SIRI Intraday Thread: Tuesday April 21

[underway]

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.

And all of this IRS crazy sh$t is why we need new tax policy: no more income tax, no more withholding. Just a Fed Sales Tax on everything! the more you make, the more you buy, and you pay tax on it. Best part: everyone pays...no more a$$holes running around in the underground economy dodging their fair share of tax...even drug dealers pay!!! Every dime you make, any way you make it, is NOT taxed. Fed deficit would be gone very quickly too.

Sorry....couldn't resist the political commercial break....but it is relevant to this tax discussion...kinda. sorry. won't happen again.....shame on me.

[JohnnyIrishXM]

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?

Was trying to do a poor math example,meaning depending on each individual's
tax bracket,28% 15% so forth...never mind was bad example..

[Tabor]

hi all,

it is 1.41 am here in thailand and i need to go to sleep. will not be able to follow the market for the next couple of days, but i want to get back in to siri. if i put in a gtc+ext limit order at .37....do you all think that is wishful thinking or should i set it a bit higher (at say .40 for example)?

[JohnnyIrishXM]

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

No ,gains are counted when taken,isn't uncle sam great,only losses are affected by wash rule,and yes i know it is factored into new sp,just meant you can't claim them.

[JohnnyIrishXM]

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

Good point,taxes are only a factor in investing,not the end all..and good advice about acct.'s clients being in your tax bracket,firmly believe in that..
Don't want a rich person trying to get a poor person into his bracket or vice versa..LOL

[Jworld]

Any chance this stock rally's this afternoon or perhaps after hours a few cents?

[jelax]

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.

Oh mog that 2.5% large commission for %hitbuilder must've eaten you alive. I can only imagine seeing I got smacked upside my head with a $144 commission when I sold 9600 shares yesterday. I'm so looking forward to tda.

[JohnnyIrishXM]

And all of this IRS crazy sh$t is why we need new tax policy: no more income tax, no more withholding. Just a Fed Sales Tax on everything! the more you make, the more you buy, and you pay tax on it. Best part: everyone pays...no more a$$holes running around in the underground economy dodging their fair share of tax...even drug dealers pay!!! Every dime you make, any way you make it, is NOT taxed. Fed deficit would be gone very quickly too.

Sorry....couldn't resist the political commercial break....but it is relevant to this tax discussion...kinda. sorry. won't happen again.....shame on me.

Underway

Used to favor a flat tax until someone wise pointed out to me that alot of business's don't pay the right amount of sales tax now to the gov't,imagine what a windfall it would be to allow big bussiness or corporate world to control the coffers of the federal gov't,besides the rich would just start a barter system to get around it..IMHO

[relmor2003]

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.

Theres a gap in the DOW chart from like 1957. At around 2700. Put your buy in. Gaps are useful, but I feel they are only excuses for manipulation with a range. They arent needed. If a price deserves a jump, it should be able to hold it. But investors and newbies get drilled with all gaps must fill, and this eats at any day trader, or short term trader. Im not saying your a newbie, but gaps can be filled at any time. And since most stocks go up and down, sure a ton of gaps get filled. But not all of them. I did expect the .50 cent gap to be filled though, just not the same day. Were on the same page, Im just a bit taken by the suddenness of it, and the drop past .50 came faster than I thought possible. But as fast as it goes up, it can go down just as fast. But theres a reason it went up in the first place. Lets just hope that reason only gets reinforced from here on till the call, not undermined by BS news stories, a MSM agenda to blast this company, and our own managements ineptness.

[underway]

Underway

Used to favor a flat tax until someone wise pointed out to me that alot of business's don't pay the right amount of sales tax now to the gov't,imagine what a windfall it would be to allow big bussiness or corporate world to control the coffers of the federal gov't,besides the rich would just start a barter system to get around it..IMHO

not a flat tax. that's a different animal. This is called the Fair Tax which is a fed sales tax collected by retailers on everything you buy. everything. So, the rich don't get out of it. No one does. Even criminals pay because they buy stuff too! Corp tax structure stays the same. They still file and IRS still deals with them. It would be great for our economy! BTW...the poor get quarterly rebate checks in this system to compensate for the fed sales tax they pay for stuff. And to be clear: no more income tax for people under the Fair Tax system...no more soc sec tax, no more medicare tax...none. Everything funded from the Fair Tax revenue.