April 29 - Live to Die Another Day

6:30am
wake up, the sun is still down, some rays are trying to break thru

6:35am
reach for the laptop, turning it on seems like it took forever

6:37am
www.finance.yahoo.com .... ticker: BIDU

6:37:30am
FUCK! pre-market has started BIDU is up $98.12 from last close (a whopping 15%)!
Spend some time reading the news releases (I had listened to their call last night- stellar results)
Everything surprised The Street..... and why shouldn't it, they're a bunch of MORONS
Just a day before the earnings Credit Suisse had downgraded the stock setting everyone up for a fantastic surprise!

7:00am
The Alarm goes off! I hate hearing that sound after I'm already awake!

7:20am
Go to the desk and bring up the trading account! I'm not gonna like what I see!!!
Half wishing I wouldn't see the RED, half expecting that I would!

....NEGATIVE EXCESS LIQUIDITY! ........ in English, "Hey you, I see you like under-estimating risk, we don't like taking on your risk for you.... put in more money!"

8:00am
Call brokerage. Thank God for another human being on the other side, not an automated "If you would like to wait another 500 minutes, Press 1"....
Guy tells me money has to be wired before 9:30am.

8:15am
Call Bank. Thank God for 24/7 service!
"Sorry sir, we can't do a wire over the telephone," says some mellow dude, "You have to go into a branch!"

"I see a branch across the street, at XXX Yonge street! Can I go there?" I say, thinking problems are almost solved.

"Sure, it opens at 9:30!".......... Great!!!! I will be six feet under by then!

8:30am
Send my account manager an urgent email.... No Response....
Call her desk repeatedly..... HURRA.... She picks up!
Explain the situation, Initiate the transfer by email.

8:50am
Call brokerage. "Money is underway!"
Brokerage, "We don't have it, send a confirmation by fax!" .......... WHO STILL USES FAX?

9:00am
Email account manager..... "I need a confirmation emailed to me, I need to send it to the brokerage"

9:20am
Still no response.
Call her repeatedly!
She picks up!....... "We're almost done!"

9:28am
Money still not in the account!
"We're almost done!"

9:29am
"OK!"

9:29:30am
Send confirmation to Brokerage.

9:29:59am
FUNDS ARE IN!

..... take first breath since 8am!

9:30am
Off to the races, BIDU opens high, Options are bid up...... expected!
After 10 minutes, prices are stable again, and liquidity is restored!

LESSONS LEARNED...... coming soon!