Cara's Commentary & Community Chat, Thurs., Jan. 29, 2009

[7:30am ET] The story of the Fairfield Greenwich Group (see link) points to the truth of what I have been saying from the start of my blogging: the financial services industry has for years misrepresented their respective roles in serving the client.
http://finance.yahoo.com/news/Managers-luxe-life-on-the-apf-14190784.html

When almost thirty years ago the big banks started acquiring broker-dealers, they changed the name Registered Representative to Financial Advisor in order to disguise their real operations as financial product distributors. While their own RR


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vinod
vinod
January 31, 2009 3:28 am

November 6 FAS 55.50 New (debute) ETF opning price todat it closed at 9.17
november 6 FAZ 60.22 New (debute) ETF opning price today it closed at 50.40
November 6 XLF 14.81 opening price that day today XLF closed at 9.24

David has explained about this price movement in many posts. This is in down market. But what will happen in up market?

tango6
tango6
January 30, 2009 1:33 pm

Im a shorter as you may have gathered but YRI does look good on the long side this morning. What next, Swing trading?
Good luck!

Somebody posted the video of a young trader (I think) who was some po’d about wall st bankers. Mad as hell. Now I can’t find it but would like to. Maybe it was cut because of profanity.

shark_attack
shark_attack
January 30, 2009 12:52 pm

I am tired of getting my positions taken at the end of the day by investors who suppress the price breakouts intra-day only to keep the pos overnight and profit, essentially trading against/taking advantage of daytraders. Now I ‘m beating the woodpeckers at their own game. How? Last night I KEPT my Yamana and I’m planning to ADD to it. Take that you accumulators!

Bruce Thomas
Bruce Thomas
January 30, 2009 12:13 pm

Since the goldbugs expectations are awful predictors, I agree with dr. Cosa and f6. I feel gold continues to rise for now
until Central banks & US govt. intervenes to drive it down. (By the way, Gold up $18.60 per Oz. as of this post @ $923.)

bobbyo
bobbyo
January 30, 2009 6:00 am

The dollars gain against the worlds currency may make treasuries very appealing to foreigners who want to hedge their falling currency. When will gold decouple from all fiat currency? Tomorrow or is it going to keep breaking hearts.
Bob

swissrobinson
swissrobinson
January 30, 2009 4:41 am

Wow, what happened to gold?

terryC
terryC
January 30, 2009 4:27 am

To those afflicted by CBD ( Compulsive Blog Disorder ) it is rumored that the CTAB conference will be conducting a clinic for those in need of treatment. Featured will be ways to reduce or eliminate one-liner comments and senseless wordage that wastes the time of others and diminish the credibility of the writer. I really hope those who need help will seek it. In the meantime, please blog less and save eyeballs!

Vadym Graifer
Vadym Graifer
Reply to  terryC
January 30, 2009 5:53 am

Terry,

not a rumor actually. Aside from standard issue 2×4 I use on trading lectures in order to reinforce the knowledge-soaking process, I was instructed to have on hand a 2×4 with rusty nails, specifically for the purpose you indicated.

Chickenpookie
Chickenpookie
Reply to  Vadym Graifer
January 30, 2009 1:45 pm

Thanks guys, I won’t be posting my trades here anymore.

Mark Barry
Mark Barry
Reply to  Chickenpookie
January 30, 2009 2:23 pm

Hope you reconsider CP.

vinod
vinod
Reply to  Mark Barry
January 31, 2009 3:30 am

where and how to look at comment numbers?

bobbyo
bobbyo
Reply to  Vadym Graifer
January 30, 2009 6:04 am

Vad,
Does the stick have a name. The stop loss-enator!

Vadym Graifer
Vadym Graifer
Reply to  bobbyo
January 30, 2009 7:08 am

There are a few labels replacing each other depending on a topic: StopLoss-enator, BookYourProfits-enforcer, Don’tBuyOnTips-remindator, IgnoreTalkingHeadsAndWatchPriceInstead-iser and StopComplainingJustTrade-abler. There is also a big EmotionEraser and ImpulseDetacher, and some smaller but useful tools like EndlessAnalysis-DeParalyzer and TechnicalIndicators-Feweriser.

For those with unique problems we intend to bring a 2×4 with blank label – kind of “write your problem on this sticker, put it on this 2×4, hit yourself over the head”. Self-serve, no charge, 2×4 on us.

skylane
skylane
January 30, 2009 4:19 am
nofed
nofed
January 30, 2009 3:39 am

Cuomo is opening a can of worms. Obama has also been in the news tonight about Wall Street greed. Looks like Wall Street let someone in the Whitehouse that isn’t part of the Boyz club. 10 years of analyst pumping worhless bubble of the year stocks and pocketing billions. Clawback may be the word of the year.

[complaints received; profanity deleted]

NYUGrad
NYUGrad
January 30, 2009 3:04 am
bg
bg
January 30, 2009 1:27 am

SiO2 Good call on that straddle. Thanks

SiO2
SiO2
Reply to  bg
January 30, 2009 2:15 am

Thanks bg. There were several terrific straddle plays this week. The number of wild oscillations is amazing (e.g, look at ZION on Jan 26, http://straddles.nexalogic.com).

BDK P35 $0.92 -> $4.50 389.13%
EK P7.50 $0.75 -> $2.60 246.67%
FO P35 $0.80 -> $2.40 200.00%
OXPS P12.50 $0.75 -> $1.80 140.00%
RCL P10 $1.10 -> $2.85 159.09%
AF P12.50 $0.80 -> $3.00 275.00%
LRCX P20 $0.30 -> $0.95 216.67%
ALL P25 $0.78 -> $2.90 271.79%
WBSN P12.50 $0.50 -> $1.20 140.00%
AMZN C47.50 $4.50 -> ?? ??
AMZN C60.00 $0.60 -> ?? ??

fireworks
fireworks
January 30, 2009 1:20 am
dr.cosa
dr.cosa
January 30, 2009 12:45 am

i think articles written about gold company CEO’s talking up the price of gold are at best exercises in irony. its a joke that barrick or mr. munk himself make any predicitons considering their dismal record of forecasting the gold price. if anything it makes me think a tank in the gold price is around the corner. glad i got out of some of my position today, likley beable to buy more at a much lower price. i think these kinds of articles are pointless other than to act as contrarian indicators. POG bounced right off $910 today, and is… Read more »

Ron Sen
Ron Sen
January 30, 2009 12:20 am
fireworks
fireworks
January 29, 2009 11:42 pm

And we thought blindness was only a job requirement at the SEC and CFTC… The FBI was aware for years of “pervasive and growing” fraud in the mortgage industry that eventually contributed to America’s financial meltdown, but did not take definitive action to stop it. “It is clear that we had good intelligence on the mortgage-fraud schemes, the corrupt attorneys, the corrupt appraisers, the insider schemes,” said a recently retired, high FBI official. Another retired top FBI official confirmed that such intelligence went back to 2002. Public statements by one high FBI executive shows that the bureau was well aware… Read more »

NYUGrad
NYUGrad
January 29, 2009 11:21 pm

How can Jim C still be on tv? and why hasnt anyone inspected and quantified the damage he has done to individual wealth? In sales there is a saying, “if you keep saying you are an expert eventually people see you as one” and he is on tv every day, interviewed on other networks, sells millions of books. Is just putting a disclaimer before each commercial break enough legally to make him free of any liability? They even sent him on a college tour last yr to speak to the future of America! I actually ran for the exits and… Read more »

bsi87
bsi87
January 29, 2009 10:54 pm

long @ 17.77, yesterday’s 3PM price.

Capitulation play. Do ur own homework.

Mark Barry
Mark Barry
Reply to  bsi87
January 30, 2009 1:51 am

I agree. Covered my short @17.24 from 3 months ago @ 31.18.

NYUGrad
NYUGrad
January 29, 2009 10:52 pm

must be a painful pill to swallow if you are used to $200k+ end of yr bonuses, and racked up the debt to go with it.

two sources
#1 http://tinyurl.com/ctp2wx

#2 http://tinyurl.com/bqzvc2

holdenll
holdenll
January 29, 2009 10:32 pm

in real money account, sold off PBH and IPGP..profit was less than 2%.
Purchased MSCC yesterday. basis is 8.32.

My play porfolio will probably add HNT and SVU as shorts at end of day tomorrow. Meant to add today but hey…I have a job. If move up, will not add

New Watch List:

Long: SRDX Short: STEM

I am doing very well holding SAY. basis is $1.07
Real money in SAY, MSCC

I will try to match up trades using http://www.tickerspy.com

http://tinyurl.com/dc58pp

ych
ych
January 29, 2009 9:52 pm

reminds me of those dot.com ads on the Superbowl from bygone dot.com bubble era… From Kevin Depew’s column : http://tinyurl.com/apvy4t 4. Does This Happen Closer to the Top or the Bottom? That is the question I found myself asking after reading the news that Cash4Gold, the late-night cable TV advertiser that asks people to send in jewelry and other gold items for cash, has taken out a 30-second advertising slot for Sunday’s Super Bowl. “The Cash4Gold ad puts a direct-response advertiser on stage with a lineup of top-tier marketers and may not have been NBC’s first choice to fill one… Read more »

FranSix
FranSix
Reply to  ych
January 29, 2009 11:38 pm

I find that an article quoting Peter Munk about how hedging is dumb and that the gold price is going to triple is probably timed right before a vicious sell off. But “gold is going to crash” will wear out eventually. A bear raid on gold is probably imminent, since they seem to occur with surprising regularity in the first couple of weeks of each month prior to options expiry. One sign that Cash4Gold is probably not working very well is that the Toronto pawn broker advertising cash for gold during hockey games has now switched to being a lender… Read more »

BillySundance
BillySundance
January 29, 2009 9:51 pm

Man….took a look at ATN.TO this morning and bid/ask was down to about $0.70. Apparently I should have jumped on it. Jock, you were correct indeed that the chart is looking great. I can’t necessarily say I have been seeing the same chart for all of the companies with new mines (not enough of them to make a generalization). But, there has IMO been a definite change in trading of junior miners since about mid-December. Liquidity seems to be greatly improved and there are signs of accumulation in lots of charts. I am going to work on a calendar of… Read more »

Finger Lakes
Finger Lakes
January 29, 2009 9:41 pm

This bank and others like it should be the ones taking over for BAC and C and JPM.

That would be real change.

http://tinyurl.com/ahj6uz

Rob.

Finger Lakes
Finger Lakes
January 29, 2009 9:28 pm

Beat estimates and revenues. Up 5 bucks afterhours.

It’s going on the list.

Rob.

Craig
Craig
January 29, 2009 9:27 pm

Lot’s of talk (noise) on TV and in the Fed notes about the Fed buying treasuries.

Today’s auction shows oversupply leading to higher yields, how might the Fed buying Treasuries affect yields?

Finger Lakes
Finger Lakes
Reply to  Craig
January 29, 2009 9:31 pm

All this talk about the FED buying treasuries may not be because they want to lower rates, it may be because there aren’t enough other buyers.

So rates may not go much lower even with them buying treasuries since their move is designed to keep rates from spiking upwards after we have a couple of failed treasury auctions.

Rob.

NYUGrad
NYUGrad
January 29, 2009 9:11 pm

it looks like we are reading the same crapola. 🙂

fyi – i think you have the most comments posted here at 782. there has to be an award at the end of the yr for the leaderboard.

Chickenpookie
Chickenpookie
Reply to  NYUGrad
January 29, 2009 9:33 pm

“fyi – i think you have the most comments posted here at 782.”

Yikes, I’m a bit hopeless! Sorry, I do try to contain myself if that’s any consolation.

NYUGrad
NYUGrad
Reply to  Chickenpookie
January 29, 2009 9:39 pm

when that feature was rolled out i was surprised at my # too.