Sad Guys on Trading Floors
As noted yesterday, we lowered our Dow target to 9,000. As we get closer to that, we start paying closer attention to contrary indicators.
Along those lines, a new tumblr blog, Sad Guys on Trading Floors, caught my eye.
Its funny and sad and poignant, but for our purposes, its a yet another in a list of contrary indicators that suggests things are getting overdone, and that sentiment is moving towards an extreme. A blog such as this could only be conceived of during times of extreme market stress.
As of today's lows, the Dow has given up 5,004 points (14,198 to 9,194).
Note that this is not a precise timing signal, but it is an interesting anecdotal sign worth watching . . .
>
THE HORROR
I can’t add a caption to this that could possibly make it any more hilarious.
>
Hat tip boingboing more photos after the jump . . .
>
Source:
Sad Guys on Trading Floors
http://sadguysontradingfloors.tumblr.com/
A common way traders stay slim and trim is by purging each time the Dow drops 100 points.
“Tantrum Strategy.” Just hold your breath until someone approves a bailout package.
So… many… numbers…
Jazzhands will not save us now, my friend.
There's a lot more here:
Sad Guys on Trading Floors
http://sadguysontradingfloors.tumblr.com/
Wednesday, October 08, 2008 | 12:15 PM | Permalink
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Tracked on Oct 9, 2008 8:48:36 AM
Comments
put that worried Bernanke, Paulson, Greenspan image up again from a few months ago!
That was hilarious
Posted by: Noah | Oct 8, 2008 12:16:28 PM
The bond market is getting the message slowly, the 10-year has been selling off. Those guys are always ahead of the game.
Still doing nothing. Sure is entertaining, though.
Posted by: leftback | Oct 8, 2008 12:17:45 PM
Haven't seen any jumpers yet, though.
Posted by: Donkei | Oct 8, 2008 12:22:15 PM
Bonfire of the Vanities, part deux...
You can buy Lehman for 12 cents today..
I may have to sell the penthouse on Fifth, Maria.
Posted by: Sherman McCoy | Oct 8, 2008 12:23:33 PM
Great stuff, except for the picture of an up day in China. They have the colors in reverse.
Posted by: Brian | Oct 8, 2008 12:26:18 PM
A lot of us expected this for some time. But unfortunately this go-round the big crash isn't happening all in one day. So there's no single date we will be able to point to to say that the Great Depression II started on X date. We are all going to wake up a few weeks from now staring at Dow 6,500 wondering what happened.
Posted by: Jake | Oct 8, 2008 12:26:27 PM
Hey guys, in my opinion, the market still selling in a very orderly fashion, I don't sense any very special price action so far. The mood is no-good of course, but PANIC? Do you sense any? Hmm......
Posted by: MM | Oct 8, 2008 12:31:14 PM
Give’m another couple of weeks. Maybe then they’ll looked depressed instead of shocked. Probably a better entry point then.
Posted by: DL | Oct 8, 2008 12:32:38 PM
But does sentiment matter as much as usual when hundreds of hedgefunds are going out of business, when massive carry trades and leverage is getting unwound, when derivatives are blowing up and major financial institutions are getting liquidated?
Posted by: Michael M | Oct 8, 2008 12:34:18 PM
nice toof.
Maybe it's time to take a break from the trading floor and go visit a dentist.
Posted by: Shnaps | Oct 8, 2008 12:35:56 PM
"A blog such as this could only be conceived of during times of extreme market stress"
Schadenfreude and mocking sarcasm are not constrained by the timing norms of other sentiments. :)
Things might be getting overdone, but this blog is not a symptom of such. It's a symptom of our culture's fondness for mocking and making fun of the once high and mighty. O, how America loves the story about how the mighty have fallen. Next best is the story about those who got knocked down and got back up again, with or without whisky drinks; and vodka drinks; and cider drinks; and lager drinks - they sing the songs that remind them of the best times; they sing the songs that remind them of the worst times... don't cry for me, next door neighbor...
i <3 ur blog, btw :)
Posted by: LibrErica | Oct 8, 2008 12:40:17 PM
Omar coming. The economy is one thing but the market is another. Fading BR has not been a good idea...
Posted by: catman | Oct 8, 2008 12:41:19 PM
Not sure this is a very good indicator.. this seems to be making fun of "sad" guys on trading floors.
so.. it isn't really treating the events as too serious. It's when people become so afraid they can't bring themselves to mock.. that's a good indicator.
Posted by: eli | Oct 8, 2008 12:43:48 PM
How can the market bottom, with people buying up Apple.
No Panic yet. no baby is thrown with the bath water.
Posted by: Sam Jacob | Oct 8, 2008 12:47:24 PM
No panic? Are you guys out of your f*cking minds? We haven't seen a broad, global market sell off like this in any of our lifetimes. Give me a f*ing break no panic. Joe and Jane sixpack are running for the exists as fast as their feet can get them there. Dow, S&P and Naz all approaching a 40% sell-off from their highs? Come on guys, get real. If you don't think 10% drops day after day in the global markets is panic, what the hell is?
Posted by: jdamon | Oct 8, 2008 12:50:37 PM
BTW, just because most of you who frequent this site don't have a pot to piss in, doesn't give you the right to gleefully run spout your mouths off that everyone deserves what is happening.
I for one have paid my house off long ago. So, I'm getting the sh*t kicked out of me because these asshats in Cali and Florida and even Manf*uckinghatten bought homes/condos they couldn't afford. Who suffers the most - f*cking fly-over country that's who.
~~~
BR: We did an extensive survey 6 months ago. At the time, the average income of the typical reader of this blog is $300k; The average portfolio was $10 million.
You are barking up the wrong tree here, bub
Posted by: jdamon | Oct 8, 2008 12:53:16 PM
jdamon, maybe we're not panicking because we expected this... did you ever think of that? like you, i also own my home... built and paid for with cash... and i don't consider it an investment.
Posted by: karen | Oct 8, 2008 12:59:55 PM
>> gleefully run spout your mouths off that everyone deserves what is happening.
They don't deserve what is happening...
>> these asshats in Cali and Florida and even Manf*uckinghatten bought homes/condos they couldn't afford.
...or do they?
Posted by: wunsacon | Oct 8, 2008 1:03:30 PM
LOL, wunsacon, and i apologize for being rude. i reacted the wrong way.
Posted by: karen | Oct 8, 2008 1:07:38 PM
> If you don't think 10% drops day after day in the global markets is panic, what the hell is?
This is not at panicky levels yet, imho. It's a painful, but surprisingly orderly liquidation. Everyday, it's 2-5% down, day after day. To reach the capitulation point, the rate downwards would accelerate rapidly (it's fairly constant right now), sellers would sell indiscriminately, and buyers would be too afraid to buy. While it's bad out there, it can and probably will get much worse before it gets better.
And please have a sense of humour, people! We're laughing at pictures of sad looking people who are traders (i.e. people who should know better given that it's their livelihood)! If we were laughing at pictures of homeless familiers, the elderly, and three legged puppies, THEN there is something wrong with that.
HCF
Posted by: HCF | Oct 8, 2008 1:08:35 PM
jdamon:
They are right. This isn't panic.
If you are hurting, take a time out.
And I own my own home, business, etc.
But it is just money, you can make it back.
Never invest more than you can afford to lose. Never.
Posted by: Bruce in Tennessee | Oct 8, 2008 1:15:24 PM
I am having one of my best days ever.. and the squeeze hasn't even started yet. There is going to be a squeeze you know...
Posted by: leftback | Oct 8, 2008 1:15:42 PM
BTW, just because most of you who frequent this site don't have a pot to piss in, doesn't give you the right to gleefully run spout your mouths off that everyone deserves what is happening.
I for one have paid my house off long ago. So, I'm getting the sh*t kicked out of me because these asshats in Cali and Florida and even Manf*uckinghatten bought homes/condos they couldn't afford. Who suffers the most - f*cking fly-over country that's who.
Posted by: jdamon | Oct 8, 2008 12:53:16 PM
Is this some sort of a joke? If not, might presumptuous of you, jdamon. Waaah, waaah, waah, I think this whine (without the cheese) is a little contrary indicator in and of itself. Go F#&#ck yourself.
Posted by: Jeff M. | Oct 8, 2008 1:19:34 PM
Is the Nourial Roubini Halloween mask another anecdotal contrary indicator??
http://incakolanews.blogspot.com/2008/10/nouriel-roubini-halloween-facemask-free.html
If he were to call a bottom, you'd see the mother of all rallies...
Posted by: paul | Oct 8, 2008 1:21:03 PM
Any explanations for the skyrocketing yield on the 10yr Treas? Mortgage rates way up today as well. A good 1/2 point on FHA 30 yr fixed. [Not that I expected them to fall...but these rises are significantly higher than what I would have expected as well}
Any insights are appreciated.
Posted by: Dan Duncan | Oct 8, 2008 1:23:15 PM
