picture

Why will nobody post how to replicate this spread on a chart for us beginner people....please or what program is best to create it. This site is full of good comments but little to no education....thanks to anyone who can help

Fri, 08/26/2011 - 17:14 | 1605720 MrPoopypants
MrPoopypants's picture

This isn't something easily replicable with a retail trading account.

Search is your friend. Or just construct your own basket.

Do NOT follow this link or you will be banned from the site!