Wednesday, October 8, 2008
I have not led an overly sheltered life, however, before today, I hadn't heard of a "Lucky Pierre." If you haven't noticed yet, the RO has a rather ribald sense of humor.
"Lucky Pierre" is the new name for the top trader in the office on any given day.
The "Chambermaid" is on the bottom, and "Lucky Pierre" is on top (and the bottom, I guess, but I'll let you figure that out.)
And while were on the topic of getting fucked, let's discuss the state of the market, shall we? All day long, people were talking of "bounces" and "bottoms" and shit like that. The big problem, from the get-go, was that the volume wasn't there.
After the morning rip, in which shorts covered, the volume dried up. Overall, the volume wasn't bad, however, when "the bottom" comes, I expect we'll trade 4 billion shares on the NYSE alone. That's the kind of volume we're gonna need to convince me that Fear and Greed had their epic battle.
Sure you can look at the VIX and say it's at all time highs, but who gives a fuck? Every day, it's at an all time high, it's breaking out! Who knows how high it could go? It's an historic move.
Anyway, the RO did well. Many traders made solid money, even if no one had completely crazy days. Out of 26 traders, 17 were gross positive, or 65%. 6 traders were up over $10,000 gross; very nice to see the wealth so spread out. I was #9 of 26, up nicely, but somewhat disappointed in my "mookishness." I made some great trades but with very small size.
The Bosses get top billing today.
"Lucky Pierre" - Trader B, $47,365 on 1.2 million shares traded.
2. Trader D, $41,834 on 563k shares traded.
3. Trader A, $17,088 on 403k shares traded.
4. Trader E, $11,858 on 210k shares traded.
5. Trader F, $11,645 on 313k shares traded.
And then there's the Manservants...
"Chambermaid" - Trader C, -$15,888 on 575k shares traded.
2. Trader I, -$1,817 on 40,400 shares traded.
3. Trader V, -$1,487 on 80,800 shares traded.
4. Trader M, -$1,485 on 100 shares traded.
5. Trader N, -$1,427 on 55,200 shares traded.
Tomorrow is Yom Kippur. I'm not even sure if it will effect volume though.
"The Fly" says the bottom is in, I'm not convinced. We're about 200 points from the morning lows, but also 200 points off our highs.
Either way, might as well get some perspective on.
Check these amazing photographs out... (h/t bloggerdotcom)
ROTFLMAO @ the market. More forestalling. They should have let the market open, get painful, and then announce the cut at 11am.
Do none of these central bank idiots understand market psychology? They can't get away from this thing without pain. Just ask Art Cashin.
FUCKING IDIOTS. Anyway, here it is reported in the Times.
Meh, perhaps I'm just bitter because I was all ready to toast marshmallows over the charred remains of my computer monitors (which would surely explode when the market crashed).
UPDATE! ROTFLMAO @ the Central Bankers. You can't jump ahead of market psychology... otherwise you get steamrolled.
Ah, remember life before it got all complicated?
Back in July of 2007 the market was rallying because people liked George Bush. (h/t Crooks And Liars)