Daily Speculations
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James Sogi
Philosopher, Juris Doctor, surfer, trader, investor, musician, black belt, sailor, semi-centenarian. He lives on the mountain in Kona, Hawaii, with his family. |
8/23/2005
Summer Fishing Holes, by
Jim Sogi
Always looking for those secret fishing holes. Another good Hawaiian fishing technique is palu palu using a hand line, a heavy cord with a big treble hook about 2" across, and a 6" rag tied near the hook, with a weight. The chopped fish parts are wrapped in the rag and loosely looped off, enough to hold it together as the hook, line, sinker and bait bag drops deep into the water, say 60 fathoms, till it hits the end of the line, then with a jerk, the palu (bait) is released when the bag opens at the correct depth. The fish, upon smelling the bait, start eating the hook, and hopefully 20-170 lb. tuna comes up. Sometimes after a big fish ball runs in the morning, the fish don't bite the rest of the morning. They go deep. Just like the market today...
Reading the news Sunday the reporter said that trading would be slow summer doldrums Monday. Assuming that they will be 1000% wrong is usually a good bet. Anyway, they were wrong, as today showed, both in volume and these big liquidity holes, nice summer fishing holes. Main thing is to put your bait at the right depth so that the sharks don't steal your bait and your fish down deep. It happens. Here is the data showing the lunch hour fishing hole. Might be some big ones down there, just watch out for the big sharks waiting to eat your bait and take your whole fish.
SP Globex Sept 05, Central Time Cum Sum of Trades at bid ask price 8:40-9:12 47887 57318 1230.50 9:12-12:15: 206151 193684 1218.75 12:15- close 78841 93564 1223.50
vol Monday 789k
vol Friday 484k
(Just for the record, I never look at daily volume except to show here how wrong the reporter was.)
c
Jim Sogi, May 2005
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