The day of the '87 crash, a biotech announced some
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Posted On: 01/16/2017 5:31:17 PM
The day of the '87 crash, a biotech announced some kind of breakthrough clinical trial results and tripled -- a day that was catastrophic for almost every other stock.
It is helpful to keep an eye on broader market moves. But, if CTIX announces great results from a clinical trial, the broad market action won't keep it from a huge move up.
Re '87 crash: a guy who worked in a big Wall Street firm told me that one of the traders in his office kept buying index puts for his own account in the 2 weeks before. The other traders mocked him. The day of the crash he made millions of dollars, and never came back to the office. Just left, didn't even bother picking up his last paycheck. I think this is probably true because the guy who told me this was trustworthy on some other amazing stories.
It is helpful to keep an eye on broader market moves. But, if CTIX announces great results from a clinical trial, the broad market action won't keep it from a huge move up.
Re '87 crash: a guy who worked in a big Wall Street firm told me that one of the traders in his office kept buying index puts for his own account in the 2 weeks before. The other traders mocked him. The day of the crash he made millions of dollars, and never came back to the office. Just left, didn't even bother picking up his last paycheck. I think this is probably true because the guy who told me this was trustworthy on some other amazing stories.
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