With 5 minutes to the Cash close, Ben calls Big Size Paper.
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The broadcasters may call the S&P e-mini ES Globex contract, 'minis', 'the mini' or 'the screen'. Also, they may call the S&P CME SP Pit Traded contract, 'the big contract' or 'the S&P'. The broadcasters are calling the trades within a few feet of the S&P CME SP trading pit and are referring to the S&P CME SP contract.
You are hearing the broadcasters quote the current bid and offer of the S&P CME SP pit traded contract - quickly. When they say '0 even bid at one half', that could mean 1280.00 is the bid and 1280.50 is the offer. But could also mean, 1290.00 is the bid and 1290.50 is the offer. They are broadcasting tick for tick and must quote the figures to stay with the pit action. When the pit is packed and active they may just say, '0 at half' or '20 bid at 70'. It is easy to follow along when looking at the ES chart and trades.
The pit traders are trading the SP and may trade the ES also. When they do, the broadcasters may say 'they're trading the mini' or 'they just sold/bought the mini'.
The prices you SEE in the video are the S&P e-mini (electronic symbol ES) Globex Sep 2008 contract. The prices you HEAR are the S&P CME (pit traded symbol SP) Pit Traded Sep 2008 contract. The two contracts trade within a tick or two of each other, during pit traded hours 8:30 - 15:15pm cst.
One e-mini ES tick = $12.50 and trades in one quarter of a point increments or ticks (1200.00, 1200.25, 1200.50 etc.).
One S&P SP Pit Traded tick = $25.00 and trades in one tenths of a point or ticks (1200.00, 1200.10, 1200.20 etc.).
One ES point = $50 (1200.00 - 1201.00) = 4 ticks.
One SP point = $250 (1200.00 - 1201.00) = 10 ticks.
Click here for more information: http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500_FO.html
The subscribers of TradersAudio.com are listening to the SP contract trading Live in Chicago while watching the ES, another futures contract or stock on their computer.
*This is not trading advice. These videos are for informational, educational and entertainment purposes only. Full product information on the S&P 500 Futures is available at the CME website http://www.cmegroup.com - We are not a brokerage firm, we do not take trading orders, do not execute trades or manage customer accounts. The Squawk Box is not trading advice and provided for informational purposes only. No claims or representations of profitability are being made herein.
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4:04
S&P May 18, 2009 15:13 cst - TradersAudio.comby tradersaudio162 views
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