They Got Me...
The trekkie/emo/buddhist/perverts over at Move the Markets zinged me.
I'll be placing a call to "Secatogue Henry" soon enough...
Ripening...
Monday, January 28, 2008
The Debate Whisperer
Fun for you conspiracy theorists... seriously though... I watched the debate and that whisper was very loud and audible.
Art Cashin Comments On Possibility Of FED Action
"Bernanke has been criticized so much, maybe wrongfully, but if they do nothing and there's a 300 point sell off, the thunder will be heard forever."
Dennis Kneale Is An Idiot
Pat Buchanan, a man I rarely agree with, just eviscerated this idiot on CNBC who, like Larry Kudlow, claims that "we're talking ourselves into a recession."
He told Pat Buchanan to stop worrying about the economy and "sell the hope."
No, I'm not making that up.
Go buy stuff you stupid lemmings, forget that your dollars are worthless, just keep tossing them at shit you don't really need so we can continue to fund our wars.
Fuck these idiots.
Okay, now back to positive thinking...
Morning Link-Love
- US Economy Going Down In A Blaze Of Glory, Dragging World Down With It
- Europe And Asia Trade Down... HPT Doesn't Blow Up This Time
- A Brief History Of Rogue Traders
- Senator Ted Kennedy Endorses Obama... Is This A Good Thing???
- Bloggers Get No Respect From Big Business, Or, The "Crotch Bullseye"
- Alphatrends Potential Setups For Monday, January 28th
Sunday, January 27, 2008
The Business Of Being Born
We'll be seeing this in a couple of weeks... extremely interesting topic for you parents or parents-to-be.
Saturday, January 26, 2008
Barack Obama Victory Speech, South Carolina
It's a 17 minute speech. If you can't watch the full thing, you can start it from the 4 minute, 10 minute, or 13 minute marks. If you really have no time at all, at least watch the last minute and a half or so...
Obama Wins In A Landslide In The SC Primary
Developing... I'll post his victory speech as soon as it comes online. Meanwhile, you can watch it on TV just after 9pm.
The speech was amazing....
"This election is about the past versus the future."
Meanwhile, Obama/Edwards will be a tough ticket to beat.
The Stock Market Crash Of 2008 That Wasn't
I don't normally do link-whoring weekend posts, however this was one doozy of a week and Jon Swift has me convinced I should be linking more liberally.
So, let's do this chronologically.
MONDAY January 21, 2008
Martin Luther King day, so the US markets were closed, but this is what the futures looked like. Complete carnage. Beanieville had a nice summary of the bull and bear arguments. Apparently, the bears were winning handily...
This washout led to our first and most famous trader blow-up of the week. HPT lost $31 grand, posted this now famous video, and became an Internet sensation overnight. Go ahead, watch it again... let's see if we can push it over 400,000 views.
Now there have been many theories bandied about for why the futures got so slammed. There is, of course, the rogue trader theory. However, let's talk about something that was only briefly mentioned and never discussed again... the Ducati theory.
I mean, if you've been following along for the last year, you've seen what seemed like intense dislike blossom between "the Fly" and his arch-nemesis, Ducati. Yet on Monday, "the Fly" with a very "third-tier" window display, tabbed Ducati. Perhaps there was advance knowledge of this move over in Europe... I dunno. All I know is that Ducati was tabbed and the market nearly crashed.
My personal theory on the futures selloff is The Dr. Brady Barr, "biggest idiot ever" theory. On Sunday night his infinitely idiotic "special" where he dressed as a hippo, hung out in a hippo field and then got freaked out about it aired on NGC. Then the futures sold off... seems pretty clear cut to me...
So on Monday, the futures closed near their lows... I think. Anyway, this isn't about market analysis. It's about link-whoring. Overnight, the futures went limit down and on Tuesday, we woke up to great fear and panic.
TUESDAY January 22, 2008
See that flat line between 2am and 4am? That's when the market died. As Art Cashin so aptly put it on Friday, Goldilocks was in the ICU and taking clear fluids. So early Tuesday morning, she died and, not ironically, she was killed by a bear.
Anyway, thankfully, "Ben the Beard" came in with a not so surprising "surprise" rate cut just after 8am. That's the green line. Goldilocks wins again!
Unfortunately, such volatility totally crashed all of the models that the team over at Move the Markets took so much time developing. Trendlines failed, blips blopped, and overall mass hysteria set in. Prospectus, even though he no longer trades, lit himself on fire to protest the pain others were feeling in the markets. It was an emotional day.
Oh, also on Tuesday Ragin Cajun, egged on by the perma-bullishness of Sloth over at Wallstreak, said Apple would hit $400 in a matter of weeks.
And another stock market blogger blew up, but it took 2 weeks for anyone to discover the body.
WEDNESDAY January 23, 2008
Wednesday was the kind of day that traders will talk about 5 years from now. It was probably a year-maker for many. Still, that didn't stop another blowup from happening as VO member Dehtrader, blew up his account. Another indication of the day's volatility was that fellow VOer, Wincity, used the word "toad" 327 times in a single post.
Blogging mayhem ensued, as Option Addict poked fun at certain bloggers, while those certain bloggers poked fun at other more famous, bloggers.
Even the CNBC anchors who normally stand together to pump the markets, fought like schoolchildren.
In every sense of the word, Wednesday was an emotional shitstorm.
In fact, due to all the crazed energy in the markets, Dr. Brett's blog melted and Dr. Brett was said to be "hitting the sauce" at a local watering hole.
Meanwhile, Shane laughed through the entire ordeal, like a mad buddha.
Oh, and finally, due to the market move, Ragin Cajun upped his target on AAPL to $600 a share.
THURSDAY January 24, 2008
After all of the fireworks of Wednesday, Thursday was bound to disappoint.
In fact, about the only thing I found interesting was the "subliminal message" I heard in Brian's stock market technical analysis review. Listen closely... in the middle of the video, a woman whispers "If you can hear this whisper, you're dying." True story.
Oh, and Ragin Cajun, spurred on by the ultra-bullishness of Sloth over at Wallstreak, raised his target on AAPL to $827 a share.
And another stock market blogger, blew up.
FRIDAY January 25, 2008
On Friday, the market suffered another bloodletting.
Indeed, by the end of trading on Friday, despite all the rate cutting and confidence building of the past week, the Dow found itself near 12,000... again.
Still, there was a lot of joking going around in Blogdom. HPT posted a parody video of himself and 12,000 crazy lunatics came out of the woodwork to call for his head, while Dehtrader, in his understated way, also poked fun at himself.
No DooDahs reminded us that we're freaking paranoid but also reminded me about my favorite press conference of all time. Still timeless...
In short, with the FOMC meeting next week, anything can happen. I can't imagine it being more eventful, but we'll just have to stay tuned.
Check back here often for your updates.
Friday, January 25, 2008
Spam That Was Oddly Poetic
I received the following in my bulk email folder...
You were fond of roderick welman? Very fond. He is not so
inexplicable as it would otherwise be. 'when was this will
drawn up?' 'oh, about a year declared, that we ought not
to be that, aynesworth paths unworn, and the houses still
sweating from each help the other! The girl shook her head
with girl half querulously, but in such lovely speech school.
she was a sweet and lovely person. Very that this time it
was the big elderly square man what i ought to have known.
i knew verity, but.
Coal Stocks Rip To New Highs
I woke up this morning a little late and rushed through my research. By the time the market opened, I just wasn't feeling "aggressive" enough to trade actively. The office jumped on the long in the coal stocks, which was amazing but I missed the whole move.
I mean, take a look at CNX... 8 points straight up.
So, I started looking short.
As it turns out, my top 4 stocks were all coal stocks today and I traded them all exclusively on the short side. ANR, CNX, WLT, and MEE. I didn't make loads of money in any single stock, my biggest winner was ANR and I made $252 in him. The key for my success today was keeping things simple. I also kept my volume really light.
I looked around and didn't see a whole lot else going on, so I just focused on the coal sector because it was moving so much. And I figured the volume was lighter today so I thought limiting my focus to just one sector was a good idea. In fact, it made the day seem really easy... perhaps I'm onto something there.
Anyway, so I'm turning the computer off for now. I'll be here all weekend. Stop by.
Here's the stats:
P&L, $817
Best, ANR, $252
Worst, TIF, -$39
14,000 shares traded.
12 stocks traded, 10 winners, 2 losers.
Virtual Office, $4196. Dow, -171.44, 12,207.17.
Dehtrader, $1372 on 3100 shares traded.
Evolution, $1122 on 82,800 shares traded.
Me, $817 on 14,000 shares traded.
Sanglucci, $538 on 11,800 shares traded.
OBAT, $187 on 8700 shares traded.
Denarii, $90 on 1800 shares traded.
Wincity, $70 on 100 shares traded.
Aw, look at that... it's like, the Virtual Office feel good edition.
All the traders who got a little smoked this week died and ended up in VO heaven. Meanwhile, everyone else finished green too. Perhaps I should just shut this blog down now while the vibe is so positive.
Anyway, we traded below 2 billion shares today on the NYSE for the first time since Tuesday. However, due to a mid-afternoon selloff, the VIX ticked up again, to 29.11. Good stuff.
With the "rogue trader" theory of FED cuts hanging over the market, I'd be very concerned about what the FED says next Wednesday. The volatility is here to stay right now. However, what's great is that it doesn't feel like the world is about to end anymore like it did just a few days ago. This means that there could be plenty of buyers around to provide nice bounces here and there.
I have no plans this weekend so I'll have more weekend posts than normal. Tomorrow is an important Democratic primary (South Carolina) so it could be an interesting day. Please stop by.
Also, since it was such a memorable week, I'll make a big link-whoring post full of some of the week's highlights.
Uh, Oh... HPT Blows Up AGAIN!
Wow. It's a good thing he's not a 56 year old fat guy. His heart would've given out there at the end...
Stock Trading disaster - Watch more free videos
UPDATE: It's a fake!!!
Morning Link Love
- More on the now famous, "Rogue Trader."
- Thain is afraid of fraud but not robots... go figure.
- Wilbur Ross to buy Ambak? I'll take vulture capitalism over a bailout any day.
- Another $18 billion writedown from Citigroup? Why not?
- WSJ to continue charging for content. I think that's silly.
- Bill Gates: Nerd, Billionaire, Philanthropist, Sex Addict.
- The AI is breaking out!
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