Author Archives: Tim Knight

The Surprising Demise of Reddit

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Well, it seems Ellen Pao managed to step in yet another bucket of syrup.

This is going to require a bit of back-story……….

Some people on the Internet really go for quantity. On their Twitter account, they follow hundreds of people. On Facebook, they connect with thousands of “friends.” And in their browser, they visit dozens of web sites each day.

I tend to be a minimalist. I have precisely 100 friends on Facebook. If I decide I really want someone to be a friend, well, someone else is going to get the boot. On Twitter, even though I have over 13,000 followers, I follow only 8. And as for web sites, there are only three sites I visit repeatedly each day: Slope of Hope, ZeroHedge, and Reddit.

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The Air We Breathe

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A few years ago, I was chatting with an acquaintance of mine who happens to be pretty rich. I don’t know the exact figure, but his net worth was probably something like $80 million. He was definitely in “ultra-high net worth” territory and quite obviously never needed to work another day in his life.

He was bemoaning to me the fact that if he hadn’t sold his energy company so early, he would be “a billionaire by now.” My heart didn’t exactly ache for the guy, but his complaint (which these days I think is referred to as a “humblebrag“) made an impression.

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What a Long Strange Trip It’s Been

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(Editor’s Note: Davis Ramsey is well-known to Slopers. After reporting a blow-out month in profits on the NADEX, he shared a couple of interesting insights in the comments section about his journey. I encouraged him to expand those comments into a post, which he has kindly done below. – Tim)

I should start by saying that what you’re about to read was only possible because of the community here on Slope. I was directed here in the wake of the 2010 Flash Crash by a post on Yahoo Finance message boards. I didn’t say much for a long time – nothing to say really. But I learned a lot and people here helped me become the trader I am today. I very much believe in the value of community and sharing ideas freely – that’s why I’m committed to as much transparency as possible in what I do on NADEX.

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The Greek Gap

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Good morning, everyone. The jobs report just rolled off the presses, and it’s a fairly blase “meh” report, which is pumping up index futures since the notion of an interest rate hike this year becomes more giggle-worthy. As we await the opening bell, I wanted to briefly share one mildly interesting chart, which is one of those “one that got away” type situations. It’s the Greek ETF:

0702-GREK

See that gap-fill from yesterday? Well that’s the level which, on Tuesday, I marked as the “I sure hope it rallies to here some day so I can short it” point. I wasn’t really watching it, but little did I know it would rally there almost instantly, beautifully filled the gap, before plummeting beneath all that overhead supply (tinted in green).

Shrug. No big deal. It’s not like I would have shorted all that much anyway. Suffice it to say that the Greek stock market looks dead for the foreseeable future (which, these days, is probably the next 17 minutes or so).