So What Happened?
I first want to apologize to my readers for my dour nature today. I'm kind of a depressive chap to begin with, and three days of the bulls pushing their horns into my eyeballs doesn't help my already flimsy spirit. So that's probably seeped through quite a bit, particularly today. Take note of the new logo.
But I hope you can understand. This week has been the worst three days of my trading life so far. I've slipped down 8% of my overall portfolio, and it's more demoralizing than I can say to have multiple weeks' worth of extremely hard work destroyed in short a short amount of time. Climbing my way up Profit Mountain doesn't mean anything if I'm kicked down into the valley so quickly.
The only trade I'm really upset at myself about, of course, is TBT. That was a really good long play, and I blew it. I really hope others made good money on that idea, because it was solid. But otherwise, the simple fact of the matter is that I was on the wrong side of the market in a very big way. I loaded up on shorts and puts all over the place, and the 500 point rise in the Dow so far this week has been agonizing.
I don't think I'll feel like uttering the words "head" and "shoulders" any time in the near future. That was a massive fakeout, and it really hurt a lot of bears.
2nd
When I don’t understand what the hell is going on in the market. I stay away. I even don’t watch until it closed.
Still holding my 200 SRS and didn’t add any more. Look like it will go up more until everyone is frustrated about it and clean up all short ETF holders and take most of short to cleaner.
But will start to load up short ETF soon. I usually start with 100 and see what happens.
Madoff Begins Life Sentence at Federal Prison in Butner, NC
The Butner Federal Correctional Complex, located about 45 miles northwest of Raleigh, includes two medium-security facilities, a low-security facility and a hospital, according to the Bureau of Prisons Web site.Among the well-known criminals being held at Butner are:
•John Rigas, founder of Adelphia Communications, and his son, Tim, the company's chief financial officer. They were convicted on multiple charges of securities fraud, conspiracy to commit bank fraud and bank fraud.
•Jonathan Pollard, the American convicted of spying for Israel more than two decades ago.
•Omar Abdel-Rahman, also known as the "blind sheik," who was sentenced to life in prison in 1995 for his role in a plot to kill Egyptian President Hosni Mubarak and blow up New York City landmarks, including the United Nations. He was sentenced to life in prison in 1995 and moved to Butner in 2007.
At the 3,400-inmate prison, Madoff will wear prison-issued clothing, initially be in isolation and then have a cell mate, according to those who have served time in the U.S. system. He will earn pennies a day doing menial work.
Yearly salary of $3.65 this is not fair?
Whitney's estimates is for Goldman earnings per share of $4.65 for the quarter, compared to the average estimate of $3.48.
Will be very interesting to see what the numbers actually are.
I also show news that say U.S. mulling mortgage aid for unemployed. It looks like a secret subsidy for the banks
Banks not surviving is unthinkable because of stress tests they did
2nd
No one mention that Meredith Whitney was going to be on CNBC and it may be a market moving event. She was there just before important earning from GS
kaimu
Actually we’ve wasted our military in such a fashion in Afghanistan and Iraq, fighting against an anonymous enemy of millions of faces, not one of them in an identifying uniform, while we are oh so identifiable...It is not good to Bringing them back to America that doesn't resemble anything like the country they left, is a recipe for disaster. If I was the elite I'd keep them far away from home, if things go south over it won't be pleasant for the elite at all.
Chickenpookie
Look at positive, GS goose it earning by stealing from tax payer. And market went up. They (GS) did pay back big time to tax payer. Everyone’s 401k balance went up big today?
2nd
for tomorrow's headline: Meredith Whitney Advisory Group , LLC acquired by GS for 20M in stock
sound good to me
lost little in OEX put did good on SRS/EEV and FXP. brought SDS at 57.26
2nd
I personally will not write put on anything, will stick to buying put and playing short ETF. I have feeling that by October we will retest low of S&P.
2nd
I been there before, future down big and market closed higher. For oex put best is to unload it as soon as possible if market is down even though it may go down big at end or it may surprise and go up
President Barack Obama said his $787 billion stimulus bill “has worked as intended”
Government spending....
Food stamps, extended unemployment and war...
And with fewer jobs and no loose money, recovery is nowhere in sight. What's going to keep the consumption cult going?
Two concurrent stories: High-speed computer algorithms make up 70% of NYSE trading volume and US and South Korean go’s sites are hacked.
What if the two stories melded…computer hacker crashes the market?
2nd / shark_attack
This is the only blog I follow daily and on weekend I do read few others.
I have been unable to post lately. But I do read all the post daily and follow them. Because of summer vacation and cut in staff I have to pay more attention at my Job. Situation will improve after summer. Also my son is going to get married within a month and been busy about it. Girl was student here and got her MBA from BABSON College (http://www3.babson.edu/) and is employed by IBM in India. She doesn't not wants to settle in USA and he does not wants’ to live in India. It took six month and finally she agrees to move to USA.
So What Happened?
I first want to apologize to my readers for my dour nature today. I'm kind of a depressive chap to begin with, and three days of the bulls pushing their horns into my eyeballs doesn't help my already flimsy spirit. So that's probably seeped through quite a bit, particularly today. Take note of the new logo.
But I hope you can understand. This week has been the worst three days of my trading life so far. I've slipped down 8% of my overall portfolio, and it's more demoralizing than I can say to have multiple weeks' worth of extremely hard work destroyed in short a short amount of time. Climbing my way up Profit Mountain doesn't mean anything if I'm kicked down into the valley so quickly.
The only trade I'm really upset at myself about, of course, is TBT. That was a really good long play, and I blew it. I really hope others made good money on that idea, because it was solid. But otherwise, the simple fact of the matter is that I was on the wrong side of the market in a very big way. I loaded up on shorts and puts all over the place, and the 500 point rise in the Dow so far this week has been agonizing.
I don't think I'll feel like uttering the words "head" and "shoulders" any time in the near future. That was a massive fakeout, and it really hurt a lot of bears.
Tim Knight
"Good traders don't try to predict what The market will do; instead they look at The indications of what the market is Doing." - Curtis M. Faith
2nd
When I don’t understand what the hell is going on in the market. I stay away. I even don’t watch until it closed.
Still holding my 200 SRS and didn’t add any more. Look like it will go up more until everyone is frustrated about it and clean up all short ETF holders and take most of short to cleaner.
But will start to load up short ETF soon. I usually start with 100 and see what happens.
2nd
My 200 SDS is under water may add some more today
beside that still watching FXP/EEV/SRS.
Madoff Begins Life Sentence at Federal Prison in Butner, NC
The Butner Federal Correctional Complex, located about 45 miles northwest of Raleigh, includes two medium-security facilities, a low-security facility and a hospital, according to the Bureau of Prisons Web site.Among the well-known criminals being held at Butner are:
•John Rigas, founder of Adelphia Communications, and his son, Tim, the company's chief financial officer. They were convicted on multiple charges of securities fraud, conspiracy to commit bank fraud and bank fraud.
•Jonathan Pollard, the American convicted of spying for Israel more than two decades ago.
•Omar Abdel-Rahman, also known as the "blind sheik," who was sentenced to life in prison in 1995 for his role in a plot to kill Egyptian President Hosni Mubarak and blow up New York City landmarks, including the United Nations. He was sentenced to life in prison in 1995 and moved to Butner in 2007.
At the 3,400-inmate prison, Madoff will wear prison-issued clothing, initially be in isolation and then have a cell mate, according to those who have served time in the U.S. system. He will earn pennies a day doing menial work.
Yearly salary of $3.65 this is not fair?
2nd
My SDS (paid 57.26 yesterday) is under now added more at 56.50
thats all for me
Whitney's estimates is for Goldman earnings per share of $4.65 for the quarter, compared to the average estimate of $3.48.
Will be very interesting to see what the numbers actually are.
I also show news that say U.S. mulling mortgage aid for unemployed. It looks like a secret subsidy for the banks
Banks not surviving is unthinkable because of stress tests they did
2nd
No one mention that Meredith Whitney was going to be on CNBC and it may be a market moving event. She was there just before important earning from GS
kaimu
Actually we’ve wasted our military in such a fashion in Afghanistan and Iraq, fighting against an anonymous enemy of millions of faces, not one of them in an identifying uniform, while we are oh so identifiable...It is not good to Bringing them back to America that doesn't resemble anything like the country they left, is a recipe for disaster. If I was the elite I'd keep them far away from home, if things go south over it won't be pleasant for the elite at all.
http://tinyurl.com/m2fv47
Chickenpookie
Look at positive, GS goose it earning by stealing from tax payer. And market went up. They (GS) did pay back big time to tax payer. Everyone’s 401k balance went up big today?
2nd
for tomorrow's headline: Meredith Whitney Advisory Group , LLC acquired by GS for 20M in stock
sound good to me
lost little in OEX put did good on SRS/EEV and FXP. brought SDS at 57.26
nat gas is getting schelacked.UNG under 11.00?
2nd
I personally will not write put on anything, will stick to buying put and playing short ETF. I have feeling that by October we will retest low of S&P.
2nd
I been there before, future down big and market closed higher. For oex put best is to unload it as soon as possible if market is down even though it may go down big at end or it may surprise and go up
2nd
I do have -OXBSC 2 contract and -OXBSD 2 contract
Do not remember who mention it here
But loaded FXP/EEV/SRS last Wednesday and look like they will be rocking on Monday
Thanks
President Barack Obama said his $787 billion stimulus bill “has worked as intended”
Government spending....
Food stamps, extended unemployment and war...
And with fewer jobs and no loose money, recovery is nowhere in sight. What's going to keep the consumption cult going?
Two concurrent stories: High-speed computer algorithms make up 70% of NYSE trading volume and US and South Korean go’s sites are hacked.
What if the two stories melded…computer hacker crashes the market?
2nd / shark_attack
This is the only blog I follow daily and on weekend I do read few others.
I have been unable to post lately. But I do read all the post daily and follow them. Because of summer vacation and cut in staff I have to pay more attention at my Job. Situation will improve after summer. Also my son is going to get married within a month and been busy about it. Girl was student here and got her MBA from BABSON College (http://www3.babson.edu/) and is employed by IBM in India. She doesn't not wants to settle in USA and he does not wants’ to live in India. It took six month and finally she agrees to move to USA.