Something Strange Emerges When Looking at a Congresswoman’s Daytrading Records
3rd August 2016
While we have often heard that members of Congress, who are not only exempt from insider trading oversight, are also ardent daytraders we had never seen it in action.
Until now.
The following publicly filed monthly Periodic Transaction Report by Democrat Congresswoman, Judy Chu, shows us just how pervasive daytrading is not only for algos, but for those who supposedly are paid to serve their constituents. What is interesting is the size of the trades – between $1,000 and $15,000 each, this is not some novice, penny pincher; what is even more interesting are the underlying securities of choice: volatile, and levered, calls and puts on not only the S&P500, but also on some of the most volatile securities out there, such as the VIX.