ES Journal Archive (2006 - 2008)

[Jahajee]

Jeffrey Gendell's hedge fund Tontine is winding down a majority of funds - CNBC

Tontine had been a $9 bln hedge fund at one time. One fund, Tontine Financial, is down 83.3% for the year. Tontine Capital is down 77.8% for the year. Says this will be an orderly liquidation.


After 83% & 78% down, WHAT'S TO WIND DOWN?

 

[saliva]

Quote from Buy1Sell2:

Misread of the swing trend--still short

Reversed long position to short at 887.75(Loss of 2 pts per)



Initial stop 898.50

I think you might be misreading either way because their ain't no buying pressure nor selling pressure. It looks like a dead market to me.

 

[Lawrence Chan]

Quote from Jahajee:

Jeffrey Gendell's hedge fund Tontine is winding down a majority of funds - CNBC

Tontine had been a $9 bln hedge fund at one time. One fund, Tontine Financial, is down 83.3% for the year. Tontine Capital is down 77.8% for the year. Says this will be an orderly liquidation.


After 83% & 78% down, WHAT'S TO WIND DOWN?

Still equals to $1 billion selling at market. That explains the strong underlying buying.

Thanks.

 

[saliva]

A triangle forming on the 5-min chart. If we break out to the north, we should be able to penetrate a lot higher than 891.5 (at least to the blue ascending trendline -- see the attachment in the above post.)

 

[Pekelo]

Quote from Buy1Sell2:

Misread of the swing trend--

There is no swing trend. We are in the sideways phase of the SDD... We will see soon which way it is going to break out...

 

[monstercat]

Buy-sell you call yourself a trader? You're a rabid gambler. You must have dropped 40k the last 24 hrs. But i'm willing to bet you're a paper trader.

 

[saliva]

Quote from monstercat:

Buy-sell you call yourself a trader? You're a rabid gambler. You must have dropped 40k the last 24 hrs. But i'm willing to bet you're a paper trader.

Now, c'mon, show some respect for the owner of this thread. Plus, what harm has he done you?

 

[saliva]

Quote from saliva:

A triangle forming on the 5-min chart. If we break out to the north, we should be able to penetrate a lot higher than 891.5 (at least to the blue ascending trendline -- see the attachment in the above post.)

We're just touching the blue line as I'm typing. We shall see whether it crosses and closes above.

 

[saliva]

FYI: 897 is the nearest resistance

*edit*

But the blue line lies just beneath it and it would be hard-pressed for the bulls to let prices drop below it again. I'm hoping it would go down to 891.5 and then a quick snapback.

 

[Buy1Sell2]

11-11-08 12:26 PM

Misread of the swing trend--still short

Reversed long position to short at 887.75(Loss of 2 pts per)



Initial stop 898.50

As soon as this position is stopped out, I will have completed enough losing trades with the stop experimentation to have the info that I need. I will then apply this info to future trades and the success will start again. Fortunately I have been using small trades here to learn. Swing trend remains down even with this bounce.