Traders could score a 127% gain with this old trick
An Old Wall Street Trick Can Still Pay Off, there's a famous story on Wall Street about how the New York Stock ...READ MORE
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An Old Wall Street Trick Can Still Pay Off
There's a famous story on Wall Street about how the New York Stock Exchange tried to stop the panic in 1929 by duplicating the style of J. P. Morgan who stopped the Panic of 1907 with a simple trick.
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As stocks fell in 1929, a group of bankers formed a fund and sent NYSE Vice President Richard Whitney to the floor of the Exchange where he ostentatiously placed a bid to purchase a large block of shares in U.S. Steel at a price well above the current market.
As traders watched, Whitney then placed similar bids on other blue chip stocks. The Dow Jones Industrial Average rallied, and the ultimate stock market crash was delayed. Whitney's actions led to his reputation as the "White Knight of Wall Street."
Wall Street traders study history and so do corporate officers and as we explain in our latest article, it appears one company is creating interest in their stock with this old trick of very publicly buying. Their decision comes after a negative analyst report contributed to the stock's decline.
Whitney's trick in 1929, like J. P. Morgan's trick in 1907 and the similar trick many companies used in 1987, often provide short term bounces. In the article we look at a way to trade this trick and a way to limit the risks in case the trick doesn't work.
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