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It may have peaked, but I wouldn't count on a quick reversion to the mean, the vix has a tendency to jump around for a little while after a shock. Looking at the indices at this moment it looks like they had their morning pop and are trending lower so far... of course this could change, but I...

Ughhh, you mean the news about State Street today wasn't a sub-prime story? Don't forgot that many hedge funds have their redemption window open in September, which means they might be going into cash in preparation of withdrawals. -Neo

I wouldn't mind another negative -1% to -2% tomorrow. Let the blood flow!!! :D -Neo

So Billy has been dipping his toes in the sub-prime mortgage pool?:D -Neo

I don't know if I should laugh uncontrollably or roll up into a fetal position and tremble under my desk... -Neo

My mistake the last time we had a move like that was in August 1987... -Neo

Better source: http://www.fdic.gov/bank/historical/s&l/ -Neo

So far it makes sense, many are worried that they may have sub-prime exposure. It looks like the market isn't reacting much, last time we had a move like this was in 1983, anyone recall what happened? -Neo

Money Market funds are moving everything to a safe haven... -Neo

When you say "Everyone", to whom are you refering? Is it scalpers, position traders, or investors? It makes a whole lot of difference on which time scale you are looking at when selling short rallies. For the record I am talking about scalpers... -Neo

Reasoning like yours is why the uptick rule was instated way back when. There is nothing unpatriotic about betting against peoples' stupidity. If people were more willing to short prior to today we wouldn't be in this volatile decline today. -Neo

I think you are a little late. Many of these funds have already sold their most liquid positions and hedged the rest. The thing to do was watch for really crappy stocks that were experiencing run ups, these were the stocks that the quant funds were closing their shorts on. The overall direction...

I thought Goldman's decision was temporary and only for a select few investors. They are trying to give confidence to the market and save their name. Unless Goldman raises the fund's NAV it will have to close the fund due to various agreements with other prime brokers that stipulate the fund...

If the current market is any revelation then its pretty bad, FI traders are saying that the liquidity is worse then 1998. -Neo

Perhaps it's a fools rally? I'm not a forecaster, but I expect the Fed to leave interest rates alone and then the trend to continue downward, there are too many people hoping for a rate cute (ie people like Cramer). -Neo

Are you referring to the USO ETF listed on the AMEX? Thanks, Neo

Looks like today was a dead cat bounce. I wonder how this will freak out traders for tomorrows session, especially those who went long today... -Neo

Looking forward to read your journal. Do you take any particular interest in corn? -Neo

3 ways: 1. You know someone who is already a trader and they get you in. 2. You went to a top school, did an internship and got hired right after as a trainee. 3. You work as a trading assistant and wait until a trader leaves for another bank and hope that the head of the desk will allow you...

Base salary around 200k, bonuses about 2-3 times that... it varies a lot and depends if you are doing proprietary trading or sales, and of course on whether you are profitable. -Neo