HedgeFundLIVE.com encourages “Collective Intelligence” from everyone on its trading desk. Check out this video to see what happened on the desk minutes before the market opened on January 21, 2011!
Visit the HedgeFundLIVE.com Media/Video tab for more videos like this.
http://www.hedgefundlive.com/content/before-the-open-1-21-11
Buy? Sell?
1. There has yet to be that strong push forward. On the desk, everyone is waiting for that move to signal the top. When markets come to an end there is usually the egregious move. But day in and day out we trade in this tight range slowly grinding forward.
2. The earnings front: It seems that there is nothing but positive earnings. Stock after stock are topping analyst estimates.
3. QE2 ends in June. I believe that as long as the “Fed” can spend, the market moves higher.
Now, that does not mean the economy is improving overall. We have an unemployment rate greater than 9%, which is more like 15%. There is still a housing crisis as foreclosures are still eminent. The “Fed” is testing the banks balance sheets, to see if they could sustain a double dip recession. Does this strike anyone else as a bit peculiar? We also have fears of inflation and rising commodity prices. At this rate, a pair of socks will cost $100. And we can not forget all this shit that is going on in the Middle East.
-Justin Valle
There is no direction in this market. Tod the spooz traded in a tight range. Both our longs and shorts worked for us. As we take a look at the bigger picture and evaluate the broader market, we have no evidence of a big move. There are plenty of questions that still need answers such as; where are rates headed, what will happen in Egypt, will there be anymore quantitative easing. With these unanswered questions ahead of us, one would speculate we will eventually pullback. For the time being we still remain to grind higher. But when the pullback comes, it will come fast and hard. Take a look at our CEO Jeremy Frommer’s blog; 10 Reasons The Stock Market is Delusional, for further conviction of a pullback.
Hedge Fund LIVE has teamed up with producer Lamont Stephens, of Lamont Stephens Collection, to bring you the first promotional video for our upcoming webisode series Hedge Fund Mafia. Hedge Fund Mafia is a reality series that documents the ins, outs, ups and downs of life at a hedge fund; both at the trading desk and away from it. Episode 1 will air on February 24, 2011 at www.HedgeFundLIVE.com. The Hedge Fund LIVE team is excited to continue its efforts to provide a first hand account of hedge fund and professional trading desk life as they continue to build the preeminent financial community on the web. CEO Jeremy Frommer, “The Boss”, is joined by President Marc Schwartz, “The Enforcer”, “Mad Dog Mosk” Moskowitz, and “Pretty Boy Dean” Machado in what promises to be an entertaining and informative weekly web series.
I want to know where my money is invested
Put us up against any other hedge fund and the one guarantee is our transparency. Four times a year, US securities regulators require fund managers to disclose their stock holdings. At hedge fund live, at any given time, your are able to view any of the traders portfolios, as well as watch the trading desk. I have mentioned this in a previous blog, that hedge fund live is truly innovative.
Mid day recap for Day Trade Well P&L is positive!
As I type this sentence, it is 8:17 am.
Unlike the rest of the civilized, employed world (or disciplined students out there/people with early classes that they actually attend), I don’t usually get up at 5:45 am. Commutes suck, and I sympathize with those who have two hour + commutes to the city or whatever.
But I digress. Back to ‘first impressions’- I walked in to find an unexpected set up. I was expecting cubicles, separate desks, etc. Something like this -
Instead, there is a huge single room with a large table with probably about 30 computer monitors and approximately 16 chairs. Everyone’s working in the same room, and it is awesome. It allows instant updates (which, obviously, is crucial in this type of job) as well as witty banter and expedited eavesdropping. Some people have headphones on, and most have cameras attached to one of their monitors for their website’s live feed. I can’t help but wonder if they’ve ever gotten nervous working in front of a camera. Surprisingly, the room isn’t resounding with people talking over each other. With so many people, one would expect major distraction, but everyone is generally really focused and able to multi-task superbly well. For example, three traders are talking to each other about ice fishing right now while working on their computers.
I’m a little bit intimidated due to the simple fact that I’m not yet educated sufficiently/knowledgeable in the field of hedge fund management and financial analyses to understand the content on this website, but it is still cool to witness. I get my own “spot” and two monitors. Today, I am supposed to write two blogs- one about my first impressions, and one about anything I want. The idea is to increase traffic to the website by having a lot of tags in my blog posts. I also am supposed to twitter things that I eavesdrop. I’ve never used twitter and computers hate me, but let’s see how this goes.
“88% of traders don’t make money. The other 12% cheat!” Bernstein 2010
Insider trading is allegedly running rampant as Hedge Funds invent new ways to garner an edge. High frequency computerized traders are gaming every imaginable aspect of the order execution process. Wall streets banks tell you that they make money trading every day for months at a time.
“if you don’t know who the sucker is at the table then it must be you”
The author of that last quote is unknown. I wonder whether he was the fish or the shark?
CHECK OUT JEREMY FROMMER IN ‘RISKY MONEY’! :
http://www.hedgefundlive.com/content/risky-money-sizzle-reel
Jeremy can really take a punch. I haven’t seen anyone take more hits and keep coming back for more since Chuck Wepner the “Bayonne Bleeder” got knocked upside the head by Muhammed Ali.
Time and again he would corner someone… “Hey Tim, when are you going to post a blog”? TIm would respond, “I’m following Steve’s lead”. JEREMY: TIm,what about blocking out a time for a show and putting it on the schedule?” TIM: “I will work my way into it “. JEREMY: Tim, if you want me to f-off just tell me.TIM: Jeremy F-off. JEREMY: Ok TIm, but you know Steve already has a show on the schedule so maybe you want to schedule one.TIM: Ok Jeremy I will get to work on it when I have some time. JEREMY: Great TIm ,I will be back in 10 minutes and we can work on it. or the next one…….
JEREMY:Hi Morris, how about we video a segment with you right now? You can tell us what you think about the Sephardic perspective on trading. MORRIS: Huh???? JEREMY: Yeah you know, give the HFL audience a chance to get to know you. MORRIS: Uh ,I don’t usually do interviews.. its not really my comfort zone. JEREMY: Morris, just make believe your at a bar mitzvah and someone sticks a camera in front of you and you have to congratulate the family. MORRIS: Jeremy, I have to go the bathroom.. I will be right back.JEREMY: Thats ok Morris, the stalls have doors so we can just take the audio for now and do the video afterwards and dub it in back at the home office. Tynik, work with Morris!
And on to the next one……….JEREMY:Jerry, Tim ,here’s some notepads. Every time Cliff speaks write it down. If he makes any faces videotape it. Start noticing his mannerism’s and sayings and post it in his glossary. Don’t worry about the market… Cliff is good enough to trade without you and this is how you can really provide value to him.JERRY AND TIM: Jeremy, if we do that ,he’s definitely going to fire us!! JEREMY: No way!! he told me that this is what he wants you guys working on.
And to the next………JEREMY:Jared, good blogs.. you need to do some more and coordinate everyone elses blogs and glossaries in your room……… Jared would never say no to anyone and obliges dutifully. Jeremy moves on to Perry’s room and Jared turns to Steve his boss and asks,” Who was that?????
And the next…………JEREMY:Hey Darren, you want to work on a blog?DARREN: No! JEREMY: When do you think you can start?? DARREN: Soon as I start making some money! JEREMY:Darren ,we recently did a study of all trader bloggers and we found that trading p&l improved by 300 percent for each blog a trader wrote.DARREN: Ok ,I will try and work on one when I can focus on it. JEREMY: Darren ,if you want to tell me to f-off just say it.DARREN: F-off Jeremy. JEREMY:No, not to my face Darren just write it as part of your blog!!
And next…………JEREMY:Nice blog Jody. Now thats some good content. Great stuff. How about you Jonathon ? JONATHON:I don’t blog! JEREMY: It doesn’t have to be about stocks. Whats your favorite movie? JONATHON:I don’t go to movies! JEREMY:How about TV shows.. do you watch Entourage? JONATHON:I don’t have cable.. JEREMY: Well, maybe network shows then. JONATHON: No TV! JEREMY: Jonathon, you seem kind of quiet.. do you consider yourself introverted? JONATHON: Huh??? JEREMY: You know are you a loner…. JONATHON: Well, im not going to come to the office and go postal or anything if thats what you mean!! JEREMY: Thats great stuff Jonathon, let’s get that on camera.
Next……….JEREMY: Cliff, would this be a good time to do an interview? CLIFF: Not really Jeremy ,it’s 3:45 and I have 12 million in inventory and i need to get out by the close. JEREMY: Ok, I understand.. how about if we just do yes or no questions?? CLIFF: No Jeremy! JEREMY: Come on Cliff, you can just blink your right eye for a yes and your left eye for a no. CLIFF:No Jeremy! JEREMY: Ok, I will pick you up at your house tomorrow and I can interview you in the car. CLIFF: For a blog? JEREMY: No, I want to record it. CLIFF: You mean an audio? JEREMY: No, I want to video you. CLIFF: I don’t like to do video Jeremy. JEREMY:Perfect, then I will meet you at the office and we can do it there instead!
JEREMY:Sam, I am so pumped about this business… your guys are the best we are going to make hundreds of millions on this project!!! How can you argue with that logic?
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