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Steve Schnake wrote:
>
> Dear RT's,
>
> I've become a fairly active "system" position trader, and I'm wondering if
> any of you know of a free website that offers free commentary on all of the
> futures. For instance, one of my systems called a long on Jan Lumber this
> morning. It happened to go limit up, and I have no idea why(fundementally).
> Tradingly, I initiated the position, and I will place stops accordingly.
> But (curiously), I would like to to know what sparked the move(as this
> commodity is not as frequently reviewed as, say, the grains, or bonds, or
> the Spoo, etc).
> Thanks in advance!
>
> Steve
Steve
What is the current daily average volume on the Lumber contract you
have? I will guess less than 1,000, right?
This reminds me of an old stock market story of a Texan who calls his
broker and asks for a quote on some little obscure stock, American
Widgetronics Company, ticker AWC. The broker checks the pink sheets and
quotes him 1 1/2 - 1/34. The Texan reponds, "well then pardner, buy me
10,000 shares!". The broker trying to instill due diligence into the
dialogue says, "but sir, they usually only trade 1,000 shares per day".
The Texan says, "I don't care sonny, you buy me 10,000 shares today!"
Brokers says, "yes, sir!". At the end of the day, the broker calls the
the Texan to report the trade. Brokers says, "sir, I have bot the 10,000
AWC stock per your instructions. Would you like to know what you paid?
The Texas booms back, "no just tell me where its at now!"
The broker says, "it closed at 5 1/2". Texan: "Ya mean its going up?
I knew I shoulda bot more! Son, tommorow I want you to buy me 50,000
shares of AWC." Broker: "But sir, ...." Texan: "Now don't give me any of
that lip". Broker: "Ok, but what price?" Texan: "Don't bother me with
those details, this thing is going up and I am gonna own it. You just
buy it! " Next day's close, the broker calls the Texan and says, "ok I
bot your 50,000 AWC and it closed at $12." Texan: You mean its going
even higher? Why, we're talking a cattle stampede here! You better buy
me
100,000 more!" Next day's close, the broker calls the Texan and reports,
"Ok sir, we bot your 100,000 AWC and it closed at $25." The Texan thinks
a moment and says, why that is a mighty fine profit I have there.
Tomorrow, I want you to take all of my AWC and sell!" The broker
replies,
"Sir,....to whom?"
Any resemblence of this story or its charaters to real or fictional
traders or markets is purely coincidental.
Legendly,
Norman
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