PANIC!
Howard discusses panic, and you get a gratuitous midday song. Enjoy!
Thursday, October 9, 2008
One Positive To The Financial Crisis
Maybe less golfers? God I hate golfers...
Hilarious Astronaut Pranks Old Golfers - Watch more free videos
Wednesday, October 8, 2008
The RO Report, "Lucky Pierre" Edition
I have not led an overly sheltered life, however, before today, I hadn't heard of a "Lucky Pierre." If you haven't noticed yet, the RO has a rather ribald sense of humor.
"Lucky Pierre" is the new name for the top trader in the office on any given day.
The "Chambermaid" is on the bottom, and "Lucky Pierre" is on top (and the bottom, I guess, but I'll let you figure that out.)
And while were on the topic of getting fucked, let's discuss the state of the market, shall we? All day long, people were talking of "bounces" and "bottoms" and shit like that. The big problem, from the get-go, was that the volume wasn't there.
After the morning rip, in which shorts covered, the volume dried up. Overall, the volume wasn't bad, however, when "the bottom" comes, I expect we'll trade 4 billion shares on the NYSE alone. That's the kind of volume we're gonna need to convince me that Fear and Greed had their epic battle.
Sure you can look at the VIX and say it's at all time highs, but who gives a fuck? Every day, it's at an all time high, it's breaking out! Who knows how high it could go? It's an historic move.
Anyway, the RO did well. Many traders made solid money, even if no one had completely crazy days. Out of 26 traders, 17 were gross positive, or 65%. 6 traders were up over $10,000 gross; very nice to see the wealth so spread out. I was #9 of 26, up nicely, but somewhat disappointed in my "mookishness." I made some great trades but with very small size.
The Bosses get top billing today.
"Lucky Pierre" - Trader B, $47,365 on 1.2 million shares traded.
2. Trader D, $41,834 on 563k shares traded.
3. Trader A, $17,088 on 403k shares traded.
4. Trader E, $11,858 on 210k shares traded.
5. Trader F, $11,645 on 313k shares traded.
And then there's the Manservants...
"Chambermaid" - Trader C, -$15,888 on 575k shares traded.
2. Trader I, -$1,817 on 40,400 shares traded.
3. Trader V, -$1,487 on 80,800 shares traded.
4. Trader M, -$1,485 on 100 shares traded.
5. Trader N, -$1,427 on 55,200 shares traded.
Tomorrow is Yom Kippur. I'm not even sure if it will effect volume though.
The Day Is Young
"The Fly" says the bottom is in, I'm not convinced. We're about 200 points from the morning lows, but also 200 points off our highs.
Either way, might as well get some perspective on.
Check these amazing photographs out... (h/t bloggerdotcom)
Coordinated 50BP Global Rate Cut
ROTFLMAO @ the market. More forestalling. They should have let the market open, get painful, and then announce the cut at 11am.
Do none of these central bank idiots understand market psychology? They can't get away from this thing without pain. Just ask Art Cashin.
FUCKING IDIOTS. Anyway, here it is reported in the Times.
Meh, perhaps I'm just bitter because I was all ready to toast marshmallows over the charred remains of my computer monitors (which would surely explode when the market crashed).
UPDATE! ROTFLMAO @ the Central Bankers. You can't jump ahead of market psychology... otherwise you get steamrolled.
Kudow: Still Employed, Still A Dick
Ah, remember life before it got all complicated?
Back in July of 2007 the market was rallying because people liked George Bush. (h/t Crooks And Liars)
Tuesday, October 7, 2008
Department Of Eagles, "No One Does It Like You"
Since no one "sprayed" the office today by kicking the #2 trader's ass by 50% or more, and since I was green, it's my choice tonight. Sorry, Sanglucci.
The RO Report, "Chambermaid" Edition
Okay, so we broke the lows from yesterday on silly volume, and by "silly" I mean excessively light. The selling is so orderly that it's very scary. I reiterate what I said yesterday, we're gonna have to visit the sub 8500 level for a real washout to occur... perhaps lower.
Maybe the "Art Cashin scenario" will now be able to play out overnight. I have to say, I've been watching CNBC for 10 years (sigh) and every time we get to a market bottom, Art is always begging for capitulation. For real blood. The man wants pain.
As of yet, I don't think he's ever been satisfied. I wouldn't be surprised if Art visits the local BSDM club now and then... not that there's anything wrong with that. As you all know, Art Cashin is the only person worth listening to on CNBC.
So now we've closed on the low, we can hope for an overnight "market event" in Asia and Europe, we gap lower on the open, trade down for an hour or two, drop 1000 points, and then HUGE VOLUME comes in and we get a "V" bottom.
From your lips to Mother Market's ears, Art.
Anyway, the Manservants took it to the Bosses today. In fact, the Manservants were so "manservantly" that "Trader D" came up with a new term for the blog... "chambermaid." The "chambermaid" is the low man on the day.
Congrats to "Trader A" for being today's "chambermaid."
Truly, the "chambermaid" is on the bottom.
I'm sure soon we will have a new term for the "main boss" too.
Art Cashin would be impressed with the bloodletting in the RO today. Out of 27 traders, 15 were gross positve, or 55%. While 10 traders finished up $1,000 gross, 9 finished down $1,000 gross and as you'll see shortly, a few finished significantly lower. Happily for me, I was #6 of 27. I've nearly made back all my losses from my last bout of "manservantude."
Since the office as a whole was gross negative, the "manservants are on top.
Chambermaid - Trader A, -$29,361 on 397k shares.
2. Trader B, -$22,034 on 925k shares traded.
3. Trader H, -$19,667 on 14,600 shares traded.
4. Trader Z, -$9,411 on 393k shares traded.
5. Trader J, -$2,529 on 58,600 shares traded.
And the Bosses:
1. Trader C, $11,358 on 414k shares traded.
2. Trader E, $7,924 on 131k shares traded.
3. Trader D, $5,185 on 233k shares traded.
4. Trader L, $4,293 on 96,400 shares traded.
5. Trader K, $1,765 on 23,200 shares traded.
See you tomorrow. Don't forget to watch tonight's debate.
Rumor: Mitsubishi Pulling Out Of MS Deal
This deal could be in trouble. I heard this over the wires... things are getting ugly again.
The Economy, The Election, And YOU!
Man, people are pissed off. Here are two very interesting articles that basically highlight the same thing, people think our government sucks.
"The Hardest Vote," by George Packer, and "Mad About Everything," by Jennifer Steinhauer.
Both are worthy of your time as we go through the middle of the day here, waiting on "beardo" at 1:15 and then the FOMC minutes at 2:00.
Call me a dick, but I don't feel loads of sympathy for people right now. As far as I can tell, hordes of idiots went to the polls in 2004 to vote Bush back into office after it was pretty clear to anyone who was paying attention, that he was an idiot.
But forget about the national level.
If you're pissed off about what's going on, consider your actions on the local level.
Do you spend the evenings drooling in front of your television watching bullshit shows about celebrities?
Do you spend your money at the gigantic national chain stores, thus killing your local main street while only increasing the bonus sizes for the CEOs?
Are you driving a hulking SUV while you complain about the price of gas?
Are you fat because you eat the shit they serve at fast food restaurants thus driving up the cost of health insurance for everyone?
Pay attention people. The writing has been on the wall for a long time. No one is going to change the situation except for you.
Again, here is a link to help you get involved.
Un-American News - Financial Edition
I haven't linked Colbert in awhile. I'm sure he appreciates it. Anyway, this is a great segment where he shows how other countries are reacting to our financial disaster.
We Ain't There Yet
(h/t bloggerdotcom)
Also, check out this "Heat Map" that Todd found... pretty cool.
Short Order Ban Lifted For Thursday Trade
I guess since they signed the "bailout," they're going to lift the ban on shorting financial stocks.
Here's the terse statement from the SEC on the matter.
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