Pit information for 1st of Nov

csw2002

I wasn't able to get to hutong9.net yesterday due to extremely slow internet from China. I was barely able to connect to my pit audio and trying to open another connection to a location outside China was next to impossible without causing audio link to die.

Anyway, I want to share some interesting things that happened in the pit: off the open, we saw massive buy papers and locals got short (whtout No 1). They were run over and had to cover at around 9:50. At that point, No 1 stepped up and started to offer down aggressively. Rest of the pit joined as well and did succeed in pushing the market down for the next 10 mins until the much better than expected Construction Index and ISM number were released. At that point, we saw another batch of massive buy papers (most notable being MS buying 400 cars). No 1 gave up on the final push up at 10:05 and stepped out of the pit. A lot of the rest of the locals also gave up at that point and left. However, there were a select batch of locals that persisted with the short and presumably eventually made a handsome profit. At that point, my internet speed slowed down to a crawl and I gave up as well.

The point I am trying to make is that not only average investors/traders often get trapped and buy at the exact high and sell at the exact low. The same also happens to the best of the best, being the locals in the pit and No 1 in particular. However, the point is that they have risk controls in place to ensure that they survive to fight another day. More often than not, locals carry the day.

源济

丛林法则

thanks

SunSea

great info, appreciate your consistent share.

Ave

trade28

thx

bokchoy888

great thx