Monday, October 27, 2008
The talk early on in the office, was how we expected a chopfest, and how we were all going to be careful these next two days ahead of the FOMC meetings. It was a typical Monday morning, and no one was looking forward to jumping into the market.
Then "Trader D" decided it was going to be a "market up" day and made a quick $10,000 in the first 45 minutes. That got everyone's juices flowing, but still, there wasn't a lot going on as far as widespread trading profits go. Volume was lame, the indexes were choppy.
But taking a closer look at the Dow, we had a 250 point rip between noon and 2pm, and then a 250 point tank between 2pm and 3pm. A round trip, if you will. That's amazing... we hardly noticed it.
However, we did take note of the 200 point drop in the last 10 minutes of the day... that was ugly.
It also washed out "Trader D" who, inspired by the round-trip made by the market, made the grueling trip from being "Lucky Pierre" to "Chambermaid," all in a matter of minutes. Not fun.
Henceforth, whenever a trader goes from the top of the list to close at the bottom, he will be called a "Chambermaid & Chode."
So it was a mediocre day in the RO. Again, some guys made money, but a good number also lost. It's a minefield out there. The Bosses barely took the day.
I have pumpkins to carve, so let's get to the numbers. Out of 25 traders today, 14 were gross positive, or 56%. The top 8 traders all made over $1,000 gross and the bottom 7 all lost over $1,000 gross. I was #4 of 25; Bossy. Look, these numbers are hardly confidence inspiring, be careful out there until the trade becomes more manageable again, perhaps after Wednesday.
Here are today's Bosses:
"Lucky Pierre" - Trader A, $8,584 on 277k shares traded.
2. Trader B, $6,206 on 150k shares traded.
3. Trader P, $3,547 on 87,600 shares traded.
4. Trader S, $2,741 on 20,600 shares traded.
5. Trader Z, $1,780 on 25,400 shares traded.
And the Manservants:
"Chambermaid & Chode" - Trader D, -$13,026 on 204k shares traded.
2. Trader C, -$5,420 on 171k shares traded.
3. Trader M*, -$1,631 on 0 shares traded.
4. Trader 6*, -$1,526 on 0 shares traded.
5. Trader H*, -$1,419 on 9,400 shares traded.
I don't give a fuck about Kate Hudson's nephew.
Bad things happen to good people everyday.
However, the media should be focusing on more important things like, (and this is just off the top of my head), why we're in a financial crisis, and the presidential election.
Each morning, I wake up, open my blog, and check out what's going on over there to the right with my "Cavemen." Wall Street Fighter is consistently rewarding.
Check out this video which he linked today. Hilarious.
Anyway, on a more serious note, the Yen is freaking people out. The Nikkei traded at a 26 year low today. You know where a 26 year low would put the Dow? Around 775.