Wednesday, October 29, 2008

Scott MacKensie, "San Francisco"

The "San Francisco Treat" for Trader D.

The RO Report, "OMG, WTF?" Edition

Call me old-fashioned, but these sick reversals at 3:50 are beginning to get old.

Me and my mates were happily long, making solid money, when we got mangled. I mean, we dropped over 400 points there in the last 10 minutes. OMG! WTF? Let's just review... we were ripping, MOCs came out largely to the buy side, things were good, and then WHAMMO! Welcome to your own personal Great Depression.

Needless to say, the RO took some massive pain. And it happened so quickly.

You think you can trade? Make sure you're okay with losing tens of thousands in minutes. I mean, everyone focuses on the money we make... never forget the other side of the equation. And no, you don't HAVE to lose tens of thousands in minutes... I'm not saying that. However, there's a certain amount of "market exposure" you need in order to MAKE tens of thousands as well... so it's a double edged sword.

Anyway, I have to go eat dinner so I can puke it up. Let's get to the numbers since we must. Out of 24 traders today, 10 were gross positive, or 42%. The bright side of that figure is that 9 traders finished up over $1,000 gross. The downside is that 9 finished down over $1,000 gross. I was #19 of 24, or smoked. There was such competition to be a Manservant today that I was spared that distinction.

Also, "Trader D" went from being "Chambermaid" at one point, to being the "Lucky Pierre." Henceforth, that feat will be known as the "San Francisco treat." Tonight's song will speak to this further...

Finally, expect a Dinosaur Trader Dictionary soon. The terms around here are beginning to pile up, and it seems like a good idea. If you have any terms that you want defined, or have some ideas, please note them in the comment section.

Here are today's Manservants:

"Chambermaid" - Trader A, -$80,383 on 605k shares traded.

2. Trader P, -$45,489 on 221k shares traded.
3. Trader Z, -$39,780 on 274k shares traded.
4. Trader E, -$14,019 on 150k shares traded.
5. Trader F, -$6,140 on 131k shares traded.

And the Bosses:

"Lucky Pierre with the San Francisco Treat" - Trader D, $39,597 on 428k shares traded.

2. Trader B, $25,796 on 574k shares traded.
3. Trader H*, $5,961 on 14,400 shares traded.
4. Trader C, $5,332 on 200k shares traded.
5. Trader T, $2,657 on 4,200 shares traded.

* denotes swing account

FED Cuts 50 Basis Points, Traders Get "Ass Raped"


Truth be told, I haven't watched Wallstrip in a long time. I guess that once Lindsay left, I just felt this sense of loss and Julie wasn't able to "do it" for me...

This video below may be really old, but it brought back some memories.

Laughing With Your President, Instead Of At Him...

Look, like him or not, you gotta love Barack's sense of humor. We've had 8 years of laughing at our President and being laughed at by the world. It will be a nice change of pace... (h/t Valerie)

RALEIGH, N.C. – Democrat Barack Obama is sharpening his tone against John McCain, accusing his Republican rival of sinking low by accusing him of being a socialist based on his tax plan.

Rallying a crowd Wednesday in North Carolina, the Democratic presidential contender said McCain will soon "be accusing me of being a secret communist because I shared my toys in kindergarten."

Blitzen Trapper New Album, "Furr"

This is a band I like. They just put out a new album that received a solid review over at Pitchfork.

Check out some of their stuff here at their Myspace page.

FOMC Day. But Does It Matter?

Ever since I started this Albatross of a blog, people have been admonishing to not trade "Opex days" and to stay away from earnings stocks. I've always thought this somewhat odd and also, a touch gay.

However, if there is one day I've stayed away from consistently in my trading career, it has been the FOMC day. You can almost always expect light volume until the 2:15 announcement, and then, when the announcement is made, you can expect to get "ass-raped" immediately.

In fact, I can almost guarantee an "ass-rape" candle formation at some point between 2:15 and 2:30.

Today feels different though. After a 900 point rip in the Dow yesterday, it's clear that the market is working off of mechanics right now and nothing else. Earnings don't matter, and I doubt the FOMC matters much either. You've either been forced to puke up your losing positions, or not, and the market is moving accordingly.

That said, I still expect light volume early, but I think the late afternoon will be lots of fun.