Thursday, July 01, 2010

Jeez! Everyone's worrying about the high frequency machine trader when...

it's the drunk ass trader who puts on his trade muscles and thinks he is channeling Jesse Livermore, you have to watch out for.  

Those not familiar with Jesse Livermore, he was the John Paulson (Trader not Sec'y) of the previous until now great Depression as compared to what we have now, the Great Deepression.  He reportedly made $100,000,000 in just one day, a staggering amount for 1929.  If he had turned in that paper currency and bought gold at the set rate of $35 an ounce, his heirs would have @ $1,200 per troy ounce $3,428,571,428.57 in gold today.  Or 28 571 428.57 troy ounces = 979.591837 short tons which is more gold than the UK, Turkey and Greece combined. No wonder Paulson, bought a gold mine, at least he won't end up with a Ohio Bus Station bathroom stall with his grey matter adorning the cold mottled institutional mosaic floor.

How a broker spent $520m in a drunken stupor and moved the global oil price

PVM Oil Futures trader Steve Perkins bought 7m barrels of crude in late-night trading binge on his laptop, driving the oil price to an eight-month high.




My Favorite Roller Coaster!

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