WTF is this shit? Everyone's on Vaca but me? Figures. Just got back from a soccer game but will dream up innovative posts to fill up the week :)Some more pictures perhaps?!!Catch you cats at the open.
I'm probably in the minority here but I wouldn't be surprised if we sell off short term as a result of this tax deal. Like I said before, adding another $1 Trillion to the deficit can't be good for the bond markets.
After some thinking, I decided that I don't want to worry about CRM destroying my portfolio and will instead try to cut my losses at $146.5/$146.91, slightly above the previous peak and for a maximum loss of $500. I'll keep watching CRM and will jump in when its crazy up move stops.
No vaca here.....10+ years nary a day off.re CRM - I know it defines all logic but I've never thought about it as a short.....the numbers of potential users of cloud based apps, could be BILLIONS over time, mean that I always worry about saying it is over valued.
I think the key to yesterday's tax deal will be how the bond markets react. I'm going to keep my longs but keep an eye on the rates. RE: CRM - I'm glad I bailed on that short position. That sucker is a beast. OPEN looks a lot like it as well. I may have to close my puts today on that one.
Sold 1/3 of my BYD position at $10.22 that I bought at $9.38. Hard not to take a little off the table here.
Sold another 1/3 of BYD at $10.11. Sold my 1 x GOOG Dec 10 $570 call at 65% profit.
Damn...So C gaps up higher on the news.
Sold my 1 x GOOG Dec 18 Call at 52% profit.
OPEN big bad red candle on the open hourly chart. Not bullish at all, but I'm bearish so I'm biased.
IRE - +20%
If I didn't know better, I'd say a short of GDX/SLW might work here.
Alright...completely out of my BYD and all of my longs. Still holding on to my OPEN short and puts.
Things are moving really fast. Both ways...
CADC - Needs to close better than $3.95
I mean, how hot is that picture of Trish Regan with a leather jacket standing in a pot field. Dang...
So is the deal with C that it will be sold in a secondary off the market?
2nd wave of selling here.
TBT- Might I have gotten that one right?
CRYP - has to be up on Reid's online gaming bill....crap!!
RINO - To delist tomorrow.
JB- That was yesterday. I can't find anything specific. I'd take another 1/3 off BTX here, then see if the last 1/3 can clear the recent high. That's been a hell of a run.
hey Mark - yes, but the news on the bill has been out there a couple days.....will do re; BTX, thx!
Reid's the same creep who killed congressional earmark reform.
Municipal bonds breaking down again. GOOG looking really bullish.
OPEN- Hopping it can break the ten for you soon, bro.
JB- Probably shouldn't listen to me, I'm the worst trader here. That's just what I'd do.TOF- Did you see the article that GOOG is buying the 2nd largest building in NY for 1.8B? Maybe they will own the world :)Good luck guys. I thought hard about taking a chunk of profits here, but decided to stand pat.At the close.
Bought back 1 x GOOG Dec 18 $570 call at $21.5 that I sold this morning at $22.4.
I figured I would add the one stock that looks the strongest on my board to offset the small short position and the puts I have in OPEN.
jb - If/when you do take a vacation, I recommend doing so when the weather is optimum.
And some folks "work" so hard they have to take vacations often!Although in truth it's more likely those are "refreshment holidays" (meaning recovery day from a night or more of heavy drinking).Some people never learn.
Bought some RBY but ended up taking $120 loss and dumping it.I'll wait for the gold selling panic to accelerate
So JPM has been short silver and long copper, rumor relates to assets bought from WFC.Wonder if the long copper position is a hedge on their silver short or vice-versa, JPM is the one reported to own 50% of the LME copper inventory...
TGB - Looks cheap, doesn't it?
This looks like the same old profit taking into a continued rally.
Screw it...I'm done with OPEN. I don't understand the reason behind it's continued strength so discipline trumps conviction on this one.
Took a 30% loss on my calls and a 1% loss on my short on OPEN. Added 1 more GOOG $570 Call at $22.00.
Back into BYD and BYD calls. Stock @ $10.10 and 18 x Jan $10 Calls at $0.95 and 22 x Dec $11 Calls at 0.20
Bought one more GOOG $570 Dec 18 Call at $22.0. Now have 3 of these and am all set with them.
Long GOOG stock at $590.20. Now have full positions in GOOG and BYD.
Am I the only one on this board? I'm clearly talking to myself. hehe
TOF- I'm here, and enjoying the running commentary :)How 'bout TBT :)
me here - just being a mouse today
go mgm and byd
i see, so you guys are just sitting quietly watching me talk to myself....Well, to continue the commentary, BYD just did a moonshot higher as did the rest of the market for that matter. The market slid back perfectly to the resistance point (1,228) before bouncing higher. This is textbook breakout trading and provides longs with a great reference point to get cautious.
By the way, the main reason I decided to get back into BYD, other than that it wasn't selling off, was that the near term out of the money options volumes have been very high, which is usually a good sign that people are speculating on some sort of deal/announcement/news event happening.
Glad your out of the OPEN trade TOF. I don't get it either, but it is what it is at this time.
About 4 weeks ago I had an unrealized loss of 17K. Today it's + 27K.
BAC- You just can't keep a crappy/bankrupt mega bank down :)
Wow Mark, that's a great turnaround. Maybe you should sell and go to Vegas?
someone here use to like CRYP +26%, no news
wow. market is tumbling.
So the market sells off right after Obama STOPS talking? Did I miss something?
Are you guys talking amongst yourselves or to yourselves?He, he just wondering! ;)ATNI - Can't make up it's mind, neither can I.Maybe I need a refreshment holiday?
CRYP- That was me.
I should just shut up. That down draft didn't effect me. Maybe they don't know what I have for a change :)
Mark - I didn't know Obama was talking, I certainly didn't know he'd stopped, or even what he had to say.Maybe I should turn my radio on...
SPY should bounce here, 123.03.
CP- Stop paying so much attention to those damn woodchucks :)
Almost cut my hair, happened just the other day... Like looking into a mirror and seeing a police car.
Nothing's buckling here so far.
That's one weird looking chicken in your picture.
Somehow I get the feeling this will be just another week that was.I'd much rather chase woodchucks chucking wood if they could.I saw a saw down in Arkansas.
Danger zone again for SPY.
Oops, how'd my personal pic get up there!!!
Hopped back in the OPEN puts trade...can't help myself.
I'm sure I'm wrong, but this feels like a shake out to me. They better shake harder if they want my shares.
CNBC pointing to a new insider trading probe as the reason for the sell off. Story in Reuters.
Mark - I think you're right. I think we close above 1,228.
WASHINGTON (Reuters) - The U.S. government sold off its remaining shares in Citigroup Inc on Monday for $4.35 each, marking an exit from ownership in the bailed-out banking giant with a $12 billion gross profit for taxpayers.
chicken, that's pretty scary!
Raymond James guy on CNBC saying over weight energy. Calling for a much colder winter. Also saying 2011 will be the year of the banks. Hasn't touched banks in 10 years. Hope he's right. That's where the bulk of my coin is.
Mark - that's Jeffrey Saut...one of the few guys I always listen to. He's also bullish on IBKC from what I've read (FD: Long IBKC).
He's also calling for 2011 to be the year of the restaurant reservation.
TOF- Nice to see BYD hold up so well into the close.
vb - Haaa! You're right! Don't wannna to scare the kiddies.
TOF- Do you know what the add rev. is for OPEN? Might be something there.
OK. Got to get another 100K out of my clients.At the bar!!!
Considering how opaque the campaign contribution structure has recently become, it's interesting how the Republicans first order of business with their new majority is to defend tax breaks for the upper class.
Mark - I'm not sure on the ad revs but I doubt its much at all. There are plenty of other companies like UrbanSpoon and even Yelp that are crowding in on their business. The company will ultimately have to cut fees to remain competitive in an industry to makes about 4 or 5% margins. I highly doubt OPEN can stay up at these levels for much longer. It's priced for beyond perfection.
If I recall, wasn't the 2nd hald of Obama's stimulus scheduled to kick in during 2011? That would be another $290B, but I don't remember if that schedule was accelerated for 2010...
Mark - RE: BYD - Big volume today in the stock and calls. I was surprised to see so much volume in the Dec $11 Calls, which I sold before the close for a nice little gain, given how close to expiration they are. Morgan Stanley upgraded the stock today and boosted estimates. I suspect many more firms will be following suite over time. The company earned like $2/share back in 2005/2006. They didn't dilute shares at all so they can always get back to those levels. Casinos trade at 15 to 20 times earnings normally so there is a lot of blue skies up above.
"Screw it...I'm done with OPEN. I don't understand the reason behind it's continued strength so discipline trumps conviction on this one."I agree, TOF. My buy to cover stop order on CRM was triggered today at $146.91, for a $500 loss. I violated a big trading rule the Alexander Elder mentions in his classic trading book: if the stock is in an uptrend on a weekly chart, then one should only trade it from the long side on the daily chart. Catching tops or bottoms of long term trends is a fools game, and I made a fool out of myself this time.
I think if the bond yields rise a little more, the equities will indeed start selling off, which in itself will stop the rally in bond yields. Therefore, I decided to place a sell limit order at $40.30 (5% higher than the previous high) for the 150 shares of TBT that I purchased during the recent pullback at $35.30.
It was a good day to not own miners or DGP
"It was a good day to not own miners or DGP"One of just a few, makes me wonder what changed?
Added a little more GOOG at $585 after hours.
SOL - Keep an eye on the ball, that forward PE is pretty low...
I suppose everyone's afraid China's going to raise rates again.I think it's more likely they'll revalue, as they should. They don't want to shut down their export mechanism by revaluing but if they don't revalue, there will be nowhere to export to.Trade imbalance pendulum needs to normalize.
I wonder if voo-doo economics can work without Christine Odonnell's powers?
DEER - Climbing the ladder again, looks like the Chinese consumer must still be buying something?
chicken sportin a new "doo" I like it :)
I think slw held up good today. I vote scaling in on any weakness or correction
Yep, I got a little haircut. ;)Almost cut my hair... Happened just the other day.
New pointless post