First test of no short on financial is now. Why? Daytrading used to have both forces in play. That accounts for 30% of the day trading activities. Now, it is obvious that most if not all of the low print today are daytrading buyers, and forced short cover from overnight. Who is going to cover short on its way down today?
Arbitrage usually contributes to a large portion of daily volume. Now that the government fucked up the market flow, I wouldn't be surprised if the volume drops significantly--at least for the financial stocks.
What were the problems with IB in the morning? I had a stop on ES at 1261 that never executed. I managed myself out of the position for a small profit but had it been executed, i would've been able to turn a much better profit.
Again, I beg to differ. Banning shorts will only reduce liquidity from the market. In addition, I still stand by my earlier claim that this ain't going to solve anything, let alone calm the market. However, I truly hope this last ditch effort works. Like I said in the above post, if this fails, it will open the floodgate to hell.
Same thing happened to me this morning with my YG stop. Gold blew past my stop point but it never sold off. WTF IB? Cost me quite a few dollars.
Long 1253 going for 1265. Stop 1247.25. Don't altogether like this weakness but if there's a day for a monster PPT rally into the close this is it...
PPT must let the sell side firms to recoup their losses from this morning. Option exp. Running it up all the way can be dangerous.