Stock Market Falls on Fears of Biden Win

[bone]

https://en.m.wikipedia.org/wiki/JPMorgan_Chase

JPMChase is not Wall Street.

 

[TimtheEnchanter]

MrRenev, you think you have found and backtested the Holy Grail? Well done, just keep fading those big moves...

 

[newwurldmn]

Trump lambasted Hillary as the party of well street and he was the party of the working man. That certainly has not been true.

The term "Government Sachs" indeed has some merit. Republicans have never bothered to hide the fact that they are pro business. That's about the only transparent thing about them.

There was also a Wikileaks John Podesta email from Citigroup to President Obama for Cabinet suggestions that turned out to be pretty much spot on. Kind of touched a nerve on the left about who holds the levers of power in the Democratic Party. {{HINT: And it ain't the working class}}:

https://newrepublic.com/article/137798/important-wikileaks-revelation-isnt-hillary-clinton

 

[virtusa]

I mean systematic trend following on low timeframes.

Systematic trendfollowing still works. It has become harder, so you need to be smarter.
Traders have to be smarter nowadays.

 

[virtusa]

My best strategy is going against the trend.

The potential of trading against the trend is mathematically always smaller than trading with the trend.
The trend is the summation of all waves in direction of the trend. As the final move of a trend is in the direction of the trend, the trend's summation is always bigger than the summation against the trend.
If not the trend would not be the trend.

 

[virtusa]

It's about massive new CV restrictions in Europe, not Biden.

I think it is about Trump threatening not to leave the White House if he loses the elections.
I read that the entire American financial sector is very nervous about that.

Trump also tries to mobilize his followers to defend him. As a lot of these followers are weaponed it might get ugly.

 

[Frederick Foresight]

A long career and you do not believe in generalizations?
Ye well known fact winning traders avoid statistics like the plague.

You clearly have a lot to learn.
Trend-following performance has been mediocre lately (they have a chart that goes back to 2000 but it has been mediocre in general since 85, how mediocre depends on the asset class):
https://www.ft.com/content/5ea09868-ecc0-47d1-aa5c-57d33af543f4

Famous trend-followers that kept doing this many years after many previously profitable trend followers quit after losing for a while, also are done with it. Some explanations why. Oh and they do not necessarilly use a dumb systematic rince and repeat "system":
https://www.winton.com/davids-views...on-turning-away-from-trend-following-risk-net

I can choose to believe statistics on trend following funds, the fact that there are no famous trend followers anymore, common sense, and the word of famous money managers.
Or I can choose to believe a random dude on the internet that misunderstands half of what he reads, and tells people his imaginary friends are making it big with something overly obvious that makes little sense.

I choose to belive number 1.

Hi marketsurfer, how have you been?

 

[gkishot]

https://en.m.wikipedia.org/wiki/JPMorgan_Chase

Jamie Dimon is a bureaucrat of the banking industry. He was never into Wall Street. He became CEO of JPMorgan Chase only by chance after Bank One, CEO of which he was at the time, was purchased by JPMorgan Chase. As for who will be Biden's Treasury Secretary pick, even Biden does not know that, it might well be Elizabeth Warren.

 

[bone]

And yet he has been CEO of the JPMorgan Investment Bank since 2005. Granted, he didn’t come up through the IB earlier in his career - but to say he was “never into Wall Street” rings a bit hollow. He certainly had an IB leadership role in the mortgage crisis and the “London Whale” incident. He is always mentioned by the press and other banks as a “Wall Street” banker.

He was never into Wall Street.

 

[gkishot]

And yet he has been CEO of the JPMorgan Investment Bank since 2005. Granted, he didn’t come up through the IB earlier in his career - but to say he was “never into Wall Street” rings a bit hollow. He certainly had an IB leadership role in the mortgage crisis and the “London Whale” incident. He is always mentioned by the press and other banks as a “Wall Street” banker.

If somebody from a banking industry says: "I don't mind paying higher taxes", that means to me that the guy made a lot of money w/o taking a lot of personal risk, i.e. being a bureaucrat. True Wall Street people prefer to run charities and foundations, not to pay higher taxes.