nutsneal... How am I not getting a very very close price by watching the ES? Given the spreads anyway...a close enough price to enter a limit order between them? I just don't think "getting a visual on the pits" or a squawk box or other device and monitoring them is a prudent way to spend the day, or realistic for most folks who do things other than trade throughout the day. I should add I have much longer timeframes on my trades, and don't really use TA much. Maybe you guys are thinking of people who scalp and daytrade to use these tools?
Definitely these guys are scalpers doing 5,000 10,000 contracts. My point was that futures and futures options tape prices are often not the current pit prices, especially for certain pits. These off floor traders are members of groups which have partners in the pit(s). It is like their own personal squak box. They may even key off of one certain trader. Unless a person is scalping/arbing they really are not going to be able to capitalize on these lags.