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Readers of this blog – – known as Slopers – – are the best bunch of any gathering of traders. They proved that yet again this weekend when, after I did my Streetwise post, they sent me cash totally unasked for and unprompted. It wound up being a meaningful four-figure sum, and I had the pleasure of delivering this cash to Zachary on Monday afternoon. Here’s how it went:
As a follow up to my post about last Friday’s closing of my QQQ puts – – in green is the buy point, in red is the sell point, and the face indicates how I felt this morning when my $2,500 profit was “coulda been” $19,000………..
Anyway, I’m not going to chase my QQQ screw-up, so I’ve started legging into an IWM put position with a pledge to myself not to royally fuck it up this time (that’s fancy technical analysis talk, in case you’re confused).
Good morning, everyone. I wanted to apologize that I’m going to be in absentia for the trading day, as I have some important family business to attend to (if any outside contributors want to put up a draft, great, because I’ll probably find a spare moment to post it).
In the meantime, I wanted to offer up a book review of A Rabble of Dead Money, recently published and written by Charles Morris, an esteemed economic historian. It describes itself on the cover as about “The Great Crash and Global Depression: 1929-1939”, but the vast majority of the book is about the period prior the the depression itself.
For me , the book was a “10” for about 60% of the text and a “5 to 6” for the other 40%. The problem isn’t the writing – – Mr. Morris is an engaging writer with an exhaustive vocabulary and deeply-researched scholarship. The reason a big chunk of the book was, for me, skimmable, was that it focused so much on international economic data such as trade deficits, national account balances, currency exchange rates, and, more than any other topic, the gold standard.
As I pledged on Friday, after my feckless (albeit profitable) dumping of QQQ puts, the NASDAQ is doomed at this point. My 25% profit became a “would have been” 125% profit, and the felicitous gods above get big giggles crashing markets after I exit them.
Since I am as good as my word, the NASDAQ, while not crashing, is certainly resuming its slide this morning: