I purchased a very small number of shares in pre-market trading this morning. Nothing too aggressive. A little AAPL in the 350's seems hard to resist. A little BIDU in the 130's and even a little BAC.
Small amounts. Only $20K between three stocks. Even if they went down another 5% - 10%, it wouldn't hurt, but I am building a small base. When the market's regular session opens, it will be easier to get a feel for things, maybe buy a few more stocks, but I am cautious every step of the way. No crazy stuff. And if necessary, I can pull the plug at any time.
Might actually be a reasonable day. But, it's been a long time since a good day in the stock market, so we'll see. We're sure due for one.
TM, I didn't realize Joe Blows like us are allowed to trade in the pre market trading. Do you need to sign some sort of a special document to do so? I actually tried trading AAPL once in the pre market and E-Trade would not allow it.
I had given instructions to my broker last night that if AAPL would open at around $350 or so this morning, she was to sell $35K worth of other stocks and buy 100 shares of AAPL. Well, that plan obviously did not go into effect since AAPL opened at around $360. Now I'm wondering if today's rally so far is a dead cat bounce.
Scottrade allows pre-market. And after-market also.
The trading platform has it built-in. There is a tab that is a click of the mouse, and it changes from "regular" session to "pre-market/after-market extended" session.
Scottrade allows pre-market. And after-market also.
Wow! I wonder if E-Trade has an option like that. I know they have some sort of new platform called "power trade" or something like that. I never bothered to look into it.
So, what do you think? Is this a "Deadcat Bounce"? It does not look like it so far, but this market has been SO crazy that nothing would surprise me. In some ways, I wanted a weak opening today so that I could buy more AAPL by selling some other stocks. Oh well.
Based on his calls years ago shouldn't we already be at gold 3000-4000. He had calls in for gold reaching 2500-3000 in a short time window (a year or less) back in 2008. I think one of the pitfalls for gold is that the market often doesn't take into account the new gold brought in everyday via mining. It's like printing money.
Re today's market - did we see an ultimate buying opportunity in Apple when it backed down to $351 late yesterday? And who's buying - all the panic sellers from yesterday??
Re Sovereign debt - will any country ever pay it off. We need to stop the advance so that all we are doing is rolling it over.
Let's see what the Fed has to say at 2:15. It will either advance the market and erase a lot of losses from yesterday or negatively interpreted comments could take us right back down. But it is interesting to see how negative news was promoted like crazy yesterday and all positive news of the past few days were squashed. S&P trading at 11X forward earnings, one of the cheapest multiples I've seen. But emotions are ruling over fundamentals right now. Apple at only 14.57x vs trailing earnings (and that's after todays $14 jump) and we know a blockbuster earnings quarter will be reported in October, The stock remains very cheap IMO.
So, what do you think? Is this a "Deadcat Bounce"?
Hmmm... look at the way gold is still soaring. That's not a very good sign for equities, IMO. I still believe gold needs to settle down soon, and I believe it will.
On the other hand, I think most equities are oversold, and investors are grabbing them. The volume is fairly high and mostly all to the upside. All good signs. But, overall, I am not sure that the bottom has proved itself. Perhaps we saw it yesterday, but if we did, it might need to prove itself. That's the biggest thing for me, to see the bottom prove itself.
Regardless, this is a good day... so far.
I've been trading AAPL back and forth. I would prefer to hold it, but I can't bring myself to trust the market yet.
Bernanke might affect the market, but I don't think we should all rely on him so much. What's really changed today? I would guess that the market could sell off some of these gains today before the close.
Scathing editorial on Obama in todays WSJ. The fear I always had with this President, aside from his over-spending and laying a rocky foundation for business, is that he's in love with speeches and thinks he is always in campaign mode rather than decision mode. Yesterday I cringed just when I heard he was going to talk again. Speeches to the general public are very different than speeches that are intended to calm financial markets and Wall Street saw right through his BS and cliches yesterday. He came across as a man not only with no plan but no understanding of what was happening in the past 10 days. Instead he's in denial and now if his finger pointing isn't at Reps, it's at other things like S&P. He's simply not a leader but he thinks he is and is arrogant about it and that's downright dangerous.
I think one of the pitfalls for gold is that the market often doesn't take into account the new gold brought in everyday via mining. It's like printing money.
That is absolutely true. It is the equilibrium I referred to earlier. I would imagine, and don't know for sure, that is costs close to $1000 per ounce to mine. Some a lot cheaper some maybe more. The regulations are very strict in this country on what you do with the tailings and water runoff. It all adds to the cost of mining. That is what makes me skeptical of all these crazy claims of $3000 to $5000 per ounce. I think there is a lot of gold left in the ground that would flood the market and bring that price down quickly.
It is just one of the tricks used by the industry to get people to buy gold stocks. Very few recommend actually owning physical gold. I personally would not pay over $300 per ounce for the stuff. I am happy where it is at. It balances out our stock portfolio by going up when stocks go down.
I am very interested in following the states like Utah that are going to make gold more fluid. That could help the price as well.
This is what I have thought about Obama since he came onto the scene. I am surprised the WSJ writer is brave enough to tell the truth. He probably won't be invited to any of the many WH parties.
I don't buy it. I just think the president isn't very bright.
That would be the WSJ! AFAIC, that artcle was too lenient. He reminds me of a touch of Hitlerism that refuses to allow compromise unless it's all his way!
Ridiculous! The downgrades will continue to come as long as he keeps opening his mouth and blaming everyone else.
His only statement should start with "It's MY responsibility for the economic conditions..."
But good luck waiting for that. By that time the Dow will be at 600 again.
Refusal to compromise...the opponent can be given that label too, without Godwin's Law coming into play...
But his speech and the way he ran away yesterday was pretty terrible.
WSJ isn't exactly a non-partisan source, and it is a Murdoch propaganda arm...maybe not entirely off base, to be fair. It might shoot down the idiotic theories that Barry is intentionally trying to destroy the US though, where any reasonable person can see that he doesn't have such ability - no president does.
Waiting for viable and detailed economic plans from the other side...
Yes Len he was indeed predicting that gold would go to $3000 in a short period of time back in 2008. I vividly remember remarking either on this forum or the old luxury car forum that if gold were to reach $3000 within a year, everybody (including those that own a lot of gold) would be in a world of hurt. Rogers always seems to make headlines when the market collapses. He sucks in my opinion.
Btw, the son of very good friends of ours, along with a friend of his decided to go to Utah I believe this past week (I'm sure they are still there) and mine for gold in a very select area. I'm going to call his mother to see how he is doing in this adventure. The son works as a physical therapist for famous people (like movie stars) in Los Angeles.
I wanted to buy more AAPL in the worst way this morning as you probably read on one of my posts above. But since it opened about $6 higher, I decided not to.
AAPL is finding itself a low. It might re-visit the 350's again, but certainly the 360's. I think once we know this market's bottom, we can buy the heck out of AAPL.
That said, I now wish I had kept my shares this morning and bought a bunch more of them... instead of flip them... but I'm not going to lose any sleep over it. Plenty of opportunities are in front of us, once this market proves the bottom.
EDIT... For example...
VOD is a great buy and a great dividend stock. BAC might be an historic opportunity around these levels... the kind that LEN usually takes advantage of.
BAC is so under book value it's a joke. Very tempting. BTW - I sold all my C shares when I bought BIDU. I just gave up on C. But at it's current level it is very tempting too.
Did you guys see the up and down action on the Dow today? It was over 200 higher, went to 200 lower at one point after the Fed statement (which I believe was a good conservative statement on expectations the next 2 years) and as I write this, the Dow has now rallied to about 150 higher. The wild rides continue. Through all of this (even when the Dow plummeted) AAPL was trading at least $6 higher. That's an excellent signal on AAPL in my opinion.
I was doing fine until the Fed spoke... then I bailed out... and almost walked away from it all. Then after seeing it reverse back to the upside, I wished I hadn't bailed because that turned out to be a very wrong decision. Fortunately I stayed, and I jumped in 30 minutes before the close, and I bought 18 stocks.
OMG, that was awesome.
Let's see what happens tomorrow!
EDIT: I am happy about the rally... but I am disgusted with myself for bailing out when it really looked like Bernanke was spooking everyone to death. I had 14,000 shares of BAC at that moment, and I couldn't take a chance. If I had held onto it, I'd be a lot happier at this moment.
Good Luck! The economy sucks but not as much as profits dictate. Looks like the slow but irrational recovery, anemic as ever, will chug along which should allow upside by year end...if only Obummer and the Teetotalers can play nice!
In the meantime, I tend to think the Fed and all of the expert economists official announcements are around 6 months behind some of the predictions from this board which have come true. We all knew there was terrible economic conditions as well as political intolerance in the USA and now that they have agreed, it seems that all we needed was a plan, which unfortunately, is still in debate.
Do we tax or reduce spending or a little of both? My take is do a little of both, agree the plan by Sept. 1st and let the markets do what's best. As long as there is a plan to improve, it'll happen.
If Congress would cut spending to where we are tax wise right now. Then add a tax that could only be used to reduce the national debt I would say that is a good plan. The Democrats want a tax increase and be able to add to the debt. That is what got US in deep doo doo. Obamacare has to be repealed or come 2014 we will be in very serious condition. More so than right now. Just is not enough money to give everyone in America the gold plated HC that public employees enjoy.
I was surprised the market fell on the Fed announcement. The statement that interest rates would remain exceptionally low thru June 2013 to me was huge. The Fed is doing it's best to lay a strong foundation for business, now if we can only get Obama to shut up about tax increases or to be more clear on the rich instead of making $250K earners yacht owners. I have no issue on a tax or sur tax on high wealth income but d'ont hit the $250K crowd. It should start between $500-750K and it should alow special credits to sub-chapter S corps and LLC's that are paying off debts.
As for stimulus how about a special amount of fed money that pays say 50% of new hires salaries for small business for say 1-2 years. Business would have to prove it's an expansion position and not a replacement one and one smart thing you could do is use audit reports to prove hstoric personnel cost and headcount. This would limit qualifying businesses as usually only businesses in expansion that have loans will have audits but it would ensure accuracy and more importantly target the small businesses that are hiring capable but are holding back out of fear (partly because of the economy and partly because Obama has only provided instability for business). Anyone public doesn't qualify. Put up an amount and first come first serve. We need something to jump start jobs.
Re today's rally - Not sure if this is a dead cat bounce or not. Volume was huge so it was caused by buying a lot more than slowdown in selling (which would definitely signal dead cat bounce) and I think the market is re-correcting for a badly oversold position and too great of a downward correction. Disney earnings after the bell were good, reaffirming corporations are doing better than expected.
A year ago I was in agreement with the Administration that those making at least $250K should pay higher taxes. But I admit that you guys have changed my thinking that the cut-off line should be a lot higher. See, I'm not that stubborn.
Tag, on those pre market and after market trades, are they actually completed or just qued up for the next trading day?
They are actual trades in real time. Not qued for the next day.
Easiest way is to go to your "trade" tab at the top of your STANDARD Scotttrade screen (Scottrade.com) (do NOT load the platform) and look in the left column headings and you will see the heading "pre market/after hours". Click it and you will be able to make the trades provided you are within the after-market or pre-market session time. Otherwise you will get a time schedule.
All of those trades are "limit" trades, and you will typically pay up, but it can be worth it. Like this morning when I bought a little AAPL in the 350's in pre-market trading. Although I later sold them like an idiot.
If you need any more help, let me know.
BTW, everyone here has been asking how there could be such a huge sell-off and rally... According to CNBC reporting, IT WAS ALMOST ALL COMPUTERS!!!
A year ago I was in agreement with the Administration that those making at least $250K should pay higher taxes. But I admit that you guys have changed my thinking that the cut-off line should be a lot higher. See, I'm not that stubborn.
Charlie... welcome to the Republican Party! :P
Seriously, it's cool that you have an open mind. Hopefully, we all can be like that.
I would say in the very near future someone will offer software that does what the big institutional investors are doing today. Very feasibly an app for a smartphone. Load in all the stocks you like and where you would buy and or sell and go get a sandwich and watch the action. The way you are doing it now will seem archaic. That mishap with QID just will not happen or hopefully will not happen. Maybe I will write some code. Been 20 years but C sticks with you. I'll call it Eday Trader.
"Yesterday I cringed just when I heard he was going to talk again."
Obama is simply in over his head...he is arrogant and thinks he knows more than anybody, and his answer is always more government..."we are the ones we have been waiting for"...just how self centered can one be???...
He has no comprehension whatsoever that he knows less than nothing...when he was in Chicago and in the US Senate, he could blather all he wanted because no one listened, and just the fact that he could speak clearly was something different (just ask Joe Biden)...the fact that he can't talk to schoolchildren w/o the teleprompter tells me he has no internal principles because he is incapable of speaking from the heart to 1st graders...or, if he spoke from the heart, his Socialist agenda would spit out so fast even the Russians might not want him...
He is a child in a sandbox who has no idea what goes on outside the sandbox, but he whines if he doesn't get his way...this Pres is more of a disgrace than Carter or Nixon ever could be...
My opinion of him is not as bad as yours. But I do see him as arrogant and spoiled. His use of media time the past month was abysmal and it almost came across to me as he made his speeches (two on the debt ceiling, one on S&P) almost to get tension off his mind than to say anything. He in effect didn't say a thing in any speech. He had no plan offering in the debt ceiling and his second speaking engagement was a rerun of his first one. Even worse he tried to panic the older population re no Social security checks, he preached and again he said the same preach on both occasions. Yesterdays talk was not only meaningless but he set in motion the opposite of what he wanted to accomplish because he was talking to an educated financial group who saw right through his nonsense. He showed no intention of recalling Congress as the country's financial system was burning and he was in total denial of what S&P was saying.
In the end he's a very pragmatic person to understand. He comes across now to me as a person who thinks he's smarter than his staff on every subject (from speeches to economics), he therefore has become more of a preacher than an orator, he talks down to people and acts as if he's in command when speaking but has no actions to support it. But what I d'ont get is how does he have all those attributes and yet runs from confrontation? In the end he c'ant make decisions and as that editorial stated he promises things he c'ant deliver probably because he gets so caught up in his speeches. He has never separated - IMO - campaigning from governing and he lives for the campaign where you can say whatever you want. Once elected it's put up or shut up re those promises. His biggest mis-understanding financially is he lacks the knowledge every employee in the US knows and that is the CEO has to do a lot better if the everyday employee is to do better. In business the owner, the wealth Obama seems to abhor, has to do better if jobs are to be created and while Obama wants jobs to be created he doesn't want the business owners to get wealthy. In other words he c'ant possibly achieve what he wants re jobs or at least what he says he wants in speeches.
Another way is to load the Elite software platform. Once up and running, there is a selection button, for which session you want to trade, directly inside the "order entry" box. During extended hours, this choice becomes automatically available, and you just make you selection... either real-time extended session or que the order for regular session.
"But what I d'ont get is how does he have all those attributes and yet runs from confrontation? In the end he c'ant make decisions"...Because he has zero experience running ANYTHING, and that includes a lemonade stand as a kid...he knows NOTHING about how business runs, he would not understand profit and loss if his kids lives depended on it, and he has either been in academics or politics his entire life...he is worse than a spoiled child because a child does not understand the concept of boundaries, but Obama should...
He has used Chicago politics to bulldoze his way, and now that he is out of Chicago, he is a fish out of water, yet he looks in the mirror and sees a political genius...
The gall of this pres is beyond belief...maybe he should place the part of Charlie Harper in Two and a Half Men, or maybe just play the real life part of Charlie Sheen, as his arrogance goes beyond the pale...
As written in the WSJ, he really isn't that bright, but he can read speeches with the absolute best of them, so he has the ability to APPEAR as educated and intelligent, when he is neither.
That is why the stock market reacts as it does to him, because everybody out there sees right thru him...is this a case of the emperor wearing no clothes???
The market is much too frenzied in all directions. It is so schizophrenic. That makes me think that we are very close to the bottom.
The fundamentals haven't disappeared, but they have changed a little.
We now have a global slowdown to consider in addition to a domestic slowdown. We now know that interest rates will be low for two years, making equities more desireable, and also adding stability to borrowing, which is helpful to business. We now know that Washington will (in its pathetic way) at least attempt to address the debt issue. We now know that our credit rating has been downgraded. We know we have some solid companies that aren't going out of business and will continue to do well.
I think most of the negative info has been absorbed, and we should see a turnaround soon.
I played around a little today with BAC, trying to make some $$ on the ups and downs, but it turned out to be too challenging... I made a little, then lost it back, then made a little, then lost it back. It was too much work, and too frustrating.
But I do have a position on a financial index fund that is near it's low at the close of the market. I bought shares right near the close. If it goes up over the next several trading days, I will make a good chunk of $$. The risk is that it digs a new low, and never comes out, but I just can't imagine that. I think with some patience it will be at a higher level over the next days or weeks, and if so, I could possibly stand to make a nice chunk of change. If not, I'll try not to cry from the pain. I did sell some of it in aftermarket trading for a small gain already, which makes me hope that it will open higher tomorrow.
Other than that, I've got nothing going. I intend to look for some bargains later this evening, because I've just got to believe that they are out there.
Well, if the pattern holds we should be up about 400 points tomorrow!
I weathered the storm pretty good today because I sold a bunch of stuff late yesterday on the rally. SLV was good to me today...but it will probably tank tomorrow.
Still down a bit overall since this all started, but in a good position right now...I think.
I strongly recommend you get out of SLV... but that's only my opinion, and I don't want to interfere with your investing, especially if it's working out for you.
I do think the bottom is near, but I should have edited my post, because if we don't see the bottom soon, I think we all know that that means...
OBAMAGEDDON!! :surprise: :sick:
EDIT: Did you figure out the extended hours trading yet? I hope so, because it could end up saving your butt. It sure has helped me.
All advice is appreciated. I am in and out of SLV a lot and I am not married to it. Strictly short term and I will dump it in a heartbeat when necessary, but it saved my bacon today.
Extended hours. I think I have it figured out now...but I haven't used it yet.
All advice is appreciated. I am in and out of SLV a lot and I am not married to it. Strictly short term and I will dump it in a heartbeat when necessary, but it saved my bacon today.
Gotcha.
I must have been asleep at the switch for not day-trading in and out of GLD and SLV. :surprise:
Of course, the second I do, the bubble will burst. So, if you see a big decline in SLV tomorrow, you'll know that the good TagMan has just bought some shares, and jinxed it for everyone.
An email I just sent to the adults of our Boy Scout Troop (I'm the "Adult Training Coordinator," a position that has never been filled until I volunteered. So, I can't do any worse than the last guy and the only way to go is up. As will the market. Eventually. In theory. Hopefully. I'll have to work just a few more years than planned now...). Hope this just ever-so-slightly lightens the mood here (Disclaimer: you get what you pay for on this forum):
"Greetings, All:
With the recent slight "correction" in the stock market, I can no longer afford to type my own thoughts and words, therefore I'll be copying/pasting the text from the letter sent to me by the Council regarding Training:
"I hope summer is treating you well. It won't be long until the start of another Scouting year in September, so I wanted to share some information about upcoming adult leader training courses. The attached two-page flyer has information about BALOO, OWL, Outdoor Leader Skills, and Scoutmaster Basic courses that will be offered in the fall. Please spread the word to your fellow leaders!"
This should continue to fulfill my contractual obligation...
I hope y'all are having a great Summer!
Regards,
Bill"
'21 Dark Blue/Black Audi A7 PHEV (mine); '22 White/Beige BMW X3 (hers); '20 Estoril Blue/Oyster BMW M240xi 'Vert (Ours, read: hers in 'vert weather; mine during Nor'easters...)
Comments
Small amounts. Only $20K between three stocks. Even if they went down another 5% - 10%, it wouldn't hurt, but I am building a small base. When the market's regular session opens, it will be easier to get a feel for things, maybe buy a few more stocks, but I am cautious every step of the way. No crazy stuff. And if necessary, I can pull the plug at any time.
Might actually be a reasonable day. But, it's been a long time since a good day in the stock market, so we'll see. We're sure due for one.
TM
Uncle Ben is going to speak later today. So, I'm back on the sidelines.
TM
I had given instructions to my broker last night that if AAPL would open at around $350 or so this morning, she was to sell $35K worth of other stocks and buy 100 shares of AAPL. Well, that plan obviously did not go into effect since AAPL opened at around $360. Now I'm wondering if today's rally so far is a dead cat bounce.
I would like to know that, too, but I do have one guess...is it possible that the "pre-market" was done by investing in overseas markets???
The trading platform has it built-in. There is a tab that is a click of the mouse, and it changes from "regular" session to "pre-market/after-market extended" session.
TM
Wow! I wonder if E-Trade has an option like that. I know they have some sort of new platform called "power trade" or something like that. I never bothered to look into it.
So, what do you think? Is this a "Deadcat Bounce"? It does not look like it so far, but this market has been SO crazy that nothing would surprise me. In some ways, I wanted a weak opening today so that I could buy more AAPL by selling some other stocks. Oh well.
Re today's market - did we see an ultimate buying opportunity in Apple when it backed down to $351 late yesterday? And who's buying - all the panic sellers from yesterday??
Re Sovereign debt - will any country ever pay it off. We need to stop the advance so that all we are doing is rolling it over.
Let's see what the Fed has to say at 2:15. It will either advance the market and erase a lot of losses from yesterday or negatively interpreted comments could take us right back down. But it is interesting to see how negative news was promoted like crazy yesterday and all positive news of the past few days were squashed. S&P trading at 11X forward earnings, one of the cheapest multiples I've seen. But emotions are ruling over fundamentals right now. Apple at only 14.57x vs trailing earnings (and that's after todays $14 jump) and we know a blockbuster earnings quarter will be reported in October, The stock remains very cheap IMO.
Hmmm... look at the way gold is still soaring. That's not a very good sign for equities, IMO. I still believe gold needs to settle down soon, and I believe it will.
On the other hand, I think most equities are oversold, and investors are grabbing them. The volume is fairly high and mostly all to the upside. All good signs. But, overall, I am not sure that the bottom has proved itself. Perhaps we saw it yesterday, but if we did, it might need to prove itself. That's the biggest thing for me, to see the bottom prove itself.
Regardless, this is a good day... so far.
I've been trading AAPL back and forth. I would prefer to hold it, but I can't bring myself to trust the market yet.
Bernanke might affect the market, but I don't think we should all rely on him so much. What's really changed today? I would guess that the market could sell off some of these gains today before the close.
TM
http://online.wsj.com/article/SB10001424053111904140604576495932704234052.html?m- - od=WSJ_Opinion_LEADTop
Bullseye.
Nice to see some political reality printed in the NYT. Thanks Len.
TM
That is absolutely true. It is the equilibrium I referred to earlier. I would imagine, and don't know for sure, that is costs close to $1000 per ounce to mine. Some a lot cheaper some maybe more. The regulations are very strict in this country on what you do with the tailings and water runoff. It all adds to the cost of mining. That is what makes me skeptical of all these crazy claims of $3000 to $5000 per ounce. I think there is a lot of gold left in the ground that would flood the market and bring that price down quickly.
It is just one of the tricks used by the industry to get people to buy gold stocks. Very few recommend actually owning physical gold. I personally would not pay over $300 per ounce for the stuff. I am happy where it is at. It balances out our stock portfolio by going up when stocks go down.
I am very interested in following the states like Utah that are going to make gold more fluid. That could help the price as well.
I don't buy it. I just think the president isn't very bright.
Ridiculous! The downgrades will continue to come as long as he keeps opening his mouth and blaming everyone else.
His only statement should start with "It's MY responsibility for the economic conditions..."
But good luck waiting for that. By that time the Dow will be at 600 again.
Regards,
OW
But his speech and the way he ran away yesterday was pretty terrible.
WSJ isn't exactly a non-partisan source, and it is a Murdoch propaganda arm...maybe not entirely off base, to be fair. It might shoot down the idiotic theories that Barry is intentionally trying to destroy the US though, where any reasonable person can see that he doesn't have such ability - no president does.
Waiting for viable and detailed economic plans from the other side...
The NY Times is terribly biased to the left. It's intentionally distorted.
I don't know how they get away with it.
TM
Btw, the son of very good friends of ours, along with a friend of his decided to go to Utah I believe this past week (I'm sure they are still there) and mine for gold in a very select area. I'm going to call his mother to see how he is doing in this adventure. The son works as a physical therapist for famous people (like movie stars) in Los Angeles.
I wanted to buy more AAPL in the worst way this morning as you probably read on one of my posts above. But since it opened about $6 higher, I decided not to.
Gold is at or near it's high, and could even be a bubble about to burst.
For those holding gold, I'd sell at least 50% of it now.
Also, sell silver... but not 50%... sell 100%.
TM
AAPL is finding itself a low. It might re-visit the 350's again, but certainly the 360's. I think once we know this market's bottom, we can buy the heck out of AAPL.
That said, I now wish I had kept my shares this morning and bought a bunch more of them... instead of flip them... but I'm not going to lose any sleep over it. Plenty of opportunities are in front of us, once this market proves the bottom.
EDIT...
For example...
VOD is a great buy and a great dividend stock.
BAC might be an historic opportunity around these levels... the kind that LEN usually takes advantage of.
TM
They could buy Bank of America and have money left over! :surprise:
TM
Go light.
TM
INSANE! :confuse:
Regards,
OW
OMG, that was awesome.
Let's see what happens tomorrow!
EDIT: I am happy about the rally... but I am disgusted with myself for bailing out when it really looked like Bernanke was spooking everyone to death. I had 14,000 shares of BAC at that moment, and I couldn't take a chance. If I had held onto it, I'd be a lot happier at this moment.
TM
Regards,
OW
TM
In the meantime, I tend to think the Fed and all of the expert economists official announcements are around 6 months behind some of the predictions from this board which have come true. We all knew there was terrible economic conditions as well as political intolerance in the USA and now that they have agreed, it seems that all we needed was a plan, which unfortunately, is still in debate.
Do we tax or reduce spending or a little of both? My take is do a little of both, agree the plan by Sept. 1st and let the markets do what's best. As long as there is a plan to improve, it'll happen.
Regards,
OW
Regards,
OW
As for stimulus how about a special amount of fed money that pays say 50% of new hires salaries for small business for say 1-2 years. Business would have to prove it's an expansion position and not a replacement one and one smart thing you could do is use audit reports to prove hstoric personnel cost and headcount. This would limit qualifying businesses as usually only businesses in expansion that have loans will have audits but it would ensure accuracy and more importantly target the small businesses that are hiring capable but are holding back out of fear (partly because of the economy and partly because Obama has only provided instability for business). Anyone public doesn't qualify. Put up an amount and first come first serve. We need something to jump start jobs.
Re today's rally - Not sure if this is a dead cat bounce or not. Volume was huge so it was caused by buying a lot more than slowdown in selling (which would definitely signal dead cat bounce) and I think the market is re-correcting for a badly oversold position and too great of a downward correction. Disney earnings after the bell were good, reaffirming corporations are doing better than expected.
Tag, on those pre market and after market trades, are they actually completed or just qued up for the next trading day?
Craziest market I have ever seen. I wonder if the Feds started buying stocks late just to make things look better?
2013 LX 570 2016 LS 460
They are actual trades in real time. Not qued for the next day.
Easiest way is to go to your "trade" tab at the top of your STANDARD Scotttrade screen (Scottrade.com) (do NOT load the platform) and look in the left column headings and you will see the heading "pre market/after hours". Click it and you will be able to make the trades provided you are within the after-market or pre-market session time. Otherwise you will get a time schedule.
All of those trades are "limit" trades, and you will typically pay up, but it can be worth it. Like this morning when I bought a little AAPL in the 350's in pre-market trading. Although I later sold them like an idiot.
If you need any more help, let me know.
BTW, everyone here has been asking how there could be such a huge sell-off and rally... According to CNBC reporting, IT WAS ALMOST ALL COMPUTERS!!!
TM
Charlie... welcome to the Republican Party! :P
Seriously, it's cool that you have an open mind. Hopefully, we all can be like that.
TM
I would say in the very near future someone will offer software that does what the big institutional investors are doing today. Very feasibly an app for a smartphone. Load in all the stocks you like and where you would buy and or sell and go get a sandwich and watch the action. The way you are doing it now will seem archaic. That mishap with QID just will not happen or hopefully will not happen. Maybe I will write some code. Been 20 years but C sticks with you. I'll call it Eday Trader.
Nobody steal my idea now. :shades:
Obama is simply in over his head...he is arrogant and thinks he knows more than anybody, and his answer is always more government..."we are the ones we have been waiting for"...just how self centered can one be???...
He has no comprehension whatsoever that he knows less than nothing...when he was in Chicago and in the US Senate, he could blather all he wanted because no one listened, and just the fact that he could speak clearly was something different (just ask Joe Biden)...the fact that he can't talk to schoolchildren w/o the teleprompter tells me he has no internal principles because he is incapable of speaking from the heart to 1st graders...or, if he spoke from the heart, his Socialist agenda would spit out so fast even the Russians might not want him...
He is a child in a sandbox who has no idea what goes on outside the sandbox, but he whines if he doesn't get his way...this Pres is more of a disgrace than Carter or Nixon ever could be...
In the end he's a very pragmatic person to understand. He comes across now to me as a person who thinks he's smarter than his staff on every subject (from speeches to economics), he therefore has become more of a preacher than an orator, he talks down to people and acts as if he's in command when speaking but has no actions to support it. But what I d'ont get is how does he have all those attributes and yet runs from confrontation? In the end he c'ant make decisions and as that editorial stated he promises things he c'ant deliver probably because he gets so caught up in his speeches. He has never separated - IMO - campaigning from governing and he lives for the campaign where you can say whatever you want. Once elected it's put up or shut up re those promises. His biggest mis-understanding financially is he lacks the knowledge every employee in the US knows and that is the CEO has to do a lot better if the everyday employee is to do better. In business the owner, the wealth Obama seems to abhor, has to do better if jobs are to be created and while Obama wants jobs to be created he doesn't want the business owners to get wealthy. In other words he c'ant possibly achieve what he wants re jobs or at least what he says he wants in speeches.
2013 LX 570 2016 LS 460
Another way is to load the Elite software platform. Once up and running, there is a selection button, for which session you want to trade, directly inside the "order entry" box. During extended hours, this choice becomes automatically available, and you just make you selection... either real-time extended session or que the order for regular session.
TM
At this point, I am going to day-trade BAC, which I believe can pay off huge. I will find out today... or soon.
Edit: Also, look for any bonafide solid bargains, if any.
TM
He has used Chicago politics to bulldoze his way, and now that he is out of Chicago, he is a fish out of water, yet he looks in the mirror and sees a political genius...
The gall of this pres is beyond belief...maybe he should place the part of Charlie Harper in Two and a Half Men, or maybe just play the real life part of Charlie Sheen, as his arrogance goes beyond the pale...
As written in the WSJ, he really isn't that bright, but he can read speeches with the absolute best of them, so he has the ability to APPEAR as educated and intelligent, when he is neither.
That is why the stock market reacts as it does to him, because everybody out there sees right thru him...is this a case of the emperor wearing no clothes???
The market is much too frenzied in all directions. It is so schizophrenic. That makes me think that we are very close to the bottom.
The fundamentals haven't disappeared, but they have changed a little.
We now have a global slowdown to consider in addition to a domestic slowdown.
We now know that interest rates will be low for two years, making equities more desireable, and also adding stability to borrowing, which is helpful to business.
We now know that Washington will (in its pathetic way) at least attempt to address the debt issue.
We now know that our credit rating has been downgraded.
We know we have some solid companies that aren't going out of business and will continue to do well.
I think most of the negative info has been absorbed, and we should see a turnaround soon.
I played around a little today with BAC, trying to make some $$ on the ups and downs, but it turned out to be too challenging... I made a little, then lost it back, then made a little, then lost it back. It was too much work, and too frustrating.
But I do have a position on a financial index fund that is near it's low at the close of the market. I bought shares right near the close. If it goes up over the next several trading days, I will make a good chunk of $$. The risk is that it digs a new low, and never comes out, but I just can't imagine that. I think with some patience it will be at a higher level over the next days or weeks, and if so, I could possibly stand to make a nice chunk of change. If not, I'll try not to cry from the pain. I did sell some of it in aftermarket trading for a small gain already, which makes me hope that it will open higher tomorrow.
Other than that, I've got nothing going. I intend to look for some bargains later this evening, because I've just got to believe that they are out there.
Hope you guys are doing alright.
TM
I weathered the storm pretty good today because I sold a bunch of stuff late yesterday on the rally. SLV was good to me today...but it will probably tank tomorrow.
Still down a bit overall since this all started, but in a good position right now...I think.
Good luck everyone.
2013 LX 570 2016 LS 460
I do think the bottom is near, but I should have edited my post, because if we don't see the bottom soon, I think we all know that that means...
OBAMAGEDDON!! :surprise: :sick:
EDIT: Did you figure out the extended hours trading yet? I hope so, because it could end up saving your butt. It sure has helped me.
TM
Extended hours. I think I have it figured out now...but I haven't used it yet.
2013 LX 570 2016 LS 460
Gotcha.
I must have been asleep at the switch for not day-trading in and out of GLD and SLV. :surprise:
Of course, the second I do, the bubble will burst. So, if you see a big decline in SLV tomorrow, you'll know that the good TagMan has just bought some shares, and jinxed it for everyone.
TM
An email I just sent to the adults of our Boy Scout Troop (I'm the "Adult Training Coordinator," a position that has never been filled until I volunteered. So, I can't do any worse than the last guy and the only way to go is up. As will the market. Eventually. In theory. Hopefully. I'll have to work just a few more years than planned now...). Hope this just ever-so-slightly lightens the mood here (Disclaimer: you get what you pay for on this forum):
"Greetings, All:
With the recent slight "correction" in the stock market, I can no longer afford to type my own thoughts and words, therefore I'll be copying/pasting the text from the letter sent to me by the Council regarding Training:
"I hope summer is treating you well. It won't be long until the start of another Scouting year in September, so I wanted to share some information about upcoming adult leader training courses. The attached two-page flyer has information about BALOO, OWL, Outdoor Leader Skills, and Scoutmaster Basic courses that will be offered in the fall. Please spread the word to your fellow leaders!"
This should continue to fulfill my contractual obligation...
I hope y'all are having a great Summer!
Regards,
Bill"
'21 Dark Blue/Black Audi A7 PHEV (mine); '22 White/Beige BMW X3 (hers); '20 Estoril Blue/Oyster BMW M240xi 'Vert (Ours, read: hers in 'vert weather; mine during Nor'easters...)