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Subject: Program Trading

Author:
Computerized trading
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Date Posted: Thursday, October 16, 11:16:52am

Program Trading
Computerized trading undertaken by large institutions to exploit differences in price between expiring stock index futures and the underlying stock when both ought to be equal. The resulting arbitrage play produces essentially riskless profit. Program trading has been criticized for creating market turmoil, in effect producing risk-free profits for practitioners while increasing volatility for everyone else. But advocates of program trading say it makes a more efficient market by eliminating price differences between two items that are essentially the same.

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Replies:

Subject Author Date

S&P 500 1,048.85 (NT) No name Thursday, October 16, 11:49:53am

Significant point of resistance is 1.32---dated Friday17/10/03 Double Top--Steve Austin Thursday, October 16, 06:20:52pm

Jeannie---02:11 pm, 17 October 2003 -- ERG---ERG -0.01 1.27, Thursday, October 16, 09:29:01pm
1.32 noted as occurring 15th 16th and 23rd--23-10-2003 $1.240 $1.320 $1.210 $1.250 6,198,894 -- 16-10-2003 $1.290 $1.320 $1.280 $1.280 4,415,240--15-10-2003 $1.300 $1.320 $1.260 $1.300 4,455,970 LOW--23/10/03--1.21, Sunday, October 26, 11:36:25am

Re: Program Trading--support exists 14/10/03---1.22 14-10-2003 $1.230 $1.290 $1.220 $1.280 8,150,353 Thursday, October 16, 06:43:16pm

The low recorded 1.21 23/10/03--with vwap of vwap 127.47 (NT) -- Support.--Jeannie---Cap'n Nelson., Sunday, October 26, 11:41:31am
Strength of the resistance from 1.21 to 1.32 -- 11c., Sunday, October 26, 11:54:28am

As you can see the announcement of P Fog's resignation it led to ERG touching the 1.32 area--it is a significant point in the ERG sharetrend to overcome.23-10-2003 01:21pm ERG CEO Transition 59.8 KB -- 23-10-2003 01:20pm ERG Open Briefing ERG Ltd Chairman onCEO Change-Over 157.5 KB Mr Peter Fogarty to step down as CEO in January 2004Dr Allan Sullivan,,full responsibility as CEO from 1 January 2004., Sunday, October 26, 12:12:20pm

It did no more than 1.32---not a great rise from where it was before the announcement (NT) -- on the immediate computerised extreme., Sunday, October 26, 12:14:23pm

9 447,762 1.220 --market depth dated the 27/10/03--Monday -- the 1.22 for purposes of analysis more important than the 1.21--(ie average a computer finished selling for on the 5/9/03--92c, Sunday, October 26, 12:22:05pm

Re: Program Trading Gann 1 x 1 trendline 1.25--73 86 99 112 125.---17/10/03 Thursday, October 16, 07:00:18pm

17/10/03 --weekend 20/10/03 21/10/03 -- 1x1 trendline-1.24.4190543 (74.453454-165.3)with Sydney adjusted for 10/1 165.3 is 1.24.4190543, Tuesday, October 21, 01:53:41am

10-10-2003$1.140$1.170$1.140$1.1403,220,722 09-10-2003$1.090$1.150$1.090$1.1402,343,247 Tuesday, October 21, 02:59:30am

Last 114 vwap 112.82 volume 2,343,247---- 9/10/03ERG has reappeared on shorts list--after long absence 8/10/03 -- ERG. Thu, Oct 09 2003, 10:33:35 On the 7th of October a lot of websites went down--the 7th and 8th correspond with the lows of August the 7th and 8th., Tuesday, October 21, 03:21:21am

http://www.mcs.surrey.ac.uk./Personal/R.Knott/Fibonacci/fibCalcX.html (NT) Fibonacci and Lucas Number Calculator 1.2 righto Jeannie we'll get our computer out and give these jokers a run for their money--LOL--Captain Nelson. Wednesday, October 22, 04:07:39am

For the purposes of the meeting registered holders at 10.30am (WST) on Monday24 November 2003. Wednesday, October 22, 05:28:04am

Daylight saving started Sunday 26/10/03---(N.S.W.)--makes 3 hours now in front of Perth. (NT) -- 34 days to the AGM Wednesday26/11/03 from Friday the 24/10/03--and 32 days to register AGM Monday 24th of November 2003., Sunday, October 26, 12:27:17pm

Moon. (NT) The Moon is full every 29 and a half days Sunday, October 26, 12:38:42pm

Thats right Jeannie--I worked it out--only one way to beat these jokers--get out own computer onto them (NT) fight fire with fire--cyber wars.---Cap'n Nelson. Wednesday, October 29, 08:04:32pm

Com paliament on Channel Two--just finished--into a small ad (NT) -- now it is the house of blue, Wednesday, October 29, 08:12:44pm

SanFran2 announced 19/11/03---ERG performing as it should (NT) Low Armistice Day 11/11/03--today Thursday 20/11/03 Wednesday, November 19, 04:05:47pm

A future insight was given into the low when the announcement was made on P Fogarty--with it hitting 132--top on the 23 /10--low 131---11/11/03 (NT) 23-10-2003 $1.240 $1.320 $1.210 $1.250 6,198,894 Wednesday, November 19, 04:11:11pm

Subject	Author	Date
S&P 500 1,048.85 (NT)	No name	Thursday, October 16, 11:49:53am

Significant point of resistance is 1.32---dated Friday17/10/03	Double Top--Steve Austin	Thursday, October 16, 06:20:52pm
Jeannie---02:11 pm, 17 October 2003 -- ERG---ERG -0.01 1.27, Thursday, October 16, 09:29:01pm 1.32 noted as occurring 15th 16th and 23rd--23-10-2003 $1.240 $1.320 $1.210 $1.250 6,198,894 -- 16-10-2003 $1.290 $1.320 $1.280 $1.280 4,415,240--15-10-2003 $1.300 $1.320 $1.260 $1.300 4,455,970 LOW--23/10/03--1.21, Sunday, October 26, 11:36:25am
Re: Program Trading--support exists 14/10/03---1.22	14-10-2003 $1.230 $1.290 $1.220 $1.280 8,150,353	Thursday, October 16, 06:43:16pm
The low recorded 1.21 23/10/03--with vwap of vwap 127.47 (NT) -- Support.--Jeannie---Cap'n Nelson., Sunday, October 26, 11:41:31am Strength of the resistance from 1.21 to 1.32 -- 11c., Sunday, October 26, 11:54:28am As you can see the announcement of P Fog's resignation it led to ERG touching the 1.32 area--it is a significant point in the ERG sharetrend to overcome.23-10-2003 01:21pm ERG CEO Transition 59.8 KB -- 23-10-2003 01:20pm ERG Open Briefing ERG Ltd Chairman onCEO Change-Over 157.5 KB Mr Peter Fogarty to step down as CEO in January 2004Dr Allan Sullivan,,full responsibility as CEO from 1 January 2004., Sunday, October 26, 12:12:20pm It did no more than 1.32---not a great rise from where it was before the announcement (NT) -- on the immediate computerised extreme., Sunday, October 26, 12:14:23pm 9 447,762 1.220 --market depth dated the 27/10/03--Monday -- the 1.22 for purposes of analysis more important than the 1.21--(ie average a computer finished selling for on the 5/9/03--92c, Sunday, October 26, 12:22:05pm
Re: Program Trading	Gann 1 x 1 trendline 1.25--73 86 99 112 125.---17/10/03	Thursday, October 16, 07:00:18pm
17/10/03 --weekend 20/10/03 21/10/03 -- 1x1 trendline-1.24.4190543 (74.453454-165.3)with Sydney adjusted for 10/1 165.3 is 1.24.4190543, Tuesday, October 21, 01:53:41am
	10-10-2003$1.140$1.170$1.140$1.1403,220,722 09-10-2003$1.090$1.150$1.090$1.1402,343,247	Tuesday, October 21, 02:59:30am
Last 114 vwap 112.82 volume 2,343,247---- 9/10/03ERG has reappeared on shorts list--after long absence 8/10/03 -- ERG. Thu, Oct 09 2003, 10:33:35 On the 7th of October a lot of websites went down--the 7th and 8th correspond with the lows of August the 7th and 8th., Tuesday, October 21, 03:21:21am
http://www.mcs.surrey.ac.uk./Personal/R.Knott/Fibonacci/fibCalcX.html (NT)	Fibonacci and Lucas Number Calculator 1.2 righto Jeannie we'll get our computer out and give these jokers a run for their money--LOL--Captain Nelson.	Wednesday, October 22, 04:07:39am

For the purposes of the meeting	registered holders at 10.30am (WST) on Monday24 November 2003.	Wednesday, October 22, 05:28:04am
Daylight saving started Sunday 26/10/03---(N.S.W.)--makes 3 hours now in front of Perth. (NT) -- 34 days to the AGM Wednesday26/11/03 from Friday the 24/10/03--and 32 days to register AGM Monday 24th of November 2003., Sunday, October 26, 12:27:17pm
Moon. (NT)	The Moon is full every 29 and a half days	Sunday, October 26, 12:38:42pm

Thats right Jeannie--I worked it out--only one way to beat these jokers--get out own computer onto them (NT)	fight fire with fire--cyber wars.---Cap'n Nelson.	Wednesday, October 29, 08:04:32pm
Com paliament on Channel Two--just finished--into a small ad (NT) -- now it is the house of blue, Wednesday, October 29, 08:12:44pm
SanFran2 announced 19/11/03---ERG performing as it should (NT)	Low Armistice Day 11/11/03--today Thursday 20/11/03	Wednesday, November 19, 04:05:47pm

A future insight was given into the low when the announcement was made on P Fogarty--with it hitting 132--top on the 23 /10--low 131---11/11/03 (NT)	23-10-2003 $1.240 $1.320 $1.210 $1.250 6,198,894	Wednesday, November 19, 04:11:11pm