Thursday, December 11, 2008
All morning long, the guys in the RO were remarking about how light the volume was. Once the afternoon rolled around however, volume picked up and the market got more used than a greased gerbil in a gay bar.
Support was broken on the SPY, on the QQQQ and financial stocks just shit themselves.
It makes me question this recent rally. If the market were healthier, support would have held today. It's very possible that we rip over those levels again tomorrow, but it doesn't speak well for the strength of any future rally when good support doesn't hold.
Anyway, the RO doesn't care about the health of the market. They just care about the health of their accounts... and their accounts inflated nicely today.
Out of 26 traders today, 19 finished gross positive, or 73%. 13 traders finished up over $1,000 gross and 2 lost over $1,000 gross. It was a solid day. I was #15 of 26, or grossly underperforming... however, in my defense, by 3pm I was watching Mary Poppins and wearing a glitter crown while my daughter cut me paper hearts.
"Lucky Pierre" - Trader C, $40,841 on 237k shares traded.
2. Trader Z, $21,401 on 119k shares traded.
3. Trader B, $21,037 on 585k shares traded.
4. Trader P, $18,430 on 140k shares traded.
5. Trader N, $16,054 on 207k shares traded.
"Chambermaid" - Trader A, -$6,865 on 56,800 shares traded.
2. Trader 9*, -$4,244 on 400 shares traded.
3. Trader 6*, -$899 on 0 shares traded.
4. Trader 7, -$119 on 32,000 shares traded.
5. Trader X, -$67 on 1,000 shares traded.
I know it sucks for trading, but this action is perfect for the market if you're hoping for more upside anytime soon.
After a 1500 rip off the lows, the market needs to digest. Just take it easy and don't chop yourself to itty bitty pieces in this low volume environment.
I'm chilling until the afternoon. "Porn Thursday" post forthcoming!