What's Frank Thinking?
by F H Walsh
Daily insights, trading commentary and industry updates, it's all part of RED Option's: What's Frank Thinking?
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What's Frank Thinking?
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Friday, October 10, 2008, Rhinelander, Wisconsin, USA
One week from October expiration and we are enjoying the final few fall days of our trip to the incredibly colorful Northwood's of Wisconsin. The last few expirations, ever since the terribly long June cycle, have gone by in a flash, with about as much volatility as we have seen, although most of it has been on one side. Barring any last minute major market moves, as October expiry occurs, we are beginning to question the market's ability to recover. As most know, the September and October cycles have historically been times of trouble, but in all of our market years, we can't remember such a frightening two weeks. So, just before we jump out the window, we had better take a restful look back at this point in time, with most everything setting new lows, what else can we do.
Other events, etc., from the tenth day of October:
680: Battle at Kerbela - Kalief Yazid defeats pretender al-Hussein
1802: 1st non-indian settlement in Oklahoma
1845: Naval School opens at Annapolis (now known as The U.S. Naval Academy)
1865: John Hyatts patents billiard ball
1899: I R Johnson patents bicycle frame
1914: Dorothy Lamour born (actress)
1920: Indian's Elmer Smith hits 1st World Series grand slam
1920: Indian Bill Wambsganns makes 1st unassisted World Series triple play
1921: NFL Decatur Staleys become Chicago Staleys, win 14-10
1923: NY Giants and NY Yankees become 1st teams to play each other for 3 consecutive World Series, also 1st played at Yankee Stadium
1930: Adlai Stevenson lll born (US Senator - Illinois)
1933: 1st synthetic detergent, "Dreft" by Procter and Gamble, goes on sale
1935: "Porgy and Bess" opens on Broadway (George Gershwin)
1941: German U-boat torpedoes U.S. destroyer Kearney
1943: Chiang Kai-shek takes oath of office as president of China
1945: Detroit Tigers beat Chicago Cubs, 4 games to 3 in 42nd World Series
1946: John Prine born (country singer, Maywood, Illinois)
1951: Joe DiMaggio's final game - Yanks beat Giants 4 games to 2 in World Series
1955: David Lee Roth born (Van Halen)
1958: Tanya Tucker born
1959: Lee Harvey Oswald signs guestbook in hotel Helsinki
1959: Pan Am begins regular flights around World
1964: 18th modern Olympic games opens in Tokyo
1968: Lee Evans of U.S. sets 400 meter record at 43.86
1969: Brett Favre, NFL quarterback born
1971: Fenholt and Webber's musical "Jesus Christ Superstar," opens in New York City
1973: Vice President Spiro T. Agnew pleads no contest to tax evasion and resigns
1975: Israel formally signs Sinai accord with Egypt
1978: Steve Perry joins Journey
1978: Aerosmith's Steve Tyler and Joe Perry injured by a cherry bomb
1978: Congress approves Susan B. Anthony Dollar
1985: U.S. jets force Egyptian plane with hijackers of Italian ship Achille Lauro to land in Italy
1991: Ex-postal worker Joseph Harris kills 4 postal workers
1994: Value of Russian ruble drops (3081 rubles per dollar)
2004: Christopher Reeve, dies at 52
2006: Google buys YouTube.com for $1.6 billion
2008: How about a rally?
“The tints of autumn—a mighty flower garden blossoming under the spell of enchanter-frost!”-- John Greenleaf Whittier
Have a great weekend, hopefully another expiration week rally will make us all forget the troubling markets we have witnessed over the last two weeks. If at all possible - keep smiling!
FHW
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