at99sy wrote:Vince is making money today boys!
Silver is up big and S&P is down big so all my options are doing very well today. But the plan was for the silver to go down when the market crashed so that I could take profits from my S&P puts and get more silver at a low price. So things are not exactly going to plan. But we have not had a full crash yet, so things could still work out.
You're killing those New York sharks today and that's what counts! When we see the pictures of the traders with their heads in their hands tonight we'll know who took their money!
The S&P just took another dump to a new low a minute ago. TIme for John to quote Galbraith again.
"The singular feature of the great crash of 1929 was that the worst continued to worsen. What looked one day like the end proved on the next day to have been only the beginning. Nothing could have been more ingeniously designed to maximise the suffering, and also ensure that as few as possible escaped the common misfortune. The fortunate speculator who had funds to answer the first margin call presently got another and more urgent one, and if he met that there would still be another. In the end all the money he had was extracted from him and lost. The man with the smart money, who was safely out of the market when the first crash came, naturally went back in to pick up bargains. (Not only were a record 12,894,650 shares sold on 25 October; precisely the same number were bought.) The bargains then suffered a ruinous fall. Even the man who waited out all of October and all of November, who saw the volume of trading return to normal and saw Wall Street become as placid as a produce market, and who then bought common stocks would see their value drop to a third or a fourth of the purchase price within the next twenty-four months. The Coolidge bull market was a remarkable phenomenon. The ruthlessness of its liquidation was, in its own way, equally remarkable."
It really feels like it.