Into the Pit by Joseph Wilson
ARTICLE SYNOPSIS ...Into the Pit
by Joseph Wilson
In December 1985, I was approved for membership to the Chicago Mercantile Exchange. I obtained a
membership to the Index and Options Market, which gave me the right to trade the S&P 500 futures. Let
me digress for a moment. As you may already be aware, the S&P 500 futures have taken the brunt of the
heat from the regulators who are looking for a scapegoat for the October 1987 crash in the stock market. I
disagree with their criticisms, but that is another story.
The ""big guys"" trade the futures market in two ways: first, as a hedge for the stock portfolios and...