Mythbusters h/t The Discovery Channel
This past week, an article in Vanity Fair went viral. It claimed that some futures traders made billions of dollars using inside information about Trump’s chaotic tweets.
One paragraph in particular caught my eye:
“There is no way for another trader, let alone an outsider such as me, to know who is making these trades. But regulators know or can find out. One longtime CME trader who has been watching with disgust says he’s never seen anything quite like these trades, not at least since al-Qaida cashed in before initiating the September 11 attacks. ‘There is definite hanky-panky going on, to the world’s financial markets’ detriment,’ he says. ‘This is abysmal.'”
First, Business Insider points out there is much in the Vanity Fair article’s claim that is simply false and reveals how desperate people are for the news they want to hear.
Second, seeing a trader perpetuate the myth of terrorists profiting from the 9/11 attacks gives me pause. You see, I’m in the 9/11 Commission Report’s “Pre-September 11, 2001 Trading Review,” because so much of the options activity in American Airlines puts at that time was based on my Options Hotline recommendation from Sunday, September 9, 2001. “In every instance where we noticed unusual trading before the attack, we were able to determine, either through speaking directly with those responsible for the trading, or by reviewing trading records, that the trading was consistent with a legitimate trading strategy.”
Terrorists aren’t that smart, and Trumpians, well….it seems a mythbuster’s work is never done.
Finally, as with all news these days, think critically about what you hear.
Consider the source.
And find out for yourself.
Enjoy your weekend!