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As we all know, equity trading has forever changed. Bulge bracket firms are breaking up and dismantling their trading desks. Many of the “sales traders” at these firms are moving on to smaller, boutique brokerage firms where they hope to establish a book of business with their clients that they covered at their previous firms. Relationships still matter on Wall Street. But so does execution. Many of you have probably seen the monk e-mail going around Wall Street where the sales trader calls on one of his old clients to get some business. If you missed it , here it
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I have heard many talking heads on TV proclaim that the market finally can go up now. The dow now is at 8150. These same talking heads were also despondent in early March, as they proclaimed that oil would hit $25, and that fair value on the S&P500 was more like 9 times earnings of $50 (or S&P500 =450). Some say that bear markets end when the market shrugs off bad news (-6.1% GDP for one) and goes up. I say that given what the market has shown us in the last two years: that the market is a merciless
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