Birchtree's Account Talk

[wht00ss]

Re: Wet Powder

Just checking in and hope everything is going okay with your yachting account. I can't complain even in these tumultuous times. i've been short on a number of occasions or at least hedged out thru options, gold etc. so it's been a fairly insulated situation which sometimes is the best you can hope for. I noticed that you had some coal plays on i.e. pcx, aci - I'm sure you are paying attention to the dollar and the djuscl which has dropped by over half. It might be a bottom for coal but pcx thru personal experience I shorted at 24 and covered a couple of day ago is the worst of the lot. ACI long term perhaps or ANR.
I had lunch with a friend of mine from Banca Aletti an Italian bank out of Milan and he conveyed the message that the eurozone situation is much more dire than understood i.e. Italian bonds, Greek default etc. He seemed to think after discussions with his fellow bankers that another 20% haircut is not out of the realm of possibilities.
My user id is caymanbrac but logged in with a different id. GL

 

[amoeba]

Re: Wet Powder

Not necessarily. BT may be right. We will start down significantly this morning, but dip buyers may step in and the market may close positive. There is so much volatility right now, that you just don't know what will happen.

Watch closely.....the intra-day so far on the SPY has stayed above the August close ~1,126 and well above the intraday low of 1,101. It will be interesting to see if a bottom is put in, or, if selling continues at the last 1/2 hour (like yesterday) - and into friday and the open monday.

Lesson for those who bought (and didn't sell earlier): Don't believe Geithner on Europe (or on his excuse for erroneous tax return); he has a history of sounding convincing and being wrong in the end.

 

[Birchtree]

Re: Wet Powder

I unloaded 15 positions today and only one was for a loss - that's because I bought in early in 2009. I don't know if I can say the same for tomorrow, but I am expecting a strong bounce on any smell of good news - perhaps the drop in crude will help. So here comes the panic capitulation in the last 30 minutes. I'll be buying again the first chance that is presented. The flower buying power is building for sure - I just hated to be forced to take my profits but that's reality. It's either that of be kilt and when you leverage up with margin you play a different game.

 

[Birchtree]

Re: Wet Powder

"Tune out the fear and panic."

http://www.marketwatch.com/story/no-worries-for-a-worrisome-market-2011-09-23

 

[Birchtree]

Re: Wet Powder

Here is what my oceanic account did this past week - it was quite another stumble. But the bigger you are the harder you can fall when prices are devalued. Anyway I'm still standing largely intact but I'm prepared to do more selling to meet my obligations if necessary - when we turn around I'll be ready to continue rebuilding the account. Here is what happened this week: -$62K, -$62K, -$132K, -$117K, +$26K for a total devaluation of -$347K. I'm now only up +$714K from the March'09 low - that's off from +$1976K April 29th. How quickly things can change. My situation going forward has actually improved because my interest rate charge is now 2.75% instead of 5.25% and I have access to 30 free trades a month - we'll see what the future holds but I'm optimistic. It may just take more time or not to rebuild but in the meantime I'll be reinvesting my dividends. Both my sell list and buy list are waiting.

 

[Birchtree]

Re: Wet Powder

Can someone help me remove that wet powder heading - I don't know how to do it. Thanks.

 

[Sensei]

I'm going back and replying to a post prior to the "Wet Powder". Let's see if that resets it...

 

[burrocrat]

Re: Wet Powder

"Tune out the fear and panic."

http://www.marketwatch.com/story/no-worries-for-a-worrisome-market-2011-09-23

nice, so much to quote there, preach it man.

 

[burrocrat]

Re: Wet Powder

reply to sensei and get 'birchtree's account', reply to burrocrat and get 'wet powder', easy peasy, it's mobile, transient.

careful who you quote.

 

[Birchtree]

Re: Wet Powder

"The 1930s actually contained one of U.S. history's most powerful bull markets." Just for fun.

http://www.marketwatch.com/story/is-market-replaying-decade-of-the-1930s-2011-09-23

 

[alevin]

Re: Wet Powder

"The 1930s actually contained one of U.S. history's most powerful bull markets." Just for fun.

http://www.marketwatch.com/story/is-market-replaying-decade-of-the-1930s-2011-09-23

Birchie, this is old news, DS Short has been on top of it for some time. I'd help you with the wet powder thing, but don't get it either, you'll have to get Sensei to fix burros mischief-again.

 

[burrocrat]

Well it's flower power buying time again

...

bull markets like to climb a wall of worry

 

[amoeba]

dry powder is cash to buy

and if you hit the quick reply, you'll get the re: wet powder - - - so hit the advanced key and retype the title.

Otherwise, you'll have to put something in G to have dry powder for the next opportunity. Oh, that's right, that is now.

Good time to buy perhaps? only if you have G to invest.

 

[Birchtree]

Re: Birchtree's account talk

Lots of dry powder building up. She wore an itsy, bitsy, teeny, weeny, yellow, pokadot bikini waiting to get into the water - it'll be safe at SPX 1190, Dow at 11,350 and NASDAQ at 2525. I'll be in before that however.

 

[Birchtree]

Re: Birchtree's account talk

In checking my oceanic account I now have $250K in dry powder - that represents flower buying power of $500K but I'll have to be careful incase this market has me backing up again. This will present an excellent opportunity to get some golden prices. I don't have to worry about the wash rule because all but one of my sales were profitable so I can buy everything back - I just got to pay the capital gains taxes next spring. Going with the flow for dealing with this market. I'm still standing after a 2,000 point drop in the Dow averages.

 

[Birchtree]

Re: Birchtree's account talk

http://www.safehaven.com/article/22640/oil-stocks-undervalued-2

http://www.safehaven.com/article/22683/extreme-moves-leave-markets-in-rare-territory

 

[Birchtree]

Re: Birchtree's account talk

As Tom Petty would say, "Don't Back Down" - so I'll be a buyer today on the open.

"Bear markets create bargins-often lots of bargins. Keep a shopping list of the companies you hope to buy, then wade in. Dividend paying stocks pack a punch - no two ways about it."

http://www.marketoracle.co.uk/Article30642.html

 

[Birchtree]

Re: Birchtree's account talk

Today I bought these wall flowers: BAC, GT, CX, MCP, ANR, LNN, CE, AVY, MOS, AKS, STR, PCX, EP. Right now my oceanic is up $77K - that will leave me in a good position for tomorrow providing we hold the thin blue line. My buy list is long and wonton. There will be plenty of time to gather more sweet wall flowers.

 

[Birchtree]

Re: Birchtree's account talk

Today I'm buying these sweet wall flowers: BAC, GT, CX, MCP, ANR, LNN, CE, AVY, MOS, AKS, STR, PCX, EP. Currently the oceanic is ahead $77K on the day - this will leave me in good position for tomorrow. My buy list is long and wonton - and I'm going straight ahead.

 

[Birchtree]

Re: Birchtree's account talk

I didn't mean to double post. Not trying to be braggadocio. I would really like to see a 400 point gain on the Dow today - that would shake the bears down to their paws.