Tuesday, October 7, 2008
Okay, so we broke the lows from yesterday on silly volume, and by "silly" I mean excessively light. The selling is so orderly that it's very scary. I reiterate what I said yesterday, we're gonna have to visit the sub 8500 level for a real washout to occur... perhaps lower.
Maybe the "Art Cashin scenario" will now be able to play out overnight. I have to say, I've been watching CNBC for 10 years (sigh) and every time we get to a market bottom, Art is always begging for capitulation. For real blood. The man wants pain.
As of yet, I don't think he's ever been satisfied. I wouldn't be surprised if Art visits the local BSDM club now and then... not that there's anything wrong with that. As you all know, Art Cashin is the only person worth listening to on CNBC.
So now we've closed on the low, we can hope for an overnight "market event" in Asia and Europe, we gap lower on the open, trade down for an hour or two, drop 1000 points, and then HUGE VOLUME comes in and we get a "V" bottom.
From your lips to Mother Market's ears, Art.
Anyway, the Manservants took it to the Bosses today. In fact, the Manservants were so "manservantly" that "Trader D" came up with a new term for the blog... "chambermaid." The "chambermaid" is the low man on the day.
Congrats to "Trader A" for being today's "chambermaid."
Truly, the "chambermaid" is on the bottom.
I'm sure soon we will have a new term for the "main boss" too.
Art Cashin would be impressed with the bloodletting in the RO today. Out of 27 traders, 15 were gross positve, or 55%. While 10 traders finished up $1,000 gross, 9 finished down $1,000 gross and as you'll see shortly, a few finished significantly lower. Happily for me, I was #6 of 27. I've nearly made back all my losses from my last bout of "manservantude."
Since the office as a whole was gross negative, the "manservants are on top.
Chambermaid - Trader A, -$29,361 on 397k shares.
2. Trader B, -$22,034 on 925k shares traded.
3. Trader H, -$19,667 on 14,600 shares traded.
4. Trader Z, -$9,411 on 393k shares traded.
5. Trader J, -$2,529 on 58,600 shares traded.
And the Bosses:
1. Trader C, $11,358 on 414k shares traded.
2. Trader E, $7,924 on 131k shares traded.
3. Trader D, $5,185 on 233k shares traded.
4. Trader L, $4,293 on 96,400 shares traded.
5. Trader K, $1,765 on 23,200 shares traded.
See you tomorrow. Don't forget to watch tonight's debate.
Man, people are pissed off. Here are two very interesting articles that basically highlight the same thing, people think our government sucks.
"The Hardest Vote," by George Packer, and "Mad About Everything," by Jennifer Steinhauer.
Both are worthy of your time as we go through the middle of the day here, waiting on "beardo" at 1:15 and then the FOMC minutes at 2:00.
Call me a dick, but I don't feel loads of sympathy for people right now. As far as I can tell, hordes of idiots went to the polls in 2004 to vote Bush back into office after it was pretty clear to anyone who was paying attention, that he was an idiot.
But forget about the national level.
If you're pissed off about what's going on, consider your actions on the local level.
Do you spend the evenings drooling in front of your television watching bullshit shows about celebrities?
Do you spend your money at the gigantic national chain stores, thus killing your local main street while only increasing the bonus sizes for the CEOs?
Are you driving a hulking SUV while you complain about the price of gas?
Are you fat because you eat the shit they serve at fast food restaurants thus driving up the cost of health insurance for everyone?
Pay attention people. The writing has been on the wall for a long time. No one is going to change the situation except for you.
Again, here is a link to help you get involved.