This column is not about working too hard, or the dangers of high cholesterol, or lack of exercise. It is about a rash of suicides within the financial community. What this actually means is less certain than the reporting on it might imply.
Yesterday, 47-year-old Edmund Reilly, a trader at the Vertical Group, jumped in front of a Long Island Rail Road train, and was pronounced dead at the scene. That led to an article from the New York Post reporting that this was one of many recent suicides of people in the financial industry. IBT had a headline last fall “Suicide Among Bankers Appears To Be On The Rise Again As Pressures To Get Banks And Businesses Back In The Black Takes Its Toll.”
The Post was so kind as to include a list of a half-dozen other suicides this year by people working in finance. A quick search reveals many other finance suicides in recent months. “Banker Suicides” even has its own Wikipedia page.
http://www.bloombergview.com/
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Forex: 10 Events to Watch Next Week In order of release 1. UK Consumer Price Index (Aug 19) 2. New Zealand Dairy Auction (Aug 19) 3. RBA Semi-Annual Testimony (Aug 19) 4. Bank of England Minutes (Aug 20) 5. FOMC Minutes (Aug 20) 6. HSBC China Manufacturing PMI Aug Flash…
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There are serie parallels between the stock market’s recent behavior and how it behaved right before the 1929 crash. That at least is the conclusion reached by a frightening chart that has been making the rounds on Wall Street. The chart superimposes the market’s recent performance on top of a…
Tags: trading
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One of my favorite pastimes is dissecting accepted Wall Street wisdom to see if it contains any value for investors or traders. Often, upon examination, the widely held beliefs turn out to be closer to magical thinking than financial acumen. One of the more recent examples is the way some…
Tags: trading
Talk that Russia could be behind the bulk of the more than $100 billion drop in the Federal Reserve’s custody holdings for foreign central banks in the week ending Wednesday has many observers scratching their heads. This would represent about eighty percent of their dollar holdings.
As we noted earlier, rather than selling the Treasuries, Russia simply transferred them from the Federal Reserve out of the U.S. The incentive would be the threat of sanctions following this week’s Crimean referendum.
Read more: http://www.businessinsider.com/
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On Tuesday, Federal Reserve Chair Janet Yellen promised the House Financial Services Committee "a great deal of continuity" in monetary policy as she fills the shoes of Ben Bernanke. However, Yellen is not Bernanke. And depending on her read on the economy, she will use her powers to influence…
Tags: read, federal, economy, reserve, fed
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11 Ugly Charts That Confirm China's Dramatic Slowdown During the National People's Congress, China's policymakers announced that it would target 7.5% GDP growth target for 2014. This is down from 7.7% growth in 2013, and the recent data shows that the economy is clearly off to a slower start to…
Tags: read, economy, http://www.businessinsider.com, china
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For 31-year old Beijing resident Wang Yuanzhi, talk about a bubble in Chinese property is not something to be too concerned about. "If you look at the real estate market in China, it has already seen a golden decade of extreme fast growth. There will still be room for growth…
Tags: china, talk, economy
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China's central bank is prepared to take its strongest action since 2012 to loosen monetary policy if economic growth slows further, by cutting the amount of cash that banks must keep as reserves, sources involved in internal policy discussions say. A cut would be triggered if growth slips below 7.5…
Tags: central, banks, economy, china
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I will let you guess where we are in this "cycle". Within a fractional reserve banking system, if the Federal Reserve decreases the discount rate and the rate is lower than the long bond rate by enough of a spread, the banks get motivated to borrow at or close to the discount rate and loan…
Tags: economy, banks, fed
Software AG today unveiled the latest addition to its Apama market surveillance solution with alerts to identify FX (foreign exchange) market manipulation and benchmark fixing. Developed in partnership with tier one banks, these new alerts provide compliance and market monitoring personnel with in-depth monitoring of FX trading, to identify benchmark fixing, cross-liquidity venue manipulation and other suspicious behaviour. In addition, it enables trading institutions to customise real-time detection scenarios to meet business specific needs and to evolve surveillance in response to the latest regulatory demands.
http://www.fx-mm.com/
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Russia invades Ukraine: beware of a risk off weekly opening
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Deutsche Bank has fired three currency traders in New York as regulators worldwide ramp up their investigations into potential manipulation of the $5-trillion-a-day foreign exchange market, according to a person briefed on the matter. The three employees include the head of Deutsche Bank’s emerging markets foreign exchange trading desk in…
Tags: exchange, foreign, currency, trading, manipulation, market
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Currency traders are having their worst start to a year since 2010 as a dearth of trends in major foreign-exchange markets crushes their investment strategies. Deutsche Bank AG’s Currency Returns Index has dropped 0.3 percent since Dec. 31, dragged down by momentum trading, where investors looks for consistent moves in…
Tags: currency, trading, ag
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In less than three weeks, the most important election of the year will take place in Switzerland, and you haven’t heard of it. While the U.S. focuses on the recent Republican victory, the financial markets are facing an earth-shaking event on November 30th. This Swiss election seeks to challenge the…
Tags: currency, trading
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With the Federal Reserve printing trillions upon trillions of dollars to keep the economic system afloat, many investors and financial pundits have surmised that the fundamental economic problems facing the United States during the crash of 2008 have been resolved. Stocks are, after all, at historic highs. But the…
Tags: market, currency, trading
Unless you’ve been living under a rock for the past 9 months, you’ve heard about Bitcoin, and often in relation to massive moves in price action. Either up (for a long time) or down (as it has been going of late).
Despite all the warnings from financial professionals, the recent downfall for Bitcoin – and most notably the Bitcoin exchange Mt. Gox – seemed to come as a total surprise.
With the benefit of 20/20 hindsight, we can see that the warnings heeded by many turned out to be remarkably correct.
http://goinfront.com/
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The website of Mt. Gox appears to be taken down, shortly after six major Bitcoin exchanges released a joint statement distancing themselves from the troubled Tokyo-based bitcoin exchange. Mt. Gox's homepage was not loading, although no error message appeared. Mt. Gox was not immediately available for comment. "This tragic violation…
Tags: bitcoin, mt, gox, exchange
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Bitcoin prices are all out of whack. Mtgox cratering. pic.twitter.com/exe8Bwl6cG
Tags: bitcoin, #bitcoin
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A bug in the bitcoin software that makes it possible to alter transaction details over the network has caused panic-selling among holders of the crypto-currency, sending prices crashing below the $600 mark on Monday morning. http://www.finextra.com/news/fullstory.aspx?newsitemid=25707
Tags: bitcoin, massive
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The price of the digital currency bitcoin slid to its lowest level in nearly two months on Monday after bitcoin digital marketplace Mt. Gox said a halt on withdrawals it announced on Friday would continue indefinitely after it detected "unusual activity." http://www.reuters.com
Tags: bitcoin, mt, gox, price, months
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Government regulators around the world have spent the last year scrambling to prevent bitcoin from becoming the currency of choice for money launderers and black marketeers. Now their worst fears may be about to materialize in a single piece of software. On Thursday, a collective of politically radical coders that…
Tags: bitcoin
Graham Davidson was in a slump, the worst he’d ever known.
In 15 years as a foreign-exchange trader in Sydney, New York and London, he’d always made money. Now, in the winter of 2011, he seemed to have lost his touch, Bloomberg Markets magazine will report in its April issue.
Davidson’s trades were all in the red — screaming, fire-engine red. And his mood had turned black. Self-doubt haunted every decision. He hesitated to put trades on. He jumped out of positions at the first hint of trouble, only to see the market turn again, racing ahead without him.
http://www.bloomberg.com/
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Forex: 10 Events to Watch Next Week In order of release 1. UK Consumer Price Index (Aug 19) 2. New Zealand Dairy Auction (Aug 19) 3. RBA Semi-Annual Testimony (Aug 19) 4. Bank of England Minutes (Aug 20) 5. FOMC Minutes (Aug 20) 6. HSBC China Manufacturing PMI Aug Flash…
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Embarking on a trading adventure involves developing a systematic strategy, understanding trend following, and mastering risk management. Drawing on resources like Covel's "Trend Following" and Schwager's "Market Wizards," traders must cultivate patience and discipline. Continual learning and adaptation are crucial to navigating the ever-changing markets and achieving long-term success.
Tags: trading, market
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There are serie parallels between the stock market’s recent behavior and how it behaved right before the 1929 crash. That at least is the conclusion reached by a frightening chart that has been making the rounds on Wall Street. The chart superimposes the market’s recent performance on top of a…
Tags: market, ahead, trouble, trading
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