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If you don't add value - then you are no better than the beggar who holds his hand out and expects to be rewarded for doing nothing.

Here is an excerpt from today's WSJ on the topic. It looks like the specialists are going to throw the floor brokers overboard in order to save their skins. IMHO, anything short of eliminating the trade delay rule is a sell-out. The interesting part about any rule change is this - "A vote...

Its not a bad idea. Good way to encourage traders to stay with a brokerage.

I'm glad it finally broke down. Its been a dull two months. Should be some good swings.

If you look at a weekly and monthly chart for the $spx in the 1973 to 1976 time frame, there was a melt up from the bottom that retraced about 60% of the down move. On today's S&P500 chart that would mean a melt up until about 1200-1250. Then there was a correction into a monthly flag. I...

I agree. Its probably harder to develop a profitable discretionary trading style than a mechanical system - and it is harder to copy, so the edge or skill should last longer. Institutions can't afford to develop discretionary traders especially when they can just walk out the door or demand...

I noticed that too. 1/2 days data on Friday and nothing on Mon or Tue. Kind of silly of them to discontinue it (if they did) as they could have sold the rights to it for an ideal beta futures index (as I've said here before).

Here is some info on the new Health Savings Account that was passed late last year by Congress. Might be good news for self-employed traders. http://www.foxnews.com/story/0,2933,107933,00.html

I stand corrected. Bob Rubin was Co-chairman of Goldman Sachs before becoming Secretary of the Treasury. http://www.citigroup.com/citigroup/corporate/businessheads/rubin.htm Of course GS and Citibank participated in the carry-trade that Bob Rubin protected by artificially pushing the dollar...

Easy. Outsource and automation decisions are made ahead of time and take time to implement. There are foreign manufacturers making decisions now to move some manufacturing to the US that won't be implemented for a couple of years. Note: I am not saying that a weak dollar should be the...

Bob Rubin's philosophy was basically - whats good for Citibank is good for America (kind of a twist on the old saying "whats good for General Motors is good for America". This all worked well for about the first half of the Clinton administration because the US needed a financial...

I don't know where you entered your long ES trade, but you should use an initial stop and then a trailing stop as price moves in your favor. I'll let you figure out where to place your stops, but they should be at a logical point such as below a dip like the one at 11:40 am CST. Keep it...

I hear you DB...... I wasn't referencing my comments to you or accusing you of negligence for not going further. :D Just thought I'd add something to the tread. You have to give in order to receive.

I agree with DB on the indicators. However, thats still not enough. You have to look at your 5 minute trade in the context of the trend (you were trying for a counter-trend play on the strongest index in a general uptrend) and in the context of larger timeframe patterns. Unless you are just...

Get rid of the "Trade Through Rule" (trade delay rule) :D and I bet they get up to speed overnight.

If the NYSE is this technologically incompetent, then the SEC should revoke their exchange status. There are minimum competency requirements.

NQ has a few way out bad ticks also screwing up the chart

A lot of the manufacturing jobs were killed by Bob Rubin constantly pushing the overly strong dollar higher. Manufacturers had to outsource to avoid going out of business. Good for financial companies like Citicorp (and Bob Rubin), bad for US manufacturers. This recession has been a...

It was made passe by the final arbiter of the truth - price.

I thought "Education of a Speculator" was an intelligent and innovative book. But, I remember him saying "I don't use stops" and he seemed obsessed with sex (someone who is writing a serious book would normally not mention getting laid in the office). I thought at the time - this is a...