The Daily Show Addresses "Joe The Plumber"
I knew they would have a great spin. Pointing out that he has done more interviews in the last 2 days than Sarah Palin has done since she was announced for VP was a great point to make.
Friday, October 17, 2008
Another Person Who Shouldn't Trade
I'm not sure what she thought she was doing... but she failed. And traders who fail, suck "fishass."
Thursday, October 16, 2008
The RO Report, "Solid Rally On Volume" Report
The surf sucked... too windy.
However, the market rocked today. BTW, I hope the little graph with that trendline helped a few of you out... it was rather perfect I must immodestly admit. Once we broke that line at around 2:45, we based, tested, and then BOOM volume came in and the market never looked back.
Anyway, it was "Trader B" who brought the line to my attention, so it's only fitting that he sprayed the office. A huge spray, in fact. Good thing I can still post music from iMeem, because I don't know if I'll ever be able to post an end of day video at this rate.
I think today was a very healthy day for the market. Very healthy. The volume was excellent and we made what could end up being some sort of messy double top on the VIX. If the VIX were a stock, I'd be taking profits.
That makes me feel good about the bottom. Also, I think the stock market quite possibly put in its low.
Look, I still have that dinner party to get to, so I'm getting straight to the numbers. Out of 28 traders today, 24 finished gross positive, or 86%, an excellent number. 15 finished over $1,000 gross, which is also nice. I was #9 of 28, nicely positive, but slightly disappointed with my finish, given my conviction about the afternoon market move. The Bosses win again.
"Lucky Pierre" - Trader B, $82,713 on 881k shares traded.
2. Trader D, $36,232 on 694k shares traded.
3. Trader A, $27,208 on 331k shares traded.
4. Trader Z, $20,722 on 246k shares traded.
5. Trader F, $11,932 on 274k shares traded.
And the Manservants: Trader C really earned his "Chambermaid" today...
"Chambermaid" - Trader C, -$31,957 on 588k shares traded.
2. Trader V, -$2,429 on 87,670 shares traded.
3. Trader R, -$318 on 85,800 shares traded.
4. Trader 3, -$73 on 3,200 shares traded.
5. Trader 8, $4 on 200 shares traded.
These People Are Scary
Palin seems to have really brought the worst out of the Republican party. It's too bad, because McCain has had a great career. Sad to see it end on this note. I don't think a few years ago he would have hoped for "supporters" like this.
What Traders Talk About During Slow Periods
[2:05:07 PM] Trader S: do you guys think the word "fishass" is funny?
[2:05:15 PM] Trader D says: nope
[2:05:19 PM] Trader D says: manass is better
[2:05:26 PM] Trader S: how about "assfish"
[2:05:37 PM] Trader D says: better but still weak
[2:05:42 PM] Trader S says: thanks
[2:05:44 PM] Trader D says: no prob
A Trendline...
Check out this trendline drawn from the highs of Monday... we tested it before on decent volume. If we can base now for the mid-afternoon churn and break it with good volume later, we could set up for a nice close.
(h/t "Trader B)
Built To Spill, "Made Up Dreams, Velvet Waltz"
It's not easy for me to give up control, especially when it comes to music. Now, I know most of you come here for my sparkling wit and to follow along with the RO, however, at least 3 people come here for the good music.
Trust me when I say that the advent of the "boss music" tag on this site has caused me much pain.
That said, here are a couple of exceptional tunes from Built To Spill from their album "Perfect From Now On." A desert island disc if ever there was one...
I wanna be a motherfucking boss dammit!
Hey bro - it is your older (yet in a cruel twist of fate, much younger looking) sister just stopping by to say hello. I know that some of your past posts have addressed the trauma and the stress that you feel as a day trader, banging away at your keyboard, cursing incessantly at your 42 computer screens, while you try to be in your own words, "a motherfucking boss."
I hear you. In fact, after watching the interest rates on my credit cards soar after being one day late with a payment; after watching the gas and oil prices climb to near ridiculous prices; and while trying to figure out why a household with two adults making what I previously thought was a decent amount of money is often living paycheck to paycheck - I had an epiphany: I want to be a motherfucking boss too!
Imagine the possibilities.... "Eat your broccoli."
"Why?"
"Because I'm a motherfucking boss, that's why!"
"I'm not coming in today. Or tomorrow. Or next month."
"Why?"
"Because I'm a motherfucking boss, that's why!"
The best reason of all to be the motherfucking boss? Control of the jukebox!
Wednesday, October 15, 2008
Richard Wagner, "Ride Of The Valkries"
"Trader P" choice, and an excellent one at that.
Back in the day, like 8 years ago, "Trader P" would blast this whenever the market was taking a dive. That was back when the tech bubble was bursting, so we heard this one a lot.
The RO Report, "R.I.P Market" Edition
Hours after the dust has settled on my trading day, I'm having a hard time accessing the emotional swings that I went through. I think this is mostly because right after the close I had a nice surf session with "Trader Z" until after the sun set.
There's nothing like a sunset surf session to clear the mind.
"Trader Z" has some sick board skills. Also, he's a really good surfer.
Anyway, what can you say about this market other than it's coming apart at the seams. I can't spin today's action in any positive way. The best I can do is say that we did rally 950+ points on Monday and that something similar will happen again... eventually.
A bull market will come again, I promise.
I'll say this about trading in general... the most important thing you can have is an open mind. All day long, until 3:30, I was buying stock and getting completely killed. Once I switched my bias and stopped fighting the trend, I made back all my cheese and became a Boss.
And I cannot overstate the amount of help I received from "Trader P." Never, in my entire 10 year career, have I put so much trust in another trader.
The end of the day really deserves its own post, but I'm too exhausted. To summarize briefly, at 3:30, I had no positions and was down 5 grand. My entire day had been a brutal beatdown... also, I lost lots of money. A mere 20 minutes later, I had built a little over a million dollars of short exposure, and I was making money faster than you can say, "Jim Cramer sucks."
In short, if you want to "be right" all the time, you're going to lose money trading.
Today deserves more of a post, I apologize, but I'm shot. Eventually, I'll have to write a book about this all and you'll just have to buy it, okay?
Out of 27 traders today, 16 traders were gross positive, or 59%. 11 traders finished up over $1,000 gross while 7 traders finished down $1,000 gross.
I was number 5 of 27 or, a motherfucking Boss.
Here are today's Bosses:
"Lucky Pierre" - Trader P, $34,755 on 282k shares traded.
2. Trader B, $28,853 on 517k shares traded.
3. Trader Z, $16,307 on 198k shares traded.
4. Trader C, $13,297 on 338k shares traded.
5. Trader S, $11,640 on 133k shares traded.
And the Manservants:
"Chambermaid" - Trader D, -$20,014 on 472k shares traded.
2. Trader H*, -$11,968 on 5,400 shares traded.
3. Trader 6*, -$4,727 on 0 shares traded.
4. Trader I, -$3,081 on 26,400 shares traded.
5. Trader M*, -$2,230 on 0 shares traded.
NOTE: There are a few swing accounts in the office. From here on out, I will mark swing accounts with an asterisk.
Another Person Who Shouldn't Trade
Failure to fully understand cause and effect relationships is a strong negative for prospective traders.
Tuesday, October 14, 2008
The RO Report, "Awesome Giveback" Edition
Early on, the RO was banking coin, making jokes, and having lots of fun. Between 2:45 and 3:40 however, we took massive pain and gave back a good portion of the day's gains.
Fights broke out, friendships were ruined, and a new trader, we'll call him "Trader 8" was sacrificed in a ritualistic killing involving a sexual act known as the "Angry George."
Don't even bother looking it up in the Urban Dictionary...
Anyway, it was a bruising experience. Many of us had nice gains on the day and gave them all away.
"Trader D" avoided the carnage by staying independent, and going against what the conventional wisdom of the office dictated... that we were going to bleed into the close. He sprayed, and now I have to post his bullshit music.
After the last two days, I'm shot. So let's just get to the numbers...
Out of 27 traders today, 12 finished gross positive, or 44%. While the top 8 traders all made over $2,000 gross, the bottom 8 lost over $2,000 gross, so it was a mess. I gave back nearly all my gains on the day and finished #10 in the office.
Given my stupidity, I'll take it.
"Trader D" kept the office in the green, so the Bosses get top billing.
Here are today's Bosses:
"Lucky Pierre" - Trader D, $37,754 on 497k shares traded.
2. Trader F, $19,478 on 182k shares traded.
3. Trader I, $5,747 on 102k shares traded.
4. Trader B, $4,653 on 778k shares traded.
5. Trader G, $4,515 on 50,700 shares traded.
And the Manservants:
"Chambermaid," - Trader C, -$14,343 on 216k shares traded.
2. Trader E, -$11,375 on 124k shares traded.
3. Trader N, -$4,022 on 34,700 shares traded.
4. Trader H, -$3,902 on 1,400 shares traded.
5. Trader V, -$3,165 on 68,534 shares traded.
October 20th Cover Of The New Yorker
Click this link to buy their current, "stock market themed" cover. Oh wait, I forgot, you have no money.
Art Cashin On The Daily Show
I hate to admit it, but Jorge was right... this was the better Daily Show clip from last night. Not only because it features Art Cashin (my hero) but also because it pokes fun at CNBC stupidity.
Goldman Injecting $2 billion Into Visa
You know, I saw this article a little over a week ago and I thought, "Well, that's the next shoe to drop," but with all the lunacy surrounding the market recently, I forgot about it.
But I just heard over the news wire that Goldman is injecting 2 billion into Visa.
Perhaps there is a shoe here, somewhere...
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