Word: trader
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...floor of the NYSE, traders had been edgy for days. It didn't help matters that on Friday, the U.S. market fell even though Hong Kong's battered Hang Seng index had rebounded sharply. That rebound was widely dismissed as a "dead-cat bounce," a graphic trader's term that refers to the notion that even a dead cat will bounce a little if it falls far enough. Arthur Cashin, vice president of PaineWebber and director of the firm's floor operations, concluded that "there was more work to be done on the downside...
...uneasy silence settled over the floor when trading ended Monday. Normally, traders work for an hour or more after the exchange's closing to process transactions, but activity had stopped dead. Traders and clerks looked stunned, and some wandered the floor trying to figure out what had just happened. Said Frank Racanelli, a floor trader for Elton Securities, "It was orderly, very orderly. There was never any real panic. I think you will see some good buying opportunities on Tuesday...
...additional 190 points, but that proved to be a bottom. By 11 a.m., Peter Mancuso, floor manager and senior partner at Buttonwood Specialists, was on a roll. "All I hear is buy, buy, buy. It is unbelievable," he exclaimed. The excitement on the floor was uncontrollable. One floor trader shouted at a reporter, "Get out of my way. You're costing me money...
...scared, I want to load the boat up. Everybody will be real negative by the end of the day, setting us up for a terrific snapback rally." Moment of hope. "When?" I said, hoping that my wife, known as the Trading Goddess (for her prescient days as a head trader), would give me a buy signal. "Now? Soon? What time?" The Trading Goddess spoke softly. "I will let you know. But it will come today...
What happens now? As every trader knows, we have to retest the ugliness of last Monday before we have the cathartic capitulation. In fact the rest of the week unfolded in textbook irony, almost exactly like '87's postcrash aftermath. Which means we are probably a few more days away from a bottom. How will you know? Easy: business will be back on the business pages where it belongs, and talk of a year-end rally will fill the air. And the only people still at the corner of Broad and Wall at 6 a.m. will be selling coffee...