Thursday, January 15, 2009
The report will be late... 9pm or so.
UPDATE: Another day, another early selloff but unlike yesterday's Plan C action, today was Plan A all the way. Gap down, test support, and then rip.
From 12:30 until just about 3pm, the Dow rallied nearly 300 points. I wasn't keeping tabs on what my mates were doing, but I knew most of them were nicely green. That all changed drastically when the market couldn't retake the highs at around 3:15. That's when the death began. Traders who were caught long got clipped as the market dove 100 points in about 20 minutes.
One trader got out close to the highs... bonus points if you can guess who...
Anyway, we had a nice bounce on support today. It would be much nicer for the bulls had we been talking about SPY 89 holding up... but that was way back when BAC traded in the double digits and C wasn't sub $4. That was another market. Now we're back to be excited that we actually managed to close green.
We have a long weekend and then the inauguration. There are all kinds of rumors about what's going on with C and BAC. Will they be nationalized? These are strange days. Let's hope that next week brings us more clarity.
Out of 29 traders today, 17 finished gross positive, or 59%. 6 traders made over $1,000 gross, but 9 traders lost over $1,000. We've clearly entered a more challenging trading environment. I was #5 of 29. Survivor guilt.
"Chambermaid" - Trader F, -$37,372 on 505k shares traded.
2. Trader N, -$32,018 on 252k shares traded.
3. Trader D, -$16,780 on 448k shares traded.
4. Trader E, -$12,499 on 83,400 shares traded.
5. Trader C, -$7,413 on 374k shares traded.
"Lucky Pierre" - Trader B, $44,694 on 1 million shares traded.
2. Trader A, $9,071 on 278k shares traded.
3. Trader L, $4,212 on 87,800 shares traded.
4. Trader J, $3,134 on 109k shares traded.
5. Trader S, $1,762 on 43,800 shares traded.
I found a link to this commercial at Wall Street Fighter. I watched it, and frankly, I've been confused and unable to piece logical thought together ever since. Help.
Also, this was linked... which is definitely offensive, but also really funny.
Great job today with the links, WSF... it's 8:18 and I'm off my game...
Long time readers of this blog will remember the good ole days when the platinum supercycle was about to take off and JJ the Robot, who had every single cent of his retirement in SWC, was going to die rich.
Apparently, times have changed. In a sort of "where are they now" moment, I'm just wondering what happened to this dude.
I used to have so much fun with him.