UPDATE: Yes, my weekly live web show LiveStock is live today from 1-2PM EST right HERE.
You might’ve noticed a really well done video interview on the right hand side of this site lately…if not check it below:
I filmed this last week with The Big Money (no, this wasn’t my national TV spot, that was supposed to be The Today Show….today…sometimes spots fall through.
The volatility is well suited to the nimble among us, and the poster boy for today’s market might be Wall Street Warrior Tim Sykes.
He is just killing it – trading, writing, and teaching and earning well over 100k the last two months.
Sykes’ detractors are mostly unemployed at this point, and it looks like he will get the final laugh. I called him for a comment as I went to press. but he was taking a nap. He is probably a strong contender for my 2008 Man of the Year, believe it or not.
I’m not sure if anyone has ever noted just how arrogant this dude seems… well, let me be the first to say it, Tim Sykes is a dick. He’s up 219% because he’s trading a small account.
I think you’ll agree it’s one of my better interviews, talking about the day trading environment, the ignorance of most traders and somewhere along the way I found the opportunity to rant about how we might discover all/much of the recent market selloff could be due to one or two $20 billion hedge funds blowing up.
Well, just yesterday former Nasdaq chairman Bernard Madoff was arrested after confessing to a $50 billion ponzi scheme…seriously:
SAN FRANCISCO (MarketWatch) — Bernard Madoff, former Nasdaq Stock Market chairman and founder of Bernard L. Madoff Investment Securities LLC, was arrested and charged with securities fraud Thursday in what federal prosecutors called a Ponzi scheme that could involve losses of more than $50 billion.
Madoff, 70, of New York, was charged with one count of securities fraud, according to a statement from the Acting U.S. Attorney for the Southern District of New York and the Federal Bureau of Investigation.
PK has the juicy parts of the legal filing while the WSJ has the whole boring mess HERE.
So, was I right about Madoff’s firm causing all this selling? Hell no! (I’m just trying to condense 2 unrelated blog posts into 1!) This fraud seems to have been going strong for many years, letting the entire world know–yet again–that Wall Street is totally corrupt, incompetent, and lacking in any form of even the slightest bit of transparency. (This wouldn’t have happened if Madoff was on Covestor)
Yes, we as a country deserve all the pain we’re experiencing, when you build a house with a faulty foundation, it is bound to collapse.
Day traders will be the last ones standing because we’re apathetic towards the destruction all around us…it’s especially fulfilling/thrilling to watch narrow minded value investors get so shellacked…those finance freaks give us all a bad name, why are they ALL so boring and weird?
Tags: idiots, Interviews, Manipulation, Videos
