Monday, March 2, 2009
I'm going surfing. I'll post the RO much later this evening.
UPDATE: That was one of the more extreme events of my life which will, no doubt, find its way into a post if I ever have time to sit and write again. In short, we surfed a large stormy swell in chaotic conditions and then got back to our car which was dead. That's when the real fun began. But another time...
I'm tired so I'm getting right to the numbers. What can you say about this market anyway? I think the HCPG guys summed it up nicely in their newsletter tonight. They said they wouldn't be surprised if it dropped another 2% or 20%.
It was a mixed day that got better as it progressed. Out of 30 traders today, 17 were gross positive or 57%. 9 traders made over $1,000 gross and 4 traders lost over $1,000 gross. I was #13 of 30. Green.
"Lucky Pierre" - Trader A, $9,320 on 429k shares traded.
2. Trader B, $7,236 on 533k shares traded.
3. Trader &, $5,880 on 41,000 shares traded.
4. Trader Z, $1,780 on 81,892 shares traded.
5. Trader F, $1,373 on 21,000 shares traded.
"Chambermaid" - Trader 10*, -$8,453 on 25,500 shares traded.
2. Trader E, -$6,449 on 43,600 shares traded.
3. Trader D, -$2,976 on 113k shares traded.
4. Trader M*, -$2,693 on 0 shares traded.
5. Trader G, -$466 on 25,200 shares traded.
BLOG NOTE: Since I'm getting in late tonight and heading out at dawn to surf again tomorrow, I won't have the Market Wizards post up. Apologies. Expect it Wednesday.
There's a foot of snow blanketing the world where I live. I turned on my computer and see another storm is brewing.
Indeed, things look awful and there isn't too much to suggest they're going to get better anytime soon.
But before you go out and buy your guns and grain check out this article about the letter Warren Buffett wrote to his shareholders.
If you trade this market, you need to do so without emotion. Buffett is building positions in GS and GE preferred shares. Could he lose? Perhaps... but he's been pretty good at this game for a damned long time.