Tuesday, October 9, 2012
The pre-market bone market
12:00 PM | 
Posted by
Bruny Hudson |
By Hobo Hudson
You fellows all know about the big bone market up in New York City
I heard rumors about them a few years ago, but my bone broker said I didn’t have enough kibbles to get in the door of either one. Then, after I sold my business a couple of years ago and deposited a few million kibbles with my broker, he barked that I had now qualified for admission to the 8 o’clock market. I had him send me a special dog tag that would get me in the door and started trotting in at 8 a.m. sharp.
The 8 o’clock bone market looks just like the regular market room. Each type bone has a blackboard of its own hung on the wall. The black board is divided in half with offers to buy bones on the left and offers to sell bones on the right, and the prices are sometimes pretty wild.
For example, when I trotted in yesterday morning, I looked at a board labeled “GLD.” I saw a series of prices continually going higher on the offers to buy with the latest offer being 173.25 kibbles. Since I had purchased mine Friday afternoon at 172.17, I decided to try to sell and placed an offer to sell at 173.50. Sure enough, some old dog bought them in a few minutes, and I had a nice pile of kibbles in my pocket and hot pawed it out of there.
I walked into the regular market room at 9:30 a.m., and the same bones were selling at 172.95 and going down. I just bided my time and watched from time to time and finally repurchased at 172.06 kibbles just before the market closed. This morning, the pre-market price was 172.54, and I almost sold but decided to wait and see what happens today.
Just before the regular market opened, the price had fallen to 172.32 and then risen to 172.42 one minute before the regular market opened, so I decided to trot over to the regular market and bide my time. The regular market opened at 172.41 but quickly fell to 172.39. This is the normal morning pattern, so I just kept watching and by noon, it had risen to 172.70 and was still going up.
Needing my customary afternoon nap, I placed a sell order at 172.90 but shortly after I retired, it peaked at l72.75 and started falling. I ended up selling just before the market closed at l72.01 and took a small loss.
I guess the morals of my sad tale are if you snooze, you lose and also not to be greedy. Always leave a little meat on the bone for the next dog.
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