You'll get nicked a bit by the options floor traders, but probably less than the costs incorporated in the broker-sold note.
The number of open positions in the futures market had surged as many traders went long, or bought on the hope of higher prices, said Kevin Grady, president of Phoenix Futures and Options on the Comex floor.
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Instead, director James Allen Smith spent a year and a half filming Chicago's colorful floor traders as they swapped futures and options contracts and struggled to adapt to the new era of electronic and high-frequency trading.
Meanwhile, traders took notice of recent news reports that famous fund managers John Paulson and George Soros upped their gold holdings during the second quarter, said Kevin Grady, owner of Phoenix Futures and Options, on the Comex floor.
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He writes market commentary for Options Week based on observed options trade volume and reports from floor brokers.
Some investors in an array of markets appear to be betting that U.S. interest rates will not remain low for the next three years, said Kevin Grady, a veteran Comex floor trader and president of Phoenix Futures and Options.
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The programs bring traders onto the floor of the exchange, into the pits where options are traded every day, and include classroom sessions on everything from the history of options to lessons on selling covered calls.
Peter Donovan, an oil-options broker at Vantage Trading working on the floor of the New York Mercantile Exchange, said some traders quickly exited positions after the erroneous report of a terrorist attack.
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Driving Paulson's huge investment in hardware, software and communications links is his belief that the days of the conventional trading floor are numbered--and that the stock, options and commodities exchanges have been in denial or too sluggish to do much about it.
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