Daily Speculations The Web Site of  Victor Niederhoffer & Laurel Kenner Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter;  a forum for us to use our meager abilities to make the world of specinvestments a better place.

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The Chairman
Victor Niederhoffer

10/12/04
"This isn't Squash," by Victor Niederhoffer

So many times one looks at the screen at the end of the day, and waits for the screen to change. "This couldn't be. No it couldn't be so bad." One always remembers how Rainer Ratinac the New Zealand squash player would react when one mixed it up a bit thereby offsetting his mountain training and great conditioning. "This isn't squash, mate" he'd say as his game crumbled. The market opens way down on oil setting a new high. but then crude goes down a fast 2% from the open. But the market is still down. The market is way down because everyone knows that a big semiconductor company is having problems and the last 3 earnings announcements for certain tech companies have been bad. But now they're creeping up.  Many times a sticky finger hits the wrong key and prices move drastically electronically. The error and cause is called to the attention of the market. But price does not equilibrate. "This isn't markets, my friends".

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