Where's Vegas X?

[Jiddy78]

The party goes on and on....Meanwhile, financials look brutalized...yet the market screams rally and is chugging its way to new all time highs...A last hurrah, perhaps? A sticksave until inflation can come in and rule the day? Maybe the market is in fantastic shape...Peaches and cream...Nothing goin' up but risin' rents? Could it be?

Excuse me now, I have to go explain to a client of mine why their unemployment insurance rate has risen....

[Jiddy78]

Here's some good proof of a speculative fury...The rush to hit a number (14k) and then an exhaustion thereafter....

SELL EM OFF BOYS!

[Vegas]

Here's some good proof of a speculative fury...The rush to hit a number (14k) and then an exhaustion thereafter....

SELL EM OFF BOYS!

I closed out two long positions just this morning.

[Jiddy78]

I closed out two long positions just this morning.

IBD called this rally is the word I hear on the streets...August 29...Looks like you had a good month, my friend.

[Vegas]

IBD called this rally is the word I hear on the streets...August 29...Looks like you had a good month, my friend.

I spent too much money on my vacation, but I've more than got it covered. IBD is better than Cramer but not as entertaining.

[Jiddy78]

I spent too much money on my vacation, but I've more than got it covered. IBD is better than Cramer but not as entertaining.

You spent...or "we" spent...;)

[Vegas]

You spent...or "we" spent...;)

LOL (seriously). You are one smart man.

[Jiddy78]

LOL (seriously). You are one smart man.

Don't feel bad...I damn near had a conniption fit when I saw "our" credit card bill this month.

[Vegas]

Don't feel bad...I damn near had a conniption fit when I saw "our" credit card bill this month.

I can relate. I get that feeling when I see the credit card bill every month. I'm thinking about getting a new card that doesn't get me free airline tickets. I love getting my vacation tickets free, but the concept of "I'm helping you get free tickets by getting a lot of miles when I spend all of that money" is not working out for me.

[swordfish]

That is the oldest trick in the book. Buy something you don't want or need because it is on sale or has some reward with it.

[Jiddy78]

It's a Jiddy kind of day, 'specially on the Naz...

[Vegas]

It's a Jiddy kind of day, 'specially on the Naz...

You can't reasonably call this a jiddy day. You have to be in the market before you can take profit.

[Jiddy78]

You can't reasonably call this a jiddy day. You have to be in the market before you can take profit.

Bullsh*t...Laughter is priceless, my friend.

[Vegas]

Bullsh*t...Laughter is priceless, my friend.

How much money did you not make during the past few weeks while the market has been going up??

Who's laughing now?

[Jiddy78]

How much money did you not make during the past few weeks while the market has been going up??

Who's laughing now?


*scratches head*

What part of dollar cost averaging my mutual funds in retirement did you not understand previously?

I'm laughing either way....because I'm not a speculative whore.

[Jiddy78]

How much money did you not make during the past few weeks while the market has been going up??

Who's laughing now?

Furthermore, I would like to note, that I'd give up every single penny I have in my mutuals to dump all this sh*t to zero and start over fresh with some sort of honesty and integrity....Of course, nobody else will go for that...Too much debt. Too little responsibility. :rolleyes:

[Vegas]

*scratches head*

What part of dollar cost averaging my mutual funds in retirement did you not understand previously?

I'm laughing either way....because I'm not a speculative whore.

I thought you were 100% CDs. My bad.

[Jiddy78]

Here's a cheat sheet to the Market based off the Bernanke Put:

weak data = Fed ease, stocks rally

consensus data = lower volatility, stocks rally

strong data = economy strengthening, stocks rally

bank loses $4bln = bad news out of the way, stocks rally

oil spikes = great for energy companies, stocks rally

oil drops = great for the consumer, stocks rally

dollar plunges = great for multinationals, stocks rally

dollar spikes = lowers inflation, stocks rally

inflation spikes = will inflate all assets, stocks rally

inflation drops = improves earnings quality, stocks rally

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_G/threadview?m=tm&bn=25263&tid=1028529&mid=1028529&tof=1&frt=2

[Jiddy78]

Three in a row means....STREAK!

Dow 13,802.47 - 110.47
NASDAQ 2,759.23 - 4.68
S&P 1,528.03 - 10.50

http://kreations.kaptainmyke.com/cp/cpimg/headers/byah.png

http://www1.istockphoto.com/file_thumbview_approve/760767/2/istockphoto_760767_smiling_bear.jpg

[Vegas]

So you're excited about buying shares in your mutual fund cheaper?

[Jiddy78]

So you're excited about buying shares in your mutual fund cheaper?

I'm never excited to write that check....I'm reluctant to fight the system. I can afford to contribute, so I do. Hardly a situation where I have to make a moral stand...so I don't.

On the other hand, you've never asked me about my better half's plan...She acts upon what I state many times here....Furthering my lost inhibitions to do the same...How does it go? Diversify?

I'm winning so far in the retirement return race. But the gap is narrowing. so much so that a few more big drops and she'll have me beat.


No matter what I win IMO. I've found the most valuable investment in all the land as a cherry on top of the mountain of our love....A wife that is a breadwinner that doesn't like to spend and lives reasonably.

Immeasurable in terms of financial advantages.

[Jiddy78]

Wait...Wait...It's starting to turn....Must be "good" news...

Ah yes...Crude hits a new high.

WHOOOOO!!!!

http://biz.yahoo.com/ap/071017/oil_prices.html

[Jiddy78]

Son of a b*tch...They're gonna close it green.

Not my streak...My lovely lovely streak...

[Jiddy78]

Three it is!

Four?

Keep this up and we might be goin' for one for the thumb for the weekend...Ha! Who are we kidding? IBD needs its weekend greenprint.

Tomorrow, tomorrow, there's always tomorrow...It's only a day awayyyyy.

[Jiddy78]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aa4nqqKqJLpY&refer=home

Well looky looky here....

[Jiddy78]

One for the thumb baby.

Closed those longs at a good time fella.

[Jiddy78]

A whole week of Bear.

Chalk it up.

Dow 13,522.02 - 366.94
NASDAQ 2,725.16 - 74.15
S&P 1,500.63 - 39.45

[Vegas]

A whole week of Bear.

Chalk it up.

Dow 13,522.02 - 366.94
NASDAQ 2,725.16 - 74.15
S&P 1,500.63 - 39.45

Watch the volumes closely. If the overall volume on down days is higher than the volume on the up days, the up days are nothing more than dead cat bounce and the bear has arrived.

[Jiddy78]

Watch the volumes closely. If the overall volume on down days is higher than the volume on the up days, the up days are nothing more than dead cat bounce and the bear has arrived.

Oh come on...Everyone knows that when 5% of the market disappears within the week, it is merely a profit-taking dip.

The bear arrived a long time ago...The speculators just felt like ignoring him.

[Vegas]

Oh come on...Everyone knows that when 5% of the market disappears within the week, it is merely a profit-taking dip.

The bear arrived a long time ago...The speculators just felt like ignoring him.

Not quite. It's all about accumulation and distribution. The market is just now starting to distribute.

[Jiddy78]

Not quite. It's all about accumulation and distribution. The market is just now starting to distribute.


My experience from work most definitely paints a very, very bleak outlook from the small business sector...Just had a meeting of the minds this week about how we need to attack clients to get paid because of the rampant upswing of receivables across the board and how many have stiffed us this year up to today...It has all the markings of 2002's season again, 'ceptin' this time it's more vicious...According to my boss, it's worse than '87 as far as people's attitudes...but I wasn't around to see it.

I remember the first warning sign like it was yesterday from back in march...Guy comes in cuz he's claiming bankruptcy and needs his taxes to get 'er done (couple years worth)....We do it..He promises to pay us (Mind you, he had worked with us many years before this and just fell off the map for a bit) on monday because he "forgot his checkbook"....Send him an invoice when he doesn't show up...He returns it with a bankruptcy notice.

Haven't seen that more than a few times over the years to that point...Usually you don't screw yer tax guy...Now we're on our 5th that has disappeared into the wind. Lockdown is approaching.

Normally one would laugh-being an employee-but I'm paid a percentage of gross so it ain't that funny to me in this case.

[Jiddy78]

"Sex" means "six" in Germany. Might be time to buy.

[Vegas]

"Sex" means "six" in Germany. Might be time to buy.

Buy sex??

[Jiddy78]

Buy sex??

I'm sure many daytraders do. Nothing like celebrating the end of a streak.

[Vegas]

Vegas was selling call options this morning. The latest rally looks like a short squeeze. Selling options is a good way to generate some quick cash and hedge against a drop.

[Jiddy78]

Vegas was selling call options this morning. The latest rally looks like a short squeeze. Selling options is a good way to generate some quick cash and hedge against a drop.


More drop is coming...I hate my retirement account and its trading restrictions.

[Vegas]

More drop is coming...I hate my retirement account and its trading restrictions.

I love being able to trade my own way in my own retirement account. The selection of funds in most 401k programs is pretty bad by my standards.

[Jiddy78]

I love being able to trade my own way in my own retirement account. The selection of funds in most 401k programs is pretty bad by my standards.

I was young and impressionable when I started my IRA...Went with a nice guy with a big company...I might start contributing elsewhere shortly to have more control....This market is way too volatile...Guys like me who DCA will do ok, but others are feasting off of us in the meantime all the way through...Just like taxes....:rolleyes:

[Vegas]

I was young and impressionable when I started my IRA...Went with a nice guy with a big company...I might start contributing elsewhere shortly to have more control....This market is way too volatile...Guys like me who DCA will do ok, but others are feasting off of us in the meantime all the way through...Just like taxes....:rolleyes:

A friend of mine asked me recently if I had a good financial advisor. I told him I do. The guy that cares about my money more than anyone else in the world.

[Jiddy78]

A friend of mine asked me recently if I had a good financial advisor. I told him I do. The guy that cares about my money more than anyone else in the world.

Oh...I don't get any advice....I do with it what I choose...but the trading restrictions of penalties for within the month withdrawals pisses me off...I'm getting scalped all over the place where I could be drawing decent gains.

"Con"trol indeed.

[Vegas]

Oh...I don't get any advice....I do with it what I choose...but the trading restrictions of penalties for within the month withdrawals pisses me off...I'm getting scalped all over the place where I could be drawing decent gains.

"Con"trol indeed.

Are you talking about an IRA or a 401k? If it's a traditional IRA (or Roth IRA), you can do a liquidation and roll everything into a self-directed account without penalty.

[Jiddy78]

Are you talking about an IRA or a 401k? If it's a traditional IRA (or Roth IRA), you can do a liquidation and roll everything into a self-directed account without penalty.

I was going to...but rolling over my wife's 401 was a damn PITA...She's going back to work once the kid starts school, which probably means I won't qualify for a Roth at that point anymore...so I'm contributing to it while I still can....But you're right, I should roll it over...Not like I don't have enough time...Just not the willpower to talk to a bunch of financial douches like I did for her....Stupidity and greed pains me.

[Jiddy78]

So they muse a potential "emergency" pointer, the market rockets, only give a quarter and it still ends big....Was today as given as it gets?

Crude at 95...Gold at 800.

This economy is a joke...but hey, inflated dollars will give them "xyz company is up 2% this quarter"....:rolleyes:

[BoredWithNoSB]

This economy is a joke...but hey, inflated dollars will give them "xyz company is up 2% this quarter"....:rolleyes:

I don't beleive pricing is elastic enough to accomplish that in the short term. However, the Net Income number (which people don't seem to care nearly as much about than revenue (stupid ass finance people)) will take a nice hit.

Venezuala sounds like a nice place to live if we reach the $100 barrel mark. Our friend to the south is giving away tons of money and booze from what I hear. Time to move the party.

[Jiddy78]

http://biz.yahoo.com/ap/071101/wall_street.html

Wall Street Plunges on Fears That Interest Rate Cuts Will End Even As Economy Is Weakening

http://www.accesswave.ca/~rclancey/lmao.jpg

[Jiddy78]

Hmmm...Vegas hasn't been around a lot today...Maybe he is a bear after all...

Dow 13,629.32 - 300.69
NASDAQ 2,806.91 - 52.21
S&P 1,515.61 - 33.77


Gonna be another Cramertastic night!

[Jiddy78]

13k > 14k

[Vegas]

13k > 14k

Is that the new math??

[Jiddy78]

Is that the new math??

Wall Street Math is very simple:

You: 10k Me: 1,000,000k = You: 0k Me: 1,000,010k + economy is great

[Jiddy78]

http://biz.yahoo.com/ap/071106/oil_prices.html

Oil Prices Soar Nearly $2 a Barrel

Bullish.

Dow 13,598.19 +54.79 +0.40%

[Vegas]

Vegas had a busy morning doing some trades. I bought 2 stocks but did not trade any options.

[Jiddy78]

Vegas had a busy morning doing some trades. I bought 2 stocks but did not trade any options.

Whenever you aren't on the userlist, I assume you are hanging out with IBD/Schwab....I bet I'm right most of the time.

[Vegas]

Whenever you aren't on the userlist, I assume you are hanging out with IBD/Schwab....I bet I'm right most of the time.

In the early morning, yes. I don't do any trades while I'm at work other than the automated trades I set up for execution later in the day.

[Jiddy78]

Dow 13,554.86 - 106.08
NASDAQ 2,806.20 - 18.98
S&P 1,508.13 - 12.14

Not a huge amount of velocity...Just downward slowly but surely...Vegas must be displeased.

[Vegas]

Not a huge amount of velocity...Just downward slowly but surely...Vegas must be displeased.

I'm not so displeased. All of the options that I wrote the other day are turning worthless, so I can write them again next month.

[Jiddy78]

I'm not so displeased. All of the options that I wrote the other day are turning worthless, so I can write them again next month.

Nothing wrong with being part of the norm.

[Vegas]

Nothing wrong with being part of the norm.

80% of options expire worthless. That's why I write them.

[Jiddy78]

80% of options expire worthless. That's why I write them.

The thrill of the hunt?

The excitement similar to getting caught making nookie in public?

The anticipation of Favre down 6 with 2 minutes to go and the ball?

Nah...Money.

Bleh.

[Vegas]

The thrill of the hunt?

The excitement similar to getting caught making nookie in public?

The anticipation of Favre down 6 with 2 minutes to go and the ball?

Nah...Money.

Bleh.

To tell the truth, option writing is more of a grind than it is exciting. If you're on the other end and are looking for the big score, that's when I suppose you get the adrenaline rush. That's not my thing. I want the low risk steady income.

[Jiddy78]

Ahhhh...The sweet smell of bullsh*t in the morning.

http://www.marketwatch.com/news/story/mishkin-fed-helping-main-street/story.aspx?guid=%7B51D5B47D%2D6A1D%2D45BC%2DABEE%2 DE60AD00EE8B1%7D

Mishkin: Fed helping Main Street, not Wall Street

WASHINGTON (MarketWatch) - The Federal Reserve's two rate cuts were designed to reduce economic risk and not to reduce the risk that investors will lose money from bad decisions they've made, Fed Gov. Frederic Mishkin said Monday. In a detailed and clear explanation of his votes to cut interest rates in September and October, Mishkin insisted that the Fed is powerless to protect investors, who continue to report tens of billions of dollars in losses from bad investments in securities linked to risky mortgages. The Fed's job is to limit damage to the economy, he said. "Policies to achieve this goal are designed to help Main Street and not to bail out Wall Street," he said

[Jiddy78]

But wait! There's more!

http://www.reuters.com/article/ousiv/idUSN0533633920071106

Fed must be ready to take back cuts: Fed's Mishkin

What a sham.

[Jiddy78]

Whoa! 360 points...So much for little velocity.

I missed a good day not paying attention.

[Jiddy78]

Dow 13,096.07 - 203.95
NASDAQ 2,659.35 - 89.41
S&P 1,451.95 - 23.67


Just an old fashioned ass-whooping out there. Boomers looking for inflation to bail out their early retirements...Alas, the younger generation has nothing in the cupboard....

[Vegas]

Check out this one:

http://finance.yahoo.com/q/bc?s=FCX&t=1d

I was a lot happier earlier this morning.

[Vegas]

Oh, and my short options are looking fine now. It's a great hedge as well as a cash generator.

[Vegas]

So I can close out my short option positions and re-sell lower strike contracts. That's a slight silver lining when I look at the underlying stock prices.

[Jiddy78]

So I can close out my short option positions and re-sell lower strike contracts. That's a slight silver lining when I look at the underlying stock prices.

12800 is the target is the word I'm hearing. Whores.

[Vegas]

12800 is the target is the word I'm hearing. Whores.

If your source is reliable enough, you should buy some index puts and rake in the dough.

[Jiddy78]

If your source is reliable enough, you should buy some index puts and rake in the dough.

Nah...I just got my "inflation" raise this week...I'm not pressing my luck.

[Vegas]

Nah...I just got my "inflation" raise this week...I'm not pressing my luck.

You tread water with an "inflation" raise. Go make some real money, jid.

[Jiddy78]

You tread water with an "inflation" raise. Go make some real money, jid.

I call it a raise...but really it's just a calculation off of collections and redetermination of paycheck that happens periodically...Not too many employees out there that wouldn't take the deal I get in my field, at least in this state. Way better than most.

[Vegas]

I call it a raise...but really it's just a calculation off of collections and redetermination of paycheck that happens periodically...Not too many employees out there that wouldn't take the deal I get in my field, at least in this state. Way better than most.

But how well are you doing with the money you have available to invest?

[Jiddy78]

But how well are you doing with the money you have available to invest?

I make more interest than I pay each month. That's a good thing.

[Jiddy78]

So whattaya think? Buncha stupid people just playing the "I'll buy when it hits 13k" and "I'll sell when it hits 14k" game? Buncha mental midgets.

10k. Let's do it right. 4 digits vs. 5 digits. Now that's a benchmark. :cool:

[Vegas]

So whattaya think? Buncha stupid people just playing the "I'll buy when it hits 13k" and "I'll sell when it hits 14k" game? Buncha mental midgets.

10k. Let's do it right. 4 digits vs. 5 digits. Now that's a benchmark. :cool:

Support & resistance levels......not my thing but a lot of people trade that way. Most lose money trading that way.

[Jiddy78]

Support & resistance levels......not my thing but a lot of people trade that way. Most lose money trading that way.

Most lose trading any way...Can't fool the tax man...I see the buy/sell orders. ;)

[Vegas]

Most lose trading any way...Can't fool the tax man...I see the buy/sell orders. ;)

Most lose trading or most lose investing? There is a difference.

[Jiddy78]

Most lose trading or most lose investing? There is a difference.

You know I think investing doesn't exist on a speculative foundation....but to be fair to what you are getting at...Most lose "trading," not investing, per the majority's definition.

[Vegas]

You know I think investing doesn't exist on a speculative foundation....but to be fair to what you are getting at...Most lose "trading," not investing, per the majority's definition.

So what do you think of covered call writing? Is that trading or investing? I'm interested in your opinion. For me, it's a hedge. It limits upside, but lowers risk.

[Jiddy78]

So what do you think of covered call writing? Is that trading or investing? I'm interested in your opinion. For me, it's a hedge. It limits upside, but lowers risk.

One time, a very good friend told me about how he had, at times, made vast fortunes in the stock market...When he spoke of this, rather vaguely, he mentioned that at certain times when this happened, he felt "guilty."

I would venture to ask him this question....and easily the answer could be found, I'm sure.

[Vegas]

One time, a very good friend told me about how he had, at times, made vast fortunes in the stock market...When he spoke of this, rather vaguely, he mentioned that at certain times when this happened, he felt "guilty."

I would venture to ask him this question....and easily the answer could be found, I'm sure.

I've never felt guilty when I made money in the stock market. Not even when I've made a killing buying naked calls. Everyone is supposed to understand the risks of whatever trading strategy they follow. If they don't understand it, they're paying the high cost of education.

[Jiddy78]

I've never felt guilty when I made money in the stock market. Not even when I've made a killing buying naked calls. Everyone is supposed to understand the risks of whatever trading strategy they follow. If they don't understand it, they're paying the high cost of education.

Ya got me...It was embarrassment.

At least I pulled my revisionist history on a political board...I think replacing "guilty" with "embarrassment" could still apply to what I said....But not quite as oomphy...Had I not revised history I probably wouldn't have gone there.

Either way...Point is I go straight by the gut...If it feels right/legit...By all means...For me, it doesn't.

[Jiddy78]

Dow 12,889.51 - 68.93
NASDAQ 2,575.89 - 17.49
S&P 1,425.60 - 7.67

The beat keeps drumming.

Amazing that 8% of our economy has shriveled away in just months according to the indices....