Monday, March 9, 2009
There's really nothing Not Safe For Work about this report, but I felt today was somewhat boring and I wanted to "sex" it up a bit.
Early on, we had a nice rally that was led by some nice strength in crude. But later we were brought down by tech and transports. Of course, financials gave back all their early gains and closed flattish. Meanwhile, the SPY put in an "inside" day. So after the early morning fun, I basically avoided the rest of the day.
I'm worried that Art Cashin was on CNBC this morning saying he has his "basket ready" to buy. He's not saying that he's bidding stocks up, but waiting for them to fall so he can buy. Then, Melissa Francis was complaining that the headlines weren't "negative enough" to create a bottom. Everyone is waiting for this massive washout which decreases the likelihood that it's going to happen.
In short, we need to start thinking of other "bottom scenarios."
The RO, which is full of big fans of all types of bottoms (I can't get enough of these bottom jokes), had a mixed day. There were some big numbers up top, but overall, it was quiet. Out of 29 traders today 18 were gross positive or 62%. 6 traders made over $1,000 gross and 6 traders lost over $1,000 gross. I was #7 of 29, happy.
"Lucky Pierre" - Trader B, $14,173 on 263k shares traded.
2. Trader A, $8,734 on 122k shares traded.
3. Trader D, $8,573 on 244k shares traded.
4. Trader C, $3,412 on 144k shares traded.
5. Trader 10*, $1,496 on 1,300 shares traded.
"Chambermaid" - Trader H*, -$3,060 on 40,800 shares traded.
2. Trader V, -$1,348 on 45,100 shares traded.
3. Trader Z, -$1,331 on 25,800 shares traded.
4. Trader N, -$1,158 on 54,000 shares traded.
5. Trader T, -$1,034 on 3,600 shares traded.
My friends at HCPG included the fun "Four Bad Bear Markets" graph with this Sunday's newsletter. They really know how to ruin a weekend. Anyway, they lifted it from this site, which I've never read before but am skeptical of, since a quick perusal of their blogroll shows no hints of this fine blog.