Tuesday, November 23, 2010

11/24/10 75% Long

Second half of the buy-and-hold into OAKBX at the close newSubmitted by 2nd_ave (4994 comments) on Tue, 11/23/2010 - 20:03 #74824
Now 75% long, and not too concerned with exposure going forward. I still think we move higher into 2011, and that today was another buying opportunity.

Famous last words? You never know. I'm pretty confident in my portfolio positions right now.

151 comments:

  1. I was able to watch the price movements in the indexes most of the day, and I can honestly say that I thought we would close green. That's kind of unusual given no let up in the brutal selling.

    So my intuition was wrong.

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  2. If nothing else, one more reason to want Kim Jong-il taken out.

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  3. 2nd - I wouldn't be surprised at all if we completely make up today's losses in tomorrow's session. I didn't sense any fear in today's market, probably just people squaring away their portfolios ahead of the holiday. I think gold sells off and equities rise. At least that's how I'm positioned for the very short term. Longer term I'm still a little hazy on the market.

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  4. tof- I'm slowly transitioning from day trading (as exciting as it can be at times, it's no way to live- you tend to live/die with the next trade to the detriment of everything else) to let's say a 3-6 month time horizon...

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  5. My other 'hope' is that by not micro-managing every trade I might actually be able to brag about a 25-30% return on a Dow stock.

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  6. 2nd - Yeah, my body is ready to make that transition...I'm not sure yet if my mind is ready. I have a list of some long term investments that I think will do well and I'm trying to get comfortable with the idea of just holding them for the longer term. My list includes, at the right price:

    WATG
    REDF
    IMMR
    ADES
    ACI
    BAC
    BYD
    EBAY
    PIR
    GOOG
    BSX
    MMYT

    The big themes that I want to be invested in are commodities like Nat Gas / Coal / Oil, mobile internet growth, touchscreen growth, and emerging middle class growth in India. Those are longer term trends I feel like I can invest in.

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  7. "I'm slowly transitioning from day trading to let's say a 3-6 month time horizon..."

    I think that's a much easier way to make money -- find an oversold/undervalued company and hold it until the pendulum swings the other way. You said it yourself: the pendulum always swings...

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  8. Inside Insider Trading newSubmitted by 2nd_ave (4995 comments) on Tue, 11/23/2010 - 21:19 #74827
    http://tinyurl.com/2b482rd

    This is what I define as insider trading:

    '...high-powered executives picking up the phone, whispering secret tips about big deals, and trading stock at an unfair advantage. These were the types of cases that ensnared executives such as Ivan Boesky in the 1980s and Enron's Jeffrey Skilling more recently.

    'How the alleged scheme may have worked is unclear. Federal prosecutors declined to comment on Tuesday. But what is clear is that the way information is shuttled around the world of finance today is faster, more complex and more shadowy. It involves an increasingly digitized financial world where networks of insiders can share bits of information with blinding speed.

    'It can also tap into so-called expert networks of industry analysts, experts and consultants who squirrel details between corporate America and Wall Street about what companies are up to -- potentially giving some investors an unfair edge.'

    In fact, I think in cases where the person who profits from inside information keeps it small, it would be almost impossible to detect.

    On the other hand, I would have a hard time convicting anyone in the following scenario:

    'Federal authorities have traditionally pursued high-ranking executives and their confidants in insider-trading cases. Now, they're increasingly going after the rank and file. In September, for instance, the Securities and Exchange Commission accused a railroad supervisor and a trainman of insider trading after they noticed an "unusual number" of tours of people in "business attire" in a railyard.

    'The two workers and their relatives then bet in the stock market that the company would soon be taken over and made $1 million when that turned out true, according to the SEC suit.'

    IMO, the two railroad employees made a shrewd deduction based on simple observations while working at jobs completely unrelated to companies involved in the takeover.

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  9. Just got back from a meeting...

    David, you right. Using TA in any sense is useless for UNG. But it also probably is looking at the futures price because of the roll over jumps. Maybe UNG "smooths" these a little though, and for the past 3 months it has traded very well off of spot now that the severe contango has been removed.

    UNG/UCO...Both are green for me and have really saved my butt these last few days. Yes, they have tracking issues, but I think CB take before the close was correct. I see now that crude is up .5% and the dollar is down .22%.

    2nd- Excellent take on insider trading. My take also.

    TOF- I've never lost money trading UNG. You just have to pick your spots. Might I use my capital to better use? Probably. But that's up to you to find one for me :)!

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  10. CP- Don't put to much into the short float for KBE. Something must be strange with the ETF's about this. I've seen 100% short float on SPY.

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  11. Short float - Yeah, I'm still trying to figure out how to relate those figures. 40% certainly seems a bit excessive.

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  12. Jimmy Carter - "China has been working on humanitarian projects in under developed countries including on the continent of Africa in an attempt to cement Chinese access to the commodities necessary for China's future growth."

    Not spoken critically, just part of the dialog from an interview on tonight's Travis Smiley program.

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  13. Wasn't there a similar North korean scare last nov. right before thanksgiving? If I remember correctmarkets dived prior and then a huge up day on black friday?

    well, I bet history repeats.

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  14. vb - markets were down on dubai news last year.

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  15. VB- TOF is correct about Dubai.

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  16. Markets seems to use whatever reason, both positive and negative, to shake out weak hands. It's the trend and likelihood of continuation that are more important IMO. I think TA helps us to identify the potential inflection points.

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  17. REDF - Isn't it about time (almost) this one stops selling?

    Ditto for CSCO, although trendlines seem to indicate a $17/$18 handle.

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  18. Short float - EDU - How does this short float stay so low, considering a PE of nearly 50!

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  19. CADC - Be careful with this one for a while b/c the fires are still raging with the Frazer Frost accounting firm and RINO association, I wouldn't be surprised to see a $3 handle for CADC in the near future.

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  20. hi all - made my daily this a.m. (6E was trading much more smoothly), but since it's only 4 a.m. what the heck am I going to do all day?

    on the insider trading issue - it really can't be insider trading as I've been asked several times in the past to be part of expert networks and as ya'll here know I am as dumb as they come.

    I predict more egg on uncle sam's face when all this is said and done.

    gl today guys!

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  21. wow. that was an impressive jobless claims number. futures spiked on that news.

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  22. durable goods was pretty bad though.

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  23. CSCO: RSI 14 is at the low 20's. I would say that about 90% of the time I see a stock with a low 20's or 20 RSI, it's usually time to buy.

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  24. Anyone have any edge on PHM? It has cratered recently and is at its lowest point since the crisis began.

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  25. Corea> Moving on to 'Spain' newSubmitted by 2nd_ave (4996 comments) on Wed, 11/24/2010 - 08:59 #74848
    http://tinyurl.com/2c59luk

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  26. natty storage will be released at 12:00 PM Eastern Time today, estimates are 0.

    port

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  27. Sold half of my SPY $115 Nov and $117 Dec calls at about a 12% gain; I bought them too early yesterday and decided to hold on to them. Will sell the rest after the consumer confidence report comes out.

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  28. Actually...looks like the gain was around 15%.

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  29. Bought a few March $9 calls on BYD at $1.35.

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  30. Bought BAC March $11 Calls at $1.09.

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  31. Sold the rest of my SPY calls at 18% gain.

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  32. Added more BAC calls at $1.1

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  33. tof- You're nailing three-pointers and stuffing hoops, my friend.

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  34. Good job JB. Looks like the experts at TT are all on the same page on this issue. I wonder what the take is at CC?

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  35. New claims...Isn't the number in expansion around 350K?

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  36. Bought more BAC Calls at $1.13.

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  37. CADC - Doing better then I'd imagined, don't see any news either.

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  38. DZZ - Perhaps I actually should've shorted silver?

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  39. Man you called it, tof> we may very well recover all of yesterday's losses. And then some.

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  40. Large long position BAC at $11.25. Long more BAC March $11 calls at $1.14.

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  41. Anything consumer spending related should kick butt today and the next few days. That's why I'm long BAC, BYD. Wish I held on to PIR, which is officially a wickery beast.

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  42. KRE - Hanging in there.
    PMI - Looking stronger.

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  43. I'm very pleased with the action so far in crude. Slightly bearish inventory #'s and it's still climbing.

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  44. whoa...STT just rocketed higher...

    FD:
    long at $42.1 from yesterday.

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  45. TOF- Thanks for the help with BAC ;). Buy all you can!!

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  46. GBCI - Looks like $13 was the entry.

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  47. What are we so damn giddy about today, just the employment report?

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  48. CSCO - What happened to this trade, this could be the entry?

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  49. CP- No, it's Trish Regan's lime green sweater.

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  50. You snooze, you lose in this market. Absolutely no room for error!

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  51. Ha! That must be it, I really liked Hillary's lime green plaid suit last week, looked just like something straight out of a 70's Maverick.

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  52. Gold - I imagine it's simply a matter of time till this turns green too, but that's just a guess...

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  53. HRBN - Headed back to $24 b/c the buyout really isn't off the table as pundits claim?

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  54. If you look at the chart for BYD over the past 2 months, is that not a pretty looking chart?

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  55. Meant to add IBKC to my watch list above. I believe that will be as large as USB in 10 years.

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  56. Reason why I say this about IBKC is they have been a huge beneficiary of these FDIC-assisted bank takeovers. Their asset base has doubled in the past 18 months.

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  57. ONP - Dispels allegations all Chinese companies cook books by conducting audit:

    "Press Release Source: Orient Paper, Inc. On Wednesday November 24, 2010, 9:29 am EST
    BAODING, Hebei, China, Nov. 24, 2010 /PRNewswire-Asia-FirstCall/ -- Orient Paper, Inc. (Amex:ONP - News) ("Orient Paper" or the "Company"), a leading manufacturer and distributor of diversified paper products in Hebei, China, today announced that the independent investigation that was conducted by the Audit Committee of Orient Paper with the assistance of Loeb & Loeb LLP ("Loeb & Loeb") and Deloitte & Touche Financial Advisory Services Limited ("Deloitte") has concluded.

    Mr. Drew Bernstein, Chairman of Orient Paper's Audit Committee, commented, "The independent investigation has concluded. We would like to thank all the personnel involved in the investigation and are pleased with the results. We expect to issue a press release summarizing the results of the investigation next week."

    http://finance.yahoo.com/news/Orient-Paper-Audit-Committee-prnews-21280488.html?x=0&.v=1

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  58. BYD - Chart looks great to me, weren't they about to enter into some kind of financial arrangement, or was that rumor?

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  59. OINK - Is this lil' piggy gonna fly?

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  60. TOF -- you've been correctly calling every single market's turn lately! I guess you are practicing for your married life -- you'll need this kind of intuition there with calling your wife's moods. :))

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  61. I just sold at $8.39 the 250 shares of WATG I "erroneously" bought at $8.35 a couple of days ago. I said "erroneously" because that price level was too close to my previous purchase at $8.42, and I would like to space out my purchases more than that. The next reasonable purchase level below $8.42 would be $8.05, and I just placed a buy limit there for 250 shares. Moreover, I was able to sell 10 January $7.50 puts yesterday at $0.85, so even if WATG rockets higher now, I won't feel like I didn't take much advantage of its scary drop.

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  62. Just like TOF with SPY, so far I am having luck with TBT: bought some at $34.60, sold at $36.50, reloaded yesterday at $35.41, just sold it at $36.51.

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  63. UXG - This is what I call a beautiful chart, wonder if they're in someone's buyout cross hairs?

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  64. As for NG, the January futures made a new high today, giving more evidence to the uptrend being in place. HNUZD hit my sell limit order today at $7.00 for 250 shares, bringing my total NG exposure down to more reasonable levels and booking more profit from the purchases I made at the rock bottom.

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  65. David - It's been a fantastic week indeed...nothing compared to the week of the REDF run though. But I agree, preparing for my wife to be's moods will be a whole other task!

    My week would have been even better if I held on to my large position in PIR, which is rocking! I'm seriously considering putting all of my money into BAC, IBKC here.

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  66. UXG - My gosh, look at the major shareholder roster..

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  67. 2nd - I'm married with kids and grandkids so of course I don't have a life.

    report from the 6E battle zone - the only winner today is Infinity Futures, I had those bast*rds on the run a few times but I just couldn't snuff 'em out. Back to daily goal, but I made it really hard.

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  68. David - congrats on the TBT trades. By the way, check out the action in DB...that's NOT a good thing.

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  69. I'm going to take a shot at the ultimate falling knife, ASTM, at some point :)

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  70. Kim Jong-un in Casino Royale newSubmitted by 2nd_ave (4997 comments) on Wed, 11/24/2010 - 14:53 #74864
    Jong-un: Dad.
    Jong-il: Did you have a good time in Macau?
    Jong-un: Dad- I dropped 50m at the Sands.
    Jong-il: No way, son.
    Jong-un: But I have a plan.
    Jong-il: (beat) Listening.
    Jong-un: Casino Royale.
    Jong-il: (2 beats and a smile) I like it.
    Jong-un: 2 missiles and short the Kospi.
    Jong-il: (claps) Yes, yes.

    Full text of CIA translation.

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  71. good one 2nd. i wouldn't doubt this.

    Mark - DB = Deutsche Bank. I'm keeping my eye on this as it is the key tell on the Europe mess in my mind. I'm sticking with the bullish trend for now, but I still think this market should be traded.

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  72. TOF- That's what I thought. I watch it obviously also. Just thought you were commenting on something specific today, thanks.

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  73. By the way, the parallel with summer/fall 1998 still stands. Today would be December 15, 1998. I've been following this closely as a rough guideline for my trading recently and it has worked like a charm. In fact, I've been using it as a framework since August.

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  74. Yep, DB along with STD/IRE/NBG/etc.?

    This flock of PIGIS definitely not flying, holding pattern?

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  75. TOF - It's deja vu '87, Jerry Brown/Barbara Boxer/Hawaii 5-O/Betty White style!

    A wise woman will always let her husband have her way.

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  76. Chicken - I'm paying more attention to DB, UBS, and STD as a contagion thing. We already know the details on NBG/IRE/AIB.

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  77. I guess we're cautiously headed up for a while until the ice begins cracking, in which case the strategy involves selling morning pops then buying end of day bargains?

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  78. Is the market open on Friday? Is it a short day?

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  79. Ah yes, monitoring for domino effect.

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  80. Couldn't find a single imbalance either way. Looks like we close here.

    David- Open Fri. till 10:00 our time.

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  81. ATNI - About to close at high of day...

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  82. Imbalances just popped up...

    SELL- WFC/BAC/C/JPM/MS/AA/XOM/CVX/CHK/IBM/DOW

    BUY-V/MMR/APC/APA

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  83. If the 1998 parallel holds: flat/slightly down on Friday, gap up on Monday.

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  84. Man. I've never seen a close like that. BAC/WFC/JPM etc, etc all crushed their imbalances...

    At the bar!!!!

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  85. Since I sold some HNUZD today, I am moving up my buy limit on UNG to $5.90, for 400 shares, so as to keep buying the dips in UNG until futures reach $5 (at which point, they will be fairly priced).

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  86. If we learn anything from investing its that panic / fear / loathing should be bought (well, that and that patience is a virtue not many have) Look at CREE, BBY, HPQ, GOOG over the past 4-6 months. Everyone hated it at the bottom and are looking to buy now after huge runs. If you could stomach it and had patience, you would have come away with huge gains in only 4 to 6 months. I think the same will be said about BAC. GRMN? Not so much. That is going the way of Blockbuster.

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  87. Oh god, now they're wearing kilts for airport security and they're going commando!

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  88. GRMN - Yeah, this one's not so obvious to me anymore considering competition could easily stomp a one pony circus.

    CREE was a no brainer, was shocked nobody wanted it on the second test of $50, especially from a long term perspective.

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  89. Natty - Well, looks like our east coast warm spell has come to an end and the gas furnaces are getting fired up, hopefully those solar flares don't singe the ice caps and flood us out...

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  90. DAN - Another one I was interested in...

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  91. LNG - Another one I had considered several times...

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  92. Mark- Can you elaborate on your closing comments above:

    'Man. I've never seen a close like that. BAC/WFC/JPM etc, etc all crushed their imbalances...'

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  93. CREE is a good example of why I need to avoid jumping in and out of positions. No way to capitalize on those kinds of unexpected surges day trading.

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  94. If you think about, BAC and CSCO at these prices are a gift- one just needs to stop second-guessing the entry. These are both DJIA components. Both INTC (and to a lesser extent MSFT) are also seeing little demand right now at attractive valuations.

    But that's the way crowd behavior works...

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  95. PMI - I don't suppose anyone is interested or can think of a reason why PMI should or could rally from here, do they?

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  96. I think Mark meant the sell imbalances were quickly converted to buy imbalances.

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  97. PMI - Looks like Paulson & Co. owns, or recently did own 5M shares.

    I thought Paulson was a gold bug?

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  98. And yes, I agree about CSCO being a gift, but according to all the nay-sayers BAC is BK, so who do you believe?

    I like to think BAC is a bargain here but it's hard to ignore the perceptions (or lack thereof) of others.

    This all feels like such a dream and I really can't appreciate how some folks love talking out of the sides of their mouths and bragging about how their one posted trade worked, all after the fact.

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  99. CP- I was hoping that's what Mark meant.

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  100. INTC - Well, I see what looks like a very nice gain off the low we all watched materialize. Even an obvious double bottom formation materialized on that one...

    Were we too focused on something else to buy and hold, and if so, who, what, when, where and why?

    I held onto my crap stocks through it all, while adding and subtracting from my positions which were all posted right here.

    At least I was trying to make some trades, even though I really didn't have experience or access to and knowledge of the analysis tools I really should've.

    It wasn't easy, I was repeatedly told I couldn't do it (presumably I'm an idiot?), that the entire financial system was collapsing, that the FED's QE would end in collapse and that they should be audited, the FED head must go, to just take any meager gains and leave the table.

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  101. 2nd- Yep, that's about it. Buy/sell orders are aggregated before the open and 1 hour before the close. I've never seen a % that triggers an imbalance notification, but the NYSE web site uses "overwhelming" spread. Notification is sent out 15 minutes before the close.

    I try to catch as many as I can each day to get a feel for the close. On a day like today with all of the financials showing sell imbalances, the market would usually sell off into the close.

    I'd say it's usually 80% accurate. Today, all of the MOC orders were absorbed buy new buy orders at a crazy pace and all off the finanicals ended very strong.

    10 minutes till happy hour!!

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  102. When I say 80% accurate, I mean the other 20% of the time things end up flat. I can't really ever remember them going 180 degrees.

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  103. Sometimes I think what we lack is just a tad more encouragement. Everything's always so down and out.

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  104. Higher than I would want to guess right now.

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  105. Everyone who panicked out on Tuesday will be waiting for the 'inevitable' pullback to reenter their positions. Ain't happenin' IMO.

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  106. Anybody have a take on whether or not or how we might interpret coming market action in terms of income tax preparation?

    The best defense is a good offense?

    I'm quite certain we'll hear plenty about how a good trader maneuvered himself to profitability after the fact, but I'd much rather try to prepare my mindset in advance instead of being slapped on top of being blind sided...

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  107. My hands are a little tied right now. I had to transfer $150K into my business account earlier this week. Probably get it back from the clients middle of next week.

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  108. Income tax regarding trading gains?

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  109. What's left to take the market down? I can't think of anything. Foreclosure-gate was bought. Post QE2 'sell the news' was bought. Ireland was bought. FBI investigations of insider activity was bought. N Korea was bought.

    I think we get more good news about unemployment, retail sales, home prices, and earnings over the next few months. By the time J6P starts to worry about missing the next bull, we'll be at 1300, and it may be time to take partial profits.

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  110. 2nd - The crowd mentality tends to keep things out of favor for longer than expected, which makes you doubt your contrarian position and exit at just the wrong time: when the crowd mentality swings in favor of those it hated. I suspect that will happen with BAC/CSCO/INTC (although I still feel like tech in general is a more difficult trade because technology changes so quickly and can catch these big guys off guard...I'd rather stick with the businesses that will go on through thick and thin) at some point relatively soon. People can only drive up the Netflix's so high (speaking of which, $10 Billion market cap for a movie delivery company...craziness in my mind).

    When you get a chance, check out IBKC...I would highly recommend it. They have been a major beneficiary of the FDIC assisted bank closings. They've more than doubled assets in the past 2 years. Earnings will explode over the next 5 years as (a) loan losses diminish and (b) interest income rises with rising rates. They are very conservatively managed (CEO refused to take TARP and when it was forced to it was the first company to pay it back), they pay a 3% dividend and they are very undervalued (1 x Book value vs other stable regionals trading at 2 x Book Value). I think this stock could go up 8 fold in the next 10 years and an investment today could yield 25% through rising dividends. Assets have almost quadrupled since 12/31/05.

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  111. Yeah, the open today was crazy. Buying hand over fist.

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  112. tof- IBKC looks good! The only drawback is the relatively low volume- but if I'm not day trading, it's not an issue. How long have you been following, and what brought the company to your attention?

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  113. "Gloom, anger spreads as European economies teeter"

    Austerity is really working it's charm now, good thing they don't have Bernanke or Geithner to complain about like "Americans" do.
    __________________________

    Ha, the Bank Of Mark! Sounds like a little bit of flexibility to help grease the skids.
    __________________________

    Yes, EOY action as traders prepare their portfolios for sending portions of gains(losses) to Evil Dr. Geithner. December wasn't such a good month last year, supposedly in order to book losses, as best I can remember.

    My current plan basically entails buying "weakness" (which in actuality translates to a huge downside "surplise!").

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  114. CADC - Now I'm thinking this might not fall much more... Famous last words.

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  115. CP- Got it. I actually think that's why we are seeing so much insider selling. I would put these in the longer term, large position category. 15% instead of 40% is then a big deal. I'd do the same thing given the political uncertainty. However, I don't think many others have held over a year given all we've seen this past year.

    Bank Of Mark- Yep, that's the main thing a General Contractor is. I don't think I'll ever actually pocket any "real" cash until 1 year after I die/quite :)

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  116. CADC- I still have a few nickles for that one if the spot feels right.

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  117. I was talking with my roofer the other day. He's owed 375K dating back 5 months to present. Lot's of Gov/Sate/County stuff in there.

    Kinda funny story. You all know Patricia does our books. About a year after I started my business I went to an ATM for some cash. Something I never do. I think there was about 300K in the account. I almost shit my pants. I gave her a big hug when she got home and told her how great I thought we were doing. She said check it in 5 days. I actually did. That balance was 18K.

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  118. Gotts go play with poochie, he wants my attention, squawk at ya'll later!

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  119. Ha, yeah, I'm still waiting for the last personal loan I made to the tune of $30k to come back, it has begun to trickle back but only after a lot of arm twisting.

    Gotta go, this little fella needs hugs...

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  120. Port, my main man....Trading today in UNG was very strange. Now I see NG futes are up. Contract roll today? What did I miss working today funding my clients?

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  121. Who wants to bet this holiday the TSA handles more packages than the US mail, UPS and FED-EX combined?

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  122. Ford expansion in China - For my first attempt at imprinting Ford into the Chinese culture, I'd show detailed footage of the early production lines with inventor Henry Ford, I'm sure the Chinese people would immediately identify with these images and concept.

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  123. RE: IBKC. "Earnings will explode over the next 5 years as (a) loan losses diminish and (b) interest income rises with rising rates."

    Unless, of course, the market will SLOWLY come to grips with implications of the state budgets (which will require raising taxes to fill the budget holes), just like it was coming to grips with the subprime crisis VERY SLOWLY since 2006 (there was even a "fools rally" in 2007 after Bernanke started lowering rates)

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  124. "(there was even a "fools rally" in 2007 after Bernanke started lowering rates)"

    Yes, unfortunately Bernanke raised rates prior to lowering them, which increased mortgage payments for a large segment of the housing market just as ARM's had become profligate.

    I often wonder about this move in the sense Ben may have pulled on the rug just a bit too hard, but I suppose imbalances required correction sooner rather than later.

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  125. finviz - Questionable data? Hmm, there may be something fishy with recent finviz data, not sure how much of it can be trusted. According to the GMO statistics, insiders have sold 97% of their position over the last 6 months but a quick glance at filings from EDGAR doesn't support this figure at all.

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  126. GMO- Bad data from finviz.

    Everyone have a great day today. Off to run the girls a little at the soccer field. Don't worry. I have my chair and whistle :)

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  127. 2nd- back on cc's blog about 15 months ago I was posting abt how some of these banks involved in the fdic closures would become giant regionals...I came across ibkc then...been keeping it on my radar ever since. Based on earnings its not that cheap but its underappreciated. One of my friends and I followed every single fdic deal for 6 months and put together a huge spreadsheet on all of the deals and ibkc was by far the biggest beneficiary

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  128. TOF - In that case, I wonder if GBCI made it on your list, of if it might qualify? I've been watching this one for a couple monyhs now and feel pretty comfortable with it as far as financials are concerned..

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  129. Neat Gartman Video...

    http://video.google.com/videoplay?docid=6974477267078611049#

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  130. DNN on the move up as well

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  131. CADC - I'm looking for a close today better than $4.12

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  132. DLM - Looks like rumors preceded the reality?

    Although I know and realize any situation involving the lunatic ruling North Korea is serious, I'm reasonably convinced this too shall pass.

    Wonder if some day soon China doesn't just take permanent control of that situation?

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  133. Austerity isn't too good for metallic money apparently, I should be shorting silver to $20.

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  134. PKX - Putting this Korean steel producer (20% owner of GMO's Mt. Hope project) back on the watch list, target ~$90?

    "Stainless Steel Demand in Asia to Climb as Posco Seeks to Cut Nickel Usage
    By Sungwoo Park - 11/26/10

    Posco, the world’s second-biggest maker of stainless steel, expects demand from plant builders and automakers in Asia to climb next year. The company is also seeking to cut its use of nickel because of volatile prices.

    “As the economy recovers, we expect a better market environment and improvement in profitability next year,” Suh Young Sea, a senior vice president of the Pohang, South Korea- based mill, said in an interview. Output this year may rise to about 1.8 million metric tons from about 1.4 million tons last year, he said. He didn’t give a 2011 forecast.

    Construction of petrochemical and seawater desalination plants will increase demand for stainless steel, Posco said. Global production may grow to 32.7 million tons next year, from an estimated 31.2 million tons this year, according to Alloy Metals & Steel Market Research. "

    http://www.bloomberg.com/news/2010-11-26/stainless-steel-demand-in-asia-to-climb-as-posco-seeks-to-cut-nickel-usage.html

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  135. Wonder why gold isn't moving up with the dollar this time around the European bailout mulberry bush?

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  136. Take note that equities and the U$D aren't moving up together. Not that they can't or won't b/c they will and should, but that comes at a much later stage in economic recovery.

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  137. If you have a paypal account, you may have at some point purchased or subscribed to a service without realizing and not known about it. Anyway, one should be aware of the potential. Any questions, read this:

    http://www.moneycone.com/if-you-have-a-paypal-account-read-this/

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  138. "David Einhorn Speaks" : tinyurl.com/23wynmg

    He is the hedge fund mngr who did a bearish expose on JOE. Knocked it down and explains why.

    Wont touch a HB&B, plus gold is good/money. Audio interview.

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