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Old 08-24-2015, 05:25 PM   #501
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The positive of today is that the bond ETF shares I sold dropped lower by the close and the things I bought closed higher. So I am not any worse off than if I had done nothing. Well, at least until tomorrow.
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Old 08-24-2015, 05:43 PM   #502
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Does this mean you're going to rob a 7-11 or that you are going to shoot yourself?
Guns and bullets are the universal currency... The Glocks are great. I will probably sell a few, but I can see where a person could use 5-6 anyway.

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Redduck, didn't you see another thread where he posted about just buying 10 Glocks? Me hoping he's not going on a rampage.
Absolutely no rampage. I know they do not spoil. I plan on doing some shooting at the range after I retire. I have quite a few guns that I have never shot, and need to. Taking a 2-day defensive handgun class at FrontSight in October.

I did "pull the trigger" and buy my September ETF allocation a bit early. 57 shares of IVV at $192.50. It looked like a great buy, until it wasn't. In the long run, it doesn't matter what timing you use, just as long as you make regular investments.

My AA is mostly stocks, with ~10% in cash. The rest is split ~40% equities, 60% real estate equity.

My dividends should be ~$1,500+ a month upon retiring, and this purchase will help that along. I think I will regret working this OMY, but getting out at 56, making well more than my salary at work with the rental income, is still not bad. It gives me time to mentally prepare for my retirement.

I prefer the market to be up, but we were long overdue for a correction. Nothing has fundamentally changed from a week ago. What was good a week ago is still good today. Market history says to keep the faith and press on.

And I welcome any bounce, including a dead cat bounce.
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Old 08-24-2015, 05:49 PM   #503
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Sold weekly SPY 188.5 puts for $2. Made the trade a bit too early when SPY was trading at 193
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Old 08-24-2015, 06:11 PM   #504
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But you never were an indexer, were you?
50% of our net worth is in a 401K invested in two Vanguard US value and growth funds.

15% is in our paid off house

15% is in cash

5% in IRA

The last 15% is what I trade in taxable and I have well over half of that in index funds. I just meant I am not buying more index funds on a dip, I am buying certain stocks that are better than the index.
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Old 08-25-2015, 06:32 AM   #505
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Futures are looking great Tuesday morning. I'm thinking about submitting some limit orders before the market opens to try to catch unsuspecting folks into buying shares from me at inflated prices. If the orders are not executed, then I will just sell at the prevailing prices.

So if anybody is awake, should I go 10% higher from here since futures are up at least 4%? Or 6%? 8%?
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Old 08-25-2015, 06:47 AM   #506
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Futures are looking great Tuesday morning. I'm thinking about submitting some limit orders before the market opens to try to catch unsuspecting folks into buying shares from me at inflated prices. If the orders are not executed, then I will just sell at the prevailing prices.

So if anybody is awake, should I go 10% higher from here since futures are up at least 4%? Or 6%? 8%?
If the market gaps open, it is likely to fill the gap. Odds are, the open will be the strongest opportunity to sell, for today. Go with a market order, protected by a limit amount just under the market. (i.e. put your limit order just under market)
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Old 08-25-2015, 07:17 AM   #507
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Ah, you mean place a marketable limit order just at the open when one sees a few trades.

I can submit some ridiculous orders beforehand and modify them as needed, too.
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Old 08-25-2015, 08:54 AM   #508
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OK, did sell at the open and market tended downward, so I got 1% more than a few minutes later.

Since the things I bought yesterday are up 2.5% to 5%, I will be placing more orders to unwind all those trades. For those following this action, I will not be selling the exact same shares I bought, but I will sell substantially identical shares that are already long settled in the same accounts or in different accounts. This is because the purchases were in tax-advantaged accounts that were not margin accounts.

A specific example: I bought VTI yesteday and sold shares of VTI purchased earlier in the year. I pay no commissions and there are no tax consequences in this tax-advantaged account.
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Old 08-25-2015, 09:06 AM   #509
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Sold weekly SPY 188.5 puts for $2. Made the trade a bit too early when SPY was trading at 193
Normally when I sell weekly puts, I almost always hold til expiry and whatever happens happens. Odds are severely on my side because so much of the premium is time value. In this case because of severe volatility I may close early. Right now the puts I sold for $2 are worth $1.57. If I can buy them back for $1 today I will. If I cant I will see what tomorrow holds.

Also day traded BBY at the open. I day trade stocks in the first 30 mins after the open when they release earnings. These are very large trades relative to my other trades and I am looking to scalp 0.5% or more profit in a few mins. Made 1% this morning in 2 mins. I shorted BBY at 34.30 and bought to close at 34.
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Old 08-25-2015, 09:16 AM   #510
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I made mid 4 figures on Gilead (bought Monday, sold today) but not nearly the amount I would have made if I had gotten up 5 minutes earlier and not gone to the bathroom first.

Lesson learned. Always check the market before sitting on the throne.
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Old 08-25-2015, 11:21 AM   #511
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I was going to buy back the weekly puts I sold if they dropped to $1 but changed my mind. Instead, I turned them into a spread. When SPY was at about 194.10 the 188.5's were worth $1. Instead of buying them back and taking my profit, I bought an equal number of weekly 184.5's for .50 giving me a 188.5/184.5 spread. Now my max profit is $1.50 if SPY closes above 188.50 on Friday.
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Old 08-25-2015, 12:30 PM   #512
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I start to nibble a bit on Emerging Market stocks. Just a bit. I sold these earlier and buying them back cheaper now makes this market timer happy, even if I sold far below the top, and may be buying them back too soon.

The world economy situation is still very unsettled, so there is no hurry. There will be more chances.
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Old 08-25-2015, 12:49 PM   #513
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I had an action plan of 6 sell trades that I wanted to do today, but with market prices fading, I have completed only 0.5 leaving 5.5 of them still to do. I think I will just wait another day or so.

I guess this post is my effort to try to talk the market back up this afternoon.
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Old 08-25-2015, 01:01 PM   #514
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Speaking of market timing, I prefer not having to do it and just sit on my stocks and live my life happily without concerns.

But the problem is caused by other investors, who clamor for stocks in good times, then dump them when they are in fear. So, what's for me to do, other than to oblige?

I am not that successful at selling at the top, nor calling the bottom, but I always try my best to sell some when people are clamoring, and buy when they were stampeding to get out. Would that not be a civic duty?

If you make money trading, you are actually helping the market to restore balance. If you lose money, you are destabilizing it. I want to be a good citizen and to be helpful.
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Old 08-25-2015, 03:04 PM   #515
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I had a bad feeling the big selloff at the close was coming which is why I spread my weekly SPY trade. I really didnt think it would be THAT bad though. There hasnt been a down day after a huge gap up at the open since 2008 and that is a REALLY bad sign.
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Old 08-25-2015, 03:11 PM   #516
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It was an amazing drop at the end. I tried getting back into the exact Gilead position I had sold this morning but it didn't fill. Tomorrow is another day. Due to my machinations today, I gained $6500 in a $120,000 account on a day where the DOW ended down $200. Still a drop in the bucket compared to overall net worth losses but it does for some reason cheer me up.
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Old 08-25-2015, 03:21 PM   #517
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If the market gaps open, it is likely to fill the gap. Odds are, the open will be the strongest opportunity to sell, for today. Go with a market order, protected by a limit amount just under the market. (i.e. put your limit order just under market)
The "strongest opportunity" turned out to be true, so THANKS very much for responding to my post this morning.

I did a video capture of my trading platform screen for the minute or so bordering the market open, so that I could see later what happened at the opening cross. It was quite enlightening to me, so I learned something that I didn't know, too.
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Old 08-25-2015, 03:22 PM   #518
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... I gained $6500 in a $120,000 account on a day where the DOW ended down $200. Still a drop in the bucket compared to overall net worth losses but it does for some reason cheer me up.
Hey, every bit of gain helps.

I went out for an errand, come back just now and see that the dead-cat bounce fizzled out and the market ended in the red again. My meager international charity attempt to help the emerging markets was woefully inadequate, and that ETF petered out.

Good thing I did not fire off my ammo in single shots and not machine gun bursts. Isn't this fun or what?
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Old 08-25-2015, 04:17 PM   #519
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Hey, every bit of gain helps.

I went out for an errand, come back just now and see that the dead-cat bounce fizzled out and the market ended in the red again. My meager international charity attempt to help the emerging markets was woefully inadequate, and that ETF petered out.

Good thing I did not fire off my ammo in single shots and not machine gun bursts. Isn't this fun or what?

NW, I have to man up an admit I caved. I sold 10k of Total Stock today after I said I would hold my ground. I would have sold a helluva lot more but I have to stay under my AGI to get my 2k tax credit. I use average cost basis so every sell still is a capital gain. I am putting the pencil to the paper and see if I can squeeze $5k more. If I could just sell the more recent purchases I could also sell losers but I don't want to create a tax mess.
I knew I was a light weight so kept my total amount in common stocks at 25%. But if I knew how weak I really was I would have already been 100% in utility preferreds.


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Old 08-25-2015, 04:20 PM   #520
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Mulligan, I would not go 100% in anything. Maybe there is some danger in the utility preferreds you are not seeing or has not been seen before (some policy change or shift).
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