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Thu Oct 17, 2019, 11:56 AM

'Hanky-panky?' Traders pocket 'stunning' profits after Trump's comments on trade talks goose the sto [View all]

Source: Market Watch

Full Headline: ‘Hanky-panky?’ Traders pocket ‘stunning’ profits after Trump’s comments on trade talks goose the stock market

That’s one longtime CME trader’s troubling assessment of what he views as stock-market manipulation the likes of which he hasn’t seen since al Qaeda cashed in before initiating the Sept. 11 attacks.

In Vanity Fair’s deep dive into “the fantastically profitable mystery of the Trump chaos trades,” William Cohan takes a look at how some timely presidential pumping of the stock market made some futures traders billions of dollars.

One windfall, in particular, triggered Twitter TWTR, -1.13% buzz. On June 28, a trader, or group of traders, snatched up 420,000 September e-minis, which amounted to about 40% of the total trading volume, shortly before the closing bell. Trump the following weekend emerged from a meeting with President Xi to say the trade talks were “back on track.” The market cheered the announcement and stocks rallied enough to apparently turn that trade into a $1.8 billion profit.

Nevertheless, Cohan says it’s time for action for authorities, starting with a look at this particular scenario: “In the last 10 minutes of trading on Friday, Aug. 23, as the markets were roiling in the face of more bad trade news, someone bought 386,000 September e-minis. Three days later, Trump lied about getting a call from China to restart the trade talks, and the S&P 500 index SPX, +0.29% shot up nearly 80 points. The potential profit on the trade was more than $1.5 billion.”

Read more: https://www.marketwatch.com/story/hanky-panky-traders-pocket-stunning-profits-after-trumps-comments-on-trade-talks-goose-the-stock-market-2019-10-17?fbclid=IwAR0hIFmcjin9wHWCv4aQfaN909MHN8n6FssQdQ7lALS5KyqsFPn26uZCUKQ

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Reply 'Hanky-panky?' Traders pocket 'stunning' profits after Trump's comments on trade talks goose the sto [View all]
groundloop Oct 2019 OP
yaesu Oct 2019 #1
in2herbs Oct 2019 #2
groundloop Oct 2019 #5
SWBTATTReg Oct 2019 #3
NonPC Oct 2019 #4
IronLionZion Oct 2019 #9
Wellstone ruled Oct 2019 #6
dalton99a Oct 2019 #7
patphil Oct 2019 #8
Yo_Mama_Been_Loggin Oct 2019 #10
stuffmatters Oct 2019 #11
voteearlyvoteoften Oct 2019 #12
Vinca Oct 2019 #13
riversedge Oct 2019 #14
not_the_one Oct 2019 #15
TexasBushwhacker Oct 2019 #16