sandpiper

I was waiting to see if anybody else was actually going to READ what you had written rather than seeing what they wanted to see and answering questions that they thought should have been asked rather than what had actually been asked. It seems not. Before you move on to other questions you might want to reflect on the fact that many (quite possibly all) of your assumptions or assertions are incorrect. If you can't work out how to check out the efficacy of things that are public domain and not subject to any degree of subjective interpretation (such as what happens in the pit) then you have absolutely no chance of separating the wheat from the chaff when it comes to anything else that might be less obvious. However, in the spirit of pointing you in the right direction........... The voice you talked about listening to in the pit is not an auctioneer. There is no auctioneer in the pit, in any remaining pit for that matter. The voice you listened to is simply a commentator, probably Ben Lichtenstien or someone like that. The S&P 500 Cash index moves in line with individual stocks. The traded price of the S&P 500 futures can only move if someone buys and someone sells. In the case of the large contract (SP) the buyers and sellers are in the pit (excluding globex out of hours trading). So therefore the S&P 500 futures can only move if someone in the pit buys and sells. There is lots of information on the pit around, including on here somewhere if I recall correctly. I suggest you have a good look. Everything, but everything is traded by auction. But nothing that you have described thus far bears any relationship to that auction process (and btw that includes almost everything that IOAMT have to say about it). So simply asking if other financial instruments are traded by a process that you don't understand but think you do may not be the way to go. I would try and establish some firmer foundations before trying to build a 40 storey building. God Luck.