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Comments
Gas prices fall 10% and the big auto CEO's are calling for $1.00 gas tax instead of forcing the auto wizards to make vehicles with natural gas that can achieve CT-like efficiency really gets me.
Anyhow, Q4 should prove a somewhat positive market going into year end.
Regards,
OW
Ominous Signs?
Regards,
OW
I appreciate that you posted it, of course... but I wonder how many companies have built buildings and been followed by further success.
The author must be desperate to find something to write about.
Just plain absurd... IMO.
TM
During that time I decided to "fire" my broker... but transferring accounts like mine has taken a fair amount of time and effort. Well, I am almost there. I went with Scottrade. As all my accounts transfer this week, I will have troubles trading, due to the time it takes for all transfers to officially settle.
I may have to sell my AAPL shares... if I want to use the money to trade another equity. This will only be a temporary problem, but once we complete the transfers, I will be totally free from my former broker... sometime this week.
So, if I have to liquidate for the short term, please understand it is for a very good reason. I have some very serious trading plans ahead... and I intend to attempt my strategy I posted about months ago, once the market improves. I want to attempt to grow my portfolio TENFOLD within a few years. If I only achieve a double, I won't complain, but my goal is truly tenfold.
I hope Scottrade is a good platform. I looked into e-Trade, and I opened an account... but I did not transfer any funds into the account. Scottrade has a branch office and I think I may prefer their trading software better... not sure... it's too early to know.
Anyway, I may have some trading troubles for a number of days, but I'll work it out and keep you posted.
TM
BPT is a stock that a friend in Alaska has purchased a lot of in his IRA. It is paying annualized dividend of 8.81%. It is a trust stock based on oil revenues from Alaska oil. Anyone have any thoughts?
I'll let you know how Scotttrade works out for me. I should definitely be up and running at some point this week... the sooner the better. I will need to familiarize myself with their software... the rep at the branch office showed me a quick demonstration, and it looked very impressive.
And, unlike some of the other online trading firms, Scottrade has branch offices in key geographhic areas... I can get to one in less than 20 minutes from my home. There is little need to visit there much, but when necessary it's a real advantage, IMO.
The rep that has been helping to transfer everything is a really nice guy, and the fees are very reasonable. There is no account maintenance fee, and there are no extra fees when trades are executed in numerous blocks. For example if there is an order to purchase 1,000 shares of a stock and it ends up being purchased 5 times 200 shares... there is only one fee even though there are 5 executions.
Bottom line... $7 per trade, no hidden fees, no extra fees, no annual fees, no inactivity fees, no maintenance fees, no transfer fees... you get the picture.
TM
Re gas - I always feel ripped off paying 20 cents a gallon over 89 octane for premium. In the GL450 I always put in 89 and the truck rus great. Going to try it on the car as I've always thought the higher octane recommendation was overkill.
Their trades are $1.50/ trade more with no other fees and great on-line trading and research tools. Are there any other advantages of Scottrade over Schwab?
It usually takes 3 days for a trade to settle..so I always try to have some extra cash in the account in case I have to move fast on something.
PS- Never had any trouble logging on. It seems to be instantaneous.
2013 LX 570 2016 LS 460
Also, I have been looking at the new updated trading tools that are provided by Scottrade, and I can tell you categorically that they are amazing, especially for those clients that maintain over $25K... they have an elite software application that allows all kinds of "what-if" scenarios whereby you can virtually test your strategies and see how they work without any risk whatsoever.
But, even the standard tools are very good, and they offer an abundance of instant real-time charts, streaming, and analysis, with customization features.
Some of the features are very deep and I will never use, as there is more there than I actually need. And, I certainly prefer to have more than I need than not enough.
Also, the speed seems incredibly fast, so it would appear that they have more than adequate servers. But I'll know better over time.
Schwab doesn't have the real-time tools, unless you make a whole bunch of trades per month, and then there are limits. Schwab's insurance is limited to $250,000. Scottrade's is $2,500,000. Schwab has 300 branches, Scottrade has 505. Schwab charges closing and transfer fees, Scottrade doesn't charge any. But, of course the best advantages are the lower fees for every trade, and the better real-time software.
But again, I will know better over time.
TM
I wonder what brokerage firm our friend Soros uses
But, to expedite the transfer... I sacrificed around $750 to sellout my AAPL shares, and I didn't want to buy Citi shares late in the day. A small price to pay for my freedom.
The transfer to Scottrade is now mostly done, and I can trade tomorrow!
Not sure if I will buy Citi tomorrow or not.
But it's nice to be free from the prior situation.
Did you buy shares of C?
TM
I'd be loathe to jump back in on Citi... If you do, I wish you good luck.
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With this market, however, it's a lot trickier.
Good luck.
TM
I placed a few trades... to try it out... flipping some stocks for quick gains... and all I can say is that these tools are sooooo thorough, and sooooo fast that someone could easily make a fortune or get themself in a heap of doo-doo.
When I say fast, I'm talking lightning fast. The streaming information is almost overwhelming, and the user can control what information is displayed. It's truly mind-blowing, and I am admittedly somewhat intimidated, and of course excited, by the depth and speed and trading power at my fingertips.
I realize just how dangerous this can be. At one point I set up a streaming chart to provide me with second-by-second trading activity, and I could see how powerful investors can bring a stock lower, then in the blink of an eye, they can bring it back up. Sudden bursts in buy and sell volumes that occur in a flash, and then subside and then suddenly occur again, causing what appears to be specific and intended movement. There are brilliant day-traders out there that are literally predators, IMO... at least that's how it looks to me when I watch the activity.
Anyway, just wanted to report that there is nothing deficient about this Scottrade platform so far, and it's just the opposite... the trading tools are powerful and lightening fast... to the point of being both astonishing and dangerous.
Like a Bugatti?
TM
I am not saying that it isn't a welcome thing... but I simply don't believe it will hold. Not yet.
The current housing data puts us officially into the worst situation ever recorded... now worse than the Great Depression. I just don't think the market can celebrate when that is the reality of the situation. IMO, today's rally is only emotional... due to frustration... it's a lot of hope, supported by nothing. The data regarding retail was bad, but just not as bad as expected... THAT's supposed to be good news? I don't think so.
Unemployment is reported as being over 9%, and probably much worse in reality. Retail sales have slipped, and the housing crisis is worse than anything in our history. Globally, we see even more problems. I am sorry, but I just cannot allow myself to be heavily invested in a stock market under these conditions. I can't do it. I don't believe the levels are legitimate.
I suppose I could miss out on market gains, but, IMO, it is just insane to me to invest in the stock market at a time like this. I think the Dow should to go down at least another 1000-2000 points.
I am not bullish at this immediate point in time, and I am not sure I would invest in the stock market until possibly November 1st, which is what I posted about 5 weeks ago... depending upon the evolving economic situation.
Like it or not, Obama's economic policies have failed. And, he has no idea why. He continues to blame George Bush, which is insane. He has had years to do what could help, and he has done nothing except to promote deficit spending, printing money, higher taxes, placing burdens on business, and pushing a dysfunctional healthcare program down our throats. In the meantime, we have seen the housing crisis get to the point that someone better take notice and do something, or else we are going to see a catastrophe unfold soon.
Horrifying unemployment, worst housing crisis EVER in our histroy, massive deficit, no energy policy, numerous global issues, and a failed economic policy...
Therefore, IMO, this is a false rally.
TM
Almost all the statistics you mention are `government` generated numbers.....all just rigged...Wait till next year, they will be `rosy` as the election nears..
I just read a good article by` Cramer` talking about the guy who designed and masterminded the Apple store concept....To me that is a big loss for Apple, and worth taking to heart.....
Obama is the head of what we call the government, but really it is all of them that have done so much for the banking industry, and so little for the housing problem....That is something that I personally won`t forget the next time around God willing....The problem is the Republicans need a candidate...
Wish you the best with your new endeavor , but take my warning to heart if you start some serious volume.....Tony
I can guarantee that I will not get wreckless with this. I am more cautious than ever at this moment. In fact, I am not invested at all in equities, even today, when the market is soaring. I just don't believe in it right now. If the market is a true indicator, I am obviously wrong... but regardless, I can't invest or trade if I don't feel it in my gut, and right now I don't feel it in my gut.
I just don't like the overall picture.
In fact, I truly believe we are in a very serious economic situation... VERY serious.
TM
I surely respect your opinion, and feel for the market....I also know it is stressful changing from what you have been doing to a new opportunity , sort of like getting caught in the middle of the `river`, but what are your personal observations way out the in California? Tony
I suppose I could miss out on market gains, but, IMO, it is just insane to me to invest in the stock market at a time like this. I think the Dow should to go down at least another 1000-2000 points.
I hate to say it TM, but we are in a rather significant disagreement about the market. Yes, the housing market stinks, yes the job market stinks, yes we have major problems domestically and globally. BUT, this is the reason we have had this correction to begin with. I don't believe things are going to worsen, but instead, our economy will be slowly (but at least it's positive) continuing to rebound. Corporate profits will still be strong. The banking system will not collapse as was the case 3 years ago. And, as I stated last week, people are underestimating how significant the drop in gas prices is to the average consumer.
All of you have noted that I have NOT commented at all for months on the political aspect of all this. I refused to do so since it will lead us to nowhere. I obviously disagree with all the Obama bashing. If you listened to Cramer about 2 hours ago on CNBC, he was glowingly praising Bernanke and and Geitner. He flatly stated, that if it were not for those two taking appropriate action a few years ago, we likely would not have recovered. I wonder who appointed Geitner? I don't want to hear all the negative replies I will get from this comment. Just agree to disagree.
One last thing. I think Rick Centilli (sp?) on CNBC should have been fired many months ago. That guy is a disgrace to the human race. On the other hand, Steve Liesman is a great voice of reason on that station.
Tony, I am in total agreement with you. I don't understand why TM is SO negative all of a sudden. I too respect his opinion, but I obviously disagree this time. I honestly believe that we either already saw the bottom in the market in recent days or we are close to the bottom.
I think this is going to be good and my wife was tired of the $100 charge every time we wanted to buy a few shares of stock or sell. Made it not worth the effort.
Yeah, it can be mesmerizing, and overwhelming. The next tier of "elite" software is even more elaborate. I think I'll stick to the first tier for quite a while.
Amazing.
Good luck to both of us.
TM
Housing is a disaster out here in California. The inventories are massive and the prices have plummeted. Equities have shrunk, and many are upside down. It's bad enough that the payments out here are so high, but the taxes and prices for food and energy are also high. Competition on the workforce, which is made worse by illegals.
But, our national debt is sick. Our deficit is close to deadly. They will raise the ceiling, and that's supposed to be a good thing? Gimmee a break.
I always praise Bernanke, so Charlie's post about bashing Obama has nothing to do with Bernanke. Bernanke is smart. Obama is the idiot... TOTAL IDIOT. And his economic recovery is lame. Weak at best, and possibly a failure. Unemployment is WORSE than they report, not better. You can count of that. The housing crisis is at least as bad as they report, which is soooo bad, it is like a cancer on the entire country.
The monster deficit, the huge unemployment and the unprecedented housing crisis are MORE than enough reasons alone to be concerned. Here we are with the ingredients for a catastrophe, and people are acting like things aren't so bad. THAT is the EXACT reason that the deficit ceiling will be raised. People act like it's OK. Well, I'm here to tell you it's NOT OK, and we are all going to suffer in a huge way if nothing is done to fix these problems soon.
TM
We could always have some computer generated selling that gets out of hand, and drop a thousand for a few minutes, but we would have to be really lucky to do anything...I personally am usually `frozen by the headlights`, as I want to be around another day.
Tony
I just talked to a guy that has sold advertising products since 1973. This is by far the worst year he has had. He has 3300 small business customers. They are all telling him the same story. More empty businesses and less customers. Here in So CA it is BLEAK. The Stimulus was a HUGE waste of future tax dollars.
Twenty-eight months after Congress passed President Obama’s signature economic stimulus law, and nearly one year after he declared the summer of 2010 to be “Recovery Summer,” 1.9 million fewer people are employed.
In February 2009, the Bureau of Labor Statistics (BLS) reported that 141.7 million people were employed. By the end of May 2011 – the last month for which data are available – that number had fallen to 139.8 million, a difference of 1.9 million.
http://cnsnews.com/news/article/after-28-months-stimulus-spending-19-mil
I am with you on being afraid of the stock market. I sold off half my Ford yesterday when it dropped below $13. That more than covers me on my initial investment. Even having cash is scary. It will buy far less day to day necessities than it did 3 years ago.
The property values in Miami have begun the comeback, and truly are higher , and selling, which is a big change from a year and a quarter ago.....
Here in Charleston, the down town peninsular is adjusted from the really high asking prices, and are selling....vs a year ago, while people were beginning to adjust to reality
Even in the mountains of N C property is selling, and people have also adjusted to the new reality...
Now I don't mean it imply things are rosy...the banks are foreclosing, I have a good friend that is going to loose his house, and many people (as you said) that have held on are at their wits end.......You --my friend--took decisive action, and need to compliment yourself for those hard decisions and actions you took. Unfortunately the programs the government supposedly enacted were a bunch of lies...There was no help for those needing to re finance...My friend being a prime example...
Imagine people who have saved and done without, now getting less than a percent on their savings....Why? so the banks could re-right themselves....and also just trillions for finance companies......Now that that has happened, and I can report that in the places I am familiar with housing is slowly making headway, and our overall economy is going forward (although very unfairly imo) ..the market will present some interesting trading ......
When it suits them, the powers that be will address the huge deficit....If it isn`t done correctly, and not to quickly, then there is hope...If not, then I will change my mind, and say ` Man that Tagman sure was right` Tony
Home prices in Malibu have fallen off a cliff, compared to a few years ago.
When it suits them, the powers that be will address the huge deficit....If it isn`t done correctly, and not to quickly, then there is hope...If not, then I will change my mind, and say ` Man that Tagman sure was right`
They will address it by doing what they always do... raise the ceiling... borrow MORE, and then spend it. Eventually this is a prescription for a disaster... the only question is how soon?
TM
Charlie... Let's clarify. I posted that I think the Dow SHOULD drop a 1,000 - 2,000 points. I am not predicting that it WILL. Again, I do think it SHOULD, and that would be the kind of level that I would feel much better about investing in the market under the current economic conditions.
TM
If I were a `Godparent` I would tell my Godchildren to be mindful of debt and how easy it is to get over one`s head.....I would use the example that if a person were to purchase a home, and I would emphasize that a person needs shelter, food and clothing, then to save up and make the purchase a good one....After they were older, I would give an example that no one knows what the future holds, but if they do not have any debt, and thing were to turn bad for them, they could sell their house, and even if they lost money, there would still be a nice amount to start over with...
That said, I think a well thought out purchase of a property to live in , is a very good investment.....It is a fundamental thing.......So how do you feel about your house? right now? Tony
Looking at values ahead (in the far-off future, hopefully), and considering that a home is to live in and enjoy, I am somewhat OK with "wasting" money on the house, but I will borrow the money to improve the property, and I hate increasing my debt, although the debt will be a bit less than 50% of the home's current value. IOW, I will have about 50% equity.
I appreciate your words of wisdom, and I do think I am being responsible with how I am approaching things here, and I am definitely being cautious with regards to the stock market, especially lately. Some here might argue that I am being too careful, but I am NOT convinced that the stock market is through with its correction yet.
TM
Times are tough in many ways, but nothing like what we have been through......I wouldn`t say anything if I didn`t think you a responsible caring person, and further I know how difficult it is making a change from an established past to a new unknown, one where you really have to generate your own momentum ......That is hard....Tony
I'm happy about one thing today. I am happy that I did not chase AAPL yesterday.
I bought 100 shares of AAPL.
Unfortunately, I am too busy today to mess with the market.
Are any of you starting to believe me yet?
TM
Apple stock owned by Pelosi's spouse rose from at least $500,000 in 2009 to $1 million in 2010. The minority leader's husband also took a bigger stake in Matthews International Capital Management — worth at least $5 million last year, compared to $1 million in 2009 — and his investment in some undeveloped residential real estate in Sacramento, Calif., jumped to at least $5 million in value.
http://thehill.com/blogs/on-the-money/801-economy/166599-pelosis-net-worth-rises- -62-percent-
Charlie... I am sooooo busy today, I had to sell my 100 AAPL shares for a tiny gain. I could not pay ANY attention to the situation today, so I didn't know if I was positioned well or poorly. At least I made a couple bucks. Now, I have even more to do, and I will miss most of the news, which I usually like to read and watch.
I will have to stay up late tonight to catch up.
Gotta go....
TM
IBM Turns 100
Regards,
OW