All Markets are Not the Same, from Larry Williams
The S&P's sport a $20,000 margin, and Cattle $900. Do you think there is a difference between the players in these games?
Cattle, wheat, beans get delivered whereas there are no real deliveries in most financials. Does that matter? For sure.
There are huge fundamental difference between markets; $10 stocks or hot issues on the Vancouver exchange do not trade like blue chips that are fund driven. Seasonals, deliveries, protein content of KC wheat vs. Minneapolis or Chicago wheat.
I could go on… so I won't.