Posts Tagged ‘robot traders’

Quick Hits: Walking Away from Boats; Philadelphia Demands $300 Blogger License Fee; Birth Rate Lowest in Century; Tracks of Bizarre Robot Traders

Quick Hits: Walking Away from Boats; Philadelphia Demands $300 Blogger License Fee; Birth Rate Lowest in Century; Tracks of Bizarre Robot Traders

Courtesy of Mish 

I am traveling this morning will look at ISM and other data this afternoon. Meanwhile here a a few quick hits on propriety trading, bizarre charts of robo trader patterns, walking away from boats, Blogger fees in Philadelphia, birth rate demographics, and other potpourri.

JPMorgan to Shut Proprietary Trading Unit over Volcker Rule

Bloomberg Reports JPMorgan Said to Shut Proprietary Trading to Meet Volcker Rule

JPMorgan Chase & Co., the second- largest U.S. lender by assets, told traders who bet on commodities for the firm’s account that their unit will be closed as the company begins to shut down all its proprietary trading, according to a person briefed on the matter.

The bank eventually will end all proprietary trading to comply with new curbs on investment banks, said the person, who asked not to be identified because JPMorgan’s decision isn’t public. The New York-based bank will shut proprietary trading in fixed-income and equities later, the person said.

Closing the prop trading desk for commodities affects fewer than 20 traders, including one in the U.S. and the rest in the U.K., the person said.

This is a baby step in the right direction.

Developer Sells Zero of 141 Luxury Condos

The Press Enterprise reports Lack of sales spurs developer to lease

After two months of marketing his 141 luxury condos with not one sale, Mark Rubin said he has given up wooing buyers to the Raincross Promenade project in downtown Riverside that cost him $40 million to build.

Prospective buyers kept trying to beat down his prices, even after he shaved $30,000 off the initial list prices ranging from $240,000 for a one-bedroom, one-bath condominium to $475,000 for a two bedroom, 2 ½-bath townhouse. "There were no sales," Rubin said. "Everyone wants a bargain. They read about foreclosures and think they can buy for distress prices."

Rubin paid cash for the property and is now looking to lease units.

Walking Away From Boats

MIAMI - APRIL 22:  Officer Jorge Pino from the Florida Fish and Wildlife Conservation Commission checks on a derelict/abandoned boat on April 22, 2009 in Miami, Florida. Though it is hard for law enforcement officers to determine which boats have been abandoned unless they wash-up on shore or are a navigational hazard the downturn in the economy has shown that derelict/abandoned boats are becoming more of a problem from California to Maine.  (Photo by Joe Raedle/Getty Images)

 The USA Today reports Abandoned boats litter waters in tough economy

States across the USA are taking steps to deal with an armada of derelict boats abandoned by their owners in a tough economy:

In Massachusetts,Democratic Gov. Deval Patrick signed a bill this month that gave local governments the


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Schonfeld Fires 15% Of Traders, Blames Fast, Greedy Robots

Schonfeld Fires 15% Of Traders, Blames Fast, Greedy Robots

Courtesy of Tyler Durden at Zero Hedge 

The very special gift presented to 50 prop traders at Schonfeld Securities in advance of the celebratory July 4th holiday weekend… was a pink slip. The palliative reason given to these newly unemployed by founder Steven Schonfeld: it is all the fault of "black boxes, stat arb and high frequency trading." Welcome to the new paradigm – you are now all redundant. Only robots are allowed to trade with robots. But. But. We thought they only provide liquidity (er, viscocity – the specific gravity of motor oil is 0.8). Full letter below. 

‘On December 5, 1988 we started Schonfeld Securities. Very soon after, we started hiring prop traders, and many years later formed “Opus Trading Fund”.

Prop trading has always been and will always be an extremely important part of our business and certainly the one that is closest to our hearts. The best Schonfeld traders will always have a place to trade and the capital to maximize their earnings potential. We are committed to them and will always strive to provide an environment for them to succeed. Sadly, however, we are re-thinking the notion that less skilled and less successful traders can be here forever without producing sufficiently for themselves and the firm.

For over 21 years we have always done everything we could, with the traders’ best interests in mind, to provide careers and opportunities for our traders.

We have always cared more than you could imagine for your careers, happiness, well being and future.

We truly admired many of your passions for trading and for the markets. Over the years we have stood by you and you have stood by us as well. There has been real loyalty on both ends and don’t ever think we took your loyalty for granted for one second.

Bull and bear markets come and go. Good trading markets come and go. But unfortunately, our vision of the future of trading has changed. It is getting much tougher for traders to make a living or get by. The direct competition from black boxes, stat arb and high frequency trading which continues to grow at exponential rates is here to stay and has caused us to change our outlook for lesser skilled traders.

Based on the above competitive changes to the trading arena, we


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Zero Hedge

$1 Billion Worth Of Cocaine Seized At Philadelphia Port

Courtesy of ZeroHedge. View original post here.

Several thousand traders on Wall Street may be extra jittery tomorrow when the FOMC announcement hits at 2:00pm. The reason: shipping containers full of illegal drugs - mostly blow - were found and seized at a Philadelphia port in what authorities described as the largest seizure in the region's history. Back in March we reported by what at a time seemed like a giant haul when a ton and a half of cocaine seized at the port of New York and New Kersey, in what was describe...



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Phil's Favorites

With cryptocurrency launch, Facebook sets its path toward becoming an independent nation

 

With cryptocurrency launch, Facebook sets its path toward becoming an independent nation

The world’s newest country? railway fx/Shutterstock.com

Courtesy of Jennifer Grygiel, Syracuse University

Facebook has announced a plan to launch a new cryptocurrency named the Libra, adding another layer to its efforts to dominate global communications and business. Backed by hug...



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Kimble Charting Solutions

Consumer Staple and Yields about to send key message to stocks?

Courtesy of Chris Kimble.

Could the Staples sector and the yield on the 10-year note be on the verge of sending an important message to the stock and bond markets? It sure looks that way.

Staples ETF (XLP) is currently attempting to break above the January 2018 highs at (1). If it does, it would be a breakout of the trading range that has been in play for the past 18-months, as it looks to have created a double bottom last year.

The yield on the 10-year note (TNX)  has declined nearly 35%, since pea...



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Insider Scoop

30 Stocks Moving In Tuesday's Pre-Market Session

Courtesy of Benzinga.

Gainers
  • Moneygram International Inc (NASDAQ: MGI) rose 128.3% to $3.31 in pre-market trading after the company reported a strategic partnership with Ripple. Blockchain payments firm Ripple has made an investment in MoneyGram and will also allow the group to use its XRP cryptocurrency as part of the cross-border payments process. Ripple made an initial investment of $30 million in the money transfer company, made up of common stock and a warrant to purchase common stock. Ripple purchased newly-issued common stock including the shares underlying the warrant from MoneyGram at $4.10 per share.
  • Blue Apron Holdings, Inc....


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Biotech

Consumer genetic testing customers stretch their DNA data further with third-party interpretation websites

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

 

Consumer genetic testing customers stretch their DNA data further with third-party interpretation websites

If you’ve got the raw data, why not mine it for more info? Sergey Nivens/Shutterstock.com

Courtesy of Sarah Catherine Nelson, University of Washington

Back in 2016, Helen (a pseudonym) took three different direct-to-consumer (DTC) genetic tests: AncestryDNA, 23andMe and FamilyTreeDNA. She saw genetic testing as a way...



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Chart School

Silver Review

Courtesy of Read the Ticker.

The folks in the federal reserve will debase the US dollar currency to an extreme degree silver will finally lift off the floor.. 

Note: Readers should re watch the silver back screen news video, here.

The following video looks at price action and Wyckoff logic.

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Chart in video

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If gold moves, silver wi...

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Digital Currencies

Cryptos Are Crashing As Asia Opens, Bitcoin Back Below $8k

Courtesy of ZeroHedge. View original post here.

Having survived the day's bloodbath in US tech stocks, cryptos are crashing in the early Asian session, apparently playing catch-down to the day's de-risking.

While no catalyst is immediately evident, there are some reports noting 13 large global banks are preparing to launch digital versions of major global currencies next year, though we suspect this drop was more algorithmic that fundamental-driven.

...



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ValueWalk

More Examples Of "Typical Tesla "wise-guy scamminess"

By Jacob Wolinsky. Originally published at ValueWalk.

Stanphyl Capital’s letter to investors for the month of March 2019.

rawpixel / Pixabay

Friends and Fellow Investors:

For March 2019 the fund was up approximately 5.5% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 1.9% while the Russell 2000 was down approximately 2.1%. Year-to-date 2019 the fund is up approximately 12.8% while the S&P 500 is up approximately 13.6% and the ...



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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Mapping The Market

It's Not Capitalism, it's Crony Capitalism

A good start from :

It's Not Capitalism, it's Crony Capitalism

Excerpt:

The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America.

This all-encompassing mutant corruption saps men’s souls, crushes opportunities, and destroys economic mobility. Its a Smash & Grab system of ill-gotten re...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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