I haven't had to post bad music since August 6th, so I can't be too upset. This one is a doozy. Pure awful. But while the song is horrendous, the video is hilarious... props if you can actually get through the whole thing.
Now I know there are probably a few of you out there who are demented and like this song for it's "kitsch value" or something. To you I say this... you are broken, seek help.
When you get a group of traders together in a room, all on the same side of a losing trade, it's a lot of fun. It's hard to overstate the amount of cursing, groaning, and even sobbing that I heard today... add in thousands of gay jokes and I'm sure my brain is being irreparably damaged by this occupation.
In sum, getting long commodities near the open today was a pure "death" trade. There were some completely unreal losses today, with "Trader D" dropping 50gs at his lows. However, as you'll see shortly, the guys turned their days around, in a big way.
And it wasn't by continuing to hold the commodity longs. However, a "friend" of mine, a certain "Trader S" did hold those death longs, and got killed all day. However, even "Trader S," despite his stubbornness and stupidity, made back most of his losses.
The numbers really speak for themselves. Out of 22 traders, 18 finished gross positive, or 82%. 10 traders finished up over $3,000 gross, and 15 over $1,000 gross. The RO kicked ass.
Not me. I was number 17 of 22... gross positive, net negative. One of the hardest things about this job is not making money when it seems everyone else in the world is rolling in it... but you can't win everyday.
And again, if you're interested in joining the RO, email me. They're hiring.
Here's the top 5:
1. Trader F, $44,488 on 250k shares traded.
2. Trader B, $16, 450 on 835k shares traded.
3. Trader Z, $16,374 on 517k shares traded.
4. Trader D, $16,144 on 505k shares traded.
5. Trader A, $8,832 on 134k shares traded.
And the bottom.
1. Trader H, -$21,924 on 12,100 shares traded.
2. Trader T, -$444 on 6,100 shares traded.
3. Trader Y, -$437 on 11,800 shares traded.
4. Trader J, -$260 on 100 shares traded.
5. Trader S, $177 on 150k shares traded.
One never really knows what the exact holdings are of any investment company as there are delays in reporting and so on.
But using data from June 30, 2008, AXA portfolios (via AllianceBernstein mutual funds and others) should be getting hurt a bit from the FNM, FRE< and LEH falls.
According to filings, AXA is:
1) The #1 holder of FNM common (134 million shares or 13% of the company)
2) The #3 holder of FRE common (41 million shares or 6% of the company)
3) The #1 holder of LEH common (66 million shares or 10% of the company)
The total losses as of right now from Friday's close on those positions are $804 million from FNM, $164 million from FRE, and $528 million from LEH for a total of $1.4 billion.
I realize AXA handles a lot of assets ($289 billion as of 6/30/08), but still.......
Also generally hurt from large exposures are Dodge & Cox, John Hancock funds, and Fidelity.
Today was our daughter's first day of nursery school, so I was in and out all day, unable to really focus on trading. I've said it many times before, I tend to hate days where the market gaps up or down big, because it almost always puts me in "counter-trend" mode, which isn't my favorite trading stance.
Anyway, it was a mixed day in the RO. A number of traders had solid days, but there were also a couple of large losses in the mix. Had the market not rallied strongly in the last hour it would have been a complete disaster for the bulls as the early morning gains of +350 on the Dow were almost completely wiped out at one point.
Out of 21 traders, 13 finished positive, or 62%. 10 traders finished up over $1000 gross. I was number 10 out of 21 today, so again, I had a solid day.
Here's the top 5:
1. Trader Z, $19,959 on 261k shares traded.
2. Trader D, $11,514 on 354k shares traded.
3. Trader E, $9,270 on 434k shares traded.
4. Trader N, $6,461 on 40,600 shares traded.
5. Trader L, $4,031 on 52,000 shares traded.
And the bottom:
1. Trader F, -$27,046 on 236k shares traded.
2. Trader B, -$18,105 on 1 million shares traded.
3. Trader H, -$2,167 on 10,800 shares traded.
4. Trader M, -$1,934 on 100 shares traded.
5. Trader A, -$1,032 on 88,200 shares traded.
Not that the picture has anything to do with bailouts...
It's just more evidence that we're headed in the wrong direction.
I found this clip over on Complacent Panda's site under the inspired title "You stay away from truth, because it's not your friend; it's against what you believe. You instead construct a story, and get that out however you can."
Seriously, Dogwood, check this one out. This is why you should not watch Fox news.
Anyway, one of the best Daily Show clips I can remember. No matter your politics, check it out, because both sides need to understand that we're constantly spun.
And here, a bonus clip... at least watch the first 6 minutes. The comparisons between Bush's acceptance speech and McCain's are chilling. McSame.
Perhaps that "homosexual rally" that McCain supporter Hagee said caused Katrina is still plaguing the city. Damn homosexuals causing hurricanes left and right!
Watch those oil stocks.
Say what you will about the haircut and stache, but this song kicks ass. Classic.
Well, looks like we got our oversold bounce today. And the reason why today is the "barely missed" edition of the RO is because I was all over this bounce in the morning. Problem was that I lost focus and got stopped out of some very good positions just after noon, and missed multiple point runs in a few stocks.
It was frustrating, but regardless, I had another solid day.
I wasn't thrilled with the close, so my best guess for Monday is to look for continuation of the move in the "destructed" commodities, fertilizer, and oil stocks. That said, I still think we're headed lower over the next couple of months. In my estimation, this is just a little reprieve.
It was a good day for the office. Out of 23 traders, 14 were positive, or 61%. 11 traders finished over $1000 gross. I was #7 of 23. Moving up the ranks.
Here are the top 5:
1. Trader B, $25,227 on 879k shares traded.
2. Trader Z, $4,588 on 236k shares traded.
3. Trader E, $2,516 on 91,600 shares traded.
4. Trader F, $2,385 on 71,400 shares traded.
5. Trader 1, $2,109 on 9,400 shares traded.
And the bottom:
1. Trader U, -$2,100 on 1,200 shares traded.
2. Trader C, -$1,378 on 223k shares traded.
3. Trader H, -$1,142 on 14,200 shares traded.
4. Trader T, -$1,110 on 6,400 shares traded.
5. Trader A, -$949 on 17,400 shares traded.
Have a good weekend. If you live on the East Coast, enjoy Hannah.
It's been a couple of weeks since the last RO report, but apparently, nothing has changed for my office mates... they're still banking coin, huge amounts, on a daily basis.
They're smart, and they trade like animals.
Anyway, the market is completely fucked. There is no leadership. The most you can hope for right now (if you're a bull) is an oversold bounce. There is so much pain out there and seemingly no safe harbors... it's that kind of reality that creates market panic and hopefully, sooner rather than later, a meaningful bottom.
But who cares what I think about the market, just listen to this guy.
It was a good day for the office. Out of 24 traders, 16 were positive, or 67%. 12 traders finished over $1000 gross. I was #10 of 24, so I had a solid day.
Here are the top 5:
1. Trader C, $22,543 on 481,600 shares traded.
2. Trader B, $13,758 on 989,000 shares traded.
3. Trader F, $10,963 on 327,500 shares traded.
4. Trader Z, $9,287 on 296,600 shares traded.
5. Trader H, $6,906 on 11,700 shares traded.
And the bottom:
1. Trader A, -$5,992 on 63,360 shares traded.
2. Trader E, -$3,318 on 45,738 shares traded.
3. Trader G, -$2,425 on 78,800 shares traded.
4. Trader U, -$950 on 1,100 shares traded.
5. Trader 2, -$847 on 4,200 shares traded.
See you tomorrow.
How are they going the deflect this one? I mean, things get hot and heavy there at the end...
Dedicated to the RNC. From Radiohead's "Hail To The Thief" album, which, in turn, I dedicate to Mr. Bush.
I know he's reading...
Software is down so no report tonight... but early on, it was a very mixed day for the office. About half of the traders were up and half down, with a pretty even distribution of numbers.
I too was flat on the day. Frustrating, because I started the day strong, up over $500 and gave it all back slowly.
WTF? Jack Wagner? Rick Fucking Springfield?
Come Christmas, "Dinosister" will pay. How about "nothing" as a nice gift? "Nothing" sound good?
Oh yeah, and Palin? HAHAHAHAHAHAHAH! ROTFLMAO!
Anyway, look, I'm really busy. I'll be posting the old RO tonight, but these fluff posts may be few and far between for the next couple of days. After you spend as much time in the woods as I just did, it's hard to want to stare at screens for too long.
Hope you're all well. Not really.
I offer the following as a sign of peace to the great and all mighty Dinosaur Trader, because I am now seriously fearful that DT will not only come back, pin me down, and taunt me with a spit ball blob - but he'll have his ipod charged and will play "his music" non-stop into my ears as a form of revenge for the light hearted changes I have made to his blog. Hopefully, seeing our wonderful leader in action will aggravate him enough to make him forget all about his much younger, much cuter, sister and her blog posts in his absence.
I have no idea who this woman is that McCain picked for his VP. I'll say this for him - he knows how to steal Obama's thunder, and has a great sense of timing. Question of the night: If Obama had chosen Hillary as his VP, would McCain have chosen an African-American for his VP?
For those of you who speak in three-letter acronyms, fear not: I'm assuming DT will be back from his camping trip sometime over this weekend and his boring blue blog will shortly return. Therefore, I will be leaving the country so he cannot find me, pin me down, and taunt me with a big spit blob hanging over my face like he used to when we were little.
Well, a girl has to do what a girl has to do - and so many of you came forward with bottles of grey goose and limes, that I am compelled to reveal the identity of the Dinosaur Trader. Now, by doing so, I am forced to reveal my own identity as well - so I am putting not only the trader, but my own family, into grave and mortal danger with this move. Just remember, that which does not kill you, only makes you stronger.
