May

21

It is amazing that Zachar out of the clear blue sky with only disinterested sagacity predicted that the S&P would totally retrace the loss of 100 points on that memorable Thursday, May 6th. He called for a Millstein which is the technical name for a fluke error in price that shows on the screen that fortunately wasn't true, and then while you shake your head and tell the wife that it was just an error and she shouldn't worry, and you relax and take a break perhaps, even get a little shut eye, sure enough like a horrible incubus the price goes back exactly to that unthinkably terrible level. SPU's did it hitting 1060 bid at 1170 for one split second during the carnage as brokers liquidated the last poor victim of over leverage, and then snapped back to 1140 when Zachar made his amazing unqualified un el erian who has so much to gain with a prediction of that nature, prediction. Touche. Bravo. One of most amazing things i've seen in my career. At 1940 May 20, the S&P traded at 1061.50 which is as exact as it gets.

Alex Castaldo adds:

Here is the headline that came through on May 21, just like Mr. Zachar predicted:

BN 7:45  *JUNE S&P 500 FUTURES FALL BELOW LOW REACHED DURING MAY 6 ROUT


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2 Comments so far

  1. Anatoly Veltman on May 21, 2010 2:41 pm

    You’ll find a comment inside May 10th “Briefly Speaking”, just as futures were straddling the TOP the range (and three days pre-”Zachar”): “contract will tend to meander largely within that day’s range for a great number of days to come, sometimes weeks”

  2. Ken Drees on May 21, 2010 4:30 pm

    a retest of the low not talked about in the financial media. will it break the low next or start walking back up?

    Breaking the low is a taboo topic and not being talked about since that would be bad and those terrible things must be understated.

    I caught one sound bite last week from an early fin show on or about the flash crash and this was priceless. This trader said that he comes in early to the pits and looks at the computers from the night before. He checks out the charts left up from the traders from the previous night’s after hours market “homework”.

    The anchor woman said “gee, what are they looking at?”

    His answer: “you won’t believe this, but traders are into silver” And darn if he didn’t look smart and most believable.

    Silver prompty got destroyed.

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