SIRI Intraday Thread: Tuesday April 21

[JohnnyIrishXM]

Big Ben are you there? I hear Crickets,no wait it is the Tax auditor for his last 3 years on the phone..

[Newman]

You contradict yourself. You admit to manipulation now. You blamed it, but you dont want us to be mad? Ok man... Your right, we should be numb to it by now. Yes, retrace was expected, but did you put a buy in at .485 for the close yesterday? Of course you didnt, because no one at 11 am MST yesterday(2 hours before close) could have dreamed up a close of .485 in their wildest dreams. The most negative buys would be placed at .50 cents, but more likely .52 cents. Im sure a ton of buys at .56 cents felt pretty decent that they might get that as a close. Then boom. Yes, I do believe people are that stupid. Yes. Happened last year. An airline lost 50% of its value in 5 minutes because of a simliar "mistake". SO theres your answer. Yes, people are THAT STUPID. And when your a MM, waiting for the BK story to hit, ready to add pressure, the effect is NOT SURPRISING.
When I show you on the chart and add the exact time of the BK story, you will be mad too. It was RIGHT as it was crossing resistance again at .56 cents. Buying pressure was down a bit at that point. MM's were ready. They knew the next blow would be the final nail. I believe they felt they needed both stories to make sure they could hit .40 again. That rally was THAT powerful.

I admit that there is manipulation in the market, yes. But I do not blame it TOTALLY for yesterday's drop in price, or todays. No, I did not predict a close of 48.5, but I did predict a drop today into the low 40s. Even posted it as the very first post in this thread, and put in a limit order last night for 42 cents per share, and it hit.

I knew there would be a steep retracement. I have been picking up here and there a little bit about technical analysis... you know, that stuff you are so keen on? Well, if you look at a simply 5 day chart, you will see something that most TA people hate: Lots of gaps. Yesterdays action created a large gap from close friday of 50 to the open monday of 55. That gap needed to be filled, but no, I did not think it would be filled the same day it was created.
There is also a large gap from 4009 to 44. Today, that gap filled. I wanted to put my order in right at 40, but figured I would split the two and go at 42. Should have stuck with 40.

[dmo2424]

Where's Big Ben.....perhaps frantically dialing up his accountant? LOL!

No way BigBen has any clue about tax implications. He's just getting lucky here and there riding the waves. He's playing with chump change compared to Johnny for example and has the nerve to tell him what to do? It's cocky and arrogant and without credibility IMO-

On another note...cocky and arrogant much like his beloved football team WHO WOULD HAVE NEVER WON THE SUPERBOWL WITH A HEALTHY TOM BRADY playing. You'll see this year bigben. Sorry to others but I HATE Shittburgh fans, the team, and the hard working salt of the earth crappy city... cheers!

[mogami]

Just thought of something kinda funnny......there could be a few out there who just read your post about capital gains tax and holding stocks for a year, and said to themselves..."holy sh$t, you mean I will have to pay full tax on profits for those stocks I held for 6 months and sold? Damn!" and, especially frustrating for said knuckleheads who saw the same stock continue to rise after the sale to the 1 yr point.
LOL!

Hi, everyone has a different philosophy on taxes. Since I can earn more trading often I would rather pay 35% on 25,000 then 10% on 5,000
What I hated was the commisions ING made off me. Now I don't have that to worry about. SIRI has been a cash cow for me in 2009 (It had me worried in 2008) I have used the ups and downs to make money. I bought and sold 156,500 shares through my ING account.

[jelax]

Yes that is funny,i posted that about 2 months ago and some newbees didn't know that!!! which is why i don't get day traders or swing traders,they would need to make at least a 2.8% profit to justify it,plus commissions...and funny thing is losses don't count with wash rule of 30 days...

Hey johnny - not a day trader by any means and am very familiar with the tax implications but was curious where the 2.8% came from?

[Ramsey]

not for nothin...but ~

frankly speaking, it's my job to bring in $$ and it's my accountant's job to work it so that I keep it.

Speaking of which, the best advice ever - financially - was to find and work with an accountant whose client base is in the tax bracket that you are or want to be in & stick with *that* firm.

He or She is the person that is best suited to keep the most amount of money in your pocket.

This being said, my thought process is geared towards the rewards - which tend to produce more rewards.

Worrying about the punishment simply & in most cases reinforces unpleasant results.

However, as mentioned previously, situations vary dependent on the situation.


YMMV


Rammer

[underway]

Hi, everyone has a different philosophy on taxes. Since I can earn more trading often I would rather pay 35% on 25,000 then 10% on 5,000
What I hated was the commisions ING made off me. Now I don't have that to worry about. SIRI has been a cash cow for me in 2009 (It had me worried in 2008) I have used the ups and downs to make money. I bought and sold 156,500 shares through my ING account.

Absoutely correct!! The point isn't that you always hold for a year to avoid higher tax, but, you should always figure it into your strategy. If you are day trading and making a living off singles and doubles, I agree, the tax implication may not be in play. It all depends on the amount of $ you are playing with and your overall plan. The funny part is that there are some who have no clue about the crazy IRS rules on this stuff, and could end up getting burned on taxes they had no clue were in store for them. That's all..just say'n! I am holding over 250,000 shares of SIRI so I'm long and hoping the company actually books good performance and pushes the SP to well over $2. Perhaps in a few months? Who knows!

[mogami]

Hi, And wash sales do count. The loss transfers to the new shares and becomes part of the price paid. You just can't claim the loss till you sell the new shares and do not buy again in the wash period.

[Newman]

and funny thing is losses don't count with wash rule of 30 days...

My question to some of you guys: Do GAINS count with wash rule? If I am trading back and forth, back and forth, back and forth... is it considered a wash if I am putting all of my gains back into identical stock? I have actually never dealt with short term gains... always short term losses or longterm gains/losses. Do short term losses counteract short term gains (assuming no wash of course). TIA

[mogami]

Hi, A wash sale is selling a stock at a loss and then rebuying the same stock. The time is 30 days prior and 30 days after.