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This is a true statement. The poker game going on between some of the major funds is awesome. Renaissance, in particular, has kicked ass at this.

If you're talking about daytrading, don't look at ATR, as it includes overnight moves. Also, don't look at sessions where you're not likely to be trading. Construct custom bars from 9:30-4:15 and use those.

If it's a scam and impossible, why are you determined to make a living at it? Why are you trading?

Assuming you're right... Last time the indices really broke, late Feb/early Mar, metals and such went down with them. Essentially, securitization fell apart a bit, and risk premia went up. Will that happen this time?

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Bastiat8, on behalf of everyone on this forum, shut the fuck up.

Hey, does anyone know where I can get a good pie crust recipe?

Seykota much? (btw, he hasn't made money in years...)

Is there a more "mature" forum elsewhere? I would love to have some substantive discussions.

I hear what you're saying, but you can't justify the means with the ends. How much do you like the idea of your prime trading around your positions and using them as an input into what are essentially algorithmic trades?

A few comments: 1. the "big boys" are generally always sellers of calls, as the "biggest" boys, the mutual funds, are always looking to squeeze yield out of longs 2. yes, vol is cheap on a historical basis, but that's been true for almost five years now... and buying it hasn't worked out...

What the market maker in my example does is irrelevant. And that was nothing but the most vanilla case. With all the capital arbitrage, securitization, derivatives, and liquidity capital in the markets today, short interest is MEANINGLESS.

Get a job on a bank trading desk. You'll either figure it out from there, or you weren't going to anyway.

lol I stopped reading Fleck in summer of 2003, when every day was just more evidence of froth, etc. Wonder how that's treated him?

If I buy 100 atm calls, and sell short 5000 common, am I going to get squeezed? Short interest is a worthless indicator.

If you take put/call ratios seriously, there's not much you can say I'll listen to. I'm not sure what being a hedger means. I have positions in options that I trade the underlying against, yes.

Here we agree. It's not my fault some of them suck. Nor have I ever said that I think options should always be sold. As a former floor options guy, I do have a predilection for the short side, because there was clear edge to be that way downstairs, and I'm just more comfortable short curve...

Unsubstantiated garbage. If you want to make claims, give something to back them up.

The index "live" prices are just time-based snapshots of the last price of all the components at that time. So at 9:30:15 EST, not many stocks have opened in the SPX, and for those that haven't, yesterday's close is used, as it's the official "last" from the primary exchange. This has the...

You're right. Me neither. I just take exception to all the "Niederhoffer is an idiot" posts. I've made a lot of money on things I've learned from/around him.