'Hanky-panky?' Traders pocket 'stunning' profits after Trump's comments on trade talks goose the sto
Source: Market Watch
Full Headline: Hanky-panky? Traders pocket stunning profits after Trumps comments on trade talks goose the stock market
Thats one longtime CME traders troubling assessment of what he views as stock-market manipulation the likes of which he hasnt seen since al Qaeda cashed in before initiating the Sept. 11 attacks.
In Vanity Fairs 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.
Link to tweet
Link to tweet
Nevertheless, Cohan says its 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
yaesu
(8,020 posts)in2herbs
(2,944 posts)the criminals. Glad that someone with the knowledge to follow this money is doing this.
groundloop
(11,513 posts)Or at least instructed someone to do it for them. I'm sure the tRump clan is making huge money on these stock market manipulations.
The one that really stands out is when he falsely claimed that China was coming back to the bargaining table. Why the hell would he make that claim, other than to goose the markets?
SWBTATTReg
(22,065 posts)money and you'll get everyone of these f**king crooks. No wonder I don't invest anymore in the markets, being that it can be manipulated so easily.
NonPC
(282 posts)Yep -- total manipulation. The SEC won't lay a finger on the guilty parties. Even when it's obvious.
IronLionZion
(45,380 posts)I hope someone investigates this for insider trading
Wellstone ruled
(34,661 posts)have been saying this for months. Ruhle is onto the real truth. Trump has been known in the past to play off of inside juice.
dalton99a
(81,392 posts)patphil
(6,150 posts)I'd like to know who bought all those "e-minis" just before the closing bell on those 2 occasions, just in time to get a boost from Trump's subsequent fake news about progress in the trade talks with China. Could it be the same people both times?
Two very similar incidents; doesn't seem likely this is coincidence.
The question is this:
Is the SEC able to undertake a fair, open, and honest investigation?
Jay Clayton, a Trump appointee, is the head of the SEC.
I'm not holding out a lot of hope for justice on this one.
Patrick Phillips
Yo_Mama_Been_Loggin
(107,741 posts)stuffmatters
(2,574 posts)He'd buy their stock then announce he was going to buy that company. Once that caused that company's stock to spike he'd sell @ huge profit. Trump would then announce that he'd changed his mind & wasn't going to buy that company after all, causing the stock to deflate. No doubt Trump's pulling his same insider con in DC, just substituting false announcements on trade agreements for his earlier acquisition announcements.
voteearlyvoteoften
(1,716 posts)Follow the money
Vinca
(50,236 posts)the other crazy things going on. Another day, another fiasco. Wish I knew how to day trade. People are making tons of money off the madman.
riversedge
(70,084 posts)not_the_one
(2,227 posts)all these types of financial manipulations are making him huge $$, but they are just part of the game.
Someone should tally all the tax payer dollars spent on him, his vacations, his golf trips, AND all the security required to stay at his properties, which are $$ that go straight into his pocket.
How much has the military (funded by tax payer $$, or course) been coerced into paying him through staying at his properties, $$ going directly into his pocket?
His G7 gambit is part of the same scam. Total cost for the entire G7 summit could be tens of millions, if not hundreds of millions.
Then his TRUE final scam...
He is bragging that he is going to have 1.5 to 2 BILLION available for his 2020 run. If I understand it, the campaign funds not spent can be kept by the candidate.
DONALD TRUMP MUST GO TO JAIL, otherwise, one way or another, he is going to be able to live an unending life of luxury on all these funds (at a russian oligarch level, which, he feels is his destiny), all while continuing to tear this country apart by tweet.
Impeachment and removal is not enough. He and his entire klan must be jailed.
And if his republican enablers aren't held to account, they will try it again.
edit to add, Wall Street making tons of money off of his manipulations will be why they march, in goose step, to donate to him, and vote for him. This is one gravy train they will gladly sell out the country to keep going.