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Good point! A buddy of mine that used to be the #2 equity derivatives trader at Deutsche Bank ( 10 years ago ) who made $45 million for the desk taking the other side of Victor Niederhoffer's blow-out in S&P put options during the Asian currency crisis in '98 once told me that Cohen was the...

You've obviously never been through a consumer lead recession. My parents haven't either because they were only toddlers at the time. My grandparents went through one, though. :(

Program buyers are buying the cash market and selllng the premium in the futures all the way up. It's called stock-index arb. Corporate treasuries will often deploy a percentage of their cash flow in this manner because it is a "hedged" strategy with a specific rate of return.

Very true. And as the article specifically alludes to, Cohen pulled money from all of the PM's that he has allocations with. It's just common sense. This isn't just all about HIM, but the PM's that he has placed money with. Important distinction here.

Yep. The 150 VIX reading is true. That's why the readings in the 50's earlier last week did nothing for me.

:D

Understood. Perhaps he no longer gets the "early" research calls or is privy to order flow. :D

Very surprising by Cohen. Sounds like he was caught like a "deer in headlights" and long and wrong. Again, very surprising for a TRADER of his caliber.

Agreed. 5-waves up into the 101.65 SPY high. By the way, the SDS and OIH are incredible ETF trading vehicles right now, especially the OIH. :cool:

Exactly. They kept "averaging" at 1, 2, and 3 standard deviations and it never came back their way. They got CRUSHED. That's what happens when you are biased into your "prediction" and "stops" aren't used.

I think that we can all agree that you can come up with various fibonacci retracements and previous resistance from the lows of September. That having been said, I think that it is MUCH MORE important to stay NIMBLE, rather than becoming fixated with a certain number or "target". This...

Guess you missed my post earlier this morning that was applauded as brilliant by a fellow ET member . . . http://www.elitetrader.com/vb/showthread.php?s=&threadid=141150&perpage=6&pagenumber=5 :p

You have stated on more than several occasions that you DO NOT USE STOPS and that you continually "average-down" into positions even though those positions are completely underwater to the tune of double-digit losses. Again, this is not a successful strategy employed by TRADERS. In fact, I...

Robertson has some great macro views at times . . . no doubt about it. And I genuinely don't believe that he is merely trying to "talk his position". I think that what he is eluding to is the FACT that we have never seen a CONSUMER lead recession in our lifetimes, and perhaps our parents...

Excellent quote. Sounds very similar to this one: :cool:

What does it matter to people that TRADE FOR A LIVING??? For those that TRADE, and simply react to price . . . this market is absolute HEAVEN! You act as if everyone on ET ( and in this Trading Forum ) is some sort of an INVESTOR . . . and is investing in their IRA and 401k accounts...

Excellent quote. One of the best that I have ever heard on ET. :cool:

QID traded as low as $58.48 off the opening this morning . . . before coming back to $63.00 and the unchanged level. :eek:

Full Moon today! :D

Do you REALLY think that nothing was accomplished this weekend at the G7 meeting? Don't be so naive.