SIUYA

wisdom of the crowds and the jelly bean jar. .....maybe all of this will tell us is what we already know - we are often the enemy (whoops more physc stuff)

hi Bob, glad you like it. I usually think its a bit off the cuff which misses the point sometimes (especially if hung over or arguing with the dog and kicking the wife) ) The thing to remember about my experiences is that i was a market maker. we had certain advantages in the old days but these days while it is different the basics are the same and its often now better to be a price taker once you have reasons for purchasing options, and a reasonable method for re-hedging... Which is ultimately the key for costs. the more you hedge the more the costs, but if you are very diligent the rehedging is only when you have a delta to rehedge - or if you have a method for buying at support, selling resistance etc; you can lean against the deltas a bit, and the costs become minimal. If you like to over trade this style wont help as it is more likely to exacerbate the problems. (and trust me - some people feel they need to lean against the deltas all the time - sitting on your hands is still a virtue - but the default becomes "if you dont have a view, but you have a delta - hedge" ...................war story flashback with wavvvvy fade in fade out..... Asked by a fellow trader what I thought if the chart on a particular stock as he knew i charted (pencil and paper old school during the day sometimes) I replied - " I have no idea" 15 mins later someone sold me some cheap calls and immediately I thought to myself - they were cheap, I have a long position, therefore I must be bullish.....:doh: - ----luckily the 30secs of clarity (the type you get at the end of a night whereby you either go home or you get into trouble) kicked in. I hedged and figured if i did not have any idea, the call seller might - qick reassessment, I over hedged, (leant on the deltas) and went short.....the stock went down (which is why the story always sticks in my mind) ..................fade out wavvy fade out, back to reality. We ended up averaging less than 20% in costs per $1 made (initially there was a group of 8 then 3 independents back in 1993-2005)......this included all clearing costs as market makers and when doing this independently (as opposed to being at a broker where often you were charged virtually nothing) we were paying 2-3 basis points for the underlying and all in about $1.5 for options. Financing was about 50 bass point above official rate and 75 bp below for shorts, and we negotiated hard - the biggest fixed cost at the time was the trading system and data feeds etc........It was not a major factor but still could make the difference between a small win, loss or break even month and we were tight as we wanted the money in our pocket. (these days its all automation to do properly and big bucks to set up) As a retail guy, you get a pretty good deal from a good discount broker, and the key will still be in when you hedge and the rationale for buying the options in the first place. Costs these days are good, and it clearly makes a difference in which country you are in. Additionally - we had big option books which meant volume kept costs down relatively, we met any minimums the broker might want to charge (seems the norm these days for some clearers). Small guys have patience and no requirement to buy volatility or make markets - this is to their advantage. The biggest cost is in time - keeping option positions like this means you never know when a big move will occur, and also the focus required for capturing the extra volatility you require to profit from more than the implied vol you paid. Miss the move for the day and you just have time decay, and yet hedge to early and miss the big move - worse still! (One reason why i dont do this anymore, but if I wanted real focus again I would - luckily the market for this has been crap of late due to declining vols and crap markets) On looking back at old PLs (they are in a shed in a box back in Oz) it is a good reminder that often you spend weeks chipping away for nothing simply covering costs, to then have a series of big wins. (This is the real value in this type of trading) .................. I will try and keep just pumping out some examples of what to look out for when they come to mind - maybe a few feel good trades.

Time for a war story showing one of the risks based on the fact that the greeks converge ( from curved lines when plotted to straight lines) to the expiry payoffs. (I hope to explain these simple examples in words, and any one with a demo/simulated options valuation model can test these themselves.) ................. Lets say : underlying is 90, days to expiry 6, Call strike is 100, call delta today (Day-6) is 0.30 Lets assume you are wanting to keep a delta neutral position. you are trading the gamma when you can, and so in this example you might be long 10 calls, and short 3 underlying. Think about this scenario.... Day-5 underlying price 92 - Delta 0.30 day-4 underlying price 94 - Delta 0.30 day-3 underlying price 96 - Delta 0.28 day-2 underlying price 98 - Delta 0.25 day-1 underlying price 99 - Delta 0.20 Day-0 (Expiry) underlying price 100 - Delta 0 How does this happen? Delta is meant to go up as the underlying rises! As the option nears expiry the delta tends towards zero as it is out of the money. If you have hedged on Day-6 and sold 3 contracts in the underlying you will have to buy these back either as the underlying price rises, or on the expiry day....ouch. The reason is the convergence of the delta toward is zero is greater than the change in delta due to the price rises..... You must keep an eye on this as options approach expiry. The easy way to do this is scenario test constantly by moving prices and days till expiry - understand how the derivatives act. Now some will say they will just roll or unwind before expiry.....they will often miss great opportunities! (time for another post) .............. The war story.... This happened in an equity stock and a few traders had similar positions because of supply and demand and we were all in the same boat, a large OTM call position.....we were all standing around bitching and moaning how the stock was not being volatile and time decay was killing us and how some of them had to be square (flat) deltas....so they were hedging every night trying to keep this, and there was no real buyers of options for them to be able to off load their position. I was in the habit of scenario testing and moving dates forward and realised that we were actually getting shorter while the stock was slowly rising. As it was in an uptrend i was leaning on my deltas and staying slightly long - however the reality was it was just keeping the position fairly flat. It saved me a lot of money, whereas some others had to purchase their shorts back, because they were in fact purchasing puts in a rising market with their hedges. (In Australia at the time each option contract was for 1000 shares per contract not like the USA where it was 100 - there was a little more leeway to get it wrong) Note: this did not make me money, in fact the whole situation cost as the time decay killed us, but it saved me money. For me the trade off was this - if the stock fell, then I would not have been in a position to make anything from my short underlying (not a problem as we had other strikes that were ITM) but as the stock was rising, I either saved money by 'underhedging' or made a lot more if the stock really rallied well past the strike as i was not as short. --- a good trade off as far as I was concerned. BUT it just goes to show you have to constantly keep an eye on the real exposures. ............... Note to some - if you dont like stories - treat them as such - educational stories -I dont mind if you choose to think they are worthless - prove me wrong with your own stories - these are simple examples of what I had seen or have happened to me mainly over 12 years of options trading alongside others, in the hope others might learn should they adopt this style of trading.

A tweet conversation I just came across....not hilarious but amusingly smart. ........................................ Richard Dawkins ✔ @RichardDawkins David Cameron has such good judgment, he appoints a homeopathy enthusiast as Minister of Health Jeremy Hunt, Health Secretary, thinks homeopathy works ? Telegraph Blogs in charge of NHS Reply---- Tractor Racer @100mphTractor @RichardDawkins It's OK, he believes in homeopathy so the less good he is at his job, the better the result. 17 Jul

An important - crucial point to learn when trading using options. Put call parity As an option or any derivative is essentially just a way to transfer risk over time and price via choosing different strikes or months then you should always remember exactly what it is that you are creating synthetically when trading options. There are more complicated ways of looking at (using discount rates etc) and those more mathematically minded should feel free to explore further - it but in keeping it simple variations of this are often seen in many of the simple payoff diagrams. Long Underlying = long call and a short put I would suggest a great resource for this is the Khan accademy https://www.khanacademy.org/science/core-finance/derivative-securities/put-call-options/v/put-call-parity-clarification For those not mathematically minded to be mucking around in positives and negatives and long and shorts - which is one reason why I think a lot of people skip over this - keep it simple. The point is that you need to understand is that when you have an option and you hedge it you are in fact creating a synthetic and creating a different set of exposures. ................ By thinking about options and their trading in terms of synthetics you will (I hope) avoid a lot of the pitfalls and traps of options because you are understanding what you are creating and not what risks you thinking you are eliminating. ................. ................... ................ The other crucial point when thinking about options and learning about them is to remember - the pay off diagrams that are normally drawn occur AT EXPIRY -- they dont necessary have the straight lines prior to expiry - this also confuses a lot of people. The pay off lines move and converge towards the payoff at expiry diagrams over time. So the important point to remember here is that delta, gamma, vega - the Greeks, also change over time. eg; Day one the delta of an option may be .40. The next day (day 2) with no change in the underlying, the delta may be .39. This change accelerates as expiry approaches. Remember this simple point - at expiry time an option is either delta 1 or delta 0 prior to this the numbers will be different but they will converge towards this.

Steve please contribute you probably have examples that will help and provide points for debate/discussion - I just comment that your manner often distracts from your message. Regards,

The dartboard often wins or does well in many trading competitions.

Ticks.... the reason why people think you might be selling something is many who do sell there ideas often do/say much the same thing - " i dont have the time, " but then -- "PM me", "Call me". This "strategy is simple", "its new", "its unique" Often the result of unintended consequences. Many here post because they like to help or as Bob says like to chat. Some just read. Dont get offended by it. If you have something to offer or sell, be up front about it no one cares unless it seems to be hidden, if you dont and want to help then help others with posts. Some are simply promoting products which is fine also. There are plenty who trade and have separate blogs etc. This is just a different forum....polite dissension is good IMHO. As for war stories and supposed credentials - you would rather learn from people who have not been there done that? As for your trading style I know it works, but as I and Steve (in his own manner) rightly points out there are risks. If you deny this then you are living in denial. As for your previous two screen shots - what are the prices and the resulting PL after unwinding the trades after costs as I could not see any bid asks in either the options or the underlying apart from maybe your initial trade prices? (Some systems dont show the whole story) I hope you dont go

Steve, welcome along - you always do so well until you open your mouth then boom. Please feel free to contribute without the need to go boom. You of all people might understand that these are simplistic examples and that its pointed out that people need to do further reading or ask questions.... Tics may want to imply it is simple, Tics makes the point often its overly complicated but I respectfully disagree with him and if you did not get that from my writing then let me be loud and clear -- This is not without risks ---- .....so no need for your normal condescension thanks. Tics might prove us all wrong. ............ As to your kindly pointing out TD is not linear - thanks - I never implied it was and in the example clearly states the word average, and that it changes over time. Period. It is currently beyond the scope of this thread and not the point being made - as stated. ............... Tics has shown what looks to be a payoff diagram - this is totally different to a volatility surface. So when you say "suddenly you are up or down significantly more than you expected...." "bucketing" - could you please explain to everyone what you mean by this - in relation to a payoff diagram and a vol surface, as that is the first time I have every heard of that expression? .............. Second....ahem for those that missed the first bus - gaps and large moves overnight if holding a position is exactly what you want when trading like this.....long volatility gamma trading. If you hold one strike and trade the gamma around it then once you have purchased it then implied vol after that is irrelevant. If you are rolling to different strikes then the volatility curve and considerations come into it, but mainly as a result of ITM, ATM, OTM skew and concentration of supply and demand at certain strikes.....as often most implied vol is fairly flat for simple rolls....but why roll all the time and cross the spread? If you choose to trade in an out the spread and costs will likely kill you, and I dont advise it. If you get stuck with a position because you wanted to unwind something on the close and no one was there to take the opposite side, you can always hedge and hope for a gap.(Remember these markets generally have most of the liquidity provided by market making firms....and if you are leaving things to the last minute - why would you expect them to be there?) I probably used to be on the other side of such trades as this and have seen plenty of people expect the market to be there when it suits them.....for those newbies out there its called liquidity and its amazing how many more seasoned investors often forget its importance. Here is few a stories of liquidity --- all beyond the scope and off topic of this thread Try and sell the average daily turnover of a stock with 15 mins till close - likely to cause problems on the day before it goes ex-dividend. Try and unwind a position with PIN risk - when an instrument closes on expiry day right on the strike and you have to guess which options will and will not be exercised when having physical delivery and you have positions totaling 10 times 200 contracts, and everyone int he pit is in the same boat. Try and manage a book when you have massive skews across months and strikes where you are desperate for a crash but screwed if there is a takeover Most people will be too small for this to be a problem and Tics pointed out it should work in liquid tight markets - the major downside being that you will not make money if the vol is accurately priced. .................. ..................... Steve - I dont think you are a naysayer but please read what is read without one eye closed and your normal condescension and let the thread develop and please feel free to point out the risks with examples. Thanks.

Yes - its a trade off between what actual volatility you can capture v what implied price you pay. eg; You buy and option cost $100 - it is ATM (the underlying is $1500 and strike is $1500) and hence lets assume there is no intrinsic value - its all time decay. Lets assume there is 100 days until expiry. On average you will need to capture more than the $1 a day. (Due to the slope/rate of decay changing this will be likely only $.3 a day early on, and $3 a day later on -- More detailed Greek analysis is required - beyond any scope here and individuals can read this themselves) However the point being..... every day the underlying might move up and down around the strike but still close there every day at the strike. Historical volatility might be zero Actual captured volatility might be $.50 Implied - irrelevant as you have already purchased, unless you wish to then sell out the options again, and then this becomes a trading spread cost and you have in fact traded volatility as opposed to trading gamma. .................... As for closing out at the end of the day. I would not - I think the strategy works best when you take a longer term view. (I pointed out my reasons in the post above - costs, spreads) The most important being - YOU BENEFIT FROM GAPS BEING LONG VOLATILITY Veal unless I am missing something from what you said (I assume you are talking about closing out your options at the end of the day) - I think maybe you are missing the value of long volatility gamma trading....you want gaps, you benefit from movement....you pray for disaster! Otherwise, if trading direction then yes you can eliminate gaps risk - you also eliminate gaps that do in your favour. .............................. As for real world examples..... I currently dont trade options - I dont want the focus anymore - trying to capture the moves like that is intensive - best left to 25yrs olds IMHO. If you think its mentally draining while trading imagine buying and selling continually just to break even, watching time decay eat your PL every day....it can be depressing - the good times are great, but the daily grind you can get sick of. The money was made in a small period of time, you never knew when, you either went on holidays and never really relaxed or were pissed off when you got back. Lots of little pain in the butt trade offs. I used to trade as an equity option market maker and can give plenty of old examples related directly to stocks (these have different issues other than futures - dividends, short borrowing)....and would also be happy to comment or help on live examples if other have them.

Yes - keep it to simple vanilla options. As for creating the same position - this is nothing to do with it and should not be confused with it. When trading gamma - you are always hedging and hence depending on when your time frame for hedging is (intraday, daily, % move) you are not really trying to replicate a directional position. You are trading your ACTUAL volatility captured v IMPLIED volatility paid for. (Now also understand the difference in volatility - usually historical volatility is usually measured daily, implied vol is the expected future volatility and actual volatility captured is your own personal skills in capturing the smaller moves) If you want to trade directionally then yes trade directionally - this can help as it allows you to 'lean on the deltas'. (This is an expression I have used, and picked it up many years ago even though I dont think its widely used) Basically - if you are bullish and you have a position that the delta is getting longer as the price moves up. (happy smiley payoff of long gamma) then you can choose to rehedge the long delta at a higher price, or a later time - ie you can lean on your deltas. eg; if you normally rehedge at a certain price level but you are bullish and a breakout has occured you can choose to let the deltas run a little longer. (Only do this once you have reasons to of course) .......(The happy smiley payoff of long gamma: - this is because when you have a hedged position, or both puts and calls, your payoff diagram makes money when there is movement - so when using a payoff diagram with price on the horizontal axis, the PL on the vertical axis will show a happy smile. Short volatility strategies show an unhappy smile when there is movement) Generally many traders might be better off trading direction rather than options gamma, but the only way you get the equivalent position is with a synthetic of a put/call at the same strike and series - the rest is a simply having a different risk return payoff and this is important to understand as ---- --- you can loose money trading this way, even if you get the direction right! --- you must understand what your risks actually are. --- you must keep in mind the trade off between gamma and time decay ---- if you get the hedges horribly wrong you can loose money....and yes you can loose more money than the total price of the options you purchased. There are rare circumstances this can occur. However - the trade off is what you can make when you get it right, or when outsized 'black swan events occur' Which is why taking Seekers point it is important to remember - what you are trying to actually do - and what the costs are. Remember the hedging - gamma trading is the continual rehedging - you basically are trying to capture the moves in the underlying with this and in doing so you are trying to capture MORE volatility than the IMPLIED VOLATILITY component of the options you purchased. However - this is one of the problems - if you dont capture more, and this has to cover your commissions as well you will loose. Its simple maths in this regard. ......................... As to why use options? If you trade the gamma - it takes a focus and time that is different to some styles because time decay waits for no one, crossing spreads is expensive and capturing extra actual volatility is crucial. However.... if you are not good at picking direction but are good at determining a move might occur, if you wish to use extra leverage when expecting a move, if you are prepared to use options and spend the time covering costs and waiting for outsized moves (IMHO - this is where the real value is) to do this effectively I would suggest you need more money than most would expect. Why - costs will kill you, contract sizes for exchange traded options mean you need to have enough trade size on to be able to effectively cover the costs and make the rehedging worth while. (Try this on one contract v trying on 100 contracts) I also think you will be hard pressed doing this intra day - I would like to hear from those that do. - and have to view this as a longer term process. ..................... (please excuse the capitals and underlines - used only for emphasis and I will try and answer any questions - not directed to the poster but for general reference - so if you are offended if i disagree - sorry it is not personal its simply more in the spirit of discussion and education for anyone.)

I also consider it your thread as well Tics - I just made the job easy for you. As for where is sunny London - tongue in cheek for London UK. There has been a two week heat wave of late, but normally its just a bit dull and grey.

No. but i am sure we can adjust and excuse it after wards if it results in a loss prior to selling the system

I opened up this thread..... http://www.traderslaboratory.com/forums/options-trading-laboratory/16954-gamma-trading-variations.html#post184078

This thread is for those who wish to discuss gamma trading. (I have tried to keep the definitions simple, and then offer more reading for those inclined, and possibly a simple knowledge of options and greeks is required) Please dont get caught up in - it does not work, this is not how you do it...etc. If you understand it, the pitfalls, advantages and disadvantages and folks can point those out then perfect.....also be aware different instruments have other issues such as skew, dividends, futures rolls. This is ideally for context and everyone will have variations of experience. ........................... What is Gamma?.... It is a measure used in pricing/trading options. Commonly known as one of the 'greeks' It measures the rate of change in the delta with respect to changes in the underlying price. ie; It shows how much the Delta (another greek) is expected to change as the underlying price changes. What is Gamma trading?..... Gamma trading is a process whereby the trader continually rehedges the positions/book/trade delta with the specific the aim of profiting from this activity. the best definition I could find is here http://www.volcube.com/resources/options-articles/what-is-gamma-trading/ There are variations of what people may or may think they do, or how they approach this, but in keeping it simple - A trader when continually rehedging an option position in this way is specifically trying to capture the movement of the underlying in order to scalp/job/rehedge in order to pay for the time decay of the option. They are continually rehedging the Delta. By doing so they are effectively wanting to capture more of the volatility component of the underlying movements than the volatility component of the options they paid for. (To keep it simple - let stick with long options only - short options will only complicate the matter, and gamma trading usually only refers to periods when you are long volatility or purchase options.) (For clarity - this is different to delta hedging - an initial and then occasional hedge of the delta in order to keep delta risk down, a gamma hedge - an offset as part of the delta hedge or a hedge against other gamma or volatility trading - an outright view on the movement of the volatility component of the option prices.) Good reading.... http://www.surlytrader.com/trading-gamma/ http://www.optionsplaybook.com/options-introduction/what-is-volatility/ How does this work?..... The easiest way to show is in the use of a simple example over a period of time. Buy 100 calls, at the money with a delta of 50. (0.50) and hedge by selling the underlying 50 times. Period 2- underlying moves up and the Delta is 0.60. To hedge you sell - open position is short 60 Period 3- underlying moves up and the Delta is 0.65. To hedge you sell 5 - open position is short 65 Period 4- underlying moves down and the Delta is 0.55. To hedge you buy 10 - open position is 55 Period 5- underlying moves down and the Delta is 0.40. To hedge you buy 15 - open position is 40 Period 6- underlying moves up and the Delta is 0.30. To hedge you buy 10 - open position is 30 Whats the point of this?..... You have sold and bought the underlying and ideally this will show a profit as the underlying moves up and down in a range of some sort. (dont worry about range or trend etc) However the offset is that the options have decayed. Hence you will have a loss of the time decay. Which is why you are trading the actual volatility of the underlying that you can capture v the implied volatility that you paid in the original option price. (If you think you can intra-day trade like this then think of the time decay as being the time decay of the options price+commissions+spread....... it is possible but IMHO unlikely) this section below is likely to be expanded via discussion.... What are the advantages of this? .... You dont really need to take a view on direction. You simply need to capture more volatility than you paid for. What are the disadvantages of this? .... As there are few free lunches, its not that easy - costs, spreads, time decay usually mean most options are priced accurately enough to ensure its harder to capture this...(and IMHO in many instruments, the skews probably mean that implied prices are often higher than the historical movements because of the risk of black swan events etc - but this is pure conjecture on my behalf and can be discussed later also) Time decay, and being able to capture the moves provides the same issues as for most strategies (I would say 'discipline' is less likely an issue here as you are simply re hedging) Thats enough for one post....

Yes....it is not fool proof, and has some pitfalls (you can loose despite what some might think - you do need to understand about options, volatilities etc;, choose strikes and series carefully, and there is definitely still an element of anticipation/prediction required) Tics - I suggest a new thread if you wanted to give examples. This one is about different things originally....it might lessen any confusion. I would be happy to help there with any experience I have had in this regard.

Finance related and topical.... [ame=http://www.youtube.com/watch?v=zX4OXtG4Zhk]The Daily Show 07/25/13 Inflating Aluminium - YouTube[/ame]

[quote=ticks;184013 Here it is. For the gamma scalp type of trade (if you want to call it that) Yes please call it that because it is called gamma trading. The continuous re hedging if an option position as the delta changes with changes in the underlying instrument. It is nothing new - it can be a profitable strategy. ...and blind freddy can actually do a pretty good job of it. If you have a good feel for the markets and are actually pretty good at picking turning points etc - then all the better. However - time decay will harm this and what you are effectively doing is trading the implied vol you purchase the options at against what the historical volatility is, or becomes. There are tricks to this, and there are also a lot of traps, so as with most things it is not as straight forward as it may seem. Ticks admits there are skills, and tools required. (He even offers one ) One of the things the trader must keep in mind is this - hedging a call means you actually have a put and a call now. If you dont understand that - then learn the basics. Its worth it. Given that you are competing against market makers there is likely to not be a lot of miss pricing and you will have to take a view on what value is to be had when purchasing the options.....when you roll you will pay across the spread and commissions do need to be watched closely. If you only hold the options for a short period of time - regardless of what people say - the spread crossing for entry and exit will eat up a lot of PL - as will time decay if you do hold the options for a while. Even if you happen to only trade very liquid markets - just being able to achieve the mid price - the theoretical price - of an option spread will be crucial. (these days it is often better being a price taker than a price maker but dont believe there are not miss priced options, there are - there are also people crossing spreads that is why market makers do their job...not as a public service.) Additionally the best thing that can happen is to be very selective on which options strikes and series to trade, and to have a good move immediately upon buying hedged options. ......the real advantage to this type of trading is simple IMHO. Once you do master it, understand the tricks, skills and tools - it is very easy to leverage up the trading with not a lot of extra risk, and with less worry and decisions than pure directional trading. What you are basically hoping for when having a large position on is a black swan event. The event that moves so quickly you dont have time to hedge! Brilliant when you can get it. ...............

Just as an interesting thought/observation - as part of the experiment.....and I also assume JPBags was not too serious.... There is the hint that it is somehow his fault - the apology for the streak being broken as though he had something to do with it. The idea runs right through many aspects of life - when something works out - its due to our skill, when it does not we broke the good streak somehow, plus....the idea that while we create our own luck (which we do) this has nothing to do with that sort of luck.....there is no skill or opportunity in flipping a coin. Creating our own luck is entirely different (no judgments on any comments- just something to think about as many think they control such things.) Anyways - as part of the system - I think we can call these types of days the 'Bags days' and somehow come up with some excuse to minimise the loss, move to break even and realise that after three up days comibned with a lunar cycle when HHHT occurs we should halve our position size.... there has to be value in stupidity - the Jackass guys made a living out of it!

like him and his policies or not supposedly John Maynard Keynes was a hell of a stock picker as well. "David Chambers and Elroy Dimson, finance scholars at the University of Cambridge and the London Business School, respectively, have found that from 1924-1946, Keynes, while serving as the overseer of King’s College at Cambridge’s endowment fund, produced returns that beat the UK market average by 8 percentage points per year, adjusted for risk," John Maynard Keynes :: Keynes The Money Manager

The good produce their own luck. but I would also take winning the lottery at 18 as well.....better than at 81

similarly related.... Humans Beating Robots Most Since ?08 as Trends Shift: Currencies - Bloomberg I wonder if the guys from the first interview think of all the advanced weaponry they could also have spent their physics and chemistry educations on..... or for the wasted brain talent from the lawyers and accountants many use for avoiding taxes, regulatory compliance, building complex derivative products and such.....:spam:

The aluminium market.....very pliable! http://www.nytimes.com/2013/07/21/business/a-shuffle-of-aluminum-but-to-banks-pure-gold.html?_r=1&pagewanted=all&

make the SEC go away..... The SEC?s important case against Stevie Cohen | Felix Salmon

is your new moon the same as my new moon?