Wow, Monday was an incredibly slow day but Tuesday was somehow worse. The range was smaller than Monday, volume was abysmal again, and volatility was nowhere to be found. Perhaps part of the reason was because all of the day’s economic data was roughly as expected.
In other news we find out that Goldman Sachs isn’t the only anointed hedge fund – yes I said hedge fund – on Wall Street. JPM’s trading success is so spectacular it defies statistics, just like Goldman Sachs’.
Bloomberg headlines today…
- JPMORGAN RACKS UP THREE PERFECT TRADING QUARTERS IN 2010
- JPMORGAN TRADERS HAD PERFECT SECOND HALF, BANK SAYS
- JPMORGAN TRADERS LOST MONEY 8 DAYS IN 2010, DOWN FROM 42 IN '09
Speaking at J.P. Morgan's annual investor day in New York Tuesday, Jes Staley the head of JPM’s investment bank said it didn't post a net trading loss in a single day for the quarter that ended Dec. 31, the second straight such quarter and the third in 2010.
In 2010 the hedge fund, err, bank, only lost money on eight days. Said another way, JPM was able to make money 96.9% of the time throughout and entire year.
Yup, statistically reasonable…uh-huh.
Trade Date: 2/15/11
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