Reborn in America, I am a legendary short seller on Wall Street.

Chapter 116 The Gambling Kid Returns

Whether it was a misperception or not, just before the market opened at 10 o'clock, Larry felt a brief silence fall over the betting hall. Customers holding tea and beer held their breath, quietly waiting for the stock market to open.

At this moment, the frantic roar of the quotation machine seemed particularly jarring.

"Click-clack!" The quotation machine began to spit out long paper strips. The young man standing in front of the machine pulled out the paper strips and began to call out the first stock transaction price of the day to the quotation board.

"Wesson Weapons Manufacturing Company, $38.5!"

The first quote caused an uproar among the clients. Someone pointed at the quote board and shouted, "Damn it, this stock closed at $32 on Saturday, and it jumped 5 points in one go!!"

The customer's exclamation sparked even more exclamations, and many people immediately stood up and headed straight to the trading counter to place orders.

Larry had actually anticipated the surge in the gun company's stock price.

With Colt's stock suspended and Winchester acquired, the public naturally turned their attention to other similarly sized arms companies, believing that the next stock to be favored by Mr. Morgan would be among them, and thus they bought in droves.

Therefore, the rise in prices of arms companies, especially firearms companies, was to be expected.

Larry sat there, waiting for his target's offer.

The quoting machine continued its clattering, relentlessly extracting strips of paper and slowly filling in new quotes after the previously blank stock names, until…

"Remington, $32.25!"

The moment this price was announced, the sales office lobby erupted in chaos once again!
Behind Remington stock, you can still vaguely see last week's quote, which wasn't completely wiped clean; the closing price on Saturday was $24.25.

This means that the stock jumped 8 points in one go at the opening bell, an increase of more than 40%!

Larry has been waiting for this!
Mr. Morgan acquired Winchester Firearms and bought half of Remington.

Winchester is awaiting delisting, and at this moment, the only company truly involved in this stock acquisition is Remington, whose stock is still being traded.

This is the leading stock in this short-term trend.

Larry stood up, walked a few steps to the trading counter, laid out $100, and said to the teller, "I want to buy 100 shares of Remington, going long!"

The two tellers behind the counter glanced at the transaction slip, picked it up, and wrote on it, "Buy 100 shares of Remington Firearms at 32 and a quarter, with a margin of $1 per share."

Then, a teller rubbed his fingers together with Larry.

Larry paused for a moment before realizing that the questioner was asking for transaction fees.

I've spent too much time at a legitimate securities firm and almost forgotten the procedures of these betting companies...

Larry decided to play dumb and asked, "Are you talking about transaction fees? How much are they?"

"25 cents!" The teller's face remained expressionless.

Larry pulled out 25 cents, smiled, and placed it on the counter. A teller handed Larry the transaction slip.

This place does not require customers to provide their names.

Larry glanced at the transaction slip, folded it neatly, and put it in his suit pocket.

A customer behind him frowned and kindly advised, "Hey, young man, Remington's stock has already gone up a lot. Buying it is just asking for trouble."

Larry smiled at him, stepped aside from the counter, and returned to his seat.

No need to explain to ordinary people...

In true short-term trading, one should not be afraid to chase high prices.

When ordinary traders first enter the market, they are instilled with the advice, "Don't chase the highs and sell the lows, or you'll become easy prey."

This statement is correct, but it's relative to the long term. In the short term, especially intraday trading, major market movements often focus on stocks that experience explosive growth.

Short-term trading is essentially about right-side trading. For companies like Remington, which combine hot topics and are in the spotlight, their stock prices are bound to be sought after by various funds.

The stocks that can make big money in the short term are always the market's focus and strong stocks. The competition is not about value and price increase, but about market sentiment.

Especially during on-exchange trading at this time, the unique rules can amplify emotions to the extreme.

A few irrational market price transactions could drive the stock price to unbelievably high levels.

The only thing that traders fear about these short-term strong stocks is a sudden surge in insider profit-taking, which could drive the stock price down.

At this point, traders may not be able to find a good selling price at all.

But Larry wasn't worried about that at all; after all, he was back in the betting industry.

The biggest advantage of dealing with betting companies is that you don't have to worry about exiting the betting market at all. As long as you see a suitable price, you can place your bet with the betting company at any time.

Logically speaking, Larry should have taken a larger position given this once-in-a-lifetime opportunity.

But Larry wasn't there to make money; he was there to "reconnoiter" and, incidentally, to earn a little extra for his waiting and observation.

Besides, I can't be too flashy, since I'll be staying here for a few more days.
.
Perhaps because the market entered spring earlier in February, or perhaps because the sugary drinks and alcohol in the Metropolitan Casino were truly effective, the entire Metropolitan Casino was filled with an atmosphere of excitement and enthusiasm.

Even clients who lose their margin will immediately pull out money to top up their positions or place new bets after cursing, unlike clients of ordinary brokerage firms who will frown and walk away.

Larry sat in a seat on the side, and traders kept getting up to place orders at the counter, then hurriedly squeezed past Larry.

"Made by Holt, $56."

"Wesson Weapons Manufacturing Company, $39.25;"

"DuPont, $110.5!"

……

The young man kept pulling out paper strips and shouting out prices to the price board, while the price clerk quickly climbed a ladder to fill in the prices, busy as bees.

Customers were either stuck at the trading desk or on their way to the trading desk.

The metropolitan gambling industry is as frenzied as a pot of boiling oil.

Larry remained unmoved, simply leaning back in his seat and quietly waiting for Remington's next offer.

Finally, three minutes later, the quote machine displayed Remington's second offer.

"Remington, $35.25!"

After the young man shouted, the traders in the trading hall were in an uproar.

The stock opened at $32.25, already more than 40% higher, and the second offer immediately jumped another $3...

In just 3 minutes, the stock price has risen by more than 10% today!
Everything went as I expected!
Larry shrugged, thinking to himself that a stock market without price limits is great!

In the A-share market of the previous life, this would have ended with the stock hitting its daily limit today; but for Remington at this moment, everything is just beginning.

For the next five minutes, the quote machine displayed almost exclusively quotes for arms stocks.

Of the ten arms stocks quoted, three were Remington.

As the crowd in the trading hall watched Remington's stock soar from $35.25 all the way to $40, they couldn't help but exclaim, "Oh! Oh! My God!"

(End of this chapter)