No daily post.... apologies.
Tuesday, January 29, 2008
Dehtrader, $1164 on 3600 shares traded.
Sanglucci, $556 on 51,600 shares traded.
Me, $513 on 7600 shares traded.
OBAT, $206 on 11,400 shares traded.
Wincity, $41 on 400 shares traded.
Retardo, no trades.
Volume is really screeching to a halt ahead of the FED meeting tomorrow. We traded about 1.5 billion shares today and the VIX fell. In other words, it was a potentially slow day for traders.
However, I'm not complaining about the volume and the VO did well. There were lots of opportunities in the coal stocks and in the financials. Honestly though, after not sleeping and then waking early to surf, I was in no shape to trade actively.
My brain felt like mush. Besides, I had an blog war to wage.
Who knows what happens tomorrow. I still think the cut last week was to support the plummeting market. That was a mistake. Whether "Ben The Beard" admits that mistake by not cutting tomorrow is the question.
Today, Mr. Kneale claimed that we are neither in a Bull market or a Bear market, but rather, a "Gazelle's market."
He says everyone is scaring everyone else... like gazelles.
According to Mr. Kneale, 62% of Americans think we're heading into a recession. Why do so many think we're heading into a recession? Because the media keeps telling them so.
Really? It's that simple? Was the media responsible for all past recessions as well? Or does the economic cycle have anything to do with it at all?
I think so many Americans think we're heading into a recession because they know their dollars buy less, their houses are declining in value and in many cases, they're not even able to sell their houses because buyers can't get credit.
Meanwhile, gasoline, energy and food costs are skyrocketing.
I don't think people are such lemmings to listen exactly to what the media says anymore. In any case, I hope they're not.
Let's never forget what happened the last time we listened, without criticism, to the media...
I don't normally respond to skaters/stoners, but because Danny got all high and mighty on me yesterday, I figured a response was in order.
Regarding the now famous "Dennis Kneal Idiot Controversy," Danny wrote the following as his argument why Mr. Kneale didn't read my blog, but rather his blog.
Clearly, Danny feels he's the rockstar over at IBC... "our traffic," HAHAHA!
I’m not giving DT credit because I never saw that post and it didn’t influence mine at all, so he doesn’t deserve it from me.
DT’s post was about how Buchanan tore kneale a new one…compared to me, who sacked up, and tore kneale a new one myself.
Although the same picture and topic of discussion is a coincidence. FWIW, image search dennis kneale and you’ll find neither of us scoured hard for that asinine picture of him.
I think he was calling out my post because our traffic trounces his…I am willing to entertain that someone on the street reads the fly who linked me. No offense to DT, but I doubt his note caught the attention of wall st. pundits.
However, the numbers tell a different, more sobering, story. In fact, the sheer weight of this story could break all of Danny's little skateboards.
Check out the traffic at "the Fly's" old blog.
Very, very impressive.
Okay, now check out the new traffic numbers.
Still very impressive. While it's true the page views have doubled, recall that at "the Fly's" old blog there was only one page to view for all of his posts. Now, you have to open a new page to read each of his posts.
What's telling is the total number of visitors. In October of 07, the last month of "the Fly's" old blog, he had 117,000 visitors. In January of 08, he has yet to reach that amount with one day remaining and fell short of that total in November and December.
In short, the existence of Danny has done nothing to bring new visitors to the site.
So let's talk about page views. Assuming "the Fly" is still responsible for the amount he was bringing in in October (which I doubt given his recent market calls, I'm sure his personal traffic is up), that leaves us with an extra 180,000 monthly, and 6000 daily, page views for which Danny could claim responsibility.
But there's one problem...
Those 6000 extra daily page views are spread out across "the Fly's" blog, Woodshedders, Dannys, and the Peanut Gallery. Since Ducati and "the Rage" are so new to IBC, I won't include them here. However, even if you assume those page views are evenly distributed across the blog, (which they're not, they all go to Woody's blog and my posts in the PG) that would yield about 1500 a day for Danny.
In the last week, twice my third tier blog hit 1500 page views and twice they were over 1200. So Danny's blog is hardly trouncing mine. Especially considering Danny has a "third tier blog inside a first tier blog."
My point? While it's indeed very possible that Wall Street pundits are viewing "the Fly's" blog, it's not at all clear that they are going "all the way over" to Danny's tab to read his highly informative posts.
Danny's "traffic trouncing" argument holds no water. In fact, it's very telling that "the Fly" needed to point out Danny's post on his own blog.
DT wins again.
UPDATE: This whole argument could be moot. Apparently, Barry Ritholtz was calling Kneale an idiot (in a nice way) way back in the summer of 07.
I received the following in my bulk folder this morning...
His courage, he fixed an arrow in his bow.' lord very soon.
. . . I heard from the nurse attendant gave of the figure
they had seen made it seem me sae! But i s' hae a grip o'
'im yet, or my like that. And two whatyoucall 'em paternity
cases, it was here the council, solicited by thomas morris,
of its citizens, and died soon after he went away. Kansas,
pp. 352, illustration: james h. Lane. Crichton. Certainly
not, my lady. The utmost i martins last email. It was short,