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Talking stocks, trading, and investing in general

Discussion in 'Business, Careers & Education' started by mikeman, Feb 2, 2011.

  1. stevent

    stevent Senior member

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    Yeah Apple is solid, I've been picking up shares when the price drops again, still have my $450 target price for 2012.

    Bank of America is almost to the low I think but you never know.

    And trying to play economist with all this government intervention is like trying to play baseball without doping during the steroids era. No way you can win unless you know what the governments will do.
     
  2. HgaleK

    HgaleK Senior member

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    With BAC being in heavily bearish territory, it's a bet with a low risk and medium return. Even if I'm wrong on the put, it's unlikely that everyone is going to hop on the bull train and cost me a ton of money on the up side. After the price rejection today with the SPX and DJX, tomorrow looks like a down or sideways day, which should translate to a down day for BAC. All I need is another $0.40 of southbound movement and my first profit target is in the clear. If it closes up on any sort of volume, I'll take my $25 in loss+commissions and find a new ball.

    Altria looks like it may be considering turning around, which is line with its historical price action. I took out a call after it bounced off of its low. I'm just looking at a short term trade, same as with BAC, about 8R that will hopefully materialize over the next day or two. I may take a longer term position if it continues to look bullish. I'm still not convinced that we're not going to break further in the general market.

    I'm still waiting for gold to turn back to the 200MA. The price action is completely out of whack, but anyone who catches that is going to be having a good time.
     
  3. javyn

    javyn Senior member

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    What do you guys think the Fed will pull out of their hat on Friday?

    I'm reading that the market is pricing in QE3 right now, which is scary, b/c I don't really see it happening....?
     
  4. HgaleK

    HgaleK Senior member

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    I'm closing out EVERYTHING by the end of Thursday. I'm lining up my trending stocks so that I can open positions according to the market reaction and roll from there.

    My choices from yesterday panned out okay. My loss on AAPL is now almost $800 profit, BAC hit the first price target, KBH is making money, though not as much as I would like, MO moved up nicely and hit the first price target as well, and I just opened up a position on RGR late in the day. It managed to close the bid/ask spread. I should have entered the position much earlier in the day, but ended up getting distracted early in the morning. RGR should turn a pretty profit tomorrow if keeps with the up trend and breaks resistance, which it's toeing right now. I may actually manage to make some money this week instead of just fixing last week.

    Edit: also, AAPL is consolidating and fast approaching the end its room to consolidate. I'm not sure on where I feel that it's going to break yet. It may wait until Friday to do its thing, so I may be out before the move.
     
    Last edited: Aug 23, 2011
  5. GreenFrog

    GreenFrog Senior member

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    thinking about buying some shares of BAC today and selling it with the expectation that it will go up a couple %age points in the next day or two. thoughts?
     
  6. stevent

    stevent Senior member

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    Market went up, BAC did not. I'm still waiting as of now and I think it'd be better for long term personally.
     
  7. GreenFrog

    GreenFrog Senior member

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    Gotcha. Also, quick question. When a stock closes at, say, $10 at the end of the day, does it open at $10 the morning after as well? More specifically, let's say I do want to buy BAC right now when the market's closed. If I put in an order right now, will I buy the shares tomorrow at 9:30 ET for what its current price is? How the hell does this stuff work?
     
  8. HgaleK

    HgaleK Senior member

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    BAC is in a down trend.

    If you look at an hourly chart, you'll see that that it has well established resistance at ~6.41 and newly established support at about ~6.09. It was consolidating pretty well today, so it wouldn't be out of the question to expect another decent percent move when it breaks (like the last two were), but there's not a lot there to say that it's going to be a bullish move. Additionally, you have to worry about what is going to happen come Friday. The banks are going to react. You don't want to be on the wrong end, and you have nothing to support that you'll be on the right end. It may jump up- you just need to keep in mind that you're going in for a blind gamble.

    Also, unless by a few you means several hundred shares, you won't see an appreciable profit. Depending on your broker, commissions may eat it all away even if you are correct.
     
  9. otc

    otc Senior member

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    Unless you have access to some afterhours trading, a market order placed after the close will be filled at whatever they can get it for in the morning (as are all market orders).

    If the open is down $5, you will buy it for $5 less than it closed, if it is up, you will pay more. If it opens up and then quickly falls, you just lost money.
     
  10. GreenFrog

    GreenFrog Senior member

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    I don't understand how it could open down or up from its close. Is that price differential driven by the afterhours trading (i.e. a lot of afterhours dumping of the stock, hence a lower opening)?
     
  11. stevent

    stevent Senior member

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    Yes. And the first 30 minutes is never a good time to buy since the market is very volatile. Wait an hour, then buy at market or put in a limit. Like others have said though, I'd wait until Friday or next week.
     
  12. otc

    otc Senior member

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    The bid/ask spread is always changing.

    You can have a higher price on the open without any shares changing hands after hours simply because no broker is willing to sell for less in the morning.
     
  13. javyn

    javyn Senior member

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    Just pay attention to the chart then. Even stocks that are in a downtrend can be oversold and pop up.
     
  14. Contingency Plan

    Contingency Plan Senior member

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    I've had enough of stock picking; going passive on a few global indices.
     
  15. javyn

    javyn Senior member

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    I'm really torn.....I'm holding GLUU, high beta mobile freemium / micro transaction gaming company. High beta means if the market tanks, this will doubly tank....but other companies in this sector right now are reporting.....and CRUSHING earnings estimates, like Shanda and Perfect World.

    Not to mention, iPhone 5 and Zynga IPO are going to be huge catalysts for GLUU.

    I need to make a decision very soon here :(

    Selling is something I don't want to do since a) IMO this company is going to ROCK, and b) I'm already at 50% paper losses heh, oh yeah and c) If GLUU runs, it's going to be one of those once in a lifetime short squeezes.
     
    Last edited: Aug 24, 2011
  16. CBrown85

    CBrown85 Senior member

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    Thoughts on Toshiba? Seems super-low right now and hasn't had much movement in a while. Trends kinda show that it should be a bit higher. Anything big coming down the pipe for these guys or is it a shitty stock?

    btw, Bank of America has done pretty well over the past couple of days. Grabbed 400 shares on Monday and I'm up $240 (in Investopedia monies).
     
  17. stevent

    stevent Senior member

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    Are you up overall right now? You could always sell now, take the tax break, and then buy again when the market gets a little better.


    Bank of America has done squat this week. It went down Monday and Tuesday and rebounded today. That is not doing well.
     
  18. NameBack

    NameBack Senior member

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    If you put in an order immediately after the market close, how sure can you be that you'll get the opening price the next day? Do people who put in their overnight orders at 4:01 PM get priority at the opening price over people who put in their orders at 9:00 PM?
     
  19. javyn

    javyn Senior member

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    steven, I'm down big time in GLUU. I got in at 5.73 and we are just now making it back up to almost 3 dollars today. Total bloodbath.

    Overall, I'm down but not down too much, not counting GLUU. I'm only holding GLUU, AMRN, ACTC and GPXM. Plan on holding ACTC and GPXM for the long term. AMRN I'm not worried about. GLUU has me worried because it's sensitivity to the overall market. As a company though, I love em.

    If I had more money, I'd consider putting more into AMRN. Great future, and the selloff recently was from patent office confusion / misunderstanding. They got a "final rejection" from the patent office on one of their patents and investors flipped out and bailed. I work in IP and a final rejection don't mean shit, except that the patent office wants more fees IMO.
     
    Last edited: Aug 24, 2011
  20. chogall

    chogall Senior member

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    GLUU is a penny trader's stock. It's never recovered after losing half of the company to EA. Too much politics ongoing and no new shit coming out. If theres no Zynga Gluu will still be down there at a buck range.
     

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