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The Writing is On The Wall
Posted: 03/15/11
By: tomgrisafi
If you couldn't tell from the overnight market meltdown that the writing is on the wall, please give us your address so that we may send you a complementary Indiana Grain pen.
The fourteen hours of trading that preceded today's market open reminded us yet again that the era of "day trading" is over for any trader serious about opportunity and monetizing 21st century markets. While most locals were tucked away in slumber as a nuclear meltdown both literally and figuratively overtook global markets, the tone has been set for a full day of trading that will be exponentially more difficult to navigate and monetize for those just showing up for work.
Stocks and US futures fell precipitously overnight, with the Nikkei 225 index posting its biggest drop since 1987, the year Gordon Gekko first reminded us that money never sleeps. Commodities, meanwhile, joined the tumble-fest as treasuries lifted on full blown fears that Japan is on the precipice of a nuclear disaster. Not helping ease market turmoil in the least is that Bahrain credit risk exploded following the deployment of Saudi troops.
Copper for delivery in three months dropped 2 percent on the London Metal Exchange, sparking a broad decline in industrial metals. Silver pulled back 3.5 percent, dropping for the first time in three days. Right along with silver for the fall was platinum, palladium and, yes, gold.
Those of us who worked through the night remaining engaged with markets (and engaged with each other on Twitter) are poised for a busy day rife with opportunity. It's days like today when we must reiterate that there's great risk in futures trading, especially for those who only turn on their screens after breakfast.
18 Comments
Guest
Posted: 03/15/11
Sounds like Greed never sleeps to me.
Guest
Posted: 03/15/11
Greed does sleep, opportunity doesn't. Nice update Tom.
Guest
Posted: 03/15/11
Nope. My experience is about the opposite. But enjoy your twelve cups of coffee. You make most of your day trade money on the burst of inefficiency on the open, that marginalizes HFT. Then half an hour to 60 mins later, it's the rise of the machines, and day traders (lol) to go to breakfast. This market imo is really 30 minutes long w/o a major inv. technology.
Guest
Posted: 03/15/11
Money never sleeps "kid" ... was my favorite quote from the movie, thanks for the reminder Tom
Thomas Grisafi
Posted: 03/15/11
I love the feed back anyone who needs help with electronic markets please call or Tweet me @Indianagrainco
Guest
Posted: 03/15/11
THIS IS THE BEST GODDAMN BLOG IN THE FUCKING BUSINESS! ITS HONEST AND REAL. FUCK THE BROKERS WHO DON'T GET IT. GRISAFI, WRITE A BOOK DUDE. IT WILL DEFINE OUR TRADERS GENERATION AND MAKE YOU A FORTUNE. YOU CAN FUCKING WRITE AND YOU KNOW YOUR SHIT. YOU HAVE TO!
Guest
Posted: 03/15/11
Thanks for the great blog. Just wish my wife was so understanding of the action going on in the middle of the night. Need to build a basement so I can relocate the trading desk.
Guest
Posted: 03/15/11
IndianaGrainCo is the best trader and blogger around. I want to read your book too! When are you writing it?
Guest
Posted: 03/15/11
awesome. just awesome. but be nice to brokers. they'll either be getting checks from Obama soon or homeless.
Guest
Posted: 03/15/11
LOVE this blog! You're wicked good, tommy. Best quote of the year - "It's days like today when we must reiterate that there's great risk in futures trading, especially for those who only turn on their screens after breakfast." LOL WOW THAT'S GOOD
Thomas Grisafi
Posted: 03/15/11
Let's just all make a ton of money this year farmers and traders alike and go out for drinks soon !
Guest
Posted: 03/15/11
You got more talent than you know, Thomas! Enjoy the year ahead and thanks for writing this
Guest
Posted: 03/15/11
pits are dead
Guest
Posted: 03/15/11
@Indianagrainco best blog in the biz
Guest
Posted: 03/16/11
sounds like all u know how to do take advantage of thin markets at 4am and chalk it up to working hard and knowing how to trade. wow crude is off 5 bucks lets sell everything else! congrats on being so smart! whose the douche bag that writes in all caps?
Thomas Grisafi
Posted: 03/19/11
http://blogs.forbes.com/emilylambert/2011/03/17/all-the-cool-kids-are-night-trading/
Thomas Grisafi
Posted: 04/03/11
WOW Corn Trading was talked about 8 times in 2 Hours on CNBC Today !
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Guest
Posted: 03/15/11
I don't know anybody that trades in the pits but I do have a computer so I guess thats good enough for todays modern trader.