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Fun days for being a stock broker and a troll

dogbert

dogbert

King of Sarcasm
Washington Mutual board at Yahoo was a blast today with the dividend cut and layoff announcements. The cherry on the top today was when the FED only cut 1/4 point instead of a 1/2 and the market went into freefall. Immediately I shorted 5,000 shares after the announcement was made and am $1 on the good side already. :) I do feel sorry for those who are going to get the pink slip though. Hope their stay on the unemployment line is a short one.
 
Fun ended yesterday when I covered my short position @ $15.35.
Made just over $14,000 and made the longs cry. :)
 
dogbert said:
Washington Mutual board at Yahoo was a blast today with the dividend cut and layoff announcements. The cherry on the top today was when the FED only cut 1/4 point instead of a 1/2 and the market went into freefall. Immediately I shorted 5,000 shares after the announcement was made and am $1 on the good side already. :) I do feel sorry for those who are going to get the pink slip though. Hope their stay on the unemployment line is a short one.
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Dogbert, you must tell me!!!!! What is selling short??????
 
NeonMercuryASH said:
Dogbert, you must tell me!!!!! What is selling short??????
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Selling short is borrowing stock from your stock broker and selling them. One would do this if one is sure the stock price will be going down. The money recieved from selling them is then placed in a special account. At the end of each day money will be added to the special account from your cash account if the ending stock price is up from the day before or subtracted from the special account and added to your cash account if it is down. One also sets a stop buy which is a price to buy the stock back that would be higher than you originally sell them initially and can adjust it afterwards. I usually set mine $1.50 above. If all goes well and the stock goes down and you feel that it wont be going down further or feel you made enough money you buy the stock back. Then money in the special account will be used to buy it back and you pocket the difference. If it doesnt and you wish to get out of the position you buy the stock back and the money in the special account used and the difference is taken from your cash account. Right now I have been targeting financials, specifically Washington Mutual (WM) and Countrywide Financial (CFC). If you are interested in shorting one of them I would wait for the next pop up.
 
I almost made a pile from etrade. This is so awful. There's a six hour time difference between NYC and Frankfurt. Etrade also trades on the DAX. Well, one morning at 530 am, Etrade shot up 2 bucks. They were already trading on the DAX. So I tried to put a stop market and got an error message that it had to be below the current bid. I did that and it wouldn't take it. We can only trade in the premarket or regular hours, which sucks. By that time, mine had freefallen 1.75. Because of the SEC, We're all losing a fortune.
 
NeonMercuryASH said:
I always get confused with stop markets. If it's before the opening bell, do you have to do a stop limit or stop market?
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Its the same thing. Pre-market and aftermarket works the same as the regular time unless you cant trade in it.
 
NeonMercuryASH said:
I almost made a pile from etrade. This is so awful. There's a six hour time difference between NYC and Frankfurt. Etrade also trades on the DAX. Well, one morning at 530 am, Etrade shot up 2 bucks. They were already trading on the DAX. So I tried to put a stop market and got an error message that it had to be below the current bid. I did that and it wouldn't take it. We can only trade in the premarket or regular hours, which sucks. By that time, mine had freefallen 1.75. Because of the SEC, We're all losing a fortune.
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That sucks. I remember when that happened because of the buyout rumor. Hope you sold that by now, that has nowhere to go but down although you may get lucky with another butout rumor.
 
Yeah, I sold about two weeks ago. Right now, it's still fodder for the profit taker vultures come to pick at its bones, of which I have done on occasion. So after hours, I do stop limit, and during regular hours, it's stop market?
 
dogbert said:
Fun ended yesterday when I covered my short position @ $15.35.
Made just over $14,000 and made the longs cry. :)
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I love playing short. It's almost like a good blowjob. You have to come just at the right moment.
 
NeonMercuryASH said:
Yeah, I sold about two weeks ago. Right now, it's still fodder for the profit taker vultures come to pick at its bones, of which I have done on occasion. So after hours, I do stop limit, and during regular hours, it's stop market?
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Never heard of a stop market. A stop limit is an order that gets executed if the stock reaches a certian price at that price and a buy stop gets fully executed once the stock reaches that price at whatever price it can.
 
jack said:
I love playing short. It's almost like a good blowjob. You have to come just at the right moment.
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Short the next pop on the financials, CFC looks a little played out, WM looks like it could run down a bit. ;)
 
What's this? Gambling? :bigass: Damn, you've got some serious balls. What's gonna happen?
 
jack said:
What's this? Gambling? :bigass: Damn, you've got some serious balls. What's gonna happen?
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Who knows. But this is what I know. Washington Mutual, the stock I have been shorting as of late is a bank that did a lot of those subprime loans you hear about in the news so much. Their future looks like this, they arent going to be doing many subprime loans anymore, they have a lot of forclosures on their hands already (have to maintain property and pay the taxes), and they have a lot of bad morgages on their books that havent been disclosed yet. So their profits, if they even have any, will be down in the future so their stock price will go lower. I hope to buy back these shares in the $8-9 range in a few weeks or maybe sooner if some surprise news hits.
 
dogbert said:
Who knows. But this is what I know. Washington Mutual, the stock I have been shorting as of late is a bank that did a lot of those subprime loans you hear about in the news so much. Their future looks like this, they arent going to be doing many subprime loans anymore, they have a lot of forclosures on their hands already (have to maintain property and pay the taxes), and they have a lot of bad morgages on their books that havent been disclosed yet. So their profits, if they even have any, will be down in the future so their stock price will go lower. I hope to buy back these shares in the $8-9 range in a few weeks or maybe sooner if some surprise news hits.
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actually, they're probably going to be part of the sell off, to cut their own losses.
 
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