Word: stockings
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Dates: during 1980-1989
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Prices could swing up or down before the contract is settled on its expiration date, but because of the original gap in prices, the trader has already locked in a profit, often called synthetic cash. If stock prices rise, the arbitrager will make a handsome return upon selling the shares; the money lost on the futures side of the transaction will not be enough to offset the profit because the price at which the futures were sold was overly high to start with. In the opposite scenario, falling stock prices will cause the trader to lose money on the stocks...
Program trading may bring a safe return for its participants, but it creates distress for other, unsuspecting investors. As traders load or unload enormous amounts of stock, they can magnify the rise or fall of the market. Sharp volatility has occurred at the so-called triple witching hour (on the third Fridays of March, June, September and December), just before stock-index futures and two related types of financial instruments expire at the same time. That is the last point at which arbitragers can decide what to do with the stock they have accumulated, and their herdlike decisions have often...
This week's cover story on the stock market and its gyrations was not a task for a numberphobe or the technologically faint of heart. "After nuclear proliferation, this is the most complicated cover I've ever tackled," says Associate Editor George Russell, who wrote the story. Following a stint as TIME's Buenos Aires bureau chief from 1979 to 1981, Russell returned to write in the World section for five years, then switched last March to Economy & Business. "Wars and coups are very decisive -- stories tend to write themselves when people are killing each other," he observes...
...finds what happens on Wall Street more and more bewildering. While we cannot take away the bewilderment, we can give our readers a better sense of what is going on, why, and whether they should be worried." Alexander, for his part, assiduously avoids speculating about the future of the stock market. "The question I am most frequently asked by colleagues, friends and relatives is 'Where is the market going?' My answer is 'Beats...
...code," William Proxmire once said of Long, "as thoroughly as the Pope knows the Lord's Prayer." As head of the Finance Committee, Long defended tax laws beneficial to Louisiana's oil and gas industry, which no doubt also benefited him, as he inherited considerable oil and gas stock from his father. Although Long was not a frequent sponsor of legislation, he was proud of the bills he did initiate. These included the voluntary tax checkoff provision for presidential campaigns and an earned income tax credit which helps the working poor. Asked to define a tax loophole, Long offered...