Stock Exchange Jargon
Stock Exchange Jargon
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Diamonds
Fancy Way to Say: Dow Jones Industrial Average Tracking Stock
If an investor wants to participate in the performance of the Dow she could buy shares in all 30 of the stocks held in it. Besides a large capital investment this strategy would also incur high commissions.
There is however a security which tracks the performance of the Dow. It's nickname is Diamonds based on its ticker symbol, DIA.
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Double Witching
Fancy Way to Say: Normal Options Expiration
If the third Friday of the month isn't a triple witch then it's a double witch. Since there are four triple witchings a year it leaves the other eight as double witchings. That just means it's a normal options expiration where the following expire: stock options,options on stock index future
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Downtick
Fancy Way to Say: Price Decrease
The term downtick is used to explain the change in price in a security when the last trade occurred at a lower price than the previous trade. In others words, the security ticked down.
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Fair Value
Fancy Way to Say: Not over or under valued
The 'true' difference between the S&P cash index and the futures. While the S&P futures represent the stocks in the S&P500, the price also represents an interest premium as a futures is a contract for delivery at some date in the future. Thus, there is an opportunity cost to holding all the stocks in the S&P500 now versus just holding a contract to own them. Since a futures contract wouldn't tie up nearly as much cash as holding the stocks, this 'interest' would could be earned on the funds is represented in the premium at which the futures trade above the cash index. Fair Value is often expressed as a number, or premium, over cash. For example, if the cash index stands at 1200.00 and fair value is 13, this states the futures should be at 1213.00. If the futures are higher, meaning the premium is above fair value, stocks are undervalued. Conversely, if the futures are lower, it means the premium is less than fair value and stocks are overvalued.
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Fill
Fancy Way to Say: Execution
Fill is shorthand for a trade execution. If you enter an order to buy and you order gets executed, it is said to be filled. Or, you received a fill.
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Fundamental Analysis
Fancy Way to Say: Analysis of the facts
Any fact you can uncover regarding a security is considered part of the fundamentals regarding the security. Example of fundamentals: Sales P/E ratio News release CEO
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Glass / Glue
Fancy Way to Say: Corning
Nicknames for Corning based on its ticker, GLW. Glass comes from it being in the business of fiber and the first two letters of the ticker, GL, hence GLass. Glue comes from the pronunciation of the ticker if you were to spell it out: G - L - W (double U), hence GLUU, or GLUE.
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Goldie
Fancy Way to Say: Goldman Sachs
Shorthand for this major market maker always present on the Level II.
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Head Fake
Fancy Way to Say: Fake Move
Similar to a dead cat bounce, except that is performed by a specialist or a market maker. The specialist or MM will make a stock 'look' strong in an effort to bring out buyers when her real intention is to sell. But, instead of advertising those true intentions, she does the opposite in order to sell. This temporary buying usually ends quickly and is followed by a reversal. The same can happen in the opposite direction, with apparent weakness being used as a buying opportunity by the knowing party.
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