Yo La Tengo, "From A Motel 6"
Beat this, stock blogosphere!
Monday, November 24, 2008
The RO Report, "Optimism" Edition
Look back in my archives and you'll see that I've been bearish on this market for well over a year. I have to say that after I read the C news last night I felt bullish, in a giddy way, and that feeling didn't leave me all day.
Folks, I believe our long national nightmare may be over...
I'm impressed with the volume today, and I'm impressed with the leadership that Obama and his team are showing. I feel good about the market here and will be somewhat surprised if we see 7449 again. We'll see.
Despite my bullishness, I was unable to convert to big gains. I underperformed the RO all day, and underperformed them in the end as well. That's okay... the RO is so good, that you'd make a nice living underperforming them on a daily basis.
If you're a prop trader, these are the markets you wait for... stack it up and save it. We'll have dry spells again. If you want this to be a career, you need to be responsible with your gains and put them away... call it a confidence stack.
If you're working in a shitty firm where the majority of traders aren't making any money and everyone just worries about getting tenths of pennies shaved from their commission rates, drop me a line (email located under my profile), the RO is always hiring active traders who have their Series 7.
Finally, I'd like to highlight "Trader N" for a second. Here's a dude who started trading a year ago. He took some hits along the way, but he's kept a positive mindset throughout and he's been active with the group of traders we have. He's learned a lot and I can see him becoming a leader among our group in 2009. Trading is a very difficult job, and it's great to see a new guy succeed.
As for me, I plan on taking it real easy into Thanksgiving now that we've had a strong rally. I plan on tightening up my layout, getting some hot keys reconfigured, and basically getting ready for December.
I'll post the RO each day and comment, but otherwise, this blog will be quiet until next Monday.
Anyway, out of 22 traders today, 20 were gross positive, or 90%. 16 traders finished up over $1,000 gross, and 1 trader lost over $1,000 gross. In fact, the trader who lost over $1,000 gross was a "Chode" today, which means he went from "Lucky Pierre" all the way down to "Chambermaid." Ouchie. I was #9 of 22.
The Bosses dealt the Manservants a severe blow:
"Lucky Pierre" - Trader A, $54,636 on 1 million shares traded.
2. Trader N, $40,537 on 150k shares traded.
3. Trader Z, $26,579 on 261k shares traded.
4. Trader P, $18,849 on 316k shares traded.
5. Trader C, $12,424 on 157k shares traded.
"Chambermaid & Chode" - Trader D, -$3,665 on 349k shares traded.
2. Trader 3, -$532 on 10,000 shares traded.
3. Trader I, $57 on 800 shares traded.
4. Trader U*, $205 on 0 shares traded.
5. Trader 8, $238 on 3,400 shares traded.
See you tomorrow.
I Hope This Rally Sticks
I'm all for volatility, believe me, but I've never wanted a rally to stick like I want this rally to stick.
Look, we need some good news to talk about over Thanksgiving. Thanksgiving isn't supposed to be depressing... that's what Christmas is for.
I like today's trade so far. The rally is being led by the banks and brokers, which is exactly what we need. If these stocks can hold on for the rest of the day, I'm looking forward to a strong close... potentially, very strong.
Unfortunately, I'm not making much money so far today... the RO is doing well without me. Sometimes that happens.
Let's see if I can catch up though later in the day. I'm feeling optimistic about the market for the first time in, I dunno... a year?
So if the market does rally into the close, this trader is going to be very long.
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