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Silent Service Method

  • #8,501
  • May 6, 2010 2:10pm May 6, 2010 2:10pm
Quoting TraderDavo
Its retraced 525 points already... I am not doing a darn thing until after tomorrow. Too much madness. Elections, NFP friday...
It appears that some of the move (not saying all) was due to a bad trade/tick in Proctor & Gamble (PG) stock. Apparently the stock was down about 2% before the move, ticked all the way down to -24% and rebounded almost immediately.

Because the dow is a price-weighted index, such a move in one of its underlying components could cause the entire index to reprice lower. Once that happens, everyone's stop-losses get hit, the computer pile on to sell more and then once the problem is fixed, it reverses the other way. That was why i made my pithy comment about "high frequency trading".

That move went through the 50, 100, and 200-day Moving averages... how many systems traders incorporate some sort of MA logic into their methodology?

Anyway, ugly move...While the ECB sleeps
  • #8,502
  • May 6, 2010 2:14pm May 6, 2010 2:14pm
I feel really sorry for any newbies today who think stoplosses are for sissies.

My first reaction was "damn, I missed it", but now I'm thinking how happy I am to have not been on the wrong side of it.

Maybe the sidelines aren't so bad after all.
  • #8,503
  • May 6, 2010 2:15pm May 6, 2010 2:15pm
Quoting Low
Chris,

You got any sage advice on how and when to short anything?

I'm almost dumb enough to just jump right in, but I want to wait for an entry. The question is how much of a retracement can we expect when things drop this far, this fast?

There is no answer for this question. Sorry.....best to stay out until the dust settles.
  • #8,504
  • May 6, 2010 2:15pm May 6, 2010 2:15pm
USD/JPY got stopped out on the spike down. It is heading back up, and I will be looking for a reentry point. Probably Monday.....
  • #8,505
  • May 6, 2010 2:19pm May 6, 2010 2:19pm
I almost pissed myself laughing so hard at this.....lol

Someone somewhere approved this commercial.

Inserted Video
  • #8,506
  • May 6, 2010 2:20pm May 6, 2010 2:20pm
Quoting clockwork71
USD/JPY got stopped out on the spike down. It is heading back up, and I will be looking for a reentry point. Probably Monday.....
Same here mate. If this is all due to a P&G reprice then someone owes everyone a lot of money.

That was like niagara falls being put on FF and then Rewind.

Wow!
  • #8,507
  • May 6, 2010 2:21pm May 6, 2010 2:21pm
I feel like one of those rubber-neckers driving past an auto accident real slow. LOL. I'm glued to the screen.

More like a train wreck though.
  • #8,508
  • May 6, 2010 2:29pm May 6, 2010 2:29pm
Quoting clockwork71
USD/JPY got stopped out on the spike down. It is heading back up, and I will be looking for a reentry point. Probably Monday.....
I'm with you on that. I got stopped for a small loss. Good thing I am a sissy and had my stop in place.
  • #8,509
  • May 6, 2010 2:29pm May 6, 2010 2:29pm
Awesome video Chris. I almost spit up my cereal.
  • #8,510
  • May 6, 2010 2:30pm May 6, 2010 2:30pm
Quoting clockwork71
I almost pissed myself laughing so hard at this.....lol

Someone somewhere approved this commercial.

http://www.youtube.com/watch?v=4S3C4AC908w

  • #8,511
  • Edited 3:41pm May 6, 2010 2:33pm | Edited 3:41pm
Quoting InfinitySL
It appears that some of the move (not saying all) was due to a bad trade/tick in Proctor & Gamble (PG) stock....
Check out accenture. ACN. traded down to $.01 from $40.00 then right back up. Some big iceburg computer just f-ed something up royally. I bet anything we see a big fallout regarding computer trading on this.
  • #8,512
  • May 6, 2010 2:33pm May 6, 2010 2:33pm
Here's the culprit

Amazing when a 100B company drops 30% in value.
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  • #8,513
  • May 6, 2010 2:36pm May 6, 2010 2:36pm
Quoting TraderDavo
Some big iceburg computer just f-ed something up royally. I bet anything we see a big fallout regarding computer trading on this.
We can only hope.
  • #8,514
  • May 6, 2010 2:41pm May 6, 2010 2:41pm
http://i41.tinypic.com/ivjwo3.png
  • #8,515
  • May 6, 2010 2:44pm May 6, 2010 2:44pm
Quoting 77z3
That reminds me of the Fascist America creating the problem (9/11) and coming up with the solution...
This post really cracked me up. I find it hilarious that people actually hold these crazy unfounded opinions.

I especially like the part about the U.S. creating HIV.

In his next post 77z3 is probably going to tell us that the U.S. never went to the moon, and that the Bilderberg Group decides who gets to be the President of the United States.

77z3, what is your opinion about the Loch Ness Monster?

I suggest that we leave political slander out of this thread and concentrate on sharing ideas on trading and economics, with of course the occasional hilarious commercial thrown in for good measure.
  • #8,516
  • May 6, 2010 3:30pm May 6, 2010 3:30pm
All this mess still couldn't push my AN short down to my next target.
  • #8,517
  • May 6, 2010 3:37pm May 6, 2010 3:37pm
Quoting jharvey407
This post really cracked me up. I find it hilarious that people actually hold these crazy unfounded opinions.
Jharvey.. Next time just post this:

Inserted Video



OK, now back to markets. On a side note, there is going to be some serious fallout from today's trading activity. Check out IWD's intra-day chart and my notes:

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I see a lawsuit in someone's future...


By the way, anyone else notice that the S&P is sitting just above the 50% fibo of the entire move down from 2007 to 2009? I'm not sure you can call that a pinbar, but....Tomorrow's action ought to be interesting...especially given that we get non-farm payrolls.
  • #8,518
  • May 6, 2010 4:00pm May 6, 2010 4:00pm


200
nice support, go long... lol
crazy day
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  • #8,519
  • May 6, 2010 4:12pm May 6, 2010 4:12pm
I am trying to trail my stop in a logical manner after the last couple of days.

Any ideas? I would like to stay in this trade as long as possible, how much room should I leave for the market to fluctuate?

I guess the NFP report tomorrow may wreak havoc with my carefully crafted plans though.
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  • #8,520
  • May 6, 2010 4:20pm May 6, 2010 4:20pm
It looks like my EURGBP is going to stop out at +17. Down from + 176 earlier today!! What is going on?
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