Phillyfed's Account Talk

[phillyfed]

This is with fed backings.....BAC is paying a premium to save the financial industry as a whole IMO . Things are really awful. If MER goes , so does BAC and others.

with no deal for Lehman, Merrill and the other investment firms would have been hit with a "run on the bank," as hedge funds and other clients withdraw funds and banks become reluctant to lend to them. Many of the investment banks rely on short-term loans to finance their day-to-day operations.

The cost of insuring financial firms' debt from default has been soaring. A rise in the cost of the insurance, known as credit default swaps, indicates debt holders believe there is a greater chance of default by the financial companies. Especially over the past week, those insurance costs have been increasing rapidly as more debt holders fear companies like Lehman Brothers and Washington Mutual Inc. could collapse and not be able to repay their debt.

BAC has more accounts then any other bank. It is in their best interest to save MER. They have the backing of all the best financial minds in the business.......BOTTOM LINE, THIS HAS TO BE DONE.

Now its time to put my money to work. Good time to be 99% in cash. :suspicious:
__________________

 

[phillyfed]

I bought 3000 shares of AIG today at $1.41 a share at 9:37am EST. sold it less then 5 min. later at $1.80 (made about $1,000 profit) not realizing that the CEO of AIG was due to speak on CNBC JUST BEFORE 10AM. Stock quickly rose to $3 as he spoke of possible gov't intervention. If I just would have held on.....

Cant help what to think if I would have held out in the $4-5 range later in the afternoon as well. Would have been sweet but I dont have the stomach for that.

 

[phillyfed]

Ive been in cash the past 5 weeks. 100% stocks for tomorrow thou. 50s, 25c, 25i

Just want a pt. and im back in cash

 

[Gumby]

I bought 3000 shares of AIG today at $1.41 a share at 9:37am EST. sold it less then 5 min. later at $1.80 (made about $1,000 profit) not realizing that the CEO of AIG was due to speak on CNBC JUST BEFORE 10AM. Stock quickly rose to $3 as he spoke of possible gov't intervention. If I just would have held on.....

Cant help what to think if I would have held out in the $4-5 range later in the afternoon as well. Would have been sweet but I dont have the stomach for that.

Good trade! I should have sold my shares....but held out evidently one day too long.

 

[phillyfed]

you get in AIG yesterday?

 

[Gumby]

you get in AIG yesterday?

I bought some more yesterday. Just sold all of it at $2.50:blink:
It will offset capital gains.

AIG volume 117,000,000 shares in 3 minutes of trading.

 

[phillyfed]

I bought some more yesterday. Just sold all of it at $2.50:blink:
It will offset capital gains.

AIG volume 117,000,000 shares in 3 minutes of trading.

Hope you made some money. Had to pull the trigger fast yesterday. Theres so much money to be made with the financials volatility. Both short and even long. The market is finding it tough to price these things. Ive made some nice $$$ day trading WM as well. Its like a hot potatoe. Takes some stones and alot of Maloxx....


Anyways, what a day to go long in these markets. Ive been on the sidelines for all but 4 or 5 days since June. I was up a few percent just in the TSP(+3-5%) until today for the year. Im still holding on. I like the news that the retail investor's have pulled about 25-30 BIL over the past week in mutual fund redemptions. Its usually the sign of a short term bottom about to take place.

Besides, I still have some other accounts that are mostly in cash and MM's and it looks like the markets are running out of bad news to keep feeding us. They're now picking around at Morgan Stanley and Goldman for dirt. Near term Capitulation has to be near IMO but who knows.

 

[phillyfed]

Was I the only one long today?? Seems like a lot of Champagne corks are being popped today in this forum?

I picked one hell of a day to finally put my cash to work, eh? 5 weeks of patience for a day like this. Now the shorts are trashing Morgan and Goldman. The end games got to be close......

Then again, I could lose another 5 figures tomorrow as well. Oh, how I miss the Clinton years and the 30-40% annual returns.

 

[ATCJeff]

Was I the only one long today?? Seems like a lot of Champagne corks are being popped today in this forum?

I picked one hell of a day to finally put my cash to work, eh? 5 weeks of patience for a day like this. Now the shorts are trashing Morgan and Goldman. The end games got to be close......

Then again, I could lose another 5 figures tomorrow as well. Oh, how I miss the Clinton years and the 30-40% annual returns.

I'm seeing/feeling a huge up day tomorrow!

 

[phillyfed]

i'm seeing/feeling a huge up day tomorrow!:d

holla~

 

[Gumby]

Hope you made some money. Had to pull the trigger fast yesterday. Theres so much money to be made with the financials volatility. Both short and even long. The market is finding it tough to price these things. Ive made some nice $$$ day trading WM as well. Its like a hot potatoe. Takes some stones and alot of Maloxx....


Anyways, what a day to go long in these markets. Ive been on the sidelines for all but 4 or 5 days since June. I was up a few percent just in the TSP(+3-5%) until today for the year. Im still holding on. I like the news that the retail investor's have pulled about 25-30 BIL over the past week in mutual fund redemptions. Its usually the sign of a short term bottom about to take place.

Besides, I still have some other accounts that are mostly in cash and MM's and it looks like the markets are running out of bad news to keep feeding us. They're now picking around at Morgan Stanley and Goldman for dirt. Near term Capitulation has to be near IMO but who knows.

I didn't make any money on AIG this time....There will be more opportunities in the future. I am thinking of shorting SDS tomorrow. I am also going to make some plays on MS and GS....probably just trade some options.

Gave up enough in TSP today to have taken the wife on a nice cruise this Winter:nuts:


Good luck

 

[phillyfed]

I didn't make any money on AIG this time....There will be more opportunities in the future. I am thinking of shorting SDS tomorrow. I am also going to make some plays on MS and GS....probably just trade some options.

Gave up enough in TSP today to have taken the wife on a nice cruise this Winter:nuts:


Good luck

Sorry to hear that. Things change real quick thou. When we bounce, you know we are going to bounce upward really hard. It will be a 10% month! Remember the scene from the movie the Cable Guy when Jim Carrey is playing basketball and jumps on Jack Black's back and Jams the ball and breaks the Backboard glass. Thats what we are going to do to shorts when this B.S. stops. We are going to thank them for the lift. :laugh:

Anyhow, We should be able to naked short our TSP. That would go over great with Congress now with the new ban on "naked shorting stocks". :nuts:

 

[Gumby]

I am thinking we will get an "after election" bounce. I am always leary of October.

Happy trading

 

[Show-me]

Sept. and Oct. are tough months to trade. Good luck you two.

 

[phillyfed]

Thanks Show-me.... I havent put all my chips on the table (In all my accts) and I'll take some off the table if it looks warranted tomorrow. Im not too proud to take a loss and I never get emotional anymore over a bad trade. I know this thing can blow up, despite my gut feeling. Obviously I'm off to an awful start with this trade but looking at the big picture, I'm even up for the year in my TSP and i'm only in my mid 30's.

I still hold alot of animosity towards the TSP board for limiting our trades. I'd love to cost average in here but they make that nearly impossible for us to do it the right way at a few percentage pts. at a time.

 

[Show-me]

Thanks Show-me.... I havent put all my chips on the table (In all my accts) and I'll take some off the table if it looks warranted tomorrow. Im not too proud to take a loss and I never get emotional anymore over a bad trade. I know this thing can blow up, despite my gut feeling. Obviously I'm off to an awful start with this trade but looking at the big picture, I'm even up for the year in my TSP and i'm only in my mid 30's.

I still hold alot of animosity towards the TSP board for limiting our trades. I'd love to cost average in here but they make that nearly impossible for us to do it the right way at a few percentage pts. at a time.

Wow, you sound like me only I'm a few years older. I'm still angry at the FRTIB. Their timing was horrible. Prelimitations I would have did the same thing and DCA into this decline. Totally blew my strategy.

 

[justbizness45]

Besides, I still have some other accounts that are mostly in cash and MM's and it looks like the markets are running out of bad news to keep feeding us. They're now picking around at Morgan Stanley and Goldman for dirt. Near term Capitulation has to be near IMO but who knows.

There's some dirt surfacing on MMs. Seems some were deep in Lehman's?

http://finance.yahoo.com/tech-ticke...ime-Mortgage-Debacle?tickers=leh,aig,mer,^dji

 

[phillyfed]

A money market (not fund) at a financial institution is backed up by the FDIC in most cases up to 100k and in some cases 250k. The Fed is trying to raise it to a half Mil.

Best to spread under 100k accounts around. I prefer ING, PNC and TDAmeritrade and the TSP G fund isnt too bad.

 

[justbizness45]

A money market (not fund) at a financial institution is backed up by the FDIC in most cases up to 100k and in some cases 250k. The Fed is trying to raise it to a half Mil.

Best to spread under 100k accounts around. I prefer ING, PNC and TDAmeritrade and the TSP G fund isnt too bad.

Wasn't sure which you were referring to. Mine is NavyFed, probably killing myself with the interest rate. I didn't shop around..:embarrest:

 

[phillyfed]

Sorry to hear that. Things change real quick thou. When we bounce, you know we are going to bounce upward really hard. It will be a 10% month! Remember the scene from the movie the Cable Guy when Jim Carrey is playing basketball and jumps on Jack Black's back and Jams the ball and breaks the Backboard glass. Thats what we are going to do to shorts when this B.S. stops. We are going to thank them for the lift. :laugh:

Anyhow, We should be able to naked short our TSP. That would go over great with Congress now with the new ban on "naked shorting stocks". :nuts:

Staring fear right in the eye. Bring it on

I'll take 2% more tomorrow.