True Legendary Trading Stories

I saw a guy in the station next to me mske $400k on emlx when it reopened after fake press release was announced on cnbc. A college kid sent in a fake press release with emlx letterhead while being short..
 
Quote from chasinfla:

i have an emlx story which noone believes. ill leave it at that.
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Was just combing over this thread from back in the day and came across this post.

I believe this story chad, because I was also in this trade. I forget what year it was (2000 maybe)but I had a client who used to day trade this ticker, but he was a buy the dips guy.

He calls the desk in the morning and sees the stock is down a few bucks and is thinking about buying. Just as he is giving me the order, I see a massive size offer come in so I tell him no and he should go short. He didn't want to short so did nothing and I saw a bid pop up that I was able to hit for 2000 shares.

Stock was around 107, down from 112 that morning and I got off the sale at around 105. Next thing you know, the stock goes 100 offer, then 99, 98, 95, 90, 80, 70, 50 and was sinking so fast it was insane.

I tried to cover and I couldn't get a report back. Tried again. Nothing. One more time. Nothing done. Stock gets halted.

Turns out some guy who worked at a news wire put out a bogus story because he was short and losing his ass and made up a story that the company was cooking the books or something.

As the halt was figured out, I finally got back my reports from instinet and not only did I cover my short, I was now long around 2500 shares. Everyone was crowded around my desk, CEO, risk manager, everyone. Stock reopened at 125.

Made 223k on the trade. Was leaving that day for a weekend in San Fran, so I left early and partied my ass off that weekend. Came back on Tuesday to find the SEC at my shop. They cxl'd all options trades from that day, but had to let the stock trades stand.

But i had to move the trade to my error account so I didn't get credit to my p&l. But the CEO wrote me a check for 25k on the spot.

Elmx relisted at NYSE lol.
 
think it was emulex (EMLX), wasn't it? didn't know it was someone who worked for a wire company, thought it was just a bogus press release that got issued by an individual.

at some point in my career, i stopped going long falling knives because sometimes there would be cancelled trades so if a stock was 100, fell to 50, i went long 55, sold at 80, they might say "55 trade cancelled, 80 trade good!" and i'd be short at 80 with the stock at 90. the numbers are made up, but the concept is the same. i also had the same in reverse happen on junky stock runs up and i go short/cover, only to find my short cancelled and that i'm now long the stock!

the SEC once called me up about some trades and i gave them their information, but they didn't like when i asked if they were also investigating trades in those same stocks (1-2 days around) where i lost money....
 
Quote from gaj:

think it was emulex (EMLX), wasn't it? didn't know it was someone who worked for a wire company, thought it was just a bogus press release that got issued by an individual.

at some point in my career, i stopped going long falling knives because sometimes there would be cancelled trades so if a stock was 100, fell to 50, i went long 55, sold at 80, they might say "55 trade cancelled, 80 trade good!" and i'd be short at 80 with the stock at 90. the numbers are made up, but the concept is the same. i also had the same in reverse happen on junky stock runs up and i go short/cover, only to find my short cancelled and that i'm now long the stock!

the SEC once called me up about some trades and i gave them their information, but they didn't like when i asked if they were also investigating trades in those same stocks (1-2 days around) where i lost money....
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Yes it was emulex. Typo my bad. I thought that the guy worked for the wire company as it definitely came from a legit source... But who knows details are fuzzy after all these years.

Those were the days...
 
Quote from hilojack:

But who knows details are fuzzy after all these years.

Those were the days...
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hey, i could be wrong as well. i'm going off fuzziness as well.

was just learning how to trade (fade) stuff then, and remember shorting YHOO intraday when it entered the S&P because the RSI was 100 intraday. i don't think the RSI dipped below 100 the rest of the day...and the stock didn't stop going up, even after i got out with my loss.

and JDSU taking over SDLI at some insane premium to market, and JDSU going to the moon.

i just hope that if another bubble happens, my experience will help pay off since i lived / learned through that one.
 
Quote from gaj:

think it was emulex (EMLX), wasn't it? didn't know it was someone who worked for a wire company, thought it was just a bogus press release that got issued by an individual.

at some point in my career, i stopped going long falling knives because sometimes there would be cancelled trades so if a stock was 100, fell to 50, i went long 55, sold at 80, they might say "55 trade cancelled, 80 trade good!" and i'd be short at 80 with the stock at 90. the numbers are made up, but the concept is the same. i also had the same in reverse happen on junky stock runs up and i go short/cover, only to find my short cancelled and that i'm now long the stock!

the SEC once called me up about some trades and i gave them their information, but they didn't like when i asked if they were also investigating trades in those same stocks (1-2 days around) where i lost money....
More...


Quote from ElCubano:

I saw a guy in the station next to me mske $400k on emlx when it reopened after fake press release was announced on cnbc. A college kid sent in a fake press release with emlx letterhead while being short..
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Quote from hilojack:

Yes it was emulex. Typo my bad. I thought that the guy worked for the wire company as it definitely came from a legit source... But who knows details are fuzzy after all these years.

Those were the days...
More...

it was a college student. Im almost 100% sure. I remember the guy next to me jumping up and down bc he was long and p&l was going crazy ...
 
it was 2008. i averaged down long $14mm financials, reits that day, i was down 350k at one point, got a call from RM cos i was down to my last 50k. 5 minutes later, it reversed 1000 dow points. i made 2 milion dollars in one day.

this is nothing compared to some other stories, but thought i'd add this.
 
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