EliteTrader.com Forums

"Global Warming" SCAM - Hack/Leak

Fri, 20 Nov 2009 13:33:05 EST

W4rl0ck in the Wall St. News forum:

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"Apparently a "Global Climate Center" was hacked and the contents have been posted to the Internet. A ZIP file exceeding 60MB and containing a huge number of emails and other documents has been posted worldwide.

Original speculation as to whether the files posted were legitimate or some sort of spoof appears to now be confirmed as legitimate:

ÒIt was a hacker. We were aware of this about three or four days ago that someone had hacked into our system and taken and copied loads of data files and emails.

I have not had time to read all of the material yet (there are over a thousand files involved!) but what I have skimmed looks VERY damning. Contained within the documents are what appear to be admissions of intentional tampering with data as well as intentional falsification of results to "show" man-made global warming."

http://market-ticker.denninger.net/archives/1648-Global-Warming-SCAM-HackLeak-FLASH.html

The Global Oil Scam: 50 Times Bigger than Madoff

Fri, 20 Nov 2009 13:28:13 EST

Lorenzo in the Wall St. News forum:

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http://seekingalpha.com/article/172797-the-global-oil-scam-50-times-bigger-than-madoff?source=article_sb_popular

bored to death

Fri, 20 Nov 2009 13:16:26 EST

market_mapper in the Trading forum:

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maybe i am just an old fart, but i would be interested if i am not the only one that is completely bored of online trader communities. shit maybe i am just becoming a recluse. my day is filled with charts, trades, the wife and what ever i can find online "in that order". i am not even sure what i want, sometimes i wonder if i could only find a few traders out there and get something going, but then again what do i expect out of it.. when i have tried in the past all i have managed is drawing in the usual pretenders that end up being told to f-off from the irritating constant nagging "what you in", "what do you think of this chart", "why didnt you tell me you entered that trade".. i guess all i am seeking is a couple of old farts like myself "just in mind not in body" to maybe start something interesting or have constructive talks about trading that might actually spark something new. all i get online is:

- no interesting content-
the same old crap repeated over and over again

- pretenders-
good for a laugh sometimes

- egos-
the my d!ck is bigger than yours kind

-bad losers-
folks that have never and probably will never make it

-chat rooms-
the only difference with chat rooms and forums is the bullshit is like a constant live feed.

ah well, screw it i think ill just find a hobby or something to do between trades. anyone else out there in the same boat?

New Margin Rules for FXCM UK?

Fri, 20 Nov 2009 12:47:36 EST

Gcapman in the Forex Brokers forum:

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I got an email from FXCM stating the new margin rules for traders...

Does this affect US traders only or do traders with the UK subsidiary also get affected by the new margin rules?

Thx

after 12p

Fri, 20 Nov 2009 12:18:18 EST

equitydaytrader in the Career Trader forum:

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is it just the stocks i'm following or is it that the market is just dead after 12p??

i have a new rule. "no trades after 12p unless i already have a position"

Free Money - U.S. Dollar Carry Trade!

Fri, 20 Nov 2009 11:44:23 EST

EON Kid in the Trading forum:

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The U.S. Dollar Carry Trade Explained

That's why the trade of the moment is still: short the dollar and long everything else.

All of which should work like a charm for Wall Street. Until the Fed decides to change its bias and raise the cost of money, it's game on.

You see, the carry trade is a strategy that enables investors to sell a currency with a low interest rate to buy a different currency yielding higher interest rates. In doing so, they automatically bank a profit by nothing more than earning the spread between the two.

I'll give you an example. In today's world, you could borrow one million dollars at very low interest rate (say 1%), featuring a carrying cost of just $10,000. You could then decide to invest that capital into an asset class with a higher yield (say 5%), earning yourself a quick $50,000. As a result of the interest rate spread between the two, you would earn a tidy $40,000 without moving a muscle.

What's more: If you pulled the same deal at 10 to 1 leverage, you could earn $400,000 for your troubles.

And the best part is that the lower the value of the dollar goes, the more you stand to make.

It's this wager known as the dollar carry trade that is undoubtedly one of the reasons the dollar continues to fall.

However, since the Fed has absolutely no control over where all of this liquidity will slosh, it usually flows into new asset bubbles. . . Which is why every other asset class has risen as the greenback takes a dive.

http://www.wealthdaily.com/articles/us-dollar-carry-trade/2189

http://online.wsj.com/article/SB10001424052748704782304574542020902707240.html?mod=googlenews_wsj

Oil Futures & Inflation Trade

Fri, 20 Nov 2009 11:26:03 EST

Engy in the Energy Futures forum:

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Does anyone know which paper came out with the hedging inflation with oil futures?

Terry Watanabe loses $100 million in Vegas then sues Harrah's

Fri, 20 Nov 2009 10:27:34 EST

WallStWhizKid in the Wall St. News forum:

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Former high roller Terry Watanabe is accusing Harrahs of some serious funny business in Las Vegas.

In what may be the nastiest spat since the days when Vegas handled disputes outside of courtif you get my meaningWatanabe has filed a lawsuit accusing the casino giant of plying him with alcohol and prescription drugs in an attempt to keep him gambling. In the end, he says he lost more than $100 million.

Watanabe made his money with his father in the import/export business, running Oriental Trading Co. in Omaha, Nebraska. He sold the company in 2000 and became known as a philanthropist, with a taste for gambling.

By 2006, Watanabe says he was actually living at the Wynn in Vegas, but moved to Harrahs properties, including Caesars Palace, after being offered better comps. Those comps included a three bedroom palazzo, 15 percent cash back on monthly table losses of $500,000 or greater, and $12,500 transportation reimbursement, a $3 million line of credit, and even tickets to a Rolling Stones concert. Perhaps most importantly, evidence submitted in court shows the casino company promised to wait 60 days before cashing in markers.

During much of 2007, Watanabe spent Ònearly all of his time either on the casino floor or in his hotel room at Caesars Palace, the lawsuit says. He had access to private slot machines and gaming tables.

Then things went bad.

ÒWatanabes losses escalated astronomically in the fall of 2007, just as his level of intoxication was reaching its most extreme, the lawsuit states. ÒHarrahs responded not only by increasing his credit limit and providing him with a non-stop supply of alcohol and prescription pain killers, but also by increasing his table limits beyond those available to other patrons.

Watanabe claims the pain killers were Lortab, which Harrahs staff allegedly gave to him after he hurt his back slipping at one of its properties.

It is against Nevada law for a casino to knowingly let a gambling addict play, especially one who appears incapacitated. Watanabe claims he would gamble for several days in a row Òwith little interruption of sleep&Harrahs executives and employees knew or should have known&that Watanabe was rapidly running out of money. The suit says he would be so drunk and sleep deprived Òthat at times he became unconscious at his private gaming tables or slot machines.

Why is Watanabe filing the lawsuit now? This week he was scheduled to go on trial for writing $14.75 million in bad checks at Harrahs properties. The company had him arrested earlier this year in what prosecutors call Sin Citys largest bad check case. Watanabe could face 16 years in prison if convicted, but he alleges Harrahs lied on police reports, claiming it had the right to call in markers earlier than 60 days. The trial has been postponed until next year.

In a letter to the Nevada Gaming Control Board, Watanabe claims he suffered a net loss of $112 million at Caesars and the Rio, accounting for six percent of all of Harrahs revenues in Vegas, and 20 percent of volume at the two casinos.

ÒSenior management was highly incentivized to keep milking Mr. Watanabeliterally for all he was worth, his attorneys say in a letter to the board, Òbecause they were negotiating the sale of Harrahs to a major investment firm.

The higher the earnings, the more they would receive for the sale, and the more they would garner for their stock options. Theyre asking the board to initiate a formal proceeding against the company which could put its gaming license in jeopardy.

Harrah's tells CNBC that it cannot comment on pending litigation, and a spokesman says he had yet to see the lawsuit. In a letter last August, the company's attorneys warned that Watanabe and his attorneys Òwill face an action for abuse of process if they sue.

The lawsuit comes as Harrahs reported a $1.6 billion loss in the third quarter, mostly due to a writedown after the company was taken private by Apollo and TPG at the height of the market, with the help of CalPERS.

How much is Watanabe still worth? His team is keeping that information confidential. That team is led by Los Angeles based attorney Pierce ODonnell, who this week won a federal case which blamed the Army Corps of Engineers for the damage caused to New Orleans by Hurricane Katrina.

ODonnell may have his work cut out for him, convincing a jury that Watanabe should not be held responsible for his own losses. But his argument is that Harrahs management had one motive: Òto harvest the wealth from a mega-whale whom the casino ruthlessly allowed/encouraged to continue playing while incompetent and incoherent.

http://www.cnbc.com/id/34054105

Emini weekly options

Fri, 20 Nov 2009 10:16:58 EST

heiasafari in the Options forum:

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Hi guys, it seems (after talking to them) that our beloved options forum section's sponsor Zumo does not offer us to trade the es weekly options... Do you know of any futures broker that does? is it generalized or was I unlucky?

Winning is everything.. or is it?

Fri, 20 Nov 2009 10:00:22 EST

Joe Ross in the Trading forum:

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Hey Joe! I hate to lose. It seems to me that winning is everything - do you agree?

Man do you have a bad case of Òhave-to-win-at-all-costs._ Every business has losses._ Even doctors, but they get to bury their mistakes._ Retail stores lose to shop-lifting and even worse employee waste and pilferage._ Of course, having a goal of winning is a virtue._ It is that of setting a clearly defined goal, and working to achieve it. But an over-emphasis on winning at all costs can be detrimental, especially when it comes to the world of trading.

When I trade, I have two goals. Actually, they are two sides of the same coin._ 1. I want to take some profit as soon as I possibly can. 2. I want to get a free trade, so once I have profit, I move my position to breakeven.

Winning is surely important, but it's vital that you look at winning from the proper perspective. Early success, can destroy a traderwe often see thisearly wins and then giving it back to the market soon after. This seems to occur when traders are overconfident. As a result of a little skill and some luck, they win on a bunch of trades, but in the end, their wins are only a fluke. And eventually, they "blow out." When it comes to short-term early wins, it's possible to win with only a little knowledge and skill. But watch out! Winning too early and too easily, tends to put take you off-guard._ You become overconfident._ You erroneously think you have the necessary skills to trade consistently and so you start focusing on maintaining a winning track record._ I wish I had the time and space to tell you of how many times I have seen this happen to traders.

But in the long run, a craving to win all the time can lead to failure. For one thing, the more you focus on winning, the more you are likely to freeze-up under the pressure. You have set yourself an unrealistic goal._

Winning isn't nearly as important as consistency and sticking with your plan. So when you're trading, remember you're "winning" even when you are losing as long as you are disciplined and following your trading plan, you may not win on any given trade, but over the course of many trades, you'll be a winner.

BFF. Bank Failure Friday. FDIC under stress.

Fri, 20 Nov 2009 09:48:45 EST

wilburbear in the Economics forum:

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Consumer confidence is down. More mortgages in default.

The size of the bank failures should be increasing.........

Arbitrage Equilibrium

Fri, 20 Nov 2009 09:32:47 EST

golablue in the Index Futures forum:

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Anyone have a link to a site that provides daily fair values for equity index spread arbitrage?

Adding a database...

Fri, 20 Nov 2009 09:32:37 EST

TheGoonior in the Gray-Box Trading forum:

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Not sure if this is the right forum, but for you guys who code your own platform, did you implement a database for your historical stuff (quotedata, trades, executions, etc, etc) or just store things off as a textfile, .csv, etc?
What are the tradeoffs/advantages of having the database?

And, if you do, since I'm not too familiar with databases, any suggestions? (free is good).

I code in c#, if that matters and I've been investigating WPF. Although I don't have a ton of experience with it, data-binding to a database appears that it would get rid of quite a bit of drudgework.

Thanks for any input.

Rolling Static on HyperInflation: Get ready!

Fri, 20 Nov 2009 09:19:00 EST

rollingstatic in the Economics forum:

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People get ready, the train is coming,,,,,,

A must watch video made in 1948...

Fri, 20 Nov 2009 09:15:39 EST

traderbigt in the Economics forum:

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Just watch it. Really.

http://www.homelandstupidity.us/2006/06/20/make-mine-freedom-too/

The video, produced by cartoon kings Hanna Barbara, foresees the Obama Administration by 60 years!

This should be shown in every school in America to school kids, it gets to the heart of the matter quite nicely.