I am just kicking back....
I sold off all of my stocks except SSCCQ, so I am on the sidelines cashed out now. I am waiting for a breather in the market (breakdown). It is about time for people to start taking profits, because this uptrend has been really big.
It just isn't a good time to buy. I will wait for a breakdown and then buy on a breakout and uptrend.
You may ask...."Bill, why in the hell did you sell out so early"? My answer is that I have been really leery about a breakdown comin. I actually got up too late to check the early session enough, however, I do not feel bad, because I did something wonderful....I made a good profit!
Greed has killed me more than once.
I was watching SCSS today and I have it dead in my sights. A mattress company, lol, but I am determined to get it for a dollar or less, so I will just wait.
Also SSCCQ is really acting like a stock now. It is moving around without having to kick it in the ribs. I am waiting on it to drop also, because I want to buy more of it.
ONCF and FREE are doing outstanding. It will be really interesting to see where they go on a breakdown. I hope that I don't have to say hasta la vista to them, but what is....is.
I can imagine that some of you hung in there and made more money from OCNF and I personally congratulate you! Get out at a good time though, don't ride the breakdown when it comes. There is nothing worse than riding a downtrend.
That is about all that I did with stocks today. The day wasn't wasted though. There was a lot of research to do and it was a perfect day for it.
If you want, let us know how your day went and what you did with stocks or if there are any that you have your eyes on.
Have a great night :),
Bill
Rumors The Ten Of 19 Banks Failed “Stress Tests” (WFC)(BAC)(C)
Rumors The Ten Of 19 Banks Failed “Stress Tests” (WFC)(BAC)(C)
http://247wallst.com/2009/05/05/rumo...tests-wfcbacc/
I know this isn't the hottest news in the world, but read the article if you get a chance.
This is what I have been preaching about over the last month to a month and a half. This is the important part:
Okay, the Administration converts their preferred stock into common stock. Well, well, well....Preferred stock doesn't have any voting rights. Common stock does.
Now if the banks are now controlled by the Administration and have the majority of voting rights, then the banks have been Nationalized in the truest form of socialism.
This is a scary deal. People will think nothing of it at first and then will all of the sudden catch on to the Administration's game. The banks themselves are held hostage because of the stress tests and are required to take money to bolster their finances in case of an "Economic Downturn".
They won't be able to give the money back, because it will have to be kept by them in case of a disaster. So they owe the Administration and Bumbo controls the stock and the vote.
Now how is the market going to react to this? Especially when Bumbo is planning new Wall Street regulation which will come right after this new ownership by the government?
Once the Administration gets control of the banks, it will hold the banks hostage and suppress their ability to make gains. They will keep the banks enslaved throughout this Presidency.
So what happens next? The banks are in continual bad shape, because free enterprise is gone, and will remain that way as long as the government has control of them. This will be quite intentional.
Bumbo doesn't want the market to succeed, because as it goes up, he loses power. He is not a friend to the stock market. He wants everybody to be the same.
Out of this will come a lack of ambition and productivity.
This could become a very mundane nation.
I pray to God that it doesn't happen.
Do you care to share?
It is flat frigging frightening and very wrong in my opinion!
Bill