I am expecting a bit of a bear rally here. The market is pretty oversold, a bit of a rally would be healty for a permabear’s diet here. Let’s see what unfolds. Huge price action today! Lots and lots of option premium to be sold here.
Brazil looks nice!
We’re ready in Advance. And hopefully taking advantage of a gap fill!
These will all be swing trades to the upside for me. Small positions. I’ve still got my eye for new short plays. I still think there could be a rather significant move to the downside in the pipe, but for now, I am mildy bullish.
Just follow the light of the great Mufasa.
The markets are dragging ass this morning and I have nothing constructive to add so I wrote this poem, some of you may remember it from your childhood.
It’s raining, it’s pouring
The old man is shorting
He went to bed, got some head
And woke up WAY richer in the morning.
WOW! Once again, The PEOPLE are too big to fail!
Very well done video. Don’t be fooled by the video title.
Hot Chicks of Occupy Wall Street from Steven Greenstreet on Vimeo.
People are beautiful.
Matt Taibbi from Rolling Stone produced 5 demands he would like to see the people of Occupy Wall St. pick up. I have to say that I agree with all of them. But I strongly support his second demand as this is the main reason why I would like to go to Occupy Wall St. myself. Take a look.
1. Break up the monopolies. The so-called “Too Big to Fail” financial companies – now sometimes called by the more accurate term “Systemically Dangerous Institutions” – are a direct threat to national security. They are above the law and above market consequence, making them more dangerous and unaccountable than a thousand mafias combined. There are about 20 such firms in America, and they need to be dismantled; a good start would be to repeal the Gramm-Leach-Bliley Act and mandate the separation of insurance companies, investment banks and commercial banks.
2. Pay for your own bailouts. A tax of 0.1 percent on all trades of stocks and bonds and a 0.01 percent tax on all trades of derivatives would generate enough revenue to pay us back for the bailouts, and still have plenty left over to fight the deficits the banks claim to be so worried about. It would also deter the endless chase for instant profits through computerized insider-trading schemes like High Frequency Trading, and force Wall Street to go back to the job it’s supposed to be doing, i.e., making sober investments in job-creating businesses and watching them grow.
3. No public money for private lobbying. A company that receives a public bailout should not be allowed to use the taxpayer’s own money to lobby against him. You can either suck on the public teat or influence the next presidential race, but you can’t do both. Butt out for once and let the people choose the next president and Congress.
4. Tax hedge-fund gamblers. For starters, we need an immediate repeal of the preposterous and indefensible carried-interest tax break, which allows hedge-fund titans like Stevie Cohen and John Paulson to pay taxes of only 15 percent on their billions in gambling income, while ordinary Americans pay twice that for teaching kids and putting out fires. I defy any politician to stand up and defend that loophole during an election year.
5. Change the way bankers get paid. We need new laws preventing Wall Street executives from getting bonuses upfront for deals that might blow up in all of our faces later. It should be: You make a deal today, you get company stock you can redeem two or three years from now. That forces everyone to be invested in his own company’s long-term health – no more Joe Cassanos pocketing multimillion-dollar bonuses for destroying the AIGs of the world.
Quick comment regarding the 2nd demand. This is not an uncommon solution, it is widely used across the globe and has been used effectively throughout history. The tax is almost negligible to most as it hovers around .25%. Another solution to this is to place a required minimum duration on trades, something to the tune of say 5 seconds. This means you can buy whatever you want without a fee, but you must hold it for a minimum of 5 seconds.
Full article here.
Sounds great to me! Hell, I would jump for joy if only 1 of those things were to happen.
Occupy Together has been on a charge as of late. Occupy Together being the lovechild of the Occupy Wall St. operations is a group to spread the messages of the 99% nationally outside of NYC. There have been rallies in almost every major US city as of today. Boston, Chicago, LA, to name a few I witnessed Occupy Baltimore firsthand myself just yesterday and they were still there this morning on my way to work.
While the rally was taking place out side of the Chicago Board of Options Exchange and the Chicago Board of Trade. This sign was posted.
“We are the 1%”
I find this particularly funny because the success rate of traders is actually extremely low. That, and a 1% traders office is not on the 8th floor. Traders are not the 1%, the people they represent are.
Continuing my defense fore traders all I have to say is: I’ve been on the trade floor in that building. I’ve conversed and shared meals with the men and women within that building. Of which, I could tie none of their personalities to something like this. Not one. This is simply a sick joke. Remember that unlike the 1% it is possible for a trader to go broke. It happens every day. Karma will catch up to the fools that posted that.