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In pit trading, hand signals, to buy Hand away and outcry, relay quantity and price conducting business at lightning speed across the pit.
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In pit trading, hand signals, as well as vocal open outcry, relay quantity and price information between traders and brokers across the pit. As in any auction. The term pit refers to a physical arena at a stock exchange that is reserved for securities trading. Brokers buy and sell different securities in the pit. Trading conducted within the normal hours of the NYMEX inside the open outcry pits. Pit hours are generally a.m. to p.m. ET for most contracts.