Radiohead, "Reckoner"

Radiohead - Reckoner - by Clement Picon

Short Sale Ban Extended Until October 17th

Per Reuters. It says the ban will not be extended past October 17th. Good news.

The RO Report, "Lame Market" Edition

Out of nowhere, the market went lame on us today. It's a news driven market right now, which in my opinion, makes trading tough.

It all depends on your style though. Trader B was up over $35,000 at one point today, so I guess he's fine with it.

We're all just waiting. We have the Senate vote, the Big Debate, and then the House vote. And oh yeah, remember economic numbers? We have the jobs report on Friday. Someone may be paying attention to that as well.

You go down 800 and then up 500 and then you go into a holding pattern. That's how fast you have to change gears.

Anyway, out of 19 traders today, 10 were gross positive, or 53%. I was #9 of 19, or slightly positive.

Perhaps more important, is that the office as a whole was gross negative today, which hasn't happened in a while. 7 traders finished up over $1,000 gross, but 7 traders also lost over $1,000 gross. Kind of ugly.

In short, the "manservants" took it to the "bosses" today. Accordingly, I'm putting the manservants "on top."

Here are today's Manservants:

1. Trader C, -$25,488 on 86,700 shares traded.
2. Trader F, -$9.291 on 224k shares traded.
3. Trader A, -$9,130 on 593k shares traded.
4. Trader K, -$3,509 on 50,500 shares traded.
5. Trader H, -$1,925 on 4,500 shares traded.

And the Bosses:

1. Trader B, $29,588 on 914k shares traded.
2. Trader D, $5,870 on 207k shares traded.
3. Trader J, $3,214 on 50,900 shares traded.
4. Trader G, $2,296 on 79,400 shares traded.
5. Trader Z, $2,188 on 119k shares traded.

Pailin Wins Debate

-Governor Sarah Palin

I'm just calling this now. Already, the idiot media is picking up on the fact that the moderator is writing a book about politics and race and that therefore, she's in the Obama camp.

Once again, thank you "liberal media" for repeating Republican talking points. Way to go.

There's no way Biden can win this. The expectations have been set so low for Palin and now, even if she does lose, the Repubs will spin the blame onto the moderator.

"She asked too many tough foreign policy questions..."

Please.

Short Sale Ban Set To Expire October 2nd

Or not. There has been a lot of talk about extending the ban.

At 1pm the NYSE will be holding a live webcast discussing the matter. The volume is light today, might as well check it out and get the scoop.

Also, if you haven't noticed, Ray's blog has been a must read daily during the recent market turmoil.

The Daily Show, "Kill Bill"

First Aid Kit, "Tiger Mountain Peasant Song" (Fleet Foxes Cover)

The RO Report, "Surf's Up" Edition

Not really, but nonetheless immediately after the close, I head to catch some waves. Spending all your time in front of screens is not healthy. Sorry for the late post.

Anyway, the market is bipolar. Have you ever hung out with a bipolar person? They suck. One day it's like, "The world is going to end" and you're like, "Cool, this is a person I can chill with." But then the next day, they love everything and they're really annoying. Everything is beautiful, people are great... blah, blah.

However, this bipolar market does suit the RO, which made massive size again today.

I'm shot, so let's just get right to the numbers, shall we? Out of 20 traders today, 17 finished positive, or 85%. I was #11 of 20. 8 traders finished up over $10,000 gross today. Truly amazing.

The top traders in the RO right now are on another level. As "Trader D" pointed out in the comment section yesterday, the swings have been wild. While the top 5 today finished with massive gains, most of them had massive losses at some juncture today also... bipolar indeed. This is a historic trading market. I'm pretty sure this year will be mark the top for many traders and their profits.

Here are today's Bosses:

1. Trader A, $105,473 on 645k shares traded.
2. Trader D, $96,092 on 555k shares traded.
3. Trader B, $93,743 on 982k shares traded.
4. Trader C, $49,939 on 390k shares traded.
5. Trader F, $47,417 on 209k shares traded.

And the Manservants:

1. Trader K, -$11,882 on 179k shares traded.
2. Trader T, -$1,301 on 5,400 shares traded.
3. Trader 3, -$46 on 6,800 shares traded.
4. Trader Q, $406 on 4,600 shares traded.
5. Trader R, $647 on 111k shares traded.

Judy's Trip To The Bank

After the almost reckless profits I've made in the last couple of weeks, it was time to get paid and deposit the money in the bank.

In normal times, I'd just take the full amount and throw it into my savings, or put a portion of it in a CD. I have enough market risk each day, so my daytrading profits go largely to cash, not back into the market.

Anyway, I told Judy to take about 10% of the money out, in cash. A decent sum. In addition, I told her to get a safe-deposit box, and put the lions-share of that money into the box.

She told me that as she instructed the teller of her plans that there was lots of murmuring behind the counter and that people were looking at her like she was "crazy."

Naturally, I wish I could have been there to get more detail.

Anyway, next week I'll discuss buying bars of gold. After that, I'll move the discussion over to purchasing firearms.

In other words, I think this bounce will fade eventually... maybe even by the end of the day.

Hot Habanero Cheddar Cheese Versus Brazen, Misbehaving Cat

Hot Habanero Cheddar Wins Again!



Yes the market is up 241 as I type, however volume is lame. The only thing that matters today is the close.

Some Real Perspective

It has been a rough week, and we're only at Tuesday.

How about some perspective. Not the life and death kind this time...

Anyway, I have lots of work to do. I'll be back later. I have many posts cooking, but given the conditions, it's been hard to finish them off.

How Do You Research Stocks?

When every single graph is completely busted?

Also, for you non-traders, this is what panic on Wall Street looks like. The Dow dropped 400 points in 5 minutes after the bailout failed.

Ministry, "Thieves"

No other song fits the feeling right now better than this... dedicated to the fine "leadership" in this country.

Thieves, thieves and liars, murderers
Hypocrites and bastards [in laughter]

Hey thanks for nothing!
Morals in the dust
Two-faced bastards and syncophants
No trust

Thieves! Liars!
Inside, outside, which side, you dont know
My side, your side, their side, we dont know
Which side are they? which side are they?
Which side of their mouth do you suppose that it came?
Which side are they? which side are they?
Which side of the grass is greener?
Inside, outside, which side, you dont know
My side, your side, their side, we dont know

Youre like a great big fucking gun,
Just waiting to get squeezed!

Breathe, forfeit erection!
Toxical injection
Geriatric fuck-fest
We still believe in lies

Thieves! Liars!
Inside, outside, which side, you dont know
My side, your side, their side, we dont know
Who started it? who started it?
Which side are they? which side are they?
Which side of their mouth do you suppose that it came?
Which side are they? which side are they?
Which side of the grass is greener?
Inside, outside, which side, you dont know
My side, your side, their side, no one knows

Youre like a great big hit of acid,
Waiting to be taken!

The RO Report, "Stock Market Crash" Edition

Well, not exactly. We were down 7% on the day, 777 points. Unlucky sevens.

For the RO, it was a bloodbath early, followed by good profits at the close.

This country has turned into a cartoon. You know, I respect all the "nay" votes today if those votes were speaking for their constituencies. However, I think it's posturing. If those fucking Congressmen really cared for their constituencies, this shit wouldn't have happened in the first place.

Voting for deregulation forever, this is what you get... so don't try to pretend suddenly that you're "saving" anything. There is nothing worse than hypocrisy.

I'm kind of speechless actually, so I'm gonna go get some dinner and clear my head.

Out of 20 traders, 17 finished positive. 16 traders finished up over $1,000 gross. I was #14 of 20.

Here are today's Bosses:

1. Trader Z, $85,146 on 378k shares traded.
2. Trader D, $81,178 on 902k shares traded.
3. Trader A, $55,406 on 732k shares traded.
4. Trader K, $22,995 on 130k shares traded.
5. Trader C, $22,727 on 210k shares traded.

And the Manservants:

1. Trader H, -$21,836 on 14,700 shares traded.
2. Trader 1, -$692 on 16,400 shares traded.
3. Trader T, -$252 on 5,700 shares traded.
4. Trader 3, $386 on 4,600 shares traded.
5. Trader O, $1,650 on 12,600 shares traded.

The Stock Market Crash Of 2008 (Game)

(BUMP) Since I was a few days early, I thought I'd revisit this post. Also, to clarify, we'll need a 10% drop intraday to meet the "crash criteria."

Okay, it's that time of year again...

All you have to do is name the date of this year's stock market crash.

Winner gets vodka with "Comrade Fly" at the Russian Tea Room, paid for (generously) by "Comrade Fly."

I'll start... September 24th.

HIGHLANDER IS VERY CLOSE TO "WINNING."

OMFG! The Market Is Crashing...

"Not a great time to make an ideological point."

Maybe the smartest thing Bob Pisani has ever said.

Art Cashin, September 29, 2008

"Never bet on the end of the world, it only happens once. But it may not be a bad idea to find a bomb shelter."

Short Sellers Ruin Wachovia

Or not... again, if they extend the short-selling ban past October 2nd, they're working with blinders on and just looking for scapegoats.

Another Problem For The Economy

(h/t Complacent Panda, now a member of the blogroll)

Pailin & Couric On SNL

Sorry about all the Palin posts... but this is great.

I'd almost feel sorry for her at this point, being the laughingstock of the world and all, if it weren't for the utter hubris that got her into this position in the first place. The more I listen to her, the more I'm offended that she feels ready to lead our country. We, and our children, deserve much, much more.

Still, my fear right now is that barring a complete meltdown in her debate with Joe Biden this Thursday night that she'll "win" it, if only because the bar of expectation has been set so low for her. But please, let's be smarter than that.



UPDATE: Back to stocks for a moment, if this tax is passed, it would be very bad. (h/t "Renaissance Man" Jake Gint)

UPDATE II: That "tax" on securities transactions didn't get into the bill. According to the NYT:

Among the last sticking points was an unexpected and bitter fight over how to pay for any losses that taxpayers may experience after distressed debt has been purchased and resold.

Democrats had pushed for a fee on securities transactions, essentially a tax on financial firms, saying it was fitting that they contribute to the cost.

In the end, lawmakers and the administration opted to leave the decision to the next president, who must present a proposal to Congress to pay for any losses.