10:10 Spike?

[trader3]

I shorted SPY at 82.72 with a .30 stop at 83.01 and canceled the stop because I thought I could get out even only to get filled on the stop at 83.20. I also shorted stock around the top of the spike and made most of my money back in a few minutes. The rest of the day turned out pretty well.

 

[lescor]

Company profits? Reasonable? Realistic?
Remember that as a trader, you aren't so much trading the news as you are people's reaction to the news. Perception is reality.

And you're right, human nature doesn't chage, which is why trading will always be around as a profession. Although some people seem to think the last 6 months have negated hundreds of years of repeatable patterns.

Quote from Eldredge:

You know, this indicates to me just how ridiculous the market can be. How much impact on a company's profitability could the arrest of a few thugs really have? Every time I think people might be getting a little more reasonable about the market, something like this happens.

I would think that the past few years would teach people to be a little more realistic, but I guess maybe we will see worthless companies trading for hundreds of dollars a share again if people are excited about what is happening.

 

[dbphoenix]

Quote from Magna:

Expect to only read about clever traders who played this humongo spike perfectly, had the wherewithal to go long immediately (at market, of course, so they were filled) and ride it all the way up.... or astute enough to short at the top and ride it all the way down.... or maybe they'll mildly complain because they caught most of the move but didn't quite get it all (darn it, I always exit too soon).

How true. And people actually believe this stuff.

--Db