I never detected that "push or pull the herd" kind of activity from Jack at all. He would say things like "if Intel is up by 1/2 at 10:30 am I will purchase an xyz call for this amount with the intent to sell it by 12:00 if it reaches that amount." He would in the same post indicate that something like "if Intel falls by 3/8 at 10:30 am I will sell it short hoping for it to drop a full point more by 12:00 noon." He would explain the support levels he used and why they might hold or be pierced. He was not dogmatic. He was very disciplined. He was successful and I saw absolutely no indications that he was attempting to manipulate prices. That having been said, I personally am more suited to a long term investment approach as opposed to day-trading. Nonetheless I found it fascinating to see how someone could successfully approach day trading from a disciplined point of view. By the way, when Jack made trades that didn't work out, he would post that too and accept with good grace that loss. So many of those who post on this thread are remarkable in that they have never lost on a trade (to hear them tell it). So though I am not a trader, I would have to acknowledge that there are a number of traders who can practice that art well. They don't win all the time (the good ones seem to win over 60% of the time), they cut their losses fast when they bet wrong and they develop a good (but not infallible) sense of timing and momentum.
Look. Intel sells 15,000,000 shares on a slow day with a value of over a billion dollars each day. Buying or selling by almost any individual who isn't rolling $50,000,000 bets isn't going to move that market alone. As to why Jack posted that information:
1) Jack and others migrated here from another earlier bulletin board where they posted their stock trading ideas and approaches on Intel and learned from each other. That club of speculator/investors shared their ideas frequently and there was a gentle quality to the discussions, even if they differed on methods, approach or even viewpoint on the general direction of the stock. To use an outdated word, they were gentlemen and they behaved like gentlemen, at least to each other.
2) Frankly you can't believe the person who tells you after the fact that he bought at 89 and sold at 92. People do that all the time on this thread and since they never say before they take a position there is no was to know whether they are truthful or not. By posting your basis for your move beforehand, you are submitting your ideas to scrutiny, judgement and criticism if you are wrong. This is fun and useful when the atmosphere is collegial. It is hopeless when the atmosphere is savagely confrontational.
3) Why do any of us post any of our ideas on this thread? We sometimes enjoy being right, enjoy sharing our insites (or lack of them) and get a feeling of community with those who share our interests, even if there is not 100% uniformity of viewpoints. Sometimes we are seeking information and sometimes we provide info. None of us have to post and because it's optional it's fun to interact with people who have the same interest as we do, whatever their viewpoint. The least useful posts are the "go Intel" cheerleading or the "evil Intel will die tomorrow" raspberries. |
