There were two sins that would result in an immediate termination at the prop shops. One was holding a leveraged loser and not showing up for work–the O'Hare trade– you go to the airport and call the office to see if you're blown up or not. If so they boarded the plane.

Next was "but its a great company." If anyone ever said that about a stock they were caught long in they were fired faster than….Never since I have read about the markets on my tank in 91 desert battles have the "valuations" of certain stocks in the sector all kids love– tech– never have they been so "cheap."

Now don't get me wrong the 2002 strategy of buying INTC in the teens and selling it over 20 has worked. And no I am not talking the 4 months post LEH when the world was coming to an end. I mean now a normal non panic time vs any other time when the waters were no hurricane force winds. I have never heard so many traders say, "but it's a great company and it's so cheap"…and I respond get the joke or you're fired.


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