Tuesday, December 16, 2008

The RO Report, "Wall Of Worry" Edition

There's an old saying on Wall Street, that the stock market climbs a "wall of worry" when it's moving higher. Clearly, there are plenty of worries for this market to climb. We're right up near our early December highs and heading into what should be a relatively slow couple of weeks.

Sorry, Devildog, no "new lows this month."

I was surfing today with an old floor trader. He seemed certain that we're going to 6,000 on the Dow. There seems to be a lot of this certainty out there... that's not great if you're bearish.

Anyway, it was a decent day in the RO for those who weren't fading the rally. Lots of money made in the last hour of trade. Shit, I may take off tomorrow morning too.

Out of 24 traders today, 14 finished gross positive, or 58%. 9 traders made over $1,000 and 5 lost over $1,000. Not great numbers there, just average. I was #7 of 24. Not bad for 2 hours of work... especially after a great surf session.

"Lucky Pierre" - Trader C, $40,423 on 551k shares traded.

2. Trader Z, $29,805 on 328k shares traded.
3. Trader N, $22,505 on 98,000 shares traded.
4. Trader P, $19,056 on 442k shares traded.
5. Trader 9*, $9,077 on 300 shares traded.

"Chambermaid" - Trader B, -$18,875 on 701k shares traded.

2. Trader G, -$4,226 on 45,000 shares traded.
3. Trader H*, -$2,879 on 4,200 shares traded.
4. Trader 10*, -$2,575 on 300 shares traded.
5. Trader D, -$1,131 on 504k shares traded.

NOTE: If you want to be included in this year's "Best Stock Market Blog Post of 2008" shebang, than email me your favorite post of the year that you've written. Time is running out.

Also, don't forget that you can get your daily "funny money" links over at Shane's new blog, "Butterknuckle."


Jd said...

Today was a god damn layup into the close and we should have made size. SRS was at new all time lows, we had to have that reit move into the close. Stupid.

Dinosaur Trader said...

Yeah, big miss. And the time is now... we need to be more aggressive.

I blame B.


Jd said...

Yeah B, kick him while he is down...

You coming in for the xmas party?

Ilunga said...

what's wrong with B and D?

Dinosaur Trader said...

They've been cursed for disparaging my blog.


Jd said...

The other totally obvious clue was that the Fed actually exceeded consensus expectations. The majority (66%) thought a 50 basis point cut was coming..

HPT said...

how do u make $9,000 on 300 shares? Was he trading Berkshire Hathway or something?

Jd said...

That is an overnight account, the 300 means he only put on or took off 300 shares today, but that is not his exposure..

Dinosaur Trader said...

Well, I don't think the FED exceeding made it a slam dunk... I think people could have easily sided the other way, thinking "Oh, shit must be REALLY fucked up if they're cutting that much."

Once we broke the 50dma on the SPY, I knew we'd be off to the races... that was my big tell.