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Current DateTime: 02:16:21 06 Oct 2008
LinksList Documentid: 23371764
    • Long on Stupidity, Short on Common Sense

        Short trading the market makes it go down, right? Absolutely not! This line of thought reveals a startling degree of illiteracy about financial markets. Let's debunk the myth that short selling causes the destruction of asset value, pushing the market lower. We turn to the charts to prove our point.

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Nearly 1.6 billion shares and $22 billion traded yesterday in CNBC's Million Dollar Portfolio Challenge.  The top currency trader has more than doubled his money making over $190 thousand since currency trading opened and has surpassed the previous nine day leader.  Check out Sue Herrera's currency tips here and for daily currency updates, go to http://www.cnbc.com/id/22618039.

Contest Widely Helds and Actives:

  • Yahoo [YHOO  Loading...      ()   ] fell out of the Widely Helds today and has been replaced by 3Com [COMS  Loading...      ()   ] with 170M shares held, on its earnings due out Tuesday.

  • Industrials continue to make up 30% of the top widely helds and Financials again make up 25%.

Sample of Top Trades in the Leaderboard: 

  • Goodrich Petroleum [GDP  Loading...      ()   ] if you bought on Friday before 4pET and held/sold on Monday, you made 15.59%
  • Massey Energy [MEE  Loading...      ()   ] if you bought on Friday before 4pET and held/sold on Monday, you made 4.50% (Massey will join the S&P 500 after Friday's close)

  • Fording Canadian Coal [FDG  Loading...      ()   ] if you bought on Friday before 4pET and held/sold on Monday, you made 5.93%

  • Energy Conversion Devices [ENER  Loading...      ()   ] if you bought on Friday before 4pET and held/sold on Monday, you made 5.78%

  • Natural Resource Partners [NRP  Loading...      ()   ] if you bought on Friday before 4pET and held/sold on Monday, you made 3.85%

Sample of Losing Trades from the Leaderboard: 

  • Northwest Airlines [NWA  Loading...      ()   ] if you bought on Friday before 4pET and held/sold on Monday, you lost -17.27%
  • Suntrust Banks [STI  Loading...      ()   ] if you bought on Friday before 4pET and held/sold on Monday, you lost -3.57%

Bets for today (June 24):

  • Clayton Williams Energy [CWEI  Loading...      ()   ]
  • GMX Resources [GMXR  Loading...      ()   ]

  • Petrohawk Energy [HK  Loading...      ()   ]

  • Comstock Resources [CRK  Loading...      ()   ]

  • Contango Oil & Gas [MCF  Loading...      ()   ]

  • Rex Energy [REXX  Loading...      ()   ]

If you haven't registered yet, there are still great weekly prizes and it's not to late to go for the grand prize.  Click here to play.

bythenumbers.cnbc.com

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