I like to buy obscure penny stocks with a potential for future growth. I notice Scottrade charges more on those buys. Still less than Schwab and far less than other brokerage houses. It would be nice to see a little upswing this week. I am getting tired of the doom and gloom. I don't watch TV so I only get what I read online. I do think the Conservative blogs send me more negative than positive propaganda.
I failed to mention that any firm that is a dealer, tries to match orders up and pocket the spread......Say in the example I want to buy a stock, and by chance you are the seller....They just match us up and pocket the spread....If they make the market, then they sell to the buyer, and buy from the seller....That use to be what would keep a market stable....
If your confirmation is read, they show the details on the order itself....Look next time you do something......If it says `principal` then there is no commission, as that fee is hidden in the spread....and if it is a `bond` the spread can be up to five percent...I don`t remember though....
What use to be was a broker represented his client, and then the dealer made the market and the other broker represented his client.....What we do when dealing with a company like Scottrade is eliminate the broker---and that can be a detriment to us, --the unsuspecting---So brokers have a place in this business , as they can use their knowledge to protect their client, and give good sound advice, plus further be able to negotiate a better price for a worthwhile monetary order.....and no -you nor I- have that kind of money..Sorry Tony
The market has just opened with a bounce, but somehow I just don't think it will hold.
In any event, it will be more difficult for me to trade or invest most of this week. I will be in meetings most of the week and also out of town for a few days, so it will all be hit-and-miss for me this week.
Friday's economic reports could cause the market to swing, so it's anybody's guess how this market will look by the end of Friday.
I hope I don't miss out on too much, but I could always trade on the mobile platform if it was criticial to do so, but that is not nearly as easy. Regardless, I don't think the market is about to regain it's 20% losses in one week... particularly this week. If it does, that will be a lesson for me... and a huge surprise.
I'll definitely continue to check in here and post from my mobile during the week.
EDIT: As posted further down, market has retreated since its open.
Gold hits $1898 and the Dow goes up 200 points in a few minutes. Rare to see both up at once. What does it mean?
IMHO... It means today's stock market bounce will settle back down. In addition, it could indicate that we are getting closer to a bottom, as they "overlap" each other.
UPDATE: The market is indeed retreating from that bounce.
Hmmm. Is this a coincidence? Are they aware of issues? Are they now covering their butts? This is the notice that I received in an email this morning.
Dear Scottrade Customer,
As part of our dedication to continually enhancing your experience with Scottrade, a ScottradeELITE® upgrade is scheduled for this week.
There will not be any noticeable changes within the ScottradeELITE trading tool. However, the first time you log in after the upgrade, you will be prompted to download the newest version of ScottradeELITE.
If you have any questions, please contact your local Scottrade team.
If Scottrade has an upgrade already, that means it was a known problem. Why didn't it get corrected sooner? Too profitable?
I was never happy with the brokerages and the quirks when I bought stocks in the past the old-fashioned way. The more I heard about how things were done to make money inhouse at that time, the less I used them.
What's missing from the current downtrend is a sense of total frustration. I've learned the market does differently than I would expect. I think there's more uncertainty to come.
There is a lot of talk about gold doing what silver did a few month ago. It was something about an increase in margin requirement for gold derivatives. What do you guys think?
I sold 10 Krugerands about 6-7 years ago when gold went over $500. I thought it can never go higher. We spent the $5000 and I cannot remember what for. Thankfully we kept the bulk of our gold stash. I have no idea how high it will go. I do know this trend is much different than the one in 1979. For the Dow to keep up with Gold over the last 10 years it should be over 20,000. I think the uncertainty across the globe is pushing gold to these crazy highs.
I think margin buying should be against the law. I put it right up there with borrowing against your home and investing in the stock market. Then I have never bought on margin. My understanding is that is what caused the 1929 stock market crash. No money for margin calls.
My wife just found a 1978 reciept for ten of her 50 peso gold pieces. She bought them from the bank in Tecate for $145 each. They are selling at $2425 each today. I think that was a good investment. Now the question. What to do with the cash if we were to sell? By the time the Feds and the state get done we would net about $1710 a piece.
For the life of me I d'ont understand why stocks require 50% margin and oil, gold and utilities require about 10% or less. There was a big story on how oil margin requirements went up 50% recently. Big deal. They went from 5% to 7.5% and then eventually to just under 9%. They needed to be raised by 1000%.
That and the brokers all loaning money for the day trade crowd.....Banking should be segregated from brokers, and even margin for anything of value....
I think all this unsettled mess will calm down ....Any thought about Bank America? looks doomed to me....Can`t believe their numbers....Tony
I've been driving most of the morning, and just grabbed my phone and looked at the market activity.
I could cry that I am missing this rally.
I am too busy for a couple days. Unless it all sells off, I've missed out. I only have a tiny number of shares of about 15 companies. Only $40K total value.
Yes I got back home Saturday night. The good news is that our team did not get shut out. We won the first match against Kansas City but the bad news is that we lost the next 3 barely (it was very close). The last match was played Sunday morning, but since we had no chance to win and go to the nationals and I had most of my family visiting us in IA since Thursday evening, I left St. Louis and headed home late Saturday afternoon.
As far as making a killing today is concerned, I made no new trades. But obviously my portfolio is worth considerably more at the close today than it was back on Friday.
If I saw it correctly, it went up $30 and then dropped $90 to end up $60 below where it started...is the massive correction starting, and should gagrice sell those gold peso-things???
is the massive correction starting, and should gagrice sell those gold peso-things???
Libya solution doesn't help and there's no inflation so gold is losing some of its supporting cast here and is now dependent on the sovereign debt issues and I think a totally overstated double dip in conjunction with badly overplayed banking woes.
Gold dropping is normal on a good stock market day. Not worried at all. Bottom line is what would I do with the cash. If I found a piece of property I wanted it would be worth cashing in some to buy it. My stocks are down about $32k as of today. My gold is up $85k since April. So which is the best investment?
Oh wow! AAPL will tank in the short term, but I think it will be a buying opportunity. The fact that he retired now is better for the stock than if he had died while still with Apple.
I see that the after hours market is trading $19 lower. Who knows, maybe it will go in the $340's tomorrow.
Here's just another example of how us little guys can't get the same opportunities to make $$ in this market.
Yesterday, I was extremely busy and by the time I looked at my phone, I noticed that Steve had resigned and that AAPL was waaaaaay down. I posted my discovery here. It was too late to make an after-market trade.
So, I stayed up late... until 1 AM (Pacific time), hoping to purchase AAPL shares at the beginning of pre-market trading. At 1 AM, I went to the computer and discovered that I was not entitled to make a pre-market trade until 4:02 AM. Only the privileged few can trade for the first 3 hours. So, I went to bed to try to get all of about 2-1/2 hours rest.
When I got up and then went to the computer at 4:02 in order to make the trade, the share price of AAPL had risen to about $360!!... a whole lot higher than it was earlier! Well, I bought 250 shares. (I already owned some shares that I had bought the day before on my mobile, at $377.)
Right after I placed the pre-market trade, I noticed the share price started to climb very quickly. So, I bought more before it was all going to be too late.
After all of it... the bottom line is that I now own 800 shares @ $367.91. That was the best I could do. I am soooooo disappointed that I could not get those shares at yesterday's price. And, if AAPL shares take a hit, I am still at a vulnerable level, IMO.
Currently, the share price is $7 higher than my cost, so I am up $5600.
I am concerned that I own those 800 shares at too high a price ($367.91) . What do you think?
I also bought some other stocks during pre-market, and I hope they work out. At this moment they aren't doing too much at all. AMZN, BIDU, F, GM, XOM, LLY, T, VZ.
Uh-oh... AAPL shares just inched down to $373.87. If they go all the way down to the regular session "open", that would be around $365, and I would lose around $2400.
How come we can't get the same opportunities as those "other" guys?
BTW, while I was up early this morning, I discovered the BAC deal, and I bought some right as it was flying up. I flipped it right away... fortunately. (Kept a little, just to see.)
I honestly don't think you need to worry about your AAPL shares you now own at about $368. The market absorbed the Jobs retirement news very well in my opinion. Going forward, we now don't have to worry too much when the inevitable happens and the great Steve Jobs is no longer with us. Just keep these shares now, go to sleep, and when you wake up 8 months from now AAPL will be close to $500.
Hey, as you know, I was really busy earlier in the week, but I did manage to have an interesting conversation about the stock market with a guy I met. He is an an investment analyst, and he left me with these words of wisdom...
"Owning a stock is like owning a bar of soap... the more you touch it, the less you have".
Thanks for the thoughts on the hurricane----Lucky this time---but there is always the next one..:)
I purchased bac just a little above six dollars, and the next day sold it for about a ten percent gain....Then Buffet came along, and I missed the next ten percent....No complaint as it was just a gamble that paid off so goes the market..
I guess tomorrow will all be about the FED----Man these are poor times to be even thinking about investing---just very quick trades until thing settle down---:) Tony
OW, I would not worry all that much. Believe it or not, there is a lot of media hype with Irene as well as just about anything else. There will be considerable weakening by the time it reaches your area. The cooler waters as well as the very close proximity to landmass should result in no greater than about 90 mph max sustained winds near the eye by the time it reaches you. Sometimes, winds approach hurricane force with intense winter Nor'easters in that area. There will be some flooding due to torrential rains obviously.
Again, I don't want to totally minimize the danger from this, but there is a lot of unwarranted hype. Heck, there is still some uncertaainty about the track. It may track even further west and interact with land sooner. Or it might decide to track further east toward Cape Cod. So, relax and have a Manhattan on the Rocks on me .
UPDATE: I am now of the opinion that NYC will not see max sustained winds any stronger than 65-70 mph from Irene. The biggest problem will be torrential rains and some coastal flooding from the storm surge.
I was watching the NBC early evening national news and I was flabbergasted by the almost historic hype. They were calling it "the hurricane of a lifetime". This is absolute garbage/BS in my opinion. If I lived in NYC right now, I would not go out of my way to make any special preparations, like buying groceries for a week as some are doing.
I think there will be considerable interaction with land and this so called "hurricane of a lifetime" will turn out to be the most over hyped "dud of a lifetime".
>The cooler waters as well as the very close proximity to landmass should result in no greater than about 90 mph max sustained winds near the eye by the time it reaches you.
I watched some of the same bits from evening newscasts as you and felt the same hype was at work. One segment did say the coastal waters were warmer than usual and inplied that would aid in increasing the wind speeds of the hurricane.
Are those waters warmer than usual? Is it meaningful if they are?
Yes, the waters are warmer than normal (by about 4 degrees I believe), but that's still not optimum temperatures for hurricane strengthening. But the most important factor for weakening is the land interaction well south of NYC. In fact, the first land interaction may occur in far eastern NC.
I bought the motherload at the lows this morning and yesterday.
Thanks to Charlie for those words of encouragement, and to "Brian" the investment analyst who gave me those words of wisdom., which I will repeat...
"Owning a stock is like owning a bar of soap... the more you touch it, the less you have".
Hopefully, the market doesn't give back too much of these gains... and it continues to return to its former levels.
Because I was out of the market, or only in it lightly, for much of the declines, especially in the early days of the downturn, I am already getting close to even... so as the market works its way back to its previous higher levels, it will be gravy for me. But this time, I am not going to time the market quite as much as I used to (thanks to Brian's words).
I was really ticked off earlier in the week when I was busy with meetings, but today makes up for it.
I'm sure the rest of you are doing great today as well. That's terrific, and we all deserve it!!
EDIT: Those of you that are effected by the Hurricane... God Bless You Guys!... and please KEEP US POSTED.
UPDATE on Irene: the fact that Irene has actually weakened some today in the juicy warm waters (south of NC) near the Gulf Stream is an additional sign that this will be the most over-hyped "dud of a lifetime".
The only folks that really have to worry about this system are those living in eastern NC and those along the immediate coast in the eastern seaboard due to coastal flooding.
LOL, I told my wife a couple of days ago that Irene would be a dud. Way too over hyped. I think some of the forecasters like to dress up in their jeans and flannel shirts and stand on the beach !!
It reminds me of some of the Winter storms we get warnings about days in advance...then they fizzle out. The big ones are usually a surprise.
They've closed everything in NYC. My biggest concern is power outages and flash flooding from the heavy rains. In every hurricane that comes close to this area it seems that winds are badly overstated, especially west of center. Gloria in 1985 only produced 20-30mph winds with gusts to 40 during the rain. After the storm plowed north of here we had 50-60mph gradient winds under brilliant sunshine for about 3 hours, then everything went calm. Local forecasts kept warning of 60-80mph winds with gusts over 100 but it never came close except for areas in central and eastern LI - east of center. The folks that remember Gloria here are thinking the same thing as you - that winds will not be anywhere near as strong as advertised just inland in NJ.
They've closed everything in NYC. My biggest concern is power outages and flash flooding from the heavy rains. In every hurricane that comes close to this area it seems that winds are badly overstated, especially west of center.
Hi Len! I thought maybe you were busy digging a storm shelter to prepare for this MASSIVE hurricane and that's why we have not heard from you .
I have NEVER in my life seen such incredible hype about a system that is barely Cat 1 at this moment (I think they are overstating it at 85mph when it made landfall in NC). It does not take much of an expert to figure out that this thing is getting eroded due to dry air on the southern semicircle. There is no real discernible eye any more. The fact that it will now spend quite a lengthy period (several hours) more or less over land in eastern NC will weaken it further and I would not at all be surprised if it is no stronger than a tropical storm this afternoon. It will continue to interact with land on its western side and I doubt it will be any stronger than a tropical storm or very weak hurricane as it moves north northeast.
As I stated the past few days the biggest problem will be coastal flooding due to storm surge and yes you could have some flash flooding from heavy rain.
I actually watched the Weather Channel last evening for the first time in a couple years just to see how they were hyping it. No surprise! They were making it sound like the Northeast Coast will be wiped out. They were scarring the crap out of people.
Talk to you guys later. I am off to play some tennis now.
I have NEVER in my life seen such incredible hype about a system that is barely Cat 1 at this moment
It sure looks that way to me. Once in a while, I get a chance to put the news on the TV, and so far, I don't see anything even CLOSE to what they were talking about. But, what's so weird to me is that they continue to hype it... which is starting to make them look kinda ridiculous.
In fact, the meteorologist on CNN just reported to Wolf Blitzer that the forecast for this hurricane was soooo precise and perfect, and that the hurricane is doing exactly what was predicted. How's that? All the forecasts were (and continue to be) for a much worse condition than is actually happening in real life. They're full of it, and then they pat themselves on the back anyway. Amazing.
Anyway, hope your tennis went well.
BTW, gorgeous day here in Malibu. Absolutely stellar weather. :shades:
Comments
If your confirmation is read, they show the details on the order itself....Look next time you do something......If it says `principal` then there is no commission, as that fee is hidden in the spread....and if it is a `bond` the spread can be up to five percent...I don`t remember though....
What use to be was a broker represented his client, and then the dealer made the market and the other broker represented his client.....What we do when dealing with a company like Scottrade is eliminate the broker---and that can be a detriment to us, --the unsuspecting---So brokers have a place in this business , as they can use their knowledge to protect their client, and give good sound advice, plus further be able to negotiate a better price for a worthwhile monetary order.....and no -you nor I- have that kind of money..Sorry Tony
In any event, it will be more difficult for me to trade or invest most of this week. I will be in meetings most of the week and also out of town for a few days, so it will all be hit-and-miss for me this week.
Friday's economic reports could cause the market to swing, so it's anybody's guess how this market will look by the end of Friday.
I hope I don't miss out on too much, but I could always trade on the mobile platform if it was criticial to do so, but that is not nearly as easy. Regardless, I don't think the market is about to regain it's 20% losses in one week... particularly this week. If it does, that will be a lesson for me... and a huge surprise.
I'll definitely continue to check in here and post from my mobile during the week.
EDIT: As posted further down, market has retreated since its open.
TM
IMHO... It means today's stock market bounce will settle back down. In addition, it could indicate that we are getting closer to a bottom, as they "overlap" each other.
UPDATE: The market is indeed retreating from that bounce.
TM
Dear Scottrade Customer,
As part of our dedication to continually enhancing your experience with Scottrade, a ScottradeELITE® upgrade is scheduled for this week.
There will not be any noticeable changes within the ScottradeELITE trading tool. However, the first time you log in after the upgrade, you will be prompted to download the newest version of ScottradeELITE.
If you have any questions, please contact your local Scottrade team.
Sincerely,
Scottrade
:surprise:
TM
IMHO, that really nobody knows what the heck to do.
I was never happy with the brokerages and the quirks when I bought stocks in the past the old-fashioned way. The more I heard about how things were done to make money inhouse at that time, the less I used them.
What's missing from the current downtrend is a sense of total frustration. I've learned the market does differently than I would expect. I think there's more uncertainty to come.
2014 Malibu 2LT, 2015 Cruze 2LT,
I think margin buying should be against the law. I put it right up there with borrowing against your home and investing in the stock market. Then I have never bought on margin. My understanding is that is what caused the 1929 stock market crash. No money for margin calls.
My wife just found a 1978 reciept for ten of her 50 peso gold pieces. She bought them from the bank in Tecate for $145 each. They are selling at $2425 each today. I think that was a good investment. Now the question. What to do with the cash if we were to sell? By the time the Feds and the state get done we would net about $1710 a piece.
I think all this unsettled mess will calm down ....Any thought about Bank America? looks doomed to me....Can`t believe their numbers....Tony
I could cry that I am missing this rally.
I am too busy for a couple days. Unless it all sells off, I've missed out. I only have a tiny number of shares of about 15 companies. Only $40K total value.
Oh well. Maybe I'll get another chance.
TM
Well, 369 in 2 days...close but no cigar!
Regards,
OW
How'd you do?
And, did you make a killing today?
How'd you do?
And, did you make a killing today?
Yes I got back home Saturday night. The good news is that our team did not get shut out. We won the first match against Kansas City but the bad news is that we lost the next 3 barely (it was very close). The last match was played Sunday morning, but since we had no chance to win and go to the nationals and I had most of my family visiting us in IA since Thursday evening, I left St. Louis and headed home late Saturday afternoon.
As far as making a killing today is concerned, I made no new trades. But obviously my portfolio is worth considerably more at the close today than it was back on Friday.
Libya solution doesn't help and there's no inflation so gold is losing some of its supporting cast here and is now dependent on the sovereign debt issues and I think a totally overstated double dip in conjunction with badly overplayed banking woes.
Buy or Sell?
I already know my next move in extended hours trading.
TM
I see that the after hours market is trading $19 lower. Who knows, maybe it will go in the $340's tomorrow.
You know what to do.
TM
Here's just another example of how us little guys can't get the same opportunities to make $$ in this market.
Yesterday, I was extremely busy and by the time I looked at my phone, I noticed that Steve had resigned and that AAPL was waaaaaay down. I posted my discovery here. It was too late to make an after-market trade.
So, I stayed up late... until 1 AM (Pacific time), hoping to purchase AAPL shares at the beginning of pre-market trading. At 1 AM, I went to the computer and discovered that I was not entitled to make a pre-market trade until 4:02 AM. Only the privileged few can trade for the first 3 hours. So, I went to bed to try to get all of about 2-1/2 hours rest.
When I got up and then went to the computer at 4:02 in order to make the trade, the share price of AAPL had risen to about $360!!... a whole lot higher than it was earlier! Well, I bought 250 shares. (I already owned some shares that I had bought the day before on my mobile, at $377.)
Right after I placed the pre-market trade, I noticed the share price started to climb very quickly. So, I bought more before it was all going to be too late.
After all of it... the bottom line is that I now own 800 shares @ $367.91. That was the best I could do. I am soooooo disappointed that I could not get those shares at yesterday's price. And, if AAPL shares take a hit, I am still at a vulnerable level, IMO.
Currently, the share price is $7 higher than my cost, so I am up $5600.
I am concerned that I own those 800 shares at too high a price ($367.91) . What do you think?
I also bought some other stocks during pre-market, and I hope they work out. At this moment they aren't doing too much at all. AMZN, BIDU, F, GM, XOM, LLY, T, VZ.
Uh-oh... AAPL shares just inched down to $373.87. If they go all the way down to the regular session "open", that would be around $365, and I would lose around $2400.
How come we can't get the same opportunities as those "other" guys?
BTW, while I was up early this morning, I discovered the BAC deal, and I bought some right as it was flying up. I flipped it right away... fortunately. (Kept a little, just to see.)
TM
TM
I honestly don't think you need to worry about your AAPL shares you now own at about $368. The market absorbed the Jobs retirement news very well in my opinion. Going forward, we now don't have to worry too much when the inevitable happens and the great Steve Jobs is no longer with us. Just keep these shares now, go to sleep, and when you wake up 8 months from now AAPL will be close to $500.
OK. Thanks Charlie. I really appreciate it.
Hey, as you know, I was really busy earlier in the week, but I did manage to have an interesting conversation about the stock market with a guy I met. He is an an investment analyst, and he left me with these words of wisdom...
"Owning a stock is like owning a bar of soap... the more you touch it, the less you have".
TM
I purchased bac just a little above six dollars, and the next day sold it for about a ten percent gain....Then Buffet came along, and I missed the next ten percent....No complaint as it was just a gamble that paid off
I guess tomorrow will all be about the FED----Man these are poor times to be even thinking about investing---just very quick trades until thing settle down---:) Tony
See you on the other side.....
Regards,
OW :sick:
TM
Again, I don't want to totally minimize the danger from this, but there is a lot of unwarranted hype. Heck, there is still some uncertaainty about the track. It may track even further west and interact with land sooner. Or it might decide to track further east toward Cape Cod. So, relax and have a Manhattan on the Rocks on me
I was watching the NBC early evening national news and I was flabbergasted by the almost historic hype. They were calling it "the hurricane of a lifetime". This is absolute garbage/BS in my opinion. If I lived in NYC right now, I would not go out of my way to make any special preparations, like buying groceries for a week as some are doing.
I think there will be considerable interaction with land and this so called "hurricane of a lifetime" will turn out to be the most over hyped "dud of a lifetime".
I watched some of the same bits from evening newscasts as you and felt the same hype was at work. One segment did say the coastal waters were warmer than usual and inplied that would aid in increasing the wind speeds of the hurricane.
Are those waters warmer than usual? Is it meaningful if they are?
2014 Malibu 2LT, 2015 Cruze 2LT,
Regards,
OW
I bought the motherload at the lows this morning and yesterday.
Thanks to Charlie for those words of encouragement, and to "Brian" the investment analyst who gave me those words of wisdom., which I will repeat...
"Owning a stock is like owning a bar of soap... the more you touch it, the less you have".
Hopefully, the market doesn't give back too much of these gains... and it continues to return to its former levels.
Because I was out of the market, or only in it lightly, for much of the declines, especially in the early days of the downturn, I am already getting close to even... so as the market works its way back to its previous higher levels, it will be gravy for me. But this time, I am not going to time the market quite as much as I used to (thanks to Brian's words).
I was really ticked off earlier in the week when I was busy with meetings, but today makes up for it.
I'm sure the rest of you are doing great today as well. That's terrific, and we all deserve it!!
EDIT: Those of you that are effected by the Hurricane... God Bless You Guys!... and please KEEP US POSTED.
TM
One of the top 10 days I've ever had!!
TM
The only folks that really have to worry about this system are those living in eastern NC and those along the immediate coast in the eastern seaboard due to coastal flooding.
Regards,
OW
The East Coast gets a big EARTHQUAKE and a monster HURRICANE... all in the SAME WEEK!
:surprise:
TM
It reminds me of some of the Winter storms we get warnings about days in advance...then they fizzle out. The big ones are usually a surprise.
2013 LX 570 2016 LS 460
...and scheduled to appear next week are Locusts opening up for the headliner Pestilence .
I think mother nature is looking for Soros :P .
Let's hope she finds him and squishes him like the vermin he is.
Obama should be happy, it is taking people's minds off the real problems in America.
They've closed everything in NYC. My biggest concern is power outages and flash flooding from the heavy rains. In every hurricane that comes close to this area it seems that winds are badly overstated, especially west of center. Gloria in 1985 only produced 20-30mph winds with gusts to 40 during the rain. After the storm plowed north of here we had 50-60mph gradient winds under brilliant sunshine for about 3 hours, then everything went calm. Local forecasts kept warning of 60-80mph winds with gusts over 100 but it never came close except for areas in central and eastern LI - east of center. The folks that remember Gloria here are thinking the same thing as you - that winds will not be anywhere near as strong as advertised just inland in NJ.
Hi Len! I thought maybe you were busy digging a storm shelter to prepare for this MASSIVE hurricane and that's why we have not heard from you
I have NEVER in my life seen such incredible hype about a system that is barely Cat 1 at this moment (I think they are overstating it at 85mph when it made landfall in NC). It does not take much of an expert to figure out that this thing is getting eroded due to dry air on the southern semicircle. There is no real discernible eye any more. The fact that it will now spend quite a lengthy period (several hours) more or less over land in eastern NC will weaken it further and I would not at all be surprised if it is no stronger than a tropical storm this afternoon. It will continue to interact with land on its western side and I doubt it will be any stronger than a tropical storm or very weak hurricane as it moves north northeast.
As I stated the past few days the biggest problem will be coastal flooding due to storm surge and yes you could have some flash flooding from heavy rain.
I actually watched the Weather Channel last evening for the first time in a couple years just to see how they were hyping it. No surprise! They were making it sound like the Northeast Coast will be wiped out. They were scarring the crap out of people.
Talk to you guys later. I am off to play some tennis now.
It sure looks that way to me. Once in a while, I get a chance to put the news on the TV, and so far, I don't see anything even CLOSE to what they were talking about. But, what's so weird to me is that they continue to hype it... which is starting to make them look kinda ridiculous.
In fact, the meteorologist on CNN just reported to Wolf Blitzer that the forecast for this hurricane was soooo precise and perfect, and that the hurricane is doing exactly what was predicted. How's that? All the forecasts were (and continue to be) for a much worse condition than is actually happening in real life. They're full of it, and then they pat themselves on the back anyway. Amazing.
Anyway, hope your tennis went well.
BTW, gorgeous day here in Malibu. Absolutely stellar weather. :shades:
TM