Wondered where you were... would have been good to have another voice of reason to calm the masses... today caught a good many off guard.Originally Posted by Brandon Matthews
I'm saying silent mantras to my lucky stars for not having a stop order in place.. but I still hold my entire position.....
Ah ok I didn't know what he was talking about and I am hard of hearing and little girls were watching Sponge Bob so it is a wonder I heard anything. It was the "pig market" that caught my ear.
I know many longs worry about the dreaded "wash sale" but as far as I can tell if you plan on holding SIRI after you trade then using the ups and downs does not hurt. The wash sale means you can't claim the loss on the first sale. (It transfers to the new shares and effects their sale) I went from 22k shares to 47k shares using wash sales. (well actually I began using them with a lower share count but the big move was from 22 to 47k) When I finally started selling shares at a profit my net profit was actually reduced by the amount I had lost on the orginal shares. (saving me some taxes)
Last edited by mogami; 03-19-2009 at 04:50 PM.
I'm in NYC in Times Square for the movie shoot this weekend. My computer at home logs in automatically, which the hotel comps do not.
I saw the stock tank and unfortunately, there is only 1 thing that causes this...FEAR.
Anyone who bought in at .40 is pacing the floors right now having fits. They sold, and it popped back up. 0then they say screw it and take the loss. The undisciplined always fall for it.
The MMs have been accumulating as they were taken by surprise by the recent runup. They are in this at about .35 cents now and they have twice the shares they wanted. The stock will go back up and it could be as early as tomorrow. Notice I did not say "in my opinion"
I will be touring Sirius HQ tomorrow morning. Who knows, maybe I'll end up on Howard 100 news. Saturday is an all day film shoot of moi! Sound egotistical? I'm scared ****less!
Welcome to Ameritrade, I am very satisfied with it, esp. when you make deposits electronically ( very easy ) you can use it immediately, except for options. Enjoy !!!
Futures need to "rollover" every month. The contract is for the month you buy it... It has an expiration date. You can "extend the contract" , or close it. If you close it you accept the last losses gains obviously at the time(futures works as a contract between two people. One is a long, the other is a short). As the price of the underlying commodity goes up and down, the long or short gain exponentially vs. their dollar buy in. This is why futures is dangerous, very leveraged game. If you buy a March oil contract it is for March, and thats it. UNG actually HAS to close all their nat. gas contracts out and the end of the month, regardless of if they are up or down on them(this affects prices, as UNG(simply my example, it is a ETF that tracks the price of natural gas) they must close out their contracts. Investors know this. They will try to bring prices up or down near these times(regardless of fundamentals or technicals) therefore giving it a heavy manipulation cloud over the markets for a few days. Thats a very very short explanation of whats goin on, If you want more, I can give it to you in a private message. When all these things come together, you can see why I am calling todays action bs in the main markets. Ton of head fakes going on right now.Thanks for the explanation SL!! Now - can you convert what you said from chinese to english - lol
Why is this important? What could the impact be on Sirius stock?? MAJOR newb here!! Thanks in advance!!
Options trading is different. But similar. Calls and puts for the current month they are in, are all worthless if they are not "in the money". If they are in the money, they will automatically execute, unless you inform your broker otherwise. If you dont know how options work, its not hard to find a thousand places to learn. Options expiration week, offers a theory called, maximum pain. Manipulators will push prices AWAY from big losses(option houses). For instance, if SiriusXM did indeed go to 2.50 by Jan of this year, there were TRILLIONS of potential dollars worth of shares that would have to have been distributed. As this is impossible, so was SIriusXM reaching 2.50. Look up MOP. Maximum Option Pain.
Last edited by relmor2003; 03-19-2009 at 05:01 PM.
that is definitely good. Didn't realize they'd make funds available that quickly... that was one thing I liked about ING - it was instantaneous transferring into the account.
So far I'm extremely content... I feel like I have a new toy to play with... and my tax returns are coming soon.... I am thinking it's about time to increase my positions and pick up a few more.....
I really really like finally having 4 decimal places at my fingertips...
I saw where you can now get a sirius radio for 20 dollars at big lots. Hopefully this will target another segment of the population that seems to think sat radio is too expensive.
RickF...Thanks for the explanation SL!! Now - can you convert what you said from chinese to english - lol
Why is this important? What could the impact be on Sirius stock?? MAJOR newb here!! Thanks in advance!!
Sorry I had to take care of something...
This will exlain it fully to you...but essentially it is a settlement period at the end of each quarter for options and futures contracts (rights to buy or sell securities). As shorts generally control the stock market (as they totally do now), there can be a lot of covering and unwinding as positons get shifted to accomodate settlements.
>> Derivative contracts based on stock indices do not generally involve the actual exchange of any underlying security, but rather are cash-settled based on some fair market value at a specified time. Many arbitrage strategies involve simultaneous, offsetting transactions in a basket of stocks representing an index and a derivatives contract on the index. When the derivatives contract reaches expiration, the usual practice is to buy or sell the basket of stocks at the exact price used for cash-settling the derivatives contract.
In the early 1980's when organized futures and options exchanges began trading standardized contracts based on stock indices, that final value of those indices for cash-settlement purposes was usually the close of trading on the third Friday of the month. Every month there is an expiration on options and options on the futures. But expiration of the futures, where a large proportion of the arbitrage activity takes place, only occurs once a quarter. So on the third Friday of the last month of each quarter, stock exchanges would be deluged with orders to buy or sell huge quantities of stock at exactly the closing price used for cash-settling the derivatives contracts. This combined expiration of options, futures and options on futures came to be known as the Triple Witching Hour.
Because these arbitrage strategies were market-neutral, simply taking advantage of price discrepancies between the index and derivatives on the index, they didn't represent any real opinion on the market's direction. But unwinding only one side of the strategy with a market order and letting the other side cash-settle sometimes caused huge gyrations in the markets during the final hour of trading on the third Friday of that month. <<
It looks really nice. My main problem with using it right away is getting my money out of ING. They are slow. After you sell a stock you have to wait the normal 3 days to get access to the money (except for buying more stock) But then it takes ING 2 more days to move your money to your bank. So I have to have enough in TD to rebuy SIRI after I sell at ING (It takes 6 weeks to move shares)
Churchlady can you loan me about 10k till after I move? Peazzz?
I will sell the non SIRI (I only buy other stocks to sell after about a .04 gain)
move the money and put in what other funds I can raise. Then I will sell at ING and rebuy at TD. Move all the money from ING after that wait and operate from TD only.
I hate ING so much I don't want to give them anymore money. They cost me at least 1k today.
You think they're bad - try wells trade (wells fargo) 19.95 for standard trade, 35.00 for penny stocks - and getting them to fix or assist with anything is like trying to squeeze water from a very big condescending rock. I am SO glad I'm shutting my account with them.
in retrospect - I liked ING compared to wells. but compared to each - TDA is abso-friggin-lutely incredible.
