Shock Markets: Trading Lessons for Volatile Times
(Sprache: Englisch)
Don't fear crises: use them as opportunities to make money! Shock Markets shows traders and investors exactly how to do it -- with exceptional detail, not vague handwaving. Robert Webb and Alexander Webb offer meticulous breakdowns of recent crises,...
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Don't fear crises: use them as opportunities to make money! Shock Markets shows traders and investors exactly how to do it -- with exceptional detail, not vague handwaving. Robert Webb and Alexander Webb offer meticulous breakdowns of recent crises, revealing how they impacted both individual stocks and the market as a whole -- and helping you create detailed game plans for profiting from future shocks. By fusing real-life trading examples with rigorous moment-by-moment analysis of price changes, they give you tools to survive and thrive in even the most volatile markets. This accessible, actionable book answers crucial questions like: What moves stock prices? What moves the overall market? How can you profit from understanding catalysts that precipitate sudden sharp changes in stock prices? From the actions of corporate executives to regulatory decisions, earnings announcements to merger deals, lawsuits to settlements, macroeconomic reports to the policy actions of foreign governments, seemingly remote factors can have a huge, sudden impact on stocks in today's interconnected markets. Shock Markets illuminates these catalysts, and demonstrates their shifting behavior during fads, fashions, bubbles, crashes, and market crises. The focus is completely practical: helping savvy traders uncover profit where others find only peril.
Inhaltsverzeichnis zu „Shock Markets: Trading Lessons for Volatile Times “
Chapter 1 The Nature of Trading 1 Why Study Market Shocks? 2 The Nature of Trading 3 Different Perspectives of Trading 4 Market Conditions and Sentiment 7 Making Trading Decisions 8 Looking Ahead 9 Chapter 2 Five Simple Questions 13 Which Market(s)? 13 Which Direction? 16 Bear Stearns 17 The Market Reacts to the Employment Report 22 Trading Lessons 28 How Much? 28 How Long? 30 The Market Reacts to the Fed 30 The Market Reacts to the November 2012 Employment Report 32 How Quickly? Mad Cow Disease 34 How Quickly? CME Group Stock Price 35 How Risky? 36 A Sixth Question 38 Additional Trading Lessons 39 Chapter 3 Fads, Fashions, and Bubbles 43 Is It Really a Bubble? 44 Can You Profit from "Bubbles"? 48 Is the Market Smart? 51 Market Efficiency 53 Irrational Speculation and the Limits of Rational Analysis 54 Irrational Pricing 57 Trading Lessons 59 Chapter 4 Earnings and Corporate Announcements 63 Earnings 63 Google 64 Apple 66 Facebook and Zynga 67 Sudden Drops 70 New Products-Videogames 71 Mergers and Acquisitions 76 Anatomy of a Deal: Bank of America and Countrywide Financial 76 Quaker Buys Snapple 79 Merrill Buys FRC 80 Deals That Fail 81 Changes at the Top 82 RIMM Shot 82 Best Buy 83 Wellpoint 83 Regulatory Actions and Lawsuits 84 Trading Lessons 85 Chapter 5 Rumor Has It 95 Rumors 96 United Airlines Takes a Nosedive 96 Nokia Misdials 98 Hyundai Motors 100 HBOS 100 Steve Jobs' Health 102 Audience Inc. 102 Position Announcements 103 "The Oracle of Omaha" 103 David Einhorn 104 Carl Icahn 105 Muddy Waters 105 Shorted Companies Bite Back 106 Trading Lessons 107 Chapter 6 Political Economy 113 Political Shocks-Terrorist Actions, Wars, Assassinations, and Policy Actions 114 The 2000 U.S. Presidential Election 115 Expropriation 116 Cooling the Economy and Markets 120 Central Banks to the Rescue 121 Central Banks as Speculators 124 The Swiss National Bank 124 The Bank of Japan 125 Bank of England 128 Bank Negara Malaysia 129 Trading Lessons from Central Bank Interventions in
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the FX Market 129 Trading Lessons 131 Chapter 7 Predatory and Insider Trading 139 Predatory Trading 140 Porsche as a Hedge Fund 140 Whales in Trouble 144 It Only Takes a Moment 149 Speculative Attacks-"If at First You Don't Succeed..." 150 LIBOR 152 Gunning for Stops 153 Informed Trading 154 Puts on Bear Stearns 155 Dow Jones & Company Stock 156 Trading Lessons 157 Chapter 8 Crashes, Trading Glitches, and Fat-Finger Trades 163 The May 6, 2010 "Flash Crash" 163 Trading Lessons 167 Other Flash Crashes 168 October 19, 1987 Stock Market Crash 169 Other Stock Market Crashes 174 Fat-Finger Trades 176 Trading Glitches 177 Trader Errors: "Algos Gone Wild" 178 Interruptions of Trading on Exchanges 179 Trading Glitch Case 1: The Tokyo Stock Exchange Suspends Trading 183 Trading Glitch Case 2.A: The TSE Fails to Cancel Clearly Erroneous Trades 183 Trading Glitch Case 2.B: The TSE Fails to Cancel Clearly Erroneous Trades 184 Trading Glitch Case 3: The TSE Suspends Trading 185 Trading Lessons 186 Chapter 9 Man Versus Machine 191 Algorithmic and High-Frequency Trading 192 Old Strategies 193 New Technology 196 "New" Strategies 198 Ramifications 200 Avoiding HFT 206 Trading Lessons 207 Chapter 10 Flight to Safety 211 Reducing Risk 211 Credit Default Swaps 212 Nature of the Crisis 217 Gold 218 Treasuries 224 Currencies 225 The Paradox of Wealth Preservation 227 What Is Safe? 228 Trading Lessons 229 Chapter 11 Why Most Traders Lose Money 233 The Banks 234 Behavioral Finance 236 Overconfidence 237 Risk Aversion 237 Loss Aversion 238 Disposition Effect 238 Mental Anchoring 238 Heuristics Not Statistics 239 A Tale of Two Losses 240 Warren Buffet and EFH Bonds 241 Trading Lessons 243 Failure to Cut Losses Short 243 Failure to Let Profits Run 244 Failure to Listen to the Market 246 Confusing Trade Conviction with Trade Retention 246 Excessive Leverage 247 Trade Size Is Too Large 247 Trading Too Frequently 248 Would You Rather Be Right or Rich? 249 Failure to Have a Viable Trading Game Plan 249 Failure to Follow a Viable Trading Game Plan 249 Remaining in a Trade After the Reason for Entering the Trade No Longer Exists 249 Good Trades That Lose Money Versus Trading Badly 250 Chapter 12 Developing a Trading Game Plan 255 Trading Edge and Trader Type 255 Trading Edge 256 Trader Types 256 Trading Thesis 257 Making a Trading Game Plan 257 Trading Thesis and Trade Identification 257 Trade Selection 258 Choice of Security 259 Size 259 Trade Horizon 260 Risk Control-Stops 260 Crowded Trades 261 Correlated Bets 262 Risk On/Risk Off Markets 262 Trade Execution 262 Trade Monitoring and Contingency Plan 263 Trade Completion and Evaluation 264 The Message in the Behavior of Market Prices 265 Trading After a Market Shock 265 Shocks: Scheduled and Unscheduled 266 Trading Maxims 266 Control Yourself, Because You Can't Control the Market 266 Get Prepared to Play, Don't Play to Prepare 267 Limit Risk-Not Reward 267 Learn from the Past-Don't Live in It 268 There Are No Martyrs in the Market- Only Casualties 269 Don't Bet More Than You Can Afford to Lose 269 Hope Is Not a Plan 269 Index 271
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Autoren-Porträt von Alexander Webb, Robert Ivory Webb
Robert I. Webb is a Paul Tudor Jones II Research Professor at the University of Virginia. He has traded fixed income securities for the World Bank and futures on the floor of the Chicago Mercantile Exchange. He designed new financial futures and futures option contracts for the Chicago Mercantile Exchange, where he served as Senior Financial Economist. He has also served as Senior Financial Economist for both the Executive Office of the President, Office of Management and Budget, and the U.S. Commodity Futures Trading Commission. He earned his Ph.D. in finance at the University of Chicago. Webb edits The Journal of Futures Markets and is author of Trading Catalysts and Macroeconomic Information and Financial Trading. Alexander Webb is a writer with a keen interest in finance, emerging markets, politics, business, technology, and international travel. Living in Asia for half a decade, Alex earned a baccalaureate degree in International Business and Global Management from The University of Hong Kong. He studied Mandarin at the Chinese University of Hong Kong, Beijing Language and Culture University, and at Shanghai Jiao Tong University. He also studied in Japan at Ritsumeikan Asia Pacific University. He worked as an intern at a Chicago Options trading firm and is currently working on a new book.
Bibliographische Angaben
- Autoren: Alexander Webb , Robert Ivory Webb
- 283 Seiten, mit Abbildungen, Maße: 15,5 x 23,1 cm, Gebunden, Englisch
- Verlag: Financial Times Prentice Hall
- ISBN-10: 0132337959
- ISBN-13: 9780132337953
- Erscheinungsdatum: 15.04.2013
Sprache:
Englisch
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