One Wall Street trading professional is freaking out after the recent, violent 10 percent stock market correction made him a millionaire.
“Making money that fast freaked him out,” a friend of this fortunate trader told The Post. In a few days, this trader saw his personal portfolio triple from some $300,000 to $1 million.
The 28-year-old market-savvy trader is certainly not alone.
Thousands of professional traders and ordinary investors have likely made big fortunes on the latest heightened market volatility, even as others are on the wrong side of the deal.
The large dips also triggered a flood of funds from bargain hunters. “We are actually seeing inflows — clients are transmitting funds to us to invest on the declines,” financial adviser Timothy Speiss said immediately after the most recent plunges.
“As some people saw this market come down, they selectively picked assets which had seen their prices pushed lower and were now more selectively priced,” added J. Scott Miller, a financial adviser at Blue Bell Private Wealth Management.
The new Wall Street millionaire saw this latest market drop as far back as November.
Back then, he traded futures and options on the S&P 500 index, and was shorting the market to time an early year sell-off. He’s now all in cash, or cash equivalents, and weighing his next move.
“He agreed with me that a sell-off was likely in February, after everyone had settled back from holidays, and after an 8,000-point rise in the Dow since the election,” his pal told The Post.
“He traded it, I didn’t. He tripled his portfolio, and then decided to take a vacation till June.”
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