I Want To Surf Like This...

ReInflating My Blogroll

In the last couple of months, due to technical difficulties, my blogroll has been in a state of flux and decline. So in an effort to bailout my blogroll I am asking you, respected reader, to help me reinflate it.

Are there blogs that provide great daily content, preferably funny, because let's face it, the stock market is boring, that I'm missing? If you'd like to see something on my blogroll that isn't already there, add it to the comment section and I will run it by my "Blogroll Development Committee."

Thank you for your kind assistance.

The Pixies, "River Euphrates"

The Pixies were my favorite band in high school.  That makes me so much cooler than you that it's probably almost impossible for you to comprehend.  I saw them in concert at a place in NYC that doesn't even exist anymore... see?  And the thing is, at that concert, some drunk chick nearly broke my face with the back of her skull.  You get it yet?  Anyway, great song.

The RO Report, "Ban Oil Buyers" Edition

Seriously... the rip today in oil is unreal. Hank Paulson should immediately ban speculation. People should only be able to buy oil on a downtick. However, it would be better if people just couldn't bet on the upward price of oil at all. Why? Because people who are trying to force the price of oil higher are hurting America.

That is obvious.

Anyway, after a quiet morning, the RO heated up in the afternoon. The funny thing about not being able to short banks and insurers, is that everyone is looking for other things to short instead, since we all feel like the market is ultimately headed down, despite the government manipulation.

So the RO was short REITs, and the REITs tanked.

It was very un-American of us. Maybe in a few years, or perhaps a few short months, we'll be forced to do hard labor, for making money in the stock market in such an un-American way.

I also want to note the lack of volume today... after trading over 2 billion shares most days last week, trading 1.2 billion today felt really awful... perhaps all the shorts who were going to cover covered on Friday. And now, with no one who really wants to buy this market, the only thing people can do is "take profit."

Anyway, after two good days, I got complacent today and missed the really good money that was made between 3 and 3:30. I applaud the top of the RO for being able to maintain focus, after such ridiculously good days last week.

Out of 19 traders today, 15 were positive, or 79%. 4 traders finished up over $10,000 gross, and 11 finished up over $1,000 gross. I was #11 of 19.

Here are today's "bosses."

1. Trader D, $25,411 on 324k shares traded.
2. Trader Z, $18,381 on 93,400 shares traded.
3. Trader B, $12,644 on 567k shares traded.
4. Trader A, $10,462 on 420k shares traded.
5. Trader F, $4,445 on 74k shares traded.

And the "manservants."

1. Trader P, -$14,472 on 51k shares traded.
2. Trader C, -$3,525 on 131k shares traded.
3. Trader H, -$1,461 on 8,200 shares traded.
4. Trader I, -$886 on 17,800 shares traded.
5. Trader 3, $240 on 3,400 shares traded.

Down Goes The Dollar, Up Goes Oil

That's right... oil is up $14.50 on the DAY.



Thank you government bailout. Not only do you save the fucked up institutions that are costing taxpayers billions, but you're also helping to create a massive spike in the price of oil, since you're crushing the dollar.

Again, the little man is screwed.

Who Are You Voting For?

There's only 43 days left until election day... let's see if my readership gets this one right.

Who are you voting for?

1. McCain/Palin
2. Obama/Biden
3. Nader/Gonzalez

The Market Is Gay Again

Well, we were due for a letdown after last week's fun. Volume is down, stocks gapped all over the place, and it just feels were due for a day of death consolidation.

Sure the guys in the office are trading, but at this point, 70% of the office is down, and "Trader 3," up $66 on the day, is in the #7 position.

Perhaps we need to wait until Wednesday, when Bernanke and Paulson get "grilled" by Congress.

Will be back for the close.

NOTE: A few more companies were added to the "short ban" list. Ray has the details here.

They Might Be Giants, "Road Movie To Berlin"

I posted this song a few weeks ago, but here's the thing... listen to it NOW.

Obviously, it's not about the financial crisis... however, it's about some crisis, and I feel it makes a lot of sense to post it now, again. Lyrics below.



We're in a road movie to Berlin
Can't drive out the way we drove in
So sneak out this glass of bourbon
And we'll go.

We were once so close to heaven
Peter came out and gave us medals
Declaring us the nicest of the damned.

Time won't find the lost
It'll sweep up our skeleton bones
So take the wheel and I will take the pedals.

We're in a road movie to Berlin
Can't drive out the way we drove in
So sneak out this glass of bourbon
And we'll go.

I'm Selling My Virginity

Sure I'm a Dad, but who cares?

 

Now, I don't think I'll get $1.5 mil, or be able to send myself to grad school with the proceeds, but it's cool, I just need a new surfboard. 

Developing...

Interesting

Sure, if we're gonna spend a half trillion, I can think of better ways to spend it then on propping up companies that fucked up.

Bob Dylan, "A Hard Rain's A Gonna Fall"

The RO Report, "Fuck The Shorts" Edition

Well, it's been a memorable week. Actually, not. I can't remember yesterday. My head is abuzz, filled with nothing and everything at once. I'm just looking forward to walking out of this little office and entering the world again, if only for two days.

Who knows what Monday will bring?

Anyway, the open today was like no market I have ever witnessed in my nearly 10 years daytrading stocks. I'm not sure how many trades will be "busted," but there were so many prints at extreme prices, that I can't imagine they'll stand. But perhaps they will.

We've entered a bizarro market, where no one has any idea what anything is worth. The numbers on your screen mean less than they ever have before, and the rules can change at any moment. In other words, it's loads of fun, until everyone gets smoked and it's not anymore.

For now, we'll enjoy the volatility and pad our reserves for the next drought, which inevitably, will come.

So it was another amazing day for the RO. These guys take massive risk, but they're smart, and are currently enjoying the benefits of taking that risk. Out of 22 traders, 20 were gross positive, or 90%. 6 traders finished up over $100,000 and 9 traders finished up over $50,000. 14 of the 22 traders today finished over $10,000 gross. I was #10 of 22, or, nicely positive.

Also, I'd like to point out "Trader 3." If you look at these numbers and think everyone makes this money right out of the gate, you'd be mistaken. I believe (though I could be wrong) that "Trader 3" is a first time trader, so for you newbies, it could be interesting to watch his progress.

Here are today's "bosses."

1. Trader Z, $181,953 on 686k shares traded.
2. Trader D, $169,703 on 722k shares traded.
3. Trader P, $153,218 on 345k shares traded.
4. Trader B, $144,863 on 925k shares traded.
5. Trader A, $121,071 on 563k shares traded.

And the "manservants."

1. Trader N, -$3897 on 29,600 shares traded.
2. Trader 1, -$108 on 15,200 shares traded.
3. Trader 3, $120 on 3,800 shares traded.
4. Trader I, $1,387 on 13,000 shares traded.
5. Trader R, $2,649 on 76k shares traded.

Have a restful weekend.

Special Note To Larry Kudlow

Free market capitalism is DEAD, and Goldilocks is a crack whore.

All Trading Stories Here

This is a truly historic day. I won't be posting until I get the RO up at around 5pm. Until then, I leave it to you. Tell us what's going on where you're at.



QUICK NOTE: Hank Paulson broke the stock market. After that open, I'm surprised they're still letting stocks trade.

The SEC Institutes Ban On Short Selling 799 Financial Stocks

You can no longer sell the following companies short, at least until October 2nd. After that, they can extend the ban another 10 days.

There are 799 companies on the list. Think every financial.... if anyone knows where to find the list, please leave it in the comments.

Here are some of the big ones...

C, DB, WFC, MS, BCS, STI, WM, UBS, BAC, STT, etc.

I don't know how to explain this to those who don't trade stock. It is an unprecedented move. It's ultimately manipulative, and it's not how free markets work.

UPDATE: Here is the list.

The Government... Wrong Again

Look, they're coming after the wrong people.

Obviously, if people are spreading false rumors about a stock in order to send it down, that's wrong. However, it's just plain stupid to ban short selling.

How about this? Instead of focusing on the short sellers, try focusing on what made this mess possible in the first place. Companies being over-leveraged... how about the moral hazard created by our government? Let's ban moral hazard you fuckers!

I can think of a thousand different places to fix (financial media) before I tinker with the rules of the stock market, which have worked pretty well these last couple hundred years.

Oh, and lets not forget this. You take shorts out of stocks and kiss goodbye explosive short squeezes... those are some of the best rallies (like today's 400 point rally) that you can get!

UPDATE: The link on my blogroll called "Short Squeeze" will come in very handy today. For example, GHL... based on its average daily volume, it would take almost 35 days for all the shorts to cover.

Also, if you have a lot of long exposure to this market, today might be a good day to consider some off.

How Could I Forget? It's "Porn Thursday!"

Fatboy Slim, "Praise You"

The RO Report, "RTC Bailouts RULE" Edition

This is the kind of day that traders will remember forever. They will either remember the money they made, or think about the money they could have made, or think about the money they lost.

The RO made... and it made BIG.

Odd shit started happening when the Dow dipped below 10,500. The selling in many stocks, STT, FII, and too many others to list, hit total panic levels.

Did you see GS drop below 100 and shoot down 15 points faster than you can say, "Regulation SHO?"

That, in case you didn't notice, was panic selling... it's the type of selling that makes bottoms. Indeed, shortly after that, JPM, WFC and USB starting showing strength and the market never turned back.

Two days ago I was telling my father to buy a gun to protect himself from the hordes of crazed people that were gonna scour the suburbs of NYC in search of food. But the disease of short-term traders is acute myopia. If you're not RIGHT THERE, stuck in the exact mood of the market, then you're really not able to do your job correctly. You have to feel extreme fear and you have to experience extreme greed.

Why? Because if you don't experience and feel it, you won't know it when you see it. Today we saw extreme fear. The flipside of panic selling, is always panic buying.

Anyway, I'm not ashamed to not have made the top 5 today. I did well. The fact is, the RO is home to some expert fucking traders who risk a shitload day in and day out. Again, props to "Trader D." Don't forget, 2 days ago, he lost $60,000. You think you could lose that much and come back like he has the last two days? Trust me, that's not normal. It takes a special personality type. Needless to say, today was the best day ever for everyone in the top 5.

So out of 21 traders today, 17 finished gross positive, or 81%. An astounding 5 traders finished up over $100,000 gross, 8 finished up over $50,000 gross, and 12 finished up over $10,000 gross. I was #9 of 21, and had my best day since starting this damned blog... just.

So here you have today's top 5 "bosses."

1. Trader D, $342,763 on 934k shares traded.
2. Trader B, $196,351 on 908k shares traded.
3. Trader A, $123,231 on 934k shares traded.
4. Trader F, $118,189 on 455k shares traded.
5. Trader Z, $107,472 on 473k shares traded.

And today's top 5 "manservants."

1. Trader H, -$2,791 on 9,400 shares traded.
2. Trader V, -$989 on 108k shares traded.
3. Trader I, -$817 on 41k shares traded.
4. Trader T, -$459 on 9,000 shares traded.
5. Trader 3, $233 on 3,000 shares traded.

Again, the RO is always looking for serious traders. If you have the Series 7, or don't mind studying a month to take it, email me for information.

The Bears Taking It Too Far?

Look, shouldn't they be happy with the 950 points in the last 2 days? They're not. Now they're going after our women.



Folks, this is war.

UPDATE: Apparently they have. My office was upset by that photo and put the bottom in. We have a couple guys up 6 digits at 2pm. Take a look at STT.