Stock Market Keeps Crumbling

jjgold · 10-03-11, 04:40 PM

Man it does not look great
Everyone's mutual funds going to nothing
401K Plans getting pounded

OmgUrMom · 10-03-11, 04:47 PM

rough day, thoughts on BkofAma stock? Does warren buffet ever make a mistake? Think he put $5 billion into them at around $7, down to about 5.50$

AceKingHigh · 10-03-11, 04:51 PM

BUYING opportunity on BAC if you ask me... I'm holding 'em at least till 6.50-7 right now, good luck to us!

Hopefully the idiots from Europe will sober and save Greece for GOOD already!

antifoil · 10-03-11, 04:52 PM

this is why coming up with a betting model that gives you an edge over oddsmakers is time better spent than researching stocks. the betting market is easier to interpret and more efficient.

FindTheLock · 10-03-11, 04:54 PM

i dunno boys. I think BAC is on it's last legs. The time has come to end that tyrants reign and buffet probably already abandoned ship when the price jumped from 6 and some change to 9 a month or so ago when he pulled the trigger. He probably pulled a hit and run and made the hit public so he could steal from the common folk when he was running.

jarvol · 10-03-11, 05:46 PM

Originally posted by milwaukee mike

do you have any calls as a hedge against bac short? i have some $20 ms puts that are making me pretty happy right now but that's my only position in any financial...

Why hedge a winning position? What are you gonna do get long the market or another financial? If the S&P doesn't hold 1101 then it is going to 1040. If it holds 1101 then cover your puts.

milwaukee mike · 10-03-11, 06:05 PM

Originally posted by jarvol

Why hedge a winning position? What are you gonna do get long the market or another financial? If the S&P doesn't hold 1101 then it is going to 1040. If it holds 1101 then cover your puts.

holding a naked short is pretty scary, that's why i asked. not like it's going to happen, but you could wake up tomorrow to see wfc buying out bac for $15/share and get creamed.

and for the guys thinking bac is "cheap" or a "bargain" at $5, bac is holding so much crap that the stock is probably worthless. think of all that countrywide garbage they still have, speaking of which a lot of people thought countrywide, bear stearns, lehman brothers, worldcom, enron, global crossing, etc etc were "cheap" on the way down to 0.

warren buffett didn't buy the common, he bought PREFERRED shares that pay him a big dividend (10%?) and give him preferential treatment and free stock options.

milwaukee mike · 10-03-11, 06:09 PM

Originally posted by jarvol

Why hedge a winning position? What are you gonna do get long the market or another financial? If the S&P doesn't hold 1101 then it is going to 1040. If it holds 1101 then cover your puts.

i think quite the contrary for tomorrow, if the market opens higher i'm shorting. if the market opens down 200 i'm going long on the stuff i mentioned (after the margin calls drive them lower). after the horrific action into the close today, almost always the market flip-flops the next day.

i can easily see quad going under 15 after the open which would be a huge bargain (1 x ebitda). quad/mgm could easily bounce 10% if they're down big early and vice-versa.

best of luck guys, there is money to be made out there - embrace volatility!

jarvol · 10-03-11, 06:40 PM

Originally posted by milwaukee mike

i think quite the contrary for tomorrow, if the market opens higher i'm shorting. if the market opens down 200 i'm going long on the stuff i mentioned (after the margin calls drive them lower). after the horrific action into the close today, almost always the market flip-flops the next day.

i can easily see quad going under 15 after the open which would be a huge bargain (1 x ebitda). quad/mgm could easily bounce 10% if they're down big early and vice-versa.

best of luck guys, there is money to be made out there - embrace volatility!

Embrace volatility yes....but also respect the technicals. If 1101 doesn't hold it's going to 1040 so why would you buy if the market is down 1 or 2% tomorrow?

People were touting BAC and Citi as cheap at 30, 20 15, 10, etc then it was if Goldman and MS were at book value or less they were a screaming buy. Well that was 20% or 30% ago.....they are priced well under book value now. Don't be stupid.

Emily_Haines · 10-03-11, 07:07 PM

never a good sign when BkofAma decides to fleece $5 a month from it's few remaining customers. this company is a classic example of what not to do.

milwaukee mike · 10-04-11, 07:40 AM

Originally posted by jarvol

Embrace volatility yes....but also respect the technicals. If 1101 doesn't hold it's going to 1040 so why would you buy if the market is down 1 or 2% tomorrow?

People were touting BAC and Citi as cheap at 30, 20 15, 10, etc then it was if Goldman and MS were at book value or less they were a screaming buy. Well that was 20% or 30% ago.....they are priced well under book value now. Don't be stupid.

jarvol i am buying a couple things after the open if they are getting creamed for one reason only:
way more than 50% of the time over the last 15 years, when i have seen this kind of downward action and then a 200 point drop at the open, there is a huge reversal. if the reversal happens early it might fade back down today, but i think at some point we'll see a 200 point bounce once the forced margin sellers are done at the open.

milwaukee mike · 10-04-11, 07:41 AM

and i agree with you wholeheartedly about the banks, i'm keeping the ms puts and not touching any financials except on the short side.

milwaukee mike · 10-04-11, 09:21 AM

3 stocks i mentioned cooking now

quad - now green up 3% off the low
jrn - now green up 7% off the low
mgm - 7.81 now 6% off the low

took some profits here at 1086 s&p, letting the rest ride - think we're gonna be up on the day or down 350

Brock Landers · 10-04-11, 09:27 AM

fuk the market, a road to ruin for more than it helps

NYSportsGuy210 · 10-04-11, 11:08 AM

Buy YHOO! Stock u fools

abracadabrafrost · 10-04-11, 11:21 AM

i got 14 grand in exxon and im eatin shitt

milwaukee mike · 10-04-11, 11:28 AM

s&p back to 1100

i'm cashing in my trades for today, nice profits - especially mgm in at 7.51 out at 7.99 and 8.34

jarvol · 10-04-11, 11:43 AM

If you are daytrading Mike then more power to you. I wholeheartedly agree. I thought you were trying to catch a knife and buy these things to hold for a while. If the S&P holds 1101 I will buy all I can and there will be a nice rally even if it is a short-lived bear market rally.

Joe Dogs · 10-04-11, 12:08 PM

Good luck,trying to time this market.

jarvol · 10-04-11, 02:57 PM

Zoom, zoom, zoom.

d2bets · 10-04-11, 03:00 PM

Huge huge reversal today. Market is even stronger today than the headline numbers. This market is looking for anything to run with. Valuations are quite low.

d2bets · 10-04-11, 03:02 PM

Originally posted by milwaukee mike

s&p back to 1100

i'm cashing in my trades for today, nice profits - especially mgm in at 7.51 out at 7.99 and 8.34

8.74 close, you shoulda held on tight.

milwaukee mike · 10-04-11, 03:22 PM

Originally posted by d2bets

8.74 close, you shoulda held on tight.

true but it's hard not to take a 12% profit in an hour

hope some guys tailed my picks, jrn and mgm rallied big time like i expected

jrn open 2.72 dip to 2.69 close 3.31 - that's 23%!!
mgm open 8.26 dip to 7.40 close 8.74 - that's 18%!!

long-term i'm still bearish but a day like today can make you 5 years worth of cd interest...

jarvol · 10-12-11, 02:54 PM

Well market bounced tremendously as predicted after the S&P held 1101 by going on an 11% run in a week. This afternoon it touched 1220 and started selling off. That isn't a good sign. It really needs to break through 1228 and hold. Otherwise this will be the top of the range yet again and it will be time to sell and get short.

excel · 10-12-11, 03:05 PM

volatile

milwaukee mike · 10-12-11, 04:02 PM

i think you're right jarvol, in just 6 trading days here's what those 3 stocks i mentioned did

quad from 15.40 oct 4th to 18.83 close today
mgm from 7.40 to 9.98 close today
jrn from 2.69 to 3.76 close today

you can't tell me those 3 companies are fundamentally 20-40% better off than a week ago

OmgUrMom · 10-12-11, 04:22 PM

Originally posted by Brock Landers

fuk the market, a road to ruin for more than it helps

i'd say most have a better chance in the market than in sportsbetting

pavyracer · 10-12-11, 04:38 PM

Originally posted by pavyracer

It's going up from now on. We hit bottom yesterday.

I was right as usual.

OmgUrMom · 10-13-11, 07:00 AM

pavy do you think its going to continue upwards from here on out? Whats your estimate for DJI at year end?

d2bets · 10-13-11, 07:30 AM

Dow will top 12k at year's end.

pavyracer · 10-13-11, 02:08 PM

Originally posted by OmgUrMom

pavy do you think its going to continue upwards from here on out? Whats your estimate for DJI at year end?

DJI will fluctuate between 10500 and 12000 for the rest of the year. I expect it to drop later this month and pick up steam again right after Thanksgiving to close upwards the 12,000 line by year's end.

ebbearsfb1 · 10-13-11, 02:23 PM

Originally posted by pavyracer

DJI will fluctuate between 10500 and 12000 for the rest of the year. A expect it to drop later this month and pick up steam again right after Thanksgiving to close upwards the 12,000 line by year's end.

I don't think it drops below a 11,00... you in the market pavy?

pavyracer · 10-13-11, 03:11 PM

Originally posted by ebbearsfb1

I don't think it drops below a 11,00... you in the market pavy?

Bought on 9/22 and sold yesterday. Rode the climb from 10500 to 11500 and now waiting on the sidelines with cash. If there is another unjustified panic selling I'm jumping in at 10500 again.

OmgUrMom · 10-13-11, 03:27 PM

thanks for your input

Dutch · 10-30-11, 03:19 PM

Originally posted by Dutch

...make another killing buying BAC after todays drop and then selling at $7 in a couple of weeks...

It's at $7.34 in after hrs today. Almost too easy. There was a 100% chance this stock was gonna bounce back to at least $7. Ford (F) was even better for me.

Now wait for bad news from Euro banks, BAC will drop back to $6 and do it all over again.

Buy low sell high...or wait for the market to drop and then bitch about how it's a scam.