Another non-environmental wonder

Ever wonder what a day in the life of a Wall Street trader responsible for managing $30 million looks like?

No, me either, but in the aftermath of last week's semi-crash it's worth having a look (via our friends at New York Magazine):

9:30 a.m.: Nice weekend, but now it’s back to reality: The downgrade is here. The market is in free fall. People are dropping the L word, as in Lehman. Everything is starting to look broken as can be.
2 p.m.: The S&P 500 is around 1150. The Dow is down 344 points. Decide it’s time to get in on this. Normally, I would be more quant-driven, but I’m playing with my gut and not my head. All aboard, we buy 1150, and wow, I am wrong, holy shit, I am wrong. Within minutes of my trying to call the bottom, the Dow drops 300 points. I’m down the price of two college educations in the time it takes to cook a lobster. Feel like a total moron.
3 p.m.: Miraculously, the S&P 500 bounces back up to 1150, and I’m able to recoup 80 percent of my losses and get out. Within half an hour, it falls back to 1120. Saved by luck! I should happy, but I’m too traumatized.

No comments:

Post a Comment