Tropical Storm Alex to BP’s Rescue
I Want my life back! I am not the only one as plenty of fishes, birds, and people also want their life back that BP plc (ADR) has taken away. Not to Worry because BP feels sorry, so sorry that it is donating oil spill revenue to charity (the National Fish and Wildlife Foundation). BP said it would provide $5 million to the group immediately, Based on a current futures price of $77.83 a barrel, the collected oil is worth about $1.2 million. BP hopes to cap the well by August.
With the CEO now out of the picture time to get back to work and stop this drilling insanity. Hmm maybe not thanks to a federal judge who has overturned the Obama administration’s 6-month moratorium on new deepwater offshore drilling projects. What's the reason for overturning the decision?
The Interior Department said it needed time to study the risks of deepwater drilling but U.S. District Judge Martin Feldman said in his ruling the Interior Department assumed that because one rig failed, all companies and rigs doing deepwater drilling pose an imminent danger.
Come on there has to be more to this story and thankfully there is. Like many judges presiding in the Gulf region, Feldman owns lots of energy stocks, including Transocean, Halliburton, and two of BP’s largest U.S. private shareholders — BlackRock (7.1%) and JP Morgan Chase (28.3%). Here’s a list of Feldman’s income in 2008. How can he stop drilling when his heart is fully soaked in oil? He can't because Industry ties among federal judges are so widespread that they are beginning to endanger the courts’ ability to conduct routine business.
More great news! We don't need to head to Italy to see the amazing Leaning Tower of Pisa because BP pipe is tilting more.
The Deepwater Horizon riser package that sits on the seabed a mile below the ocean surface weighs over 450 tons, including the 48-foot-tall failed blowout preventer. National Incident Commander Thad Allen announced that the riser package is tilting “10 or 12 degrees off perpendicular (On June 10 it was only tilting by about 2 or 3 degrees). Engineers and geologists fear the stack atop the well could tip over if the well integrity further degrades, leading to the “unlikely, but not implausible” scenario of “oil gushing through the sea floor.”
Hey you say, its unlikely and worst case scenario and BP will get things rolling before something worse happens. What else coulg go wrong? everything is already factored for the worse.
Oh wait! More Great news just arrived! Tropical Storm Alex comes to the rescue (or not) of BP. The ECMWF model is the most aggressive in developing this system, taking it into the Gulf of Mexico as a hurricane next week. The NOGAPS model keeps the storm weak and farther south, predicting that 93L will bring heavy rains to northern Honduras as a tropical disturbance or tropical depression on Friday and Saturday. But either way this will be fun to watch.
Here is the graph of Invest93 (Tropical Storm Alex)
Check out some previous BP Posts:
BP Cares about the small people June 17
BP now stands for Bad Publicity June 14
Thats all Folks,
-K
Mother Nature Shorts the Market: Volcano errupts, Cramer Says the Recovery is Real
Mother nature is fed up with the mountainous stock market climb and the Icelandic Volcano has finally put a top to it.
There have been many canceled flights across Europe and airliners will be feeling the effects of the volcano for at least a quarter if not more. This is one of those news items that is still not priced into the market (at least wasn't as of 4pm closing bell) so shorting an international Airliner should yield results (British Airways or AirFrance perhaps).
This is not just a minor news article as many airports have yet to close but will have to as the ash travels farther from its origin. According to BBC "Such a large eruption... would have the potential to severely affect air travel at high northern latitudes for six months or more. "In relation to the current eruption, it is worth noting that the last eruption of Eyjafjallajoekull lasted more than 12 months."
This could be a major win for global warming activists because it might cool us down according to an article in the Guardian that states "The dust can also help reduce global warming. The effect of the Iceland ash cloud will be small but larger eruptions help to cool the planet as they reflect sunlight back into space. The 1815 eruption of Mt Tambora in Indonesia produced so much volcanic ash that it triggered the "year without a summer" that brought widespread failure of harvests across Europe, famine and economic collapse."
Now that we established Mother nature's attempt to stagnate or destroy the economy lets turn our heads to the lovely Jim Cramer who tells us that the Recovery Is Real!
"Maybe this time, the recovery is better, Maybe it's healthier and more sustaining. Maybe this time we've got it right, not wrong, and Maybe the recovery will be responsible and Maybe fueled by a longer-term health in the consumer, and Maybe it will not be turbocharged bad lending." Now I added a few more maybes on my own to emphasize that Maybe the recovery is real and Maybe Cramer is a genius.
We know mother nature is short and Cramer is long. Lets take a look at some economic data domestically and around the world.
US Economy:
March Foreclosure Activity Highest on Record (Calculated Risk)
7 million households are behind on their mortgages. Now that the worst of the financial crisis appears to be over, banks are finally stepping up the foreclosure process again. Foreclosure filings were reported on 367,056 properties in March, an increase of nearly 19 percent from the previous month, an increase of nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in January 2005.
Weekly Initial Unemployment Claims Increase to 484,000 (The Big Picture)
Today’s Unemployment Insurance claims “unexpectedly” spiked to 484k vs. a 440k consensus, and were 24k higher than last week. Lets get to the excuses as to why the weekly claims for unemployment insurance are not dropping as quickly as everyone would like. "A Labor Department economist said this latest rise can be pegged to lag effects from the spring holidays, including Easter and Cesar Chavez Day, which is celebrated in worker-heavy California." If that puts a dent in employment then here are the Holidays: Thanksgiving, Christmas, MLK Jr. Day, snow storms, Easter, Cesar Chavez. Upcoming next week are Administrative Professionals Day and Take Your Children to Work Day, so fear not when UI claims breach 500k again.
Empire Manufacturing Index Soars (Econompic)
A gauge of manufacturing in New York State rose to a six-month high in April as new orders advanced and employment continued to improve, the New York Federal Reserve said in a report on Thursday. The New York Fed's "Empire State" general business conditions index rose to 31.86 in April, the highest since October and up from 22.86 in March. Economists polled by Reuters had expected a figure of 24.
World Economy:
Greece On Verge Of Activating Rescue Package (Zero Hedge)
A senior Greek Finance Ministry official told Market News that With the call for a meeting today, Greece is seeking to iron out “immediately” exactly what the details of the joint EMU-IMF plan will be, and what fiscal, macroeconomic and other conditions will be imposed on Greece in exchange for the aid. Last weekend Greece issued $2.1 billion in Bills, which auction by the way bankingnews.gr recently reported was a scam, with half the bids being fake!
Israel accuses Syria of arming Hezbollah(AFP)
Israeli President Shimon Peres on Tuesday accused Syria of supplying Scud missiles to the Lebanese militant group Hezbollah while publicly talking peace.
"Syria claims it wants peace while at the same time it delivers Scuds to Hezbollah whose only goal is to threaten the state of Israel," Peres told public radio.
Have a good night.
-K
Nightly Recap 4-9-2010
Market Summary:
DOW +70.28 (10,997.35) Briefly Touched 11,000
S&P +7.94 (1,194.37)
Nasdaq +17.24 (2,454.05)
____________
Disclaimer:
Open Positions: SRS at 5.97
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Nightly News Links
US Economy:
Bank Failures and Puerto Rico (Calculated Risk)
It appears the FDIC is getting closer to taking action in Puerto Rico. Three banks on the island holding more than $20 billion of assets are in trouble ... It appears the remaining healthy banks in Puerto Rico don't have the capacity to acquire these troubled banks - and most banks not in Puerto Rico just aren't interested.
Crazy Expensive Stuff That's Helping Push Sotheby's Back Towards Nosebleed Heights (BID) (Business Insider)
Sotheby's (BID) is back and the sales are as hot as ever. The auction house, a viable predictor of major market turns, is officially telling us its back to pre-Lehman levels.
Many million dollar pieces are even fetching bids twice the amount predicted, as wealthy buyers appear more than ready to spend again.
Back on March 14th I wrote an article about (BID) as a Market Leading Indicator. Click here to check it out.
World Economy:
U.K. Produce Prices Soar in March (Econompic)
Oil prices rose above $86 a barrel Friday on a weaker dollar and after robust U.S. retail sales in March pointed to growing consumer demand in the world's biggest energy market. As can be seen, this jump is almost entirely due to the cost of energy (it has not yet fed into other goods / services) and elevated producer prices will be difficult for businesses to pass through to end consumers.
More Links on the Greece Fiasco:
1.Greek Short term debt spikes to 21%
2.Fitch Downgrades Greece To BBB-
Interesting Links:
10 Psychological, Valuation, Adapative Investing Rules (The Big Picture)
Everything cycles: Recessions turn into recoveries; bull markets give rise to bear markets. Every rally that there ever was or there ever will be eventually ends. Adapt to this truism or lose your money. - After a collapse (i.e., a 55% market sell off), most of the terrible structural news that existed before the collapse is reflected in prices. Let it go. (Plenty more good ones at the link above)
Southpark: Cartman as Jim Cramer of Facebook
Kudos to Matt Trivisonno for finding this video and finally some straight talk about China.
China is dependent on us, we're working in order to keep Chinese people working. The Chinese think that we are suckers and are laughing at us.
Check the video below for 4 well spent minutes.
Have a Good Night
-K
Nightly Recap 4-5-2010
Market Summary:
DOW +46.48 (10,973.55)
S&P +9.33 (1,187.43)
Nasdaq +26.95 (2,429.53)
____________
Disclaimer:
Open Positions: SRS at 5.97
___________
Nightly News Links
US Economy:
Recessionary Impact: Fewer Shopping Trips and Less Spending Per Trip (NielsenWire)
A consistent pattern of reduced shopping trips continues to be a major element of consumer’s economic coping strategies. In the latest battle for share of wallet, those retailers who satisfy consumers through differentiation will gain more of less. Retailers’ focus on store brands and price cuts helped keep spending levels in check driving more value for shoppers.
Gen X,Y Will Lead Economic Recovery (PWC)
As a result of recession-shrunk Baby Boomer household wealth, Generations X and Y will fuel the shopping growth needed to spur an economic recovery, according to [pdf] a new study from PriceWaterhouseCoopers and Kantar Retail.
ISM Services Jump (Econompic)
"Business conditions have returned to normal (pre-recession). Our business is up significantly since 2009. We are very positive about the upcoming year. "The economy appears to be holding its own; however, state and local funding is projected to decrease next fiscal year." (Educational Services) "Brisk business activity continues as more projects get 'green light.'" (Utilities) "Observing some relaxation on several fronts regarding spending and hiring. Still very cautious, but making investments where they make sense." (Retail Trade)
World Economy:
Greece 10 Years Back To Crisis Levels As Germany Refuses To Subsidize Greek Interest Rates (Zero Hedge)
Greece has been largely forgotten by the media over the past 2 weeks. This is somewhat perplexing in light of what is happening over in Europe: 1) Greek 10 Year spreads are back to crisis levels, hitting 6.53% today, 50 bps higher than the sub 6% reached in early March when speculation that the EU would fix everything; 2) German disagreements with other eurozone countries on the shape of the Greek bailout are getting more acute by the day, and this is nearly a month after the European "bailout" has been announced.
Interesting Links:
Facebook vs The United States (InfoGraphic) (Mashable)
To find out more about the average American Facebook user and how he or she compares to the average American, we dug a little further. After crunching the numbers and comparing the data, this is what we found (Check link above).
Wikileaks leaked video of Civilians killed in Baghdad - Full video (!Warning! Video is Very Graphic)
After much speculation that it was nothing but a red herring, Wikileaks, which has recently gotten some substantial press coverage on both sides, has finally released a classified video leaked by "a number of military whistleblowers" which depicts "the indiscriminate slaying of over a dozen people in the Iraqi suburb of New Baghdad, including two Reuters news staff."
Sorry for missing a few days of recaps but with the April Fools combo and Easter I wasn't able to.
Have a Good Night
-K
Nightly Recap 3-29-2010
Market Summary:
DOW +45.50 (10,895.86)
S&P +6.63 (1,173.22)
Nasdaq +9.23 (2,404.36)
____________
Disclaimer:
Open Positions: SRS at 5.97
___________
Nightly News Links
US Economy:
Seasonality Map for April, 2010(MarketSci Blog)
On the link above is a map of expected strong/weak days for the U.S. market for April, 2010 based on historical seasonality patterns. "I want to make clear that I do NOT think that seasonality alone is sufficient to justify a trade; however, all of the seasonality plays included in this report have been powerful enough and consistent enough that I do think they should be one of many tools in the trader’s toolbox."
Have commodities outpaced fundamentals?(Investment Postcards)
Have metal prices and the prices of other commodities such as oil outrun the underlying fundamentals? The significant strength of the US dollar since December last year has capped rises in commodity prices. However, metal prices continue to be driven largely by Chinese demand, with China’s manufacturing PMI for new export orders and total new orders leading metal prices. The risks of investing in commodities are increasing as we move forward. The metal markets currently smack of speculation and manipulation. Metal stocks on the London Metal Exchange are currently at levels similar to those at the height of the global liquidity crisis
World Economy:
Euro Trashed (New York Times)
Germany and other “euro-optimists” hoped that the introduction of a common currency and the global economic competitiveness it spurred would quickly lead to sweeping economic and societal modernization across the union. But the opposite has occurred. Rather than pulling the lagging countries forward, the low interest rates of the European Central Bank have lured governments and households, especially in the southern part of the euro zone, into frivolous budgetary policies and excessive consumption. In short, the euro is headed toward collapse.
Greek CDS's Exploding After Horrible Debt Auction, Greeks Blame Weak Demand on Easter(Zero Hedge)
Greek CDS are moving 10 bps wider from 293 to 303 bps as demand for the bailed out country's bonds was much weaker than expected. Greek weakness is spreading to other European countries: The cost of protecting other euro zone government bonds from default were also mostly higher. The German 5-year credit default swap rose to 30.1 bps from 28.9 bps. In the meantime, and in keeping with the Greek tradition of scapegoating, the very weak demand for the new 7 Year issue was blamed on... Easter. About 175 institutions bid for a slice, sources at the lead managers said, compared to 400 investors for the 10-year issue.
"It is Easter week in Greece and Europe and this explains why demand may seem a bit softer, with the book growing at a slower pace compared to the previous 10-year bond issue," said a source at one of the five banks leading the issue.
Japanese Production Takes a Breather(Econompic)
Japan’s industrial production retreated in February, snapping an 11-month winning streak that helped to secure a recovery from the country’s worst postwar recession.
Factory output declined 0.9 percent from January, when it rose 2.7 percent, the most in eight months, the Trade Ministry said today in Tokyo. The median estimate of 24 economists surveyed by Bloomberg News was for a 0.5 percent drop.
The slide is unlikely to last as Asian demand for the country’s electronics and machinery continues to fuel exports, Junko Nishioka, chief economist at RBS Securities Japan Ltd. in Tokyo, said before the report was published. Factory output and exports have yet to return to their peak set two years ago, and the recovery remains plagued by deflation.
Have a Good Night
-K
Nightly Recap 3-25-2010
Market Summary:
DOW +5.06 (10,841.21)
S&P -1.99 (1,165.73)
Nasdaq -1.35 (2,397.41)
Nightly News Links
US Economy:
The Social Security Tipping Point (Econompic)
The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security.
This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office. The problem, he said, is that payments have risen more than expected during the downturn, because jobs disappeared and people applied for benefits sooner than they had planned. At the same time, the program’s revenue has fallen sharply, because there are fewer paychecks to tax.
The Recession Ans Recovery In Perspective (Minneapolis Fed)
The 2007-2009 recession is widely thought to have ended sometime last summer. How bad was this recession, and how quickly is the economy recovering? How does this recession and recovery compare to previous cycles? Check the Link for interactive Charts.
Ambac to File Bankruptcy ( The Big Picture)
Bond insurer Ambac Financial Group said again that it may seek bankruptcy protection after state regulators took control of some of its most troubled assets.
The news Thursday sent the company’s already devalued stock into a tailspin.
World Economy:
Dell Leaving China In Search Of "Safer Environments" In India (TFTS)
India’s Prime Minister, Manmohan Singh, told the Indian press that Dell chairman Michael Dell assured him that Dell was moving $25 billion in factories from China to India. Original motives were cited for environmental concerns. But later details come up as to dell wanting a ’safer environment conductive to enterprise.’”
China Official: "Will not adjust exchange rate" (Calculated Risk)
After meeting with officials at the Treasury and Commerce Departments on Wednesday, China’s deputy commerce minister, Zhong Shan, told reporters, “The Chinese government will not succumb to foreign pressures to adjust our exchange rate."
“It is wrong for the United States to jump to the conclusion that China is manipulating currency from the sheer fact that China is enjoying a trade surplus,” Mr. Zhong told reporters in a meeting at the Chinese Embassy. “Besides, it’s wrong for the United States to press for the appreciation of the renminbi and threaten to impose punitive tariffs on Chinese experts. This is unacceptable to China.”
This is more posturing before the Treasury releases the worldwide currencies report on April 15th that might name China a "currency manipulator".
All Hell To Break Loose: April 15th (Reuters)
U.S. senators have introduced new legislation that threatens China with punitive duties if it fails to lift the value of its currency, boosting pressure on the Obama administration to take action under existing law.
The bipartisan measure, which merges earlier efforts to change the currency law, aims to end what the lawmakers said was Beijing's deliberate efforts to keep the yuan cheap to subsidize exports and tax imports.
Have a Good Night
-K
Nightly Recap 3-24-2010
Market Summary:
DOW -52.68 (10,836.15)
S&P -6.45 (1,167.72)
Nasdaq -16.48 (2,398.76)
Nightly News Links
US Economy:
Durable Goods Jump on Continued Strength in Aircraft (Econompic)
Orders for big-ticket manufactured goods rose for a third consecutive month in February, bolstered by strong demand for commercial aircraft and machinery. The
hope is that continued strength in manufacturing will help sustain the economic recovery.
The Commerce Department said Wednesday that orders for durable goods advanced 0.5 percent last month, slightly lower than the 0.7 percent gain that economists had expected.
Chicago Fed National Activity Index (Chicago Fed) [PDF]
Chicago Fed National Activity Index is a surprisingly good forecaster of economic activity. The Chicago Fed National Activity Index (CFNAI) is a monthly index constructed to summarize variation in 85 data series on U.S. economic activity.
New Home Sales Plunge To New All Time Record Low (Zero Hedge)
New home sales drop to a record low adjusted annual rate of 308K. All of the government's housing stabilizing measures are now a disaster, as existing home sales inventory surges to nearly 9 months, not counting the shadow inventory, which is more than double.
World Economy:
China: Sale of residential land temporarily halted (China Daily)
The Ministry of Land and Resources has ordered a temporary ban on the sale of land for housing in a renewed measure to ease soaring real estate prices.
Yun Xiaosu, vice-minister of land and resources, said local authorities should not sell land for residential purposes until this year's housing land supply plan is released in early April.
"Residential land supply will increase and low-income housing projects will top local governments' agendas," Yun said during a video-conference on Monday.
Getting Technical: Trouble Brewing in Europe (Barrons)
News that Portugal's credit rating was downgraded by one of the major ratings agencies sent a shiver across the European Union.
The question on investors' minds is whether this is the start of something bigger or just a contained incident. After all, Greece's problems did not take down global markets.The stock market, however, might have the answer and it is not good. Technical death crosses -- when key short-term moving averages move below longer-term moving averages -- have occurred in several of the troubled markets. Most will agree that the stock market looks forward to events expected to occur perhaps nine months down the road. It is one way we can explain why stocks rallied a year ago when the financial world was in danger of collapse. "We ain't seen nuthin' yet"
Have a Good Night
-K
Nightly Recap 3-19-2010
Market Summary:
DOW -37.19 (10,741.98)
S&P -5.92 (1,159.90)
Nasdaq -16.87 (2,374.41)
Nightly News Links
US Economy:
Leading Economic Indicators Point to Slowing Recovery (Econompic)
The index of U.S. leading indicators rose 0.1 percent in February, the smallest gain in almost a year, pointing to an economy that may expand at a slower pace in the second half of 2010.A pickup in manufacturing in the last half of 2009 that helped spearhead the recovery has prompted companies to slow the pace of job cuts. Stronger economic growth hinges on employment gains that have yet to occur, one reason Federal Reserve policy makers this week kept interest rates near zero.
The Fed must disclose bailout details (Calculated Risk)
The U.S. Court of Appeals in Manhattan ruled today that the Fed must release records of the unprecedented $2 trillion U.S. loan program ... The ruling upholds a decision of a lower-court judge, who in August ordered that the information be released. It will be interesting to see these documents, but it might not be for a few more years.
Goldman Lowers Major Banks' Projected Q1 EPS By 15% (ZeroHege)
World Economy:
German Central Bank Admits that Credit is Created Out of Thin Air (Naked Capitalism)
Germany’s central bank – the Deutsche Bundesbank (German for German Federal Bank) – has admitted in writing that banks create credit out of thin air.As the Bundesbank states in a publication entitled “Money and Monetary Policy”
The high price of failure in North Korea (The Mess That Greenspan Made)
North Korea has executed a senior official blamed for currency reforms that damaged the already ailing economy and potentially affected the succession, a news agency in South Korea reported today.Pak Nam-gi was killed by firing squad last week.
NOTE: I Will not do Weekend Updates of news. Sorry
Have a Good Night
-K
Nightly Recap 3-17-2010
Market Summary:
DOW +47.69 (10,733.67)
S&P +6.75 (1,166.21)
Nasdaq +11.08 (2,389.09)
Nightly News Links
US Economy:
PPI Is Stabilizing (Econompic)
Wholesale prices fell a larger-than-expected 0.6% in February after seasonable adjustments, with energy prices falling 2.9%, the Labor Department reported Wednesday. This is the largest decline since last July. The producer price index has risen 4.4% in the past year, the government said.
437 Retail Store Closings Signal Major Brand Restructuring (RIS)
The spring thaw can't come fast enough for retailers that haven't yet adjusted to a retail landscape populated with bargain hunting shoppers that have limited discretionary spending. Find out which major chains, including Abercrombie & Fitch and Williams-Sonoma, are closing poorly performing stores with leases about to expire, and why one global retailer is exiting the U.S.
Now Bernanke Wants To Eliminate Reserve Requirements Completely (The Economic Collapse)
Banks have always been required to keep a small fraction of the money deposited with them for a reserve, but were allowed to loan out the rest. But now it turns out that Federal Reserve Chairman Ben Bernanke wants to completely eliminate minimum reserve requirements, which he says "impose costs and distortions on the banking system". At least that is what a footnote to his testimony before the U.S. House of Representatives Committee on Financial Services on February 10th says. So is Bernanke actually proposing that banks should be allowed to have no reserves at all?
Interesting Reads:
Tracking a Century of American Eating (Amber Waves)
A century of ERS’s food availability data reveals how the sometimes conflicting, sometimes reinforcing technological, political, social, and economic forces affect the types and amounts of commodities available for consumption. The following examples illustrate some of these forces and their impacts.
The Best 2-day Indicator (Trading SPY) (MarketSci Blog)
MarketSci puts four often used 2-day indicators to the test to see which has been the “best” measure of how overbought/oversold the market was over the last decade.
In Dod We Trust - The Daily Show (Video)
Chris Dodd introduces financial reform legislation and Jon Stewart provides another hilarious clip.
| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c |
| In Dodd We Trust | |
Michael Lewis on The Daily Show (Video)
Michael Lewis talks about the financial crisis and subprime mortgages with the Jon Stewart. I love The daily show when they talk about finance.
| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c |
| Michael Lewis | |
Have a Good Night
-K
Why Not To Use Stop Loss Order
I'm busy investrader trader. I work full time so it is not easy for me to trade throughout the day. Thus, from time to time (read: sporadically), when I'm going to the meeting with an open order, I need to minimize damage to my portfolio in case something was happening to the stock while I was not looking at its chart. During those times I use stop-loss orders. Stop-loss orders are dangerous and I want to share with you something about them.
A stop order (also stop loss order) is an order to buy (or sell) a security once the price of the security has climbed above (or dropped below) a specified stop price. (Note that both bid and ask prices can trigger a stop order.) When the specified stop price is reached, the stop order is entered as a market order (no limit). This means the trade will definitely be executed, but not necessarily at or near the stop price, particularly when the order is placed into a fast-moving market, or if there is insufficient liquidity available relative to the size of the order.
I filled an order for 400 PFE at $17.90 (its support). I set a stop-loss at $17.78-- I like to take tiny losses. While away, look what happened:
For a fraction of a second, the price fell to $17.75! Coincidence? This is what happens when others set stop losses and the movement is bearish-- they are being taken out within fraction of a second. More importantly however, stop losses can be seen by market makers and they sure know how to make your life miserable.
Regardless, my stop loss order was not taken out and I'm still in this trade.
Best of all, just see what happened right after:
