Friday, August 10, 2007

Blood On The (Wall) Streets

Europe down 4%, everyone on CNBC now thinks we're headed for hell in a handbasket. Peter Shiff finally gaining some respect... it may be time for a bounce at some point today. Not "the final, coast is clear" bounce, but expect a couple of tradable rallies here or there.

I kind of remember Mark Haines saying it wasn't so bad yesterday.... hmmm.

Oh, look who showed up to play in the market today!



Be careful today. If you can't follow stop-loss rules if you lose a lot, then automate it or don't trade today.

Good luck. It will be busy so this may be my last post until things chill out.

UPDATE: Wasn't it just a couple of days ago that CFC said they had 187 billion in liquidity? Now they're freaked out? Oh wait... someone says the market is "overreacting" to their 10-Q... move along, everything is fine! CFC to $100! God Bless America!

And by the way, who can ever trust Goldman again after that bullshit from Wednesday afternoon. Rumor that their Quant fund is going under and the market drops 200 points from its high. They come out and are like, "Shucks, what's everyone freaked out about? The Quant fund is fine!" So the market rallies back up.... However, yesterday, they said another one of their $700 million funds is going belly-up... talk about a lie of omission!

2 comments:

dg.morris said...

CNBC finally asked a floor trader this morning why he thought we were seeing all the volatility and why the quant funds were being hammered. No up-tick rule. Not that complicated. Rules have changed. Shorts are in control.

Dinosaur Trader said...

dg,

I'm sure that isn't helping matters. However, I don't think it's the only reason for the volatility.

There were many ways for professional traders to get around the uptick rule when I started trading. And does that rule even exist on the Nasdaq?

CNBC should stick to talking to traders though instead of letting Mark and company opine on the market. They really have no clue 90% of the time...

-DT