Tag Team, "Whoomp! (There It Is)"
Easily one of the worst songs of all time, featured this evening on my blog because I was a Manservant and none of the Bosses had a relative spray.
Wednesday, October 22, 2008
The RO Report, "Dead Dinosaur Bounce" Edition
Well, I just got smoked, so it's hard for me to have much to share right now that will be objective... I'm way too focused on the spanking I just took.
It's pretty rare to see the market turn on a dime so late in the day. Especially when all the imbalances are to the sell side and when "down volume" is completely swamping "up volume." But I guess it happens. And when it does, you don't want to be caught short.
Still, despite the late day rip in the indexes, the Dow lost over 500 points and the VIX closed near 70. The only good news there, at least for me, is that I should have plenty of opportunity to make my money back. However, that said, today was pretty dead until the last hour... so you need to stay patient in this market, despite the volatility.
Anyway, many of the ROers played it well and hence, the Bosses won the day.
Let's just get to the numbers. I have a new drug habit to start or something... oh, and as always, if you think you want to do this Godforsaken job, email me.
Out of 26 traders today, 15 were gross positive, or 58%. I was number 23 of 26, or, a Manservant. The top 9 traders finished up over $1,000 gross while the bottom 6 all lost over $1,000 gross.
Here are today's "Bosses"
"Lucky Pierre" - Trader D, $38,262 on 291k shares traded.
2. Trader A, $30,717 on 355k shares traded.
3. Trader Z, $24,747 on 142k shares traded.
4. Trader C, $18,256 on 146k shares traded.
5. Trader E, $8,128 on 101k shares traded.
And the "Manservants"
"Chambermaid" - Trader P, -$23,905 on 126k shares traded.
2. Trader B, -$18,939 on 276k shares traded.
3. Trader S, -$4,594 on 57,400 shares traded.
4. Trader I, -$4,075 on 17,700 shares traded.
5. Trader 6*, -$4,034 on 0 shares traded.
*swing account
Always Have An Exit Plan
Here's another idiot who should never trade. I mean, you get yourself into a bad position in trading, with no exit plan, and Mom won't bail you out.
Moron Fails on Terrible Squat Thrust - Watch more free videos
Death Trading Range
So we gapped lower, had a nice little tank, then rally, and now, death.
I'm not sure how you guys are doing out there, but I always find low volume markets tough to trade. My guess is that I won't make another trade until after 3pm. Just look at the volume drying up...
Again, watch your ass. No reason to overtrade this market.
Palin Sacked
This made my heart sing.
Crazy Protester Interrupts Palin Interview - Watch more free videos
Tuesday, October 21, 2008
The RO Report, "A Mixed Bag" Edition
So the thing is, from a trading perspective, you always want more volume. It just means smoother markets, more liquidity. It's always possible to make money in a low volume market, it's just harder, and the risk/reward ratio gets skewed. I think today's RO numbers perfectly illustrate that point.
We gave back more than half our gains from yesterday, but remarkably, on even LOWER volume. What this tells me, is that we're probably stuck for awhile, in a range that we're currently determining, until another bank fails or something.
But we've all been busy and it's probably not a bad thing to be able to breathe a bit. Regain your perspective.
In other breaking news, I have no new plans for this blog ever. Apparently, I'm going through a bit of a "dry spell" as far as my "creative" posts are concerned. I'm just not feeling it lately. Perhaps the market sapped me of all my creative energy... I don't know, fuck you. Some kid stole my daughter's pail at the sandbox and I wanted to kill it... maybe I need to write a post about that, to work out some anger.
Anyway, the RO was mixed. Out of 25 traders today, 15 were gross positive, or 60%. 7 traders finished up over $1,000 gross, and 6 traders lost over $1,000 gross. I was #9 of 25, which I'll take. If I can continue to stay green and make some money as the market slows, I'll be very happy. The bosses barely did it today, but they end up "on top."
Here are today's Bosses:
Lucky Pierre - Trader A, $8,558 on 198k shares traded.
2. Trader Z, $3,422 on 65,200 shares traded.
3. Trader B, $2,899 on 96,200 shares traded.
4. Trader F, $2,881 on 64,200 shares traded.
5. Trader E, $2,475 on 64,800 shares traded.
And the Manservants:
"Chambermaid" - Trader J, -$6,523 on 73,200 shares traded.
2. Trader D, -$4,400 on 89,700 shares traded.
3. Trader C, -$4,159 on 120k shares traded.
4. Trader V, -$1,657 on 60,400 shares traded.
5. Trader 6*, -$1,600 on 0 shares traded.
See you tomorrow.
Watch Your Ass
That's an hourly chart of volume on the NYSE. I drew a horizontal line after the first 4 hours of trade today to illustrate how volume has completely, and rather suddenly, dried up.
In short, it has taken us 4 hours today to get to where we were volume-wise in 2 hours most of last week.
We've quickly moved from a market where you were rewarded for "pressing your bets," to one where you can easily get smoked in low volume chopfest.
Trade accordingly.
Trader D Wins In A Landslide
I tell you what, "Trader D" didn't really need another victory, but he comes away with a rather convincing rout over the rest of the RO.
Now it's just a matter of providing "incentives" so that we may receive a nice post from "Trader D." Developing...
Here are the final results. The percentages don't add up to 100 because you were allowed to vote for more than one trader. The question was, "Which ROer would you like to see write a post?"
Trader A, 17 votes or 11%.
Trader B, 49 votes or 38%.
Trader C, 10 votes or 6%.
Trader D, 89 votes or 60%.
Trader E, 4 votes or 2%.
Trader F, 8 votes or 5%.
Trader P, 8 votes or 5%.
Trader Z, 14 votes or 9%.
Monday, October 20, 2008
Chemical Brothers (ft. Wayne Coyne) - "The Golden Path"
About time I'm able to post a song on my own damned blog. Great video.
The RO Report, "Melting Upwards" Edition
Well, if this is what it means to be in a slow market, I can take it. But man, the volume was completely lacking for a 400 point move on the Dow. I'm still feeling very neutral on the market here, although I realize the bottom is starting to look rather "firm."
If we could see more volume on these rips, I'd start getting excited that my UWM purchase in my long term account will actually be a long term holding. Time will tell.
Anyway, the RO had a very nice day. Great breadth among the office mates. Everyone is feeling tired and worn out from the last few weeks. Our group volume took a marked dip today. It's very nice to see almost everyone in the green though, because the test of a good trader isn't only who is making the most money when the market is acting like a crack-whore, but also who can be consistent when it's slow. Being a good trader means constantly switching gears.
Out of 25 traders today, 22 were gross positive, or 88%. The top 11 traders were all up $1,000 gross, and only one trader lost more than $1,000; a very nice ratio. I was #12 of 25.
No one "sprayed" today. "Trader A" and "Trader D" who got into a little verbal war in the comment section of Friday's RO post, were duking it out for the 1 and 2 spot all day... in the end, "Trader A" was victorious. Also of note were the nice bounceback days coming from "Trader C" and "Trader P."
Finally, this is your last chance to vote in the RO post poll, over on the right.
Here are today's "Bosses:"
"Lucky Pierre" - Trader A. $10,265 on 258k shares traded.
2. Trader D, $9,655 on 76,200 shares traded.
3. Trader C, $8,777 on 177k shares traded.
4. Trader Z, $6,102 on 60,800 shares traded.
5. Trader P, $3,783 on 55,602 shares traded.
And the "Manservants:"
"Chambermaid" - Trader F, -$2,131 on 51,800 shares traded.
2. Trader T, -$748 on 1,900 shares traded.
3. Trader 3, -$372 on 7,600 shares traded.
4. Trader X, $50 on 8,000 shares traded.
5. Trader 8, $55 on 1,600 shares traded.
No Volume, Good Surf
I'm down $0.92 on the day.
I'm going to take the rest of the morning off and see if anything develops for the afternoon. After all the lunacy of the last month, things may finally be slowing down.
Andrew Lahde, My New Hero
I know this is a few days old, but I've been drunk and without my Paxil. Forgive me.
EXCLUSIVE: Below you'll find exclusive footage of Lahde as he embarks upon a new career.
Sunday, October 19, 2008
Saturday, October 18, 2008
Aaron Neville, "Everybody Plays The Fool"
The "Trader D" spray selection, also doubling as a dedication to the rest of the RO.
Friday, October 17, 2008
The RO Report, "Trading Ain't Easy" Edition
I have to say, it sucks to write this post tonight, because the RO took a massive amount of pain today. However, it highlights an important truth about trading, a truth that has been easy to forget during this last month of volatility and ridiculous trading profits.
Losses are part of trading, sometimes big losses.
However, it also highlights something important about the RO. The guys didn't take any more risk today than they normally do... the difference today is just that they were wrong. What's amazing to me now, is how often they take that massive risk and are right.
The fact that today stands out like an intellectual at a Sarah Palin rally reminds me just how good these guys are.
The reaction from many will be simply, "Yeah, but they made such a massive amount recently, this is nothing." Fine, understood, but don't forget what a psychological game trading is. "Giving back" is the most painful trading experience... probably worse than losing outright. That's actually a constant debate... or, as Tennyson put it, "'Tis better to have loved and lost/Than never to have loved at all?"
And let me add one other troubling fact about this game... your gains are taxed, egregiously... so the losses, in a way, count double.
Anyway, I'm looking forward to watching these guys bounce back. For now, let's just drink the blood and put today to rest. Out of 28 traders today, 10 were gross positive, or 36%. 5 traders made over $1,000 gross, 10 lost over $1,000 gross. I was #6 of 28, or, very lucky to have spent half the day at "parent-teacher" conferences at my daughter's school.
Here are today's "Manservants"
"Chambermaid" - Trader C, -$93,753 on 581k shares traded.
2. Trader P, -$46,847 on 597k shares traded.
3. Trader B, -$37,548 on 374k shares traded.
4. Trader F, -$28,725 on 219k shares traded.
5. Trader A, -$28,250 on 843k shares traded.
And the "Bosses"
"Lucky Pierre" - Trader D, $12,421 on 864k shares traded.
2. Trader G, $2,478 on 74,000 shares traded.
3. Trader E, $1,467 on 69,600 shares traded.
4. Trader V, $1,414 on 71,000 shares traded.
5. Trader O, $1,339 on 19,600 shares traded.
Have a restful weekend.
NOTE I: There are only 2 days left to vote in the RO member post poll. Go vote.
NOTE II: "Trader D" sprayed enough to win the song pick, however, I was unable to open the link he left in the chat. So I'll post the song tonight. If Trader D gets in touch with me over the weekend, I will post his song as a "special dedication" to the RO.
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