Friday, November 30, 2007

Weekend Open Thread

I guess I'm feeling kind of dark. Darkish?

Anyway, here's another chance for you to show your wit with a Wise and Otherwise quotation.

Finish the following:

There's an old Slovakian saying:
If you win put away, if you lose...

If you fool can guess the saying that is closest to the correct saying you... win... 3... billion... dollars! That's right. We'll be choosing the winner Sunday night. Enter as many times as you wish, no purchase necessary.

Also, I'll update this thread throughout the weekend with interesting links. If you think you said or thought something that was interesting this week, feel free to leave a link in the comments section.

1. First of all, there was my Peanut Gallery submission... hopefully you didn't miss that. Go give it 5 stars even if you don't like it.

2. A great post from Dr. Brett about "questionable things" he hears from traders.

3. "The Rage" has a nice post on the Golden Cross. Not to be confused with the Golden Shower, the DIrty Sanchez or the Watusi.

Radiohead, "Videotape"

Now let's see what College Trader posts...

He and Noise Trader both post good music. Unlike "the Fly" who posts complete crap.

Happy November Is Over

November was a messy month for me. It featured my worst trade ever, (losing 55 points in FSLR short) and also one of my worst intraday givebacks ever (over $5 grand in under an hour).

In the end, I have been making money more consistently, even if I haven't had huge up days recently.

I don't really feel like writing about my day. It wasn't bad, but that FED trade really pissed me off and I just want to turn off the computer right now.

The Hybrid Market is a disaster even if CNBC won't talk about it (since they broadcast from the floor of the NYSE I guess that could be awkward.) I have hope however, that it will get better.

Have a great weekend.

Virtual Office, $2666. Dow, +59.99, 13,371.72.

Dehtrader, $1726 on 3720 shares traded.
Sanglucci, $526 on 22,200 shares traded.
$414 on 17,600 shares traded.
Akalawoo, no trades.
Evolution, no trades.
Misstrade, no trades.
Wincity, no trades.

I guess the VO members are so rich they don't have to work anymore...

Very nice to see Dehtrader up at the top today. He's showing some great resilience after getting smoked a couple of days back. That's not an easy thing to do... trust me.

In other news, nothing much happened until the very close... that's when we traded like 300 million shares in 5 minutes. I was all set to complain about volume and then it all came on the close. Must be an expiration or something. Anyway, volume during the trading day was crappy.

For all of the big talk coming from the bulls after the parabolic rise in the indexes, I'd love one of them to point out where the leadership is coming from. Looks like a bounce off of oversold levels in weak stocks if you ask me... not the thing raging bull markets are made of. Also, if this were the start of a real, new rally, you'd expect to see volume balloon. Instead, it was merely good, not great.

But we'll see. I expect us to be quiet these next couple of weeks. I welcome this quiet. I'm happy to see November behind us... it was a little too crazy, even for this trader.

Meanwhile, Sanglucci got his numbers in on time today... love that guy.

I will have a Weekend Open Thread featuring a little "Wise and Otherwise" up this weekend.

Come play, over 3 billion in prizes will be awarded. Honest.

The NYSE's Hybrid Market Sucks

Fuck you traders! That's what the Hybrid Market is all about.

I go in to buy FED at 3:42 or so, no indication, a 2 cent spread in the quotes and I'm filled over 2 points higher on a print of over 70,000 shares. Next trade is for 600 shares over a point lower.

It's sad and laughable. It's bullshit and they need to fix it. Half my daily profits gone in 2 minutes because their system is a piece of shit.

The Shining, Recut

"Troubled Subprime Borrowers"

This is a funny phrase being used over and over on CNBC.

I picture millions of poor Americans, "troubled" by their inability to pay back their mortgages.

I don't think that's the case. Instead, I think they're probably quite happy.

They're sitting there in their unpaid-for-homes while Wall Street freaks out. They don't have any investments, so, they win. And lets face it, they probably hate Wall Street people and "the rich."

Yep, "the subprimers" are out picking up their 6-packs of Bud while we speak.

Party on subprimers, party on.

The "Rally" Buyers

This Rally Is Silly.

Ridiculous also comes to mind. I'm happy I'm not short. By Tuesday however, I plan on nibbling short again.

Daily Show Remembers Alan Greenspan

So it's 2 years later... it's still funny. Especially the bit about him dropping rates 3/4 point in 1998.

Damn writers strike...