How 'bout that stock market?

[sahtt]

I'm curious sahtt.. Would you have taken profits when it reached $30+ after buying in around $22 where Ski had suggested it. I think Ski had mentioned it would take 15 or 18 months.. how did he generate that time frame?

You'd sell it when the valuation was rich (and presumably buy it when it was cheap). When there is a buyout like that, there is very little upside potential unless you have reason to believe they will raise the offer. In this particular case, the chance of that was low. Most of the risk is to the downside after such a move. Think of it this way.. who's buying after it goes up 10 points? Who's selling? No one and every one respectively.

Market is having some substantial issues today. BRK.A was making some crazy moves, there was a huge 1000 share offer pushing it down after the guy did some shady business (each share is 110k$).

PBR FCX bunch of those getting massacred today.

 

[sahtt]

A lot of pain on the street today. It's been a long time since I've seen red candles like this. FSLR 110 XOM 66 BAC 14.xx. OIH down 5.50 today. I'm trying to remember how to trade bear markets again. I have been 95%+ long bias since the lows and it's worked out well, but yesterday around 11-11:30 am I took a serious ride on the pain train because of it.

Getting long 66 on XOM again steve? 6.02 right now on the lvl II window.

 

[steveny]

A lot of pain on the street today. It's been a long time since I've seen red candles like this. FSLR 110 XOM 66 BAC 14.xx. OIH down 5.50 today. I'm trying to remember how to trade bear markets again. I have been 95%+ long bias since the lows and it's worked out well, but yesterday around 11-11:30 am I took a serious ride on the pain train because of it.

Getting long 66 on XOM again steve? 6.02 right now on the lvl II window.

Sold put spreads yesterday and today on XOM.

made $ on the B shares yesterday.

My PARD is looking good.

 

[wctsao]

Sold put spreads yesterday and today on XOM.

made $ on the B shares yesterday.

My PARD is looking good.

PARD was also the best moving stock in my portfolio on Friday's crash.

My CBRX and MOVE shot up after hours too.

WEN, and YRCW is looking pretty good.

 

[steveny]

I think F is a buy right now @ $1.75.

I think you were right

 

[sahtt]

I think you were right

The question is where did you sell it

I was long FCZ off and on for a while.

 

[supra2nv]

I continue to buy FDX every chance I get...

 

[96 NSX-T]

Did everyone jump out of the market? In the words of Stevie "Guitar" Miller, did you guys "take the money and run???"

 

[MCM]

Did everyone jump out of the market? In the words of Stevie "Guitar" Miller, did you guys "take the money and run???"

12/28/09
"Will watch the 3's 100 day. if it drops below, will probably go to cash till it breaks back above. If not, not."

Yes, bailed when the S&P broke its 100 day. 3/4 MM 1/4 Bonds.
Will get back in when it tops 1091.
http://quote.barchart.com/techrept.asp?sym=$INX
Who knows.......

 

[docjohn]

I sold some stuff on the way back down to current levels and am waiting for a vision to tell me to buy back in...I have been taking a beating on palm:frown:

 

[wctsao]

I sold some stuff on the way back down to current levels and am waiting for a vision to tell me to buy back in...I have been taking a beating on palm:frown:

I took a look a PALM and the only support lines I see are at 8.24, 5.93, 4.40, and 3.37. (Basically the trough of each major EMA (13d,26d,50d,100d) on the weekly chart). Hopefully one of those support lines will hold.

Good luck.

 

[sahtt]

Anybody trade that action? That was the sharpest sell off I've ever witnessed. We are only down about 450 now but we touched down 1000 on the DOW. It all happened in a couple minutes.

Some high lights-

PG traded down to 40, currently at $60 a share. The NYSE is investigating the specialist.
Several lower cap funds could not withstand the selling pressure-i.e. JKE traded down as low as 4.00$ a share.. it's at 57.00$ now. Someone suffered catastrophic losses.
XOM dropped 4 points in a few seconds.
ESRX had as many shares as you were willing to buy available at 75$ a share. It was trading at $100 before and is back at that level now.

 

[eraxpres]

it's been one hell of a day......

 

[passline]

"Whoooooo!"

 

[Firesun]

Crazy live action as i watch it hit -800 and then some then bounce back. Wild wild day.

 

[jaybird]

I'm in the business. Temporarily reminded me of October 1987. Too bizarre to see the market drop 700 points in 15 minutes, and then (thankfully) rebound 600 in the next 20 minutes. Lots of stocks have suspect low prints. PM, ACN, PG, and lots of small caps. Something strange, wierd happened. Am sure we'll hear more about the details tomorrow. Hopefully the employment report is positive tomorrow and things will be calmer (and higher). It was a helluva day.... Jay

 

[sahtt]

I usually don't trade NASDAQ and haven't renewed my license for it. Might have cost me an early retirement today, I would have gone max capital on ESRX and made 25 points on it. It's not a bold statement, you have to hold it to the top in case they break the trade-you could be short where you sold from in that case. Not like it took long anyways. NASDAQ announced their parameters, they aren't breaking many trades.

 

[SilverStone05]

I had a PG buy order in at 45 bucks a share. It executed yesterday and I was holding the shares showing an impressive gain at the close.

The trade has been erased.

Can't wait to see how they (specialist/brokerage) justify this.

 

[SilverStone05]

I usually don't trade NASDAQ and haven't renewed my license for it. Might have cost me an early retirement today, I would have gone max capital on ESRX and made 25 points on it. It's not a bold statement, you have to hold it to the top in case they break the trade-you could be short where you sold from in that case. Not like it took long anyways. NASDAQ announced their parameters, they aren't breaking many trades.

Why's that?

I see WAY more bid/ask manipulation in NYSE securities than NASDAQ securities.

 

[sahtt]

Why's that?

I see WAY more bid/ask manipulation in NYSE securities than NASDAQ securities.

What's the 'why' in reference to?

The NYSE used to be the wild card as the specialist had to follow the LRP rules and during massive volatility it wouldn't hold up. As time went on and the market became "more" hybrid, the NYSE has much more efficient guidelines in place (most since the last market down turn) and overall market volume is traded less and less on the NYSE. Now the ECN's are getting huge volume spikes and screwing up, which is what happened yesterday for the most part.

 

[SilverStone05]

What's the 'why' in reference to?

The NYSE used to be the wild card as the specialist had to follow the LRP rules and during massive volatility it wouldn't hold up. As time went on and the market became "more" hybrid, the NYSE has much more efficient guidelines in place (most since the last market down turn) and overall market volume is traded less and less on the NYSE. Now the ECN's are getting huge volume spikes and screwing up, which is what happened yesterday for the most part.

The "why" was asking why you preferred nyse issues as opposed to issues that traded on the nasdaq.

I personally prefer the 100% electronic model as opposed to the nyse model which favors human intervention and is more inclined towards fraudulent activity. A computer network has no agenda, doesn't pay fees, nor does it trade on its own behalf for its own benefit.

Also, a specialist can't singlehandedly handle the volume of trades today that a computer network can handle.

The conflicts of interest involved with the nyse specialists is so great i'm astounded that the model has existed this long. I think that explains the stringent standards imposed on the nyse specialists and their trading activities.

 

[SilverStone05]

Anyone have trades cancelled on Thursday? Did your online brokers give any insight?

 

[docjohn]

bidu is killing me 10/1 split and I got out of of it 6 mo ago

 

[steveny]

bidu is killing me 10/1 split and I got out of of it 6 mo ago

I shorted it a little before 4pm on the day it ran up 100 bucks. Covered a few days later 50 bucks lower. Glad I did because now I would be way under water and I am guessing it will run to 100 a share now

 

[jond]

Everyone have on their seatbelt?
How low is it going to go? 7,000 anyone?