The RO Report, "Fuck The PPT" Edition
Whether or not you believe any of the conspiracy theories regarding the "PPT," or the Plunge Protection Team, you have to admit that the way news stories suspiciously drop at important market levels is very coincidental to say the least.
The RO got completely fried this afternoon when some news dropped at 3:05, just as we were breaking the lows of the morning.
Anyway, I have a sick family and this market is trying its hardest to make me sick too.
Here's the numbers.
Out of 29 traders today, 8 traders were gross positive, or 28%. 3 traders made over $1,000 and 14 traders lost over $1,000 gross. Many lost a large multiple of $1,000. I was #21 of 29 adding a lot to my worst streak of my career.
"Chambermaid" - Trader Z, -$32,481 on 89,000 shares traded.
2. Trader C, -$31,486 on 290k shares traded.
3. Trader N, -$26,680 on 109k shares traded.
4. Trader F, -$11,642 on 137k shares traded.
5. Trader A, -$8,162 on 216k shares traded.
"Lucky Pierre" - Trader 10*, $1,627 on 2,800 shares traded.
2. Trader R, $1,107 on 24,806 shares traded.
3. Trader M*, $1,068 on 0 shares traded.
4. Trader X, $187 on 4,200 shares traded.
5. Trader G, $155 on 26,000 shares traded.
What a disaster.
9 comments:
I agree, the timing was suspect.
Why 87 times?
DT, if you guys cover your shorts before 3 PM on the 3rd day of a big sell-off, you wouldn't be complaining about PPT. Hasn't this happened before to your RO? More than once, I think.
Make sure the job's done right.
Win,
The only big down day we had this week was Tuesday... Monday we were flat, and yesterday we were up a bit.
The news completely changed the tone of the market today. Before it dropped declining volume was completely trumping up volume, financials and reits were destroyed... in fact, I think the only thing up on my screen was the USD.
If the news hadn't dropped, we might have tagged those November lows.
And I'm not "complaining." I'm just pointing out the coincidence here. News markets are always the worst. But in the last year, the news has always dropped at suspicious times.
-DT
I thought this post was going to be about iBankCoin's PPT. I figured you were going to cut the fly a new one and release your own superior system! while alienating him and saying you no longer wanted his link.
But, I agree. There's a lot of manipulation in this market. Theoretical economics (at least at the lower levels) is a bunch of bullshit. The markets are based on fear and greed. People aren't rational. And competition is highlighted when it benefits the major players and downplayed andn attacked when it doesn't.
It's a 'game' on many fronts. There are assholes playing it all the way through.
Love the song above. Radiohead certainly knows how to cover certain sentiments.
Its not called the PPT anymore.
Its called the O.P.P.,,
you gotta OPP?,,,yah,,,
(Obama Plunge Protection)
What can i say? They did it last week with an Obama/Geitner double punch and they did it again. The 30-point move in 75mins is cruel.
Win,
My first reaction was to flame you for criticizing my office, but that was followed immediately with - explain yourself!!
Cover shorts before 3pm on the 3rd day, can you elaborate, odds of a reversal etc?
TY
Trader P.
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