Confusion

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Confusion  You can put lipstick on a pig, but it's still a pig. And you can change the name of your firm, but it's still run by Steven A. Cohen. According to Bloomberg, Point72 Asset Management LP, Steven A. Cohen's family office and successor to his hedge-fund firm SAC Capital Advisors LP, is banning some of its employees from using instant messaging for external communication after last year agreeing to settle insider trading allegations. "This prohibition of IMs will reduce the highly informal communications inherent with instant messaging that can lead to confusion and inaccuracy, reflecting our continuing commitment to pursue all reasonable steps to prevent inappropriate information from entering the firm," Chief Surveillance Officer Vincent Tortorella wrote in a memo sent today to the firm's employees. The policy, effective June 16, applies to money managers, analysts and management in long-short and quantitative strategies and blocks the use of instant messages, or IMs, including Bloomberg messaging, for outside communication, according to the memo, a copy of which was obtained by Bloomberg News. In case you forgot, SAC agreed in November to pay a record $1.8 billion and plead guilty to securities fraud to settle allegations of insider trading. As part of the settlement, Cohen, 57, agreed to close SAC and return client money. You have to love that the memo refers to "confusion and inaccuracy." Hmm, what possibly could they be talking about? Read Past Issues of Larry's Newsletters at TradeWithLarry.com

Yesterday's trading action was reminiscent of trading sessions during holidays. Pretty much flat and choppy overall. While buyers tried to prop the markets up all day, sellers did step in to prevent the markets from extending higher. Which leads me to believe there is a little bit of suppression and a possible chance for a slide either today or tomorrow. Reason being is that buyers would normally thrive in a day like yesterday. Low volume trading session, with a ramp and camp tendency. Read More

TECHNICAL DATA ES 1949.25/1945.75 POC 1947.50 YM 169430/16906 NQ 3799.00/3792.00

Option exchanges are constantly looking for new ways to attract traders. There used to be very few exchanges available, ​but ​with the migration from the physical option trading floors to electronic or "virtual' floors, it seems that a new one pops up every week. Over the past few years we have seen a real emergence in currency options. Currency Options give retail traders many opportunities to limit risk and increase profit. There are two primary types of options available to retail forex traders. The most common is the traditional call/put option, which works much like the respective stock option. The other alternative is "single payment option trading" - or SPOT - which gives traders more flexibility Read More

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