Another day of big buying, JPM bought 1000 cars aggressively within the first few minutes of trade. Goldman joined in, Solly, even the perma bear Swiss is now a buyer.
The locals were size short from selling to Paper … and here comes Joey…..
Joey stepped into the pit at 9:50 ET and started showing bid. Joey picks his moments carefully. The whole pit was size short and he knew it. He also knows the market wants to go up. He fights the whole pit and he has the skill and margin account to do it.
He lifted every offer in sight. Most of the time the other locals will just put their hands down and let him just bid or offer the market to see which way the market trades. But Joey was long and on a mission. He pushed the market higher and I don’t think he had a tough time doing it because the market was bullish anyway. He wasn’t fighting the market he was just fighting the locals in the pit. The locals didn’t put up much of a fight. They saw a bullish market and once we started trading above the opening range they puked.
Every time big buyers came in in what looked like capitulation, the locals got short but the market just rallied back up. Joey had a good day but most of the locals went home down to kiss the dog and kick the wife.
I have seen many times after the locals go home down for the day, the next day is quite volatile. They step in the pit with attitude, wanting to make their money back. They usually do and I will be right in step with them. Cant wait…
We continue to create higher value and big Paper keeps buying aggressively. I think they hope its another 1987 but its 2010………
Tim Mack
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4 comments:
Thanks, Tim!
Forgive my foolishness, I just have two questions:
1) If Locals know the big boys are buying, when they selling? Why not follow the money flow? maybe locals are not trader but market maker?
2)If big boys are buying, sounds like we will have another leg on this bull rally?
3)Id there any difference between 1987 and 2010? I think after crash in 1987, stock rally back then...
again, thanks!
Tony
Thank you so much for your posts. I find them both informative and entertaining. I am about to get hooked to your blog))))) cheers and good luck in trading.
Pretty interesting how the OR turned into support around the 10:00 to 10:30 timeframe today.
If I see a really wide OR range tomorrow morning, I'll put it down to locals with attitudes.
Hi Tim,
Sitting on my desk in front to a screen, in the silent of a room, it is impossible for me to really understand what is going on into the market.
As a swing trader I live my days with this 'frustration' and after the close it is always nice to 'see' thru your words what the day was really about.
I think one day you may collect all your posts and make a book out of them.
Looking forward to read and learn from your next post!
Cheers from Italy
UC
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