Ya' know... the more I think about this whole fiasco, the more I think the Tea Party, which so many have villainized, actually deserves some credit for shaking up the Washington establishment.
As a result, the Congress didn't just rubber stamp an increase to the debt ceiling. Instead, there is a new focus on actually reducing the debt by reducing spending and not raising taxes.
When the politicians say they are going to cut spending by $1 Trillion dollars over the next 10 years here is what they really mean:
Instead of increasing spending by a projected $15 Trillion, spending will only be increased by $14 Trillion. My numbers might not be exactly right and are used only for illustrative purposes, but you get the general idea.
Hey... did you catch my post where I quoted the guy that said this? ---- "the debt deal helps cut spending (or create jobs) the same way I saved a life tonight by not killing someone".
the more I think the Tea Party, which so many have villainized, actually deserves some credit for shaking up the Washington establishment.
I don't know how it can be viewed any other way. Even Pelosi voted for it. She did not want to be on the losing side. The Tea Party is what this country needs to swing the liberal pendulum back to the middle of the road.
SHOULD... but futures are down. Those traders that have been shorting the market have been getting just what they want. But.... they are about to be disappointed. The market is going to turn positive very soon, as you said.
Short term...yes. Medium term...probably. Long term...jury's out! There are too many issues remaining from the debt bubble that burst in the financial, housing and job market. As Len stated, the companies are making more with less and posting profits. When revenues return to all sectors, prosperity will gradually return. Easy money for the time being will be the guiding light....
I'm taking a flight out to SD this morning! I need to have you RELAX!
The market is pretty stable if you think about the way you feel (reflection of the past 2 weeks) and the resilience over 1 year. The S&P was 1,125 in Aug 2010.
Take a breather, release the negatives and take advantage of the lows if you can.
There is more to come in the way of news. I think that's going to give to a downside in the market. On Meet the Press, the White House guy, David "Puff" (Plouf) was spending a lot of effort to place blame on those Tea Party folks for causing all the delay in settlement and affecting the markets. I'd have to see the tape to see if he actually stopped short of saying they are to blame for the coming recession--I felt he was pretty clear. I think he knows some news is coming that's negative and wanted to shed blame away (again) from the White House (Obama).
Also, I've learned that the markets never go the way it would seem logical to go. That's true whether it's Apple's being manipulated by groups or it's the political party trying to affect public opinion to make people think things are better than they are to bring markets up or in this case trying to bring markets down by allowing negativism to spread as David Puff (Obama) is doing.
As a result I believe the second leg of this recession is here. The only solution for Obama is to try to effect an earlier and bigger dip than the normal pattern would bring and hope there is an economic upswing early enough before the November vote 2012 to campaign his way into the White House again on campaign slogans rather than deeds.
Note this Tea Party story in today's NY Times. Could well be that some of the most outspoken and hard TP members hardly represented the TP movement as a whole. I had a feeling the TP was being overplayed.
Look at this exercpt from the link below re TP supporters:
When Tea Party supporters were asked if the debt-ceiling agreement should include only tax increases, only spending cuts, or a combination of both, the majority — 53 percent — said that it should include a combination. Forty-five percent preferred only spending cuts.
Len, my friend, please don't take this personal. I appreciate that you posted the article, but...
That is a typical New York Times liberal spin if I ever saw one.
Firstly, it was a survey / poll that was taken at a time when compromise was the prevailing interest of almost ALL Americans, no matter what party. Also the survey was taken of those that identified themselves as Tea Party SUPPORTERS, which are not the actual Tea party members themselves.
That survey only goes to show that supporters of ALL parties, including Tea Party supporters, were interested in compromise... and at the time of negotiations, revenue increases were one of the ingredients being considered.
I give ZERO weight or credibility to that particiular article. Sorry.
Overall, the Tea Party and it's supporters do not want tax increases, and the New York Times might try to put some twisted spin out there to suggest otherwise, but that would only be a SPIN made by those VERY liberal folks there at the New York Times. Let's face it, they twist all kinds of stuff. Heck, they called the final bill a "surrender" by the President. That just shows their far left perspective.
Your suggestion that the outspoken members of Tea Party itself might not represent the actual movement is a smart observation, and I agree... but I would extend that same premise to ALL the parties. The outspoken members of the Democrats and the Republicans certainly likewise do not represent the mainstream supporters. IOW, the extremists in ALL parties do not represent the majority of members and/or supporters.
Interesting you should post this, as I think the same thing.....They were voted in by the people that want less government, and less complications from government...How else are they going to justify themselves other than doing just that..
I know neither of us are ultra anything, and that is why a while ago I thought and still do think that Obama will be re elected, and I just hope the senate and house are republican...We need a split government...and the market will love it if it happens......Tony
Gold is keeping me from losing right now. It is at $1652.90. How high can it go? I notice oil is down a bit. I guess no one considers that safe right now. I guess we just get to ride it out.
I have lost thousands of dollars today, and it feels like sh-t. I am not usually "in" the market during times like this, but I am trying to not listen to all those talking heads and listen to Charlie instead.
I resorted to buying some shares of QID during the last half hour... In other words I shorted the Nasdaq during the end of the session. It paid a little, but nothing even close to offsetting the losses I incurred today. Then to make things even worse (depending upon tomorrow's open) when I went to sell QID at the last seconds, I accidentally bought a bunch of it. I had never done that before, but it happened today. That means that when the market opens tomorrow, I will be the not-so-proud owner of a bunch of QID shares... meaning I will be shorting the NASDAQ in a big way. If the market goes up tomorrow, I will incurr even more losses. If it goes down, it could be a good thing, as my little "accident" landed me a total of 3000 shares of QID!!!. :surprise:
I still own a fair chunk of CHK, so whatever happens to that is also an unknown.
Man, I need a cold one... no, I need something stronger. :sick:
I think a Margarita on the rocks with Hornitos is what you need. I like about half a shot of Grand Marnier in mine. Sit out on the deck and watch that beautiful Pacific Ocean. It will soothe your tattered nerves.
I have lost thousands of dollars today, and it feels like sh-t. I am not usually "in" the market during times like this, but I am trying to not listen to all those talking heads and listen to Charlie instead.
If you listened to Charlie back in the summer of 2008, you would have been multiple $thousands ahead. If you listen to Charlie now, you will likewise come out many $thousands ahead.
Just about everyone is talking the "DD" (double dip) word today. This is BS! “This too shall pass” and it will not be long before these doom and gloom jerks eat skata. This is NOT 2008. We are not going to have a double dip. Buy stocks now!
In 2008, I could see the handwriting on the wall. The banking system was collapsing in front of our eyes. There is NO such panic now. Even though I NEVER expected this huge sell-off the past couple days (I thought it would rally big time because of the debt ceiling deal), I am of the opinion that all these doom and gloom predictions will soon turn the other way.
Now, I will fix myself a Manhattan on the Rocks.
DISCLAIMER: Past performance is not necessarily indicative of future results.
I think a Margarita on the rocks with Hornitos is what you need. I like about half a shot of Grand Marnier in mine. Sit out on the deck and watch that beautiful Pacific Ocean. It will soothe your tattered nerves.
Excellent idea matey!! (Dude!)
I'll just post this while I'm looking out over the beach. And, since I've got to drop my son off at the tennis club in a few hours, I might as well take the wife along and we'll pop over to a nearby pub while he's on the court.
In 2008... The banking system was collapsing in front of our eyes. There is NO such panic now. Even though I NEVER expected this huge sell-off the past couple days (I thought it would rally big time because of the debt ceiling deal), I am of the opinion that all these doom and gloom predictions will soon turn the other way.
Charlie, I heard a talking head today say that there ARE some very serious banking issues... but they are in Europe, and those issues are going to affect us. Also, there are some significant economic reports coming tomorrow and again on Friday that could easily hammer the market. Maybe NEXT week is the time to buy stocks.
I might end up being glad I own those 3000 shares of QID tomorrow. Regardless, I want to hold onto my shares of CHK, and I know that even if I have to hold then for a year or more, they should eventually pay off.
The weird problem here is that I've got two investments working against each other. The only good outcome for me is that the QID shares pay off tomorrow morning, and I sell them at a profit, and that CHK goes into the green.
I don't think it was an accident that the market nose dived soon after Obummer made his speech around noon and said we had to have more revenues (more taxes)...when even the slowest among us know that the problem is spending, not revenue. He has wasted trillions and now wants us and our kids and grand kids to pay it back.
The guy is trying to ruin the U.S., and Soros is telling him every move to make. Now that he has more money to spend I am sure he will go on a spree.
Imagine talking about tax increases on a day like this! He is totally out of touch with any reality. I swear he is nuts.
If he wants to increase taxes on the wealthy, then he should quit the rhetoric and the corporate jet BS. Folks making only 250K don't own corporate jets. He insults us all with his BS, and shows he thinks he can say anything he wants. He needs to define the wealthy somewhere closer to 5 Mil ++.
Hopefully, enough people vote to replace Obama.
But, who's the right person to take the helm? Scary thought.
Charlie, I heard a talking head today say that there ARE some very serious banking issues... but they are in Europe, and those issues are going to affect us.
I also watched that segment. These are rather small banks from what I understand and one dude said that we should not worry about this here in the U.S.
You will probably come out "smellin' like a rose" again tomorrow with your spread position.
You will probably come out "smellin' like a rose" again tomorrow with your spread position.
Thanks, but I think it's going to take more than one good day to make up for my losses today.
Charlie, when I mentioned "reality check", it wasn't just a casual remark. I truly expected it... but I must tell you that this is worse than I had expected.
EDIT: QID shares are up a little in after market trading. Hmmm. I need them to go up at least a few bucks tomorrow morning.
If I am reading this correctly, Congress and the President had better make some progress in spending cuts or the AAA is history.
Moody’s Investors Service and Fitch Ratings affirmed their AAA credit ratings for the U.S. while warning that the ratings could be downgraded if lawmakers fail to enact debt reduction measures and the economy weakens.
The rating outlook is now negative, Moody’s said in a statement yesterday after President Barack Obama signed into law a plan to lift the nation’s borrowing limit and cut spending.
The debt-limit compromise “is a positive step toward reducing the future path of the deficit and the debt levels,” Steven Hess, senior credit officer at Moody’s in New York, said in a telephone interview yesterday. “We do think more needs to be done to ensure a reduction in the debt to GDP ratio, for example, going forward.”
The same class of people who struck it rich with TARP are now seeking to downgrade those who bailed them out. I'd bet it all that a few will make fortunes with this.
Oh yeah... There are some very, very wealthy folks that get richer and richer no matter what happens. Now, if Obummer wants to grab a few extra tax dollars from THEM instead of the 250K crowd, I'd probably not object... but Obummer isn't going to shoot straight, cause Obummer is... well... a bummer.
I saw a cartoon yesterday where Obummer was proclaiming that he would no longer allow the 50% who pay no taxes to carry on their backs the 50% who don't pay enough taxes !!
I dumped it, then saw the market started making a quick selloff, so I bought a boatload of it, and made thousands within a very short time, and then sold it again. Crazy roller coaster ride. I'm still shaking.
AMT used to be one of my favorite stocks. Glad its coming around for you.
EDIT: Picked up a little BIDU earlier at $145.46
EDIT 2: Market seems lost and stuck at this point. Down, but nothing pushing it higher or lower from a trading range. I will venture to guess that the last 30 minutes, and especially the last 5-10 minutes could be a bit intense. I'm looking for either a bounce/rally or more selloff. I would be surprised to see it remain stuck in this range at the close.
I know you are familiar with Scottrade, and I am not sure if you use their Elite software application or their standard, but I use the Elite version... and just when everything was going really fine today, I totally screwed up... Here's what I did. I am not afraid to admit my stupidity here, so here you go.
At one point later in the day, I had both QID and QLD open on the desktop, because I was waiting for the possibility of a large selloff or a big rally, and I decided to take advantage of it if it happened. Especially since it worked out so well early in the morning.
Anyway, a small rally did indeed come and the market was going nicely positive... so I went ahead bought the QLD, which leverages the gains. I was really proud of myself, and walked away from the terminal for a moment to get something to drink. When I cam back, I was still thinking that everything was going great, because the market was still advancing.
But THEN I SAW IT!! My STUPID MISTAKE!! :surprise:
Instead of buying QLD, I somehow bought QID. :surprise:
I guess I either didn't see the letters clear enough or I got confused, or something, and I really don't know how I could have done that, but I did!... Regardless of how I did that, it was all too late, as the damage was done. I was LOSING money as fast as I would have been gaining it, and my mistake totally erased all my good work early in the morning.
I would have been so far ahead, but instead I am back where I was.
I am about to go build myself an [non-permissible content removed]-kicking machine and spend a while using it.
Well, I guess I'll have to wait for another market day that offers that kind of opportunity. Hopefully, I won't screw up.
EDIT 2: Market seems lost and stuck at this point. Down, but nothing pushing it higher or lower from a trading range. I will venture to guess that the last 30 minutes, and especially the last 5-10 minutes could be a bit intense. I'm looking for either a bounce/rally or more selloff. I would be surprised to see it remain stuck in this range at the close.
Well, it is better that it at least closed higher for the day after being on its rear end most of the day. I don't think we are out of the woods yet due to all the incredible negativity, but I remain optimistic for the longer term. As I stated the past few days, I am of the opinion that the economic indicators will start turning a little more positive a few months down the road. Hang in there!
I know you are familiar with Scottrade, and I am not sure if you use their Elite software application or their standard, but I use the Elite version... and just when everything was going really fine today, I totally screwed up... Here's what I did. I am not afraid to admit my stupidity here, so here you go.
At one point later in the day, I had both QID and QLD open on the desktop, because I was waiting for the possibility of a large selloff or a big rally, and I decided to take advantage of it if it happened. Especially since it worked out so well early in the morning.
Anyway, a small rally did indeed come and the market was going nicely positive... so I went ahead bought the QLD, which leverages the gains. I was really proud of myself, and walked away from the terminal for a moment to get something to drink. When I cam back, I was still thinking that everything was going great, because the market was still advancing.
But THEN I SAW IT!! My STUPID MISTAKE!! :surprise:
Instead of buying QLD, I somehow bought QID. :surprise:
I guess I either didn't see the letters clear enough (they look VERY similar when they are displayed), or I just got confused or something... I really don't know exactly how I could have done that, but I did!... Regardless of how I did that, it was all too late, as the damage was done. I was LOSING money as fast as I would have been gaining it, and my mistake totally erased all my good work early in the morning.
I would have been so far ahead, but instead I am back where I was.
I am about to go build myself an [non-permissible content removed]-kicking machine and spend a while using it.
Well, I guess I'll have to wait for another market day that offers that kind of opportunity. Hopefully, I won't screw up.
I was LOSING money as fast as I would have been gaining it, and my mistake totally erased all my good work early in the morning.
I would have been so far ahead, but instead I am back where I was.
I am about to go build myself an [non-permissible content removed]-kicking machine and spend a while using it.
TM, sorry to hear about the screw-up. I know that I have made stupid mistakes like that with electronic trading of commodities in the past. I know nothing about what you are doing with QID, QLD, whatever D . Like I told you before, you have balls of steel.
Other than buying some more BIDU and my initial entry into IBM yesterday, I have done absolutely nothing in all this fiasco. I am staying the course. At least AAPL has not fallen out of bed. That is by far my biggest investment.
International Business Machines (IBM) – IBM is the biggest company in the information technology space, beating out Dell (DELL) and Hewlett-Packard (HPQ) as well as European giant Siemens (SI). Despite competition and volatility in the industry it operates, earnings grew 18% a year over the last 10 years, which translated to a return on invested capital of 15% a year. For this year, analysts are expecting that earnings per share will be $13.34, up 15% compared to last year’s results. At that rate, the 2011 price earnings ratio will be at 13.3 times. The stock’s valuation appears relatively fair, considering that it has advanced 22.34% since beginning of the year.
In a scenario of falling dollar, this company may be a good bet. The company has unparalleled presence globally with an integrated solutions for clients in the informational technology space. At present, it has continually invested in growth markets and targets industries that offer strong impact and opportunity. It has invested heavily in research and development and acquired a number of patents over the last decade. Its balance sheet is strong and it has used some of its cash to buy back its own shares worth $4 billion in the market. This will ultimately increased its earnings per share moving forward. S&P (MHP) has rated the stock a “strong buy” with a 12-month target of $205 a share.
Tag, it is very easy to make mistakes like that and that is why I still use the standard trading platform...I am used to it. It gives you a couple of chances to cancel the trade before you submit it and I like that. And I always make sure the trade is correct before I submit it.
I don't trade as often as you do and getting it right is more important to me than speed.
That said, no one is immune from making a mistake. When we lived up in Sonoma County in the late 70's we went to the County Fair one year and part of the activities were horse races. Even young kids could go and my oldest son was about 9 years old at the time. He kept wanting to pick a horse so I said OK. He picked a horse named Jelly Bean Jam, a 40 to1 long shot.
I went to place the bet, thinking he had a loser, so I bet on the favorite instead. Well, 'ol Jelly Bean Jam lead from wire to wire and won going away...paid about $82. My son is in his 40's now and still reminds me of that incident about once a year, even though I paid up.
That same day I had a nice winner and went to collect. I handed the guy my ticket and he handed it back to me. The cashier had given me the wrong ticket and I hadn't even checked it. It was just a bad day!!
Tag, it is very easy to make mistakes like that and that is why I still use the standard trading platform...I am used to it. It gives you a couple of chances to cancel the trade before you submit it and I like that. And I always make sure the trade is correct before I submit it.
I don't trade as often as you do and getting it right is more important to me than speed.
The Elite platform is great, but yes, it is extremely fast and many trades are one-click, and it is even possible to have everything on the line, and not even realize it... being extra careful is essential, and I sure learned that lesson today. Man, it kills me to think that I would have been ahead and instead I went into the basement just by a bad click of the mouse. Wow.
I'll get it back.
Hey, thanks for the story about when you went to the track with your son. That's priceless! You and your son must have a great laugh about that now and then.
BTW, Friday's jobs numbers could be a big deciding factor in the direction of the market... IMHO.
The Elite platform is great, but yes, it is extremely fast and many trades are one-click
I have not tried that yet. I am using the Streaming Quotes and it is plenty fast for me. I bought that CHK before I realized what I did. Have not tried to sell anything yet. Still mostly watching my account get whittled away. I am down since the middle of last month on all accounts about $12k. But my Gold bullion is up about $11k so it is near a wash. It is a crazy market. I feel kind of helpless at times. I know if I sell a stock or mutual, it will skyrocket. I don't have the cajones to play the game as you do. But I like hearing about it. And get a lot from ALL the posters on this thread. It is one of my must check threads.
Comments
As a result, the Congress didn't just rubber stamp an increase to the debt ceiling. Instead, there is a new focus on actually reducing the debt by reducing spending and not raising taxes.
Pelosi must be beside herself.
TM
When the politicians say they are going to cut spending by $1 Trillion dollars over the next 10 years here is what they really mean:
Instead of increasing spending by a projected $15 Trillion, spending will only be increased by $14 Trillion. My numbers might not be exactly right and are used only for illustrative purposes, but you get the general idea.
2013 LX 570 2016 LS 460
Hey... did you catch my post where I quoted the guy that said this? ---- "the debt deal helps cut spending (or create jobs) the same way I saved a life tonight by not killing someone".
That cracks me up. So true.
TM
I don't know how it can be viewed any other way. Even Pelosi voted for it. She did not want to be on the losing side. The Tea Party is what this country needs to swing the liberal pendulum back to the middle of the road.
Now the stock market should respond positively.
SHOULD... but futures are down. Those traders that have been shorting the market have been getting just what they want. But.... they are about to be disappointed. The market is going to turn positive very soon, as you said.
TM
Short term...yes. Medium term...probably. Long term...jury's out! There are too many issues remaining from the debt bubble that burst in the financial, housing and job market. As Len stated, the companies are making more with less and posting profits. When revenues return to all sectors, prosperity will gradually return. Easy money for the time being will be the guiding light....
Regards,
OW
The market is pretty stable if you think about the way you feel (reflection of the past 2 weeks) and the resilience over 1 year. The S&P was 1,125 in Aug 2010.
Take a breather, release the negatives and take advantage of the lows if you can.
Regards,
OW
God Forbid! That would make 2 Nancy Pelosis!
Regards,
OW
2013 LX 570 2016 LS 460
Also, I've learned that the markets never go the way it would seem logical to go. That's true whether it's Apple's being manipulated by groups or it's the political party trying to affect public opinion to make people think things are better than they are to bring markets up or in this case trying to bring markets down by allowing negativism to spread as David Puff (Obama) is doing.
As a result I believe the second leg of this recession is here. The only solution for Obama is to try to effect an earlier and bigger dip than the normal pattern would bring and hope there is an economic upswing early enough before the November vote 2012 to campaign his way into the White House again on campaign slogans rather than deeds.
2014 Malibu 2LT, 2015 Cruze 2LT,
I see that. GLD is one of the few showing an upturn. And Gold hit what I believe is a new high at $1637 over night.
Look at this exercpt from the link below re TP supporters:
When Tea Party supporters were asked if the debt-ceiling agreement should include only tax increases, only spending cuts, or a combination of both, the majority — 53 percent — said that it should include a combination. Forty-five percent preferred only spending cuts.
http://www.nytimes.com/2011/08/02/us/politics/02teaparty.html?scp=1&sq=That%20mo- - - - - - - - nolithic%20tea%20party&st=cse
That is a typical New York Times liberal spin if I ever saw one.
Firstly, it was a survey / poll that was taken at a time when compromise was the prevailing interest of almost ALL Americans, no matter what party. Also the survey was taken of those that identified themselves as Tea Party SUPPORTERS, which are not the actual Tea party members themselves.
That survey only goes to show that supporters of ALL parties, including Tea Party supporters, were interested in compromise... and at the time of negotiations, revenue increases were one of the ingredients being considered.
I give ZERO weight or credibility to that particiular article. Sorry.
Overall, the Tea Party and it's supporters do not want tax increases, and the New York Times might try to put some twisted spin out there to suggest otherwise, but that would only be a SPIN made by those VERY liberal folks there at the New York Times. Let's face it, they twist all kinds of stuff. Heck, they called the final bill a "surrender" by the President. That just shows their far left perspective.
Your suggestion that the outspoken members of Tea Party itself might not represent the actual movement is a smart observation, and I agree... but I would extend that same premise to ALL the parties. The outspoken members of the Democrats and the Republicans certainly likewise do not represent the mainstream supporters. IOW, the extremists in ALL parties do not represent the majority of members and/or supporters.
TM
And it's always nice to have Cramer's blessing. He says CHK will double or triple in spite of the economy.
Also, buying BIDU.
TM
I probably kicked yours up with my $34.67 buy.
I know neither of us are ultra anything, and that is why a while ago I thought and still do think that Obama will be re elected, and I just hope the senate and house are republican...We need a split government...and the market will love it if it happens......Tony
Gary, Charlie...
It seems like the market keeps selling at every tiny uptick.
I'm losing enough to cry about.
TM
May be a bit premature to Party... :confuse:
2013 LX 570 2016 LS 460
I have lost thousands of dollars today, and it feels like sh-t. I am not usually "in" the market during times like this, but I am trying to not listen to all those talking heads and listen to Charlie instead.
I resorted to buying some shares of QID during the last half hour... In other words I shorted the Nasdaq during the end of the session. It paid a little, but nothing even close to offsetting the losses I incurred today. Then to make things even worse (depending upon tomorrow's open) when I went to sell QID at the last seconds, I accidentally bought a bunch of it. I had never done that before, but it happened today. That means that when the market opens tomorrow, I will be the not-so-proud owner of a bunch of QID shares... meaning I will be shorting the NASDAQ in a big way. If the market goes up tomorrow, I will incurr even more losses. If it goes down, it could be a good thing, as my little "accident" landed me a total of 3000 shares of QID!!!. :surprise:
I still own a fair chunk of CHK, so whatever happens to that is also an unknown.
Man, I need a cold one... no, I need something stronger. :sick:
TM
If you listened to Charlie back in the summer of 2008, you would have been multiple $thousands ahead. If you listen to Charlie now, you will likewise come out many $thousands ahead.
Just about everyone is talking the "DD" (double dip) word today. This is BS! “This too shall pass” and it will not be long before these doom and gloom jerks eat skata. This is NOT 2008. We are not going to have a double dip. Buy stocks now!
In 2008, I could see the handwriting on the wall. The banking system was collapsing in front of our eyes. There is NO such panic now. Even though I NEVER expected this huge sell-off the past couple days (I thought it would rally big time because of the debt ceiling deal), I am of the opinion that all these doom and gloom predictions will soon turn the other way.
Now, I will fix myself a Manhattan on the Rocks.
DISCLAIMER: Past performance is not necessarily indicative of future results.
Excellent idea matey!! (Dude!)
I'll just post this while I'm looking out over the beach. And, since I've got to drop my son off at the tennis club in a few hours, I might as well take the wife along and we'll pop over to a nearby pub while he's on the court.
TM
Charlie, I heard a talking head today say that there ARE some very serious banking issues... but they are in Europe, and those issues are going to affect us. Also, there are some significant economic reports coming tomorrow and again on Friday that could easily hammer the market. Maybe NEXT week is the time to buy stocks.
I might end up being glad I own those 3000 shares of QID tomorrow. Regardless, I want to hold onto my shares of CHK, and I know that even if I have to hold then for a year or more, they should eventually pay off.
The weird problem here is that I've got two investments working against each other. The only good outcome for me is that the QID shares pay off tomorrow morning, and I sell them at a profit, and that CHK goes into the green.
TM
The guy is trying to ruin the U.S., and Soros is telling him every move to make. Now that he has more money to spend I am sure he will go on a spree.
2013 LX 570 2016 LS 460
Imagine talking about tax increases on a day like this! He is totally out of touch with any reality. I swear he is nuts.
If he wants to increase taxes on the wealthy, then he should quit the rhetoric and the corporate jet BS. Folks making only 250K don't own corporate jets. He insults us all with his BS, and shows he thinks he can say anything he wants. He needs to define the wealthy somewhere closer to 5 Mil ++.
Hopefully, enough people vote to replace Obama.
But, who's the right person to take the helm? Scary thought.
TM
I also watched that segment. These are rather small banks from what I understand and one dude said that we should not worry about this here in the U.S.
You will probably come out "smellin' like a rose" again tomorrow with your spread position.
Thanks, but I think it's going to take more than one good day to make up for my losses today.
Charlie, when I mentioned "reality check", it wasn't just a casual remark. I truly expected it... but I must tell you that this is worse than I had expected.
EDIT: QID shares are up a little in after market trading. Hmmm. I need them to go up at least a few bucks tomorrow morning.
TM
Regards,
OW
Did you remember my up and down prediction during the Summer Q 2011 and the uptick in Q4? Patience.....
Regards,
OW
Moody’s Investors Service and Fitch Ratings affirmed their AAA credit ratings for the U.S. while warning that the ratings could be downgraded if lawmakers fail to enact debt reduction measures and the economy weakens.
The rating outlook is now negative, Moody’s said in a statement yesterday after President Barack Obama signed into law a plan to lift the nation’s borrowing limit and cut spending.
The debt-limit compromise “is a positive step toward reducing the future path of the deficit and the debt levels,” Steven Hess, senior credit officer at Moody’s in New York, said in a telephone interview yesterday. “We do think more needs to be done to ensure a reduction in the debt to GDP ratio, for example, going forward.”
TM
Some of these cartoons are priceless...and true.
2013 LX 570 2016 LS 460
Good luck today.
TM
2013 LX 570 2016 LS 460
TM
AMT is saving me today. I have had it for about a month with little change, now it is taking off on a good earnings report.
2013 LX 570 2016 LS 460
EDIT: Picked up a little BIDU earlier at $145.46
EDIT 2: Market seems lost and stuck at this point. Down, but nothing pushing it higher or lower from a trading range. I will venture to guess that the last 30 minutes, and especially the last 5-10 minutes could be a bit intense. I'm looking for either a bounce/rally or more selloff. I would be surprised to see it remain stuck in this range at the close.
TM
You're not going to believe this...
I know you are familiar with Scottrade, and I am not sure if you use their Elite software application or their standard, but I use the Elite version... and just when everything was going really fine today, I totally screwed up... Here's what I did. I am not afraid to admit my stupidity here, so here you go.
At one point later in the day, I had both QID and QLD open on the desktop, because I was waiting for the possibility of a large selloff or a big rally, and I decided to take advantage of it if it happened. Especially since it worked out so well early in the morning.
Anyway, a small rally did indeed come and the market was going nicely positive... so I went ahead bought the QLD, which leverages the gains. I was really proud of myself, and walked away from the terminal for a moment to get something to drink. When I cam back, I was still thinking that everything was going great, because the market was still advancing.
But THEN I SAW IT!! My STUPID MISTAKE!! :surprise:
Instead of buying QLD, I somehow bought QID. :surprise:
I guess I either didn't see the letters clear enough or I got confused, or something, and I really don't know how I could have done that, but I did!... Regardless of how I did that, it was all too late, as the damage was done. I was LOSING money as fast as I would have been gaining it, and my mistake totally erased all my good work early in the morning.
I would have been so far ahead, but instead I am back where I was.
I am about to go build myself an [non-permissible content removed]-kicking machine and spend a while using it.
Well, I guess I'll have to wait for another market day that offers that kind of opportunity. Hopefully, I won't screw up.
TM
Well, it is better that it at least closed higher for the day after being on its rear end most of the day. I don't think we are out of the woods yet due to all the incredible negativity, but I remain optimistic for the longer term. As I stated the past few days, I am of the opinion that the economic indicators will start turning a little more positive a few months down the road. Hang in there!
You're not going to believe this...
I know you are familiar with Scottrade, and I am not sure if you use their Elite software application or their standard, but I use the Elite version... and just when everything was going really fine today, I totally screwed up... Here's what I did. I am not afraid to admit my stupidity here, so here you go.
At one point later in the day, I had both QID and QLD open on the desktop, because I was waiting for the possibility of a large selloff or a big rally, and I decided to take advantage of it if it happened. Especially since it worked out so well early in the morning.
Anyway, a small rally did indeed come and the market was going nicely positive... so I went ahead bought the QLD, which leverages the gains. I was really proud of myself, and walked away from the terminal for a moment to get something to drink. When I cam back, I was still thinking that everything was going great, because the market was still advancing.
But THEN I SAW IT!! My STUPID MISTAKE!! :surprise:
Instead of buying QLD, I somehow bought QID. :surprise:
I guess I either didn't see the letters clear enough (they look VERY similar when they are displayed), or I just got confused or something... I really don't know exactly how I could have done that, but I did!... Regardless of how I did that, it was all too late, as the damage was done. I was LOSING money as fast as I would have been gaining it, and my mistake totally erased all my good work early in the morning.
I would have been so far ahead, but instead I am back where I was.
I am about to go build myself an [non-permissible content removed]-kicking machine and spend a while using it.
Well, I guess I'll have to wait for another market day that offers that kind of opportunity. Hopefully, I won't screw up.
TM
I would have been so far ahead, but instead I am back where I was.
I am about to go build myself an [non-permissible content removed]-kicking machine and spend a while using it.
TM, sorry to hear about the screw-up. I know that I have made stupid mistakes like that with electronic trading of commodities in the past. I know nothing about what you are doing with QID, QLD, whatever D
Other than buying some more BIDU and my initial entry into IBM yesterday, I have done absolutely nothing in all this fiasco. I am staying the course. At least AAPL has not fallen out of bed. That is by far my biggest investment.
International Business Machines (IBM) – IBM is the biggest company in the information technology space, beating out Dell (DELL) and Hewlett-Packard (HPQ) as well as European giant Siemens (SI). Despite competition and volatility in the industry it operates, earnings grew 18% a year over the last 10 years, which translated to a return on invested capital of 15% a year. For this year, analysts are expecting that earnings per share will be $13.34, up 15% compared to last year’s results. At that rate, the 2011 price earnings ratio will be at 13.3 times. The stock’s valuation appears relatively fair, considering that it has advanced 22.34% since beginning of the year.
In a scenario of falling dollar, this company may be a good bet. The company has unparalleled presence globally with an integrated solutions for clients in the informational technology space. At present, it has continually invested in growth markets and targets industries that offer strong impact and opportunity. It has invested heavily in research and development and acquired a number of patents over the last decade. Its balance sheet is strong and it has used some of its cash to buy back its own shares worth $4 billion in the market. This will ultimately increased its earnings per share moving forward. S&P (MHP) has rated the stock a “strong buy” with a 12-month target of $205 a share.
Jim Cramer's 4 Fav Tech Stocks
AAPL is on the list, of course!
Regards
OW
I don't trade as often as you do and getting it right is more important to me than speed.
That said, no one is immune from making a mistake. When we lived up in Sonoma County in the late 70's we went to the County Fair one year and part of the activities were horse races. Even young kids could go and my oldest son was about 9 years old at the time. He kept wanting to pick a horse so I said OK. He picked a horse named Jelly Bean Jam, a 40 to1 long shot.
I went to place the bet, thinking he had a loser, so I bet on the favorite instead. Well, 'ol Jelly Bean Jam lead from wire to wire and won going away...paid about $82. My son is in his 40's now and still reminds me of that incident about once a year, even though I paid up.
That same day I had a nice winner and went to collect. I handed the guy my ticket and he handed it back to me. The cashier had given me the wrong ticket and I hadn't even checked it. It was just a bad day!!
You will surely make up for it tomorrow !
2013 LX 570 2016 LS 460
I don't trade as often as you do and getting it right is more important to me than speed.
The Elite platform is great, but yes, it is extremely fast and many trades are one-click, and it is even possible to have everything on the line, and not even realize it... being extra careful is essential, and I sure learned that lesson today. Man, it kills me to think that I would have been ahead and instead I went into the basement just by a bad click of the mouse. Wow.
I'll get it back.
Hey, thanks for the story about when you went to the track with your son. That's priceless! You and your son must have a great laugh about that now and then.
BTW, Friday's jobs numbers could be a big deciding factor in the direction of the market... IMHO.
TM
I have not tried that yet. I am using the Streaming Quotes and it is plenty fast for me. I bought that CHK before I realized what I did. Have not tried to sell anything yet. Still mostly watching my account get whittled away. I am down since the middle of last month on all accounts about $12k. But my Gold bullion is up about $11k so it is near a wash. It is a crazy market. I feel kind of helpless at times. I know if I sell a stock or mutual, it will skyrocket. I don't have the cajones to play the game as you do. But I like hearing about it. And get a lot from ALL the posters on this thread. It is one of my must check threads.