Yes he did say it as he wanted to put a stop to the insane path that Bush was putting us on – kind of the whole point of what I was saying in this morning's post.
Now that he is President and now that we are digging out of a crisis that forced him to continue the Bush madness for 2 years, he wants to get down to business and close a minimum of $400Bn a year of that gap and he’s willing to accept just $100Bn of taxes to go with $300Bn worth of cuts.
That would be more cuts in government spending than any Republican President EVER passed and far less of a tax increase than either Reagan or Bush I passed. Who is stopping it from happening as our nation struggles to pay off Bush’s debts?
Will We Hold It Wednesday? Dollar Strength Does Damage [View article]
Just posted in Member Chat:
Wheeeee – $98.15 on oil, that was fast. We can put a stop on at least 1/2 at $98.25 now and then .25 trailing on the rest. We can always reload back below $98 or use the $98.50 line next time if they run back over. Congrats to all who played!
Will We Hold It Wednesday? Dollar Strength Does Damage [View article]
Our premise, by the way, is that there is no real demand for oil at $99, just speculators driving up the price so, when we offer to ACTUALLY sell them the barrels at $99 and hold the contracts, they begin to get nervous and try to get out of the positions.
Does that make me Robin Hood or a good guy - well, compared to you boys, I'm mother freakin' Theresa so I'm not looking for your approval - just trying to help make people some money in my own humble way.
Will We Hold It Wednesday? Dollar Strength Does Damage [View article]
We just went short on oil at $99 off that inventory report. We had the dip we wanted yesterday, got stopped out, waited for the run-up into inventory and went short again - not complicated, same cycle every week. The /CL Futures pay $5 per penny per contract and you can sell them at the $99 line, stop out at $99.20 for a $100 loss and we'll see how it works out at the end of the week.
Monday Market Momentum - Prices Go Parabolic [View article]
Good morning!
Gosh I was expecting some solid discussion of the issues and I find I'm attacked again. Once again I am reminded why I should not bother participating.
Real Capitalism/Pig - Where does that work? Ireland tried not taxing capitalism and their country went from first to worst in no time. At least the US is going slowly down that path.
Michael totally gets it - we are being forced to buy stocks with our devaluing dollars. Even military dictatorships don't do this to their citizens.
Bank Cartel/Enpass - Oh I can think of a few choicer names!
Taxes/Tuck - You are the perfect supporter of the status quo, which is just working so darned well, isn't it? It's not a redistribution of wealth to pay the bills that are run up by the government you elect. If people don't pay their mortgage and credit card bills they go to jail - why isn't our government held to the same standard? Only because the same Corporations that collect the mortgages and CC debt are the same ones that refuse to pay the debts incurred for running the country where they make all their profits.
By the way, I'm not even advocating raising the tax rate am, I? I'm advocating NOT taxing profits and just taxing sales by 10% and look at the blowback! It's not about the taxes - its about having a tax system that can't be cheated. Is there seriously someone here who doesn't think it's wrong that the people of the United States, who earn 1/3 of the money, pay $1.8Tn in income and SS taxes while the Corporations, who earn 2/3 of the money, pay $191Bn? Are we really such total suckers that we just roll over and take this?
Speaking of rolling over. I have no idea if BPR was a Member or not - he could just be one of the many services whose asses we are kicking on the web but thanks for pointing out that our Wiki Section is not secure from Non-Members, that was a mistake!
SRS was our biggest mistake of last year. We did not see CRE coming back that fast but TBT was a huge success, over our $40 target long before our Jan 2012 target date. MON, also huge success, we doubled down on the dip and were thrilled to lower our basis on also a long-term trade idea. I mean MON, really? That's what you have to reach for to find a bad trade? And BAC? We played unhedged longs on BAC when? I would be very, very, very curious to see where you got that idea.
Also, I would encourage people who read what Mr. BPR2011 says about NFLX and then follow HIS link to NFLX and read the comments? Am I saying to buy it or helping people who did buy it make adjustments? Go back a month, 2 months, 3 months - there is one trade advocated by me and it was a spread where we sold the weekly $225 calls for $1.70 and bought the Feb $230s for $2.50 to pay net .80 on the spread. The $225 calls expired on Friday at $6 but, of course they opened the day at .50 so only someone who didn't stop out by 11:30 and rode them to the bitter end paid $6 but, even so, that pushed the net up to $6.80 on the Feb $230s, which are now $18.30 - almost a triple on that trade (but we killed it on yesterday's run, of course).
Anyway, it will take a while for Matt to fix the access so people are free to judge for themselves and also tell me what investing site in the World is so proud of every pick they make that they archive every comment on every stock for Members so they (and you at the moment) can go back and see our performance. No BS Cramer edits here - We WANT people to be able to verify our picks!
Monday Market Momentum - Prices Go Parabolic [View article]
Alex - You will be missed! Just like the way you missed my comment above that NFLX is NOT a stock we're shorting now.
Also, I don't consider discussing my market concerns to be "grudges." Again, as you only selectively read I guess I'd better tell you that we went bullish (very hedged) two weeks ago after our levels got broken but that does not mean we have to like it!
I suppose people like their writers to be 100% certain all the time but I'm not and, when I'm not, I put out my thoughts for Members. Our Morning posts are the springboard for a day's worth of discussion in Member Chat, with 211 comments so far today. This is how we form better investing premises - by having open discussions about our ideas and concerns but if you need certainty in uncertain markets - there are tons of other people who will tell you what is definitely going to happen - on both sides of the trades.
Good point by Swingman, I think a VAT is the only solution there. Anything else the Corporations can weasel out of. Very simply, if you sell an item or service in the USA, 10% of it goes to the Governement. That's $1.5Tn collected from corporations vs. $200Bn now - Almost enough to balance the deficit as is. I know they say "it will just get passed down to the consumer" and so what? What happens to taxes now? Same thing. The only difference is you can't hide from the VAT and GE would have to price their products to allow for a $15.6Bn check to Uncle Sam as would TM, who sold $200Bn worth of cars and paid $1Bn in tax.
It won't happen because it's A) Fair B) Difficult to Evade and C) Taxes the rich because a $48M Yacht would have a $4.8M tax bill in the price somewhere while the maid who scrubs the toilet on that Yacht would spend $2 on the $20 toy boat she gets her kid for Christmas. Let "free market" competition handle the rest - the consumers will still buy whatever they net can afford but we'll cut our deficit by 75% instantly.
Seeking Truth is right, this is about covering our bases. We discussed that on Friday and in the Wrap-Up show.
Thanks for the article Quinn - great read! You are actually the reason I stopped by this evening. Thanks!
500whatever - You seem to miss the concept that we are short-term short and have made fantastic money on all the stocks you mention when they pulled back, except for CRM, which I dont' think we have ever played as a general trade. Also, you miss the whole concept of balancing long plays and short plays but that's OK, we need one-sided traders like you to sell us puts and buy our short calls!
Thanks Retirefund! I hope it's not prohetic - that would really suck for America.
S&P/GMak - Did you see this one?
The S&P’s rise to a Shiller P/E above 24 tells John Hussman that "valuations are richer today than at any point in history," except for just prior to the 1929 crash. Further upside is limited, he says; "with no transformative technologies driving the economy, little expansion in capital investment, and ongoing retrenchment in consumer balance sheets," there’s little life left in this bull.
Thrilling Thursday – Comedy or Tragedy? [View article]
Actually on GLW I prefer the 2013 $12.50/15 bull call spread at $1.75, selling the $15 puts for $1.55 for net .20 cash on the $2.50 spread with $2.25 of upside if GLW doesn't fall more than 23% and a break-even at about $13.85, 29% below the current price. Worst case is you own them for net $15.20 and ordinary margin on the trade should be about $3 and virtually no margin in a PM account.
Hmm, not sure how to respond to that as I do have a serious moral issue with all this but it's my "job" to figure out how to make money, no matter what is happening. It's also my job to point out what's really going on in the markets, where I do get to exercise my moral outrage at the system that, yes, I do participate in.
Do we compare this to a situation where the whole town is looting the Best Buy and I have to decide whether to go inside the store and buy a TV for $500 or stand outside and buy the same TV for $50 from one of the looters? Do I have the right to criticize the looters while benefiting from the looting?
Or am I simply taking advantage of an obvious catastrophe like the Baltimore Orioles and simply making sensible bets that they are likely to lose, which I can profit from without "hurting" the team and I do still have the right of any fan to criticize the incompetence or am I not allowed to because I bet against them?
Governments are like that too. Can you criticize Obama while earning a living in America? Can you want the system to change from the inside while still playing by the current system's rule or do you make a more effective statement by refusing to participate and attempting to tear it down from without?
I don't think you have to "agree" with the bulls in order to bet that the bull will run towards red but I certainly see your point but I think it would be a lot more fake to pretend I agreed with bullish investors, just because we know how to take advantage of their trading patterns...
Tempting Tuesday: Bouncing As Usual [View article]
Moronic Monday: Still No Deal? [View article]
www.philstockworld.com...
Now that he is President and now that we are digging out of a crisis that forced him to continue the Bush madness for 2 years, he wants to get down to business and close a minimum of $400Bn a year of that gap and he’s willing to accept just $100Bn of taxes to go with $300Bn worth of cuts.
That would be more cuts in government spending than any Republican President EVER passed and far less of a tax increase than either Reagan or Bush I passed. Who is stopping it from happening as our nation struggles to pay off Bush’s debts?
Will We Hold It Wednesday? Dollar Strength Does Damage [View article]
Wheeeee – $98.15 on oil, that was fast. We can put a stop on at least 1/2 at $98.25 now and then .25 trailing on the rest. We can always reload back below $98 or use the $98.50 line next time if they run back over. Congrats to all who played!
Will We Hold It Wednesday? Dollar Strength Does Damage [View article]
Does that make me Robin Hood or a good guy - well, compared to you boys, I'm mother freakin' Theresa so I'm not looking for your approval - just trying to help make people some money in my own humble way.
Will We Hold It Wednesday? Dollar Strength Does Damage [View article]
Will We Hold It Wednesday? Dollar Strength Does Damage [View article]
Monday Market Momentum - Prices Go Parabolic [View article]
Gosh I was expecting some solid discussion of the issues and I find I'm attacked again. Once again I am reminded why I should not bother participating.
Real Capitalism/Pig - Where does that work? Ireland tried not taxing capitalism and their country went from first to worst in no time. At least the US is going slowly down that path.
Michael totally gets it - we are being forced to buy stocks with our devaluing dollars. Even military dictatorships don't do this to their citizens.
Bank Cartel/Enpass - Oh I can think of a few choicer names!
Taxes/Tuck - You are the perfect supporter of the status quo, which is just working so darned well, isn't it? It's not a redistribution of wealth to pay the bills that are run up by the government you elect. If people don't pay their mortgage and credit card bills they go to jail - why isn't our government held to the same standard? Only because the same Corporations that collect the mortgages and CC debt are the same ones that refuse to pay the debts incurred for running the country where they make all their profits.
By the way, I'm not even advocating raising the tax rate am, I? I'm advocating NOT taxing profits and just taxing sales by 10% and look at the blowback! It's not about the taxes - its about having a tax system that can't be cheated. Is there seriously someone here who doesn't think it's wrong that the people of the United States, who earn 1/3 of the money, pay $1.8Tn in income and SS taxes while the Corporations, who earn 2/3 of the money, pay $191Bn? Are we really such total suckers that we just roll over and take this?
Speaking of rolling over. I have no idea if BPR was a Member or not - he could just be one of the many services whose asses we are kicking on the web but thanks for pointing out that our Wiki Section is not secure from Non-Members, that was a mistake!
SRS was our biggest mistake of last year. We did not see CRE coming back that fast but TBT was a huge success, over our $40 target long before our Jan 2012 target date. MON, also huge success, we doubled down on the dip and were thrilled to lower our basis on also a long-term trade idea. I mean MON, really? That's what you have to reach for to find a bad trade? And BAC? We played unhedged longs on BAC when? I would be very, very, very curious to see where you got that idea.
Also, I would encourage people who read what Mr. BPR2011 says about NFLX and then follow HIS link to NFLX and read the comments? Am I saying to buy it or helping people who did buy it make adjustments? Go back a month, 2 months, 3 months - there is one trade advocated by me and it was a spread where we sold the weekly $225 calls for $1.70 and bought the Feb $230s for $2.50 to pay net .80 on the spread. The $225 calls expired on Friday at $6 but, of course they opened the day at .50 so only someone who didn't stop out by 11:30 and rode them to the bitter end paid $6 but, even so, that pushed the net up to $6.80 on the Feb $230s, which are now $18.30 - almost a triple on that trade (but we killed it on yesterday's run, of course).
Anyway, it will take a while for Matt to fix the access so people are free to judge for themselves and also tell me what investing site in the World is so proud of every pick they make that they archive every comment on every stock for Members so they (and you at the moment) can go back and see our performance. No BS Cramer edits here - We WANT people to be able to verify our picks!
Have a good day all!
Monday Market Momentum - Prices Go Parabolic [View article]
Also, I don't consider discussing my market concerns to be "grudges." Again, as you only selectively read I guess I'd better tell you that we went bullish (very hedged) two weeks ago after our levels got broken but that does not mean we have to like it!
I suppose people like their writers to be 100% certain all the time but I'm not and, when I'm not, I put out my thoughts for Members. Our Morning posts are the springboard for a day's worth of discussion in Member Chat, with 211 comments so far today. This is how we form better investing premises - by having open discussions about our ideas and concerns but if you need certainty in uncertain markets - there are tons of other people who will tell you what is definitely going to happen - on both sides of the trades.
Good point by Swingman, I think a VAT is the only solution there. Anything else the Corporations can weasel out of. Very simply, if you sell an item or service in the USA, 10% of it goes to the Governement. That's $1.5Tn collected from corporations vs. $200Bn now - Almost enough to balance the deficit as is. I know they say "it will just get passed down to the consumer" and so what? What happens to taxes now? Same thing. The only difference is you can't hide from the VAT and GE would have to price their products to allow for a $15.6Bn check to Uncle Sam as would TM, who sold $200Bn worth of cars and paid $1Bn in tax.
finance.yahoo.com/q/is...
It won't happen because it's A) Fair B) Difficult to Evade and C) Taxes the rich because a $48M Yacht would have a $4.8M tax bill in the price somewhere while the maid who scrubs the toilet on that Yacht would spend $2 on the $20 toy boat she gets her kid for Christmas. Let "free market" competition handle the rest - the consumers will still buy whatever they net can afford but we'll cut our deficit by 75% instantly.
Seeking Truth is right, this is about covering our bases. We discussed that on Friday and in the Wrap-Up show.
Thanks for the article Quinn - great read! You are actually the reason I stopped by this evening. Thanks!
500whatever - You seem to miss the concept that we are short-term short and have made fantastic money on all the stocks you mention when they pulled back, except for CRM, which I dont' think we have ever played as a general trade. Also, you miss the whole concept of balancing long plays and short plays but that's OK, we need one-sided traders like you to sell us puts and buy our short calls!
Thanks Retirefund! I hope it's not prohetic - that would really suck for America.
S&P/GMak - Did you see this one?
The S&P’s rise to a Shiller P/E above 24 tells John Hussman that "valuations are richer today than at any point in history," except for just prior to the 1929 crash. Further upside is limited, he says; "with no transformative technologies driving the economy, little expansion in capital investment, and ongoing retrenchment in consumer balance sheets," there’s little life left in this bull.
hussmanfunds.com/wmc/w...
Thrilling Thursday – Comedy or Tragedy? [View article]
Wild Weekly Wrap Up: Cash Is King [View article]
Thanks, Jim!
Wild Weekly Wrap Up: Cash Is King [View article]
Do we compare this to a situation where the whole town is looting the Best Buy and I have to decide whether to go inside the store and buy a TV for $500 or stand outside and buy the same TV for $50 from one of the looters? Do I have the right to criticize the looters while benefiting from the looting?
Or am I simply taking advantage of an obvious catastrophe like the Baltimore Orioles and simply making sensible bets that they are likely to lose, which I can profit from without "hurting" the team and I do still have the right of any fan to criticize the incompetence or am I not allowed to because I bet against them?
Governments are like that too. Can you criticize Obama while earning a living in America? Can you want the system to change from the inside while still playing by the current system's rule or do you make a more effective statement by refusing to participate and attempting to tear it down from without?
I don't think you have to "agree" with the bulls in order to bet that the bull will run towards red but I certainly see your point but I think it would be a lot more fake to pretend I agreed with bullish investors, just because we know how to take advantage of their trading patterns...
Great topic for debate!