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Sample Grade |
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In commodities, usually the lowest quality acceptable for delivery in satisfaction of futures contracts. |
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Sampling |
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A method of evaluating the price performance of an individual group of stocks compared with the movement of the total stock market. This method involves choosing stocks whose aggregate movement reflects as closely as possible the movement of all stocks. |
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Scalper |
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A trader who trades for small, short-term profits during the course of a trading session, rarely carrying a position overnight. |
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Security |
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Common or preferred stock; a bond, of a corporation, government or quasi government body. |
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Segregated Account |
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A special account used to hold and separate customers' assets from those of the broker or firm. |
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Seller |
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Also known as the option writer or grantor. The seller of an option is subject to a potential obligation if the buyer chooses to exercise the option. |
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Selling Hedge (or Short Hedge) |
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Selling futures contracts to protect against possible decreased prices of commodities which will be sold in the future. See also Hedging. |
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Settlement |
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Actual physical exchange of one currency for another. |
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Settlement Date |
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Date in which ownership and funds are transferred between buyer and seller for a securities transaction. |
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Settlement Price |
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The price established by a clearinghouse at the close of each trading session as the official price to be used in determining net gains or losses, margin requirements, and the next day's price limits. The term "settlement price" is often used as an approximate equivalent to the term "closing price". The "close" in futures trading refers to a very brief period of time at the end of the trading day, during which transactions frequently take place quickly and at a range of prices immediately before the bell. Therefore, there frequently is no one closing price, but a range of closing prices. The settlement price is the closing price if there is only one closing price. When there is a closing range, it is as near to the midpoint of the closing range as possible, consistent with the contract's price increments. Thus, the settlement price can be used to provide a single reference point for analysis of closing market conditions. |
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Short |
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A market position where the Client has sold a currency he does not already own. Normally expressed in base currency terms e.g., short Dollars, (long D.Marks). |
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Spot |
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Spot means the settlement date of a deal which is two business days forward |
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Spread |
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The difference in prices between bid and offer rates. |
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Stop Loss Order |
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An order to buy or sell at the market when a particular price is reached, either above or below the price that prevailed when the order was given. |
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Stop Order |
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An order that becomes a market order when the commodity reaches a particular price level. A sell stop is placed below the market, a buy stop is placed above the market. |
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Strike Price (1) |
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The price at which Ginnie Mae securities can be sold on a standby commitment. (2) The price at which the holder of a call (put) option may choose to exercise his right to purchase (sell) the underlying futures contract. |
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Straddle |
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A position consisting of long positions in a put and call or a short position in a put and a call. |
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Strong Hands |
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In a trading context, this refers. to the ownership of the commodity or security as being a source of considerable financial strength. |
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>Support Levels |
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A price level at which you would expect buying to take place. |
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Swap |
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Exchange of one security for another; usually involves two similar (maturity, coupon, security) bonds. |
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Switch |
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Liquidation of a position in one delivery month of a commodity and simultaneous initiation of a similar position in another delivery month of the same commodity. When used by hedgers, this tactic is referred to as Rolling Forward the hedge. |
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Secondary Market |
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Market for issues that were previously offered or sold. |
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Secondary Offering |
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The sale to the public of a usually large block of stock that is owned by an existing shareholder. |
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Sector Funds |
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Mutual funds that invest in a single-industry sector, such as biotechnology, gold, or regional banks. Sector funds tend to generate erratic performance, and they often dominate both the top and bottom of the annual mutual fund performance charts.
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Securities and Exchange Commission (SEC) |
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The federal agency that enforces securities laws and sets standards for disclosure about publicly traded securities, including mutual funds. It was created in 1934 and consists of five commissioners appointed by the president and confirmed by the senate to staggered terms.
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Security |
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A financial instrument that indicates the holder owns a share or shares of a company (stock) or has loaned money to a company or government organization (bond).
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Share |
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An investment that represents part ownership of a company or a mutual fund. See also "Stock."
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Short Covering |
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Trades that reverse, or close out, short-sale positions. In the stock market, for instance, shares are purchased to replace the shares previously borrowed.
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Short Interest |
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Total number of shares of a given stock that have been sold short and not yet repurchased. |
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Small Cap Stocks |
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Shares of relatively small publicly traded corporations, typically with a total market value, or capitalization, of less than $600 million. |
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Stock |
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An investment that represents part ownership of a company. There are two different types of stock: common and preferred. Common stocks provide voting rights but no guarantee of dividend payments. Preferred stocks provide no voting rights but have a set, guaranteed dividend payment. See also "Share."
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Stock Index Futures |
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A contract to buy or sell the cash value of a stock index by a specified date.
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Stock Option |
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An agreement allowing an investor to buy or sell shares of stock within a stipulated time and for a certain price.
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Stock Split |
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A change in a company's number of shares outstanding that doesn't change a company's total market value, or each shareholder's percentage stake in the company. Additional shares are issued to existing shareholders, at a rate expressed as a ratio. A 2-for-1 stock split, for instance, doubles the number of shares outstanding. Investors will own two shares after the split for each share they owned before the split. Stock splits are typically viewed by investors as bullish.
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