Bob Marley, "Bad Card"
One of my favorite Marley tunes, excerpted...
Tuesday, September 16, 2008
The RO Report, "AIG Conservatorship" Edition
Well, today didn't turn out exactly how everyone planned, right? All the newspapers were talking about "panics" and "meltdowns" and then we rally. Oh, and this guy, who yesterday was nearly able to call the exact closing price of the Dow, said the world was going to end.
Apparently, the iBC machine caught a touch of "gay" overnight.
Moving forward... there were crazy rumors about AIG all day that were impossible to decipher... they're being bailed out by NY... no wait, they're only being bailed out if.... the FED is doing nothing for AIG... no wait, the FED is back at the table.
It made the day somewhat choppy. Oh, and we had an FOMC meeting to deal with.
Also, at first glance, you may look at the NYSE volume and be like, "Volume is BACK!" However, you'd be wrong. In fact, the volume was heavily concentrated in AIG... over 1 billion shares traded there. Insane.
Take a gander at CEG. That stock undressed traders and spanked them before buying them Fioravanti suits. In fact, word is that "Trader F" was down $70k in that stock alone before getting a "bailout" via a nice V bottom.
Despite the drama, it was a good day for the office minus one blow-up. Out of 22 traders, 14 finished gross positive, or 64%. 7 traders finished up over $5,000 gross and 12 finished over $1,000 gross. I was #14 of 22, but solidly in the green.
Anyway, here's the top 5:
1. Trader B, $24,217 on 882k shares traded.
2. Trader F, $17,379 on 234k shares traded.
3. Trader A, $13,057 on 120k shares traded.
4. Trader Z, $12,204 on 208k shares traded.
5. Trader E, $5,966 on 200k shares traded.
And the bottom:
1. Trader D, -$62,025 on 375k shares traded.
2. Trader N, -$6,946 on 23,000 shares traded.
3. Trader H, -$3,767 on 3,400 shares traded.
4. Trader P, -$1,841 on 157k shares traded.
5. Trader T, -$1,521 on 6,900 shares traded.
See you tomorrow. Oh, and if you enjoy reading this RO report each day, fucking link it or something... tell your friends. It's important for me to influence as many people as possible.
UPDATE: AIG may be placed under conservatorship. The shares are tanking after-hours. Here's a little Q&A on what a conservatorship is.
A Tough Hold Today For The Shorts
That was a beefy morning squeeze. Don't be surprised if/when we revisit the lows in the afternoon.
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