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Curses! Foiled again! So much for ease of access to accurate information on the compensation your corporate officers are recieving . . . "Due to an accounting loophole for stock options and an eleventh-hour rule change made by securities regulators just before Christmas." Sigh. Read the full story by David Cho and Carrie Johnson here at The Washington Post Online. |
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Neubert's Trades Reversal Fridays and Credit Card Roulette
Neubert's Trades Reversal Fridays and Credit Card Roulette
| Reversal Fridays and Credit Card Roulette |
| Written by David Neubert | |||
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In the late nineties, when I was running the New York program, trading at Morgan Stanley, we called days like today "Reversal Friday." Fridays were the days we usually were busy playing credit card roulette to decide who would have to pay for the order-in Friday lunch. Imagine forty traders, sales people and researchers putting forty credit cards in a box. Someone would draw them out one at a time. The process usually took half an hour. The last card out bought lunch. Imagine your lunch was either free or $300-$1200. I have to give our little group of capitalists credit for socialism. What was purchased for lunch depended on your rank. Operations Assistants: Cheese pizza Associates and Vice Presidents: Burgers Principals: Ribs Managing Directors: Steaks from The Palm After a full week with four days in the same direction, Friday is usually the day that reverses the trend. Why? Because of speculators covering trend-following positions and mutual funds-getting positions before Monday when they have to start a new week of trading ideas. If today had followed the trend, that would have meant something. The fact that today reversed the trend is just normal - I can't read anything into it.
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