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7 comments

1 Idle Drifter  Wed, Aug 24, 2011 8:24:16am

Well it finally happened but only 3.25% or so. I'd expect a sell off every now and then for profit.

2 shutdown  Wed, Aug 24, 2011 8:34:33am

It's partly profit-taking, partly herd instinct. Traders aren't generally sharp, independent thinkers...

3 Political Atheist  Wed, Aug 24, 2011 9:46:34am

re: #2 imp_62

It's partly profit-taking, partly herd instinct. Traders aren't generally sharp, independent thinkers...

Are you familiar with the ETFs? They are selling big today, and yes, its certainly profit taking. Traders were talking Monday about moving from gold to platinum for PM holdings. Made sense then, looks like it was a smart play.

4 shutdown  Wed, Aug 24, 2011 10:17:18am

re: #3 Rightwingconspirator

Are you familiar with the ETFs? They are selling big today, and yes, its certainly profit taking. Traders were talking Monday about moving from gold to platinum for PM holdings. Made sense then, looks like it was a smart play.

Self-fulfilling prophesies, to a point. Desks talk up/down a certain product or commodity or ETF (great example: SPDR) and the market follows. This is why day-traders cannot make money on average - they are playing against the house. Sure there are trends and a certain market logic which can be followed, and occasionally somebody comes up with a truly unique or creative trading strategy - but that guy is at a big hedge fund or investment bank.

5 Bulworth  Wed, Aug 24, 2011 10:19:30am

Somebody call Glenn Beck!

6 Political Atheist  Wed, Aug 24, 2011 10:21:56am

re: #4 imp_62
A quibble-
It's not just talk-They buy or sell at large enough quantities so that becomes the self fulfilling aspect. real buys and sells of tonnage, not mere talk.

7 shutdown  Wed, Aug 24, 2011 11:01:20am

re: #6 Rightwingconspirator

A quibble-
It's not just talk-They buy or sell at large enough quantities so that becomes the self fulfilling aspect. real buys and sells of tonnage, not mere talk.

Yes and no. IMHO, Positions are taken on talk, disposed on market moves.


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