NAW, it was only a dinner trade. I have no flip lots of scco.....just the old and cold core position which has a weighted average cost (before the roc dividend) of a hair over 11.01. Picking a long term lot would cost me a helluva lot more in taxes than selling the same-day buy lot.
It's easy at Fidelity. My accounts are set to sell the shares with the highest cost first. I can override the default and specify lots but the default is HIFO.
Ya shudda hung on for a couple of more days and ya culdda bought a coupla more good bottles of wine to go with that dinna or to take home.
Ahhh ..... hindsight is always 20/20.
Hmmm ...... here's another thought. When you sold did you have the opportunity to select selling a long-term lot and/or one obtained at a higher price and/or did you make this trade inside a sheltered account?
Been a long time since I bought scco for a flip or dinner trade. Could not resist below 29. Copper down 2% on china fart, fcx down less than 2% and scco down over 4%. Overdone.
Dar ..... you and I have known for a long time the advantages some have in the market.
But what really burns me is the FACT that technology now in use by some makes it virtually IMPOSSIBLE to lose on a trade. Sure, these guys are plowing for nickels and dimes (or fractions of a penny) per share on their trades but ......... they're trading billions of shares so they're making billions of dollars a year with NO RISK. Couple that with the statement (if correct) that most of the dark pools are owned by three families and I see red. So far I've unsuccessful in determining who the families are and I don't really expect to be successful.
In the final analysis, maybe we should thank these front runners for their restraint .... but maybe that restraint was based on the fact that they wanted to keep a very low profile and not raise the ire of the media and therefor force the politicians to take action.
Couple front running, with market manipulation, true insider trading (can anyone say SAC which was just the tip of one iceberg) and a variety of other shady practices and a few individuals and institutions are getting very very wealthy and powerful. Some of that wealth then finds itself into the pockets of politicians. All to the detriment confidence in our markets, our government and our economy.
The problem is much more far-reaching than anyone in power wants to admit and therefor, it's unlikely to get any meaningful or timely reform. In the final analysis there is only ONE THING that's important ..... getting re-elected.
35 years ago a broker said to me, " By the time you read about it in the Wall Street Journal, it's too late to trade on the news. The pros on the trading floor traded on the same news yesterday."
This was before the internet and program trading by computers. Those on the floor got info before I did. They got to trade on it before me.
Now I get my news on the internet......MUCH faster than the next day's WSJ. Plus I can trade on it faster than I used to. I used to call the broker and give him an order. Now I enter it online.....MUCH faster than 35 years ago.
But alas, those with lotsa money for computers, trading software and news feeds, still beat me to an event trade by a mile. Only the speed has changed, not the advantage for the pros.
The pros are faster to the plate than the retails. Nothing new here. But for an investor, not a trader, it makes no difference. I don't care that lotsa pros bought GE on 3/15/09 for 7.59 when two seconds later I paid 7.60. I still have those GE shares worth 26.
Today is proof that trading computers are monkeys. When the trading formulas are similar it creates monkey see-monkey do. Just like lemming humans.
We've all heard about the recent book on how we're getting front run in the markets .... it's all over the media like it's new news ...... even if it's really very old news.
But, while watching a panel discussion on Fox Business one of the so called experts made this statement, in passing, which surprised even me. He stated that of the 30 or 40 black pools which enable this type of trading the majority are owned by just THREE FAMILIES!
Hmmm ..... I think I'll be doing a little research to find out who they are.
It appears that the Kilt is again tilting upward for SCCO.
Since the intra-day low of 26.14 on 3/20 the Kilt went up and down for 5 working days until it settled at 27.14 (+3.83%) at COB 3/26. Since 3/26, the Kilt has had a steady rise until, as I write this post, it's at 30.39. That's a 11.97% rise in just 7 1/2 working days. When will it achieve it's full rise in the near term ...... I don't know, but I suspect it may rise to 33.00 or 34.00 before it again droops.
What does this all mean to investors ...... nothing. Traders, on the other hand, stand to make some money as long as they know when to buy and sell (or know where the price is going).
So ...... what's driving this new rise? Who's read all the good news for copper and for SCCO?
I suspect that the rotation out of tech may have something to do with it. A lot of institutions that drove up the price of various tech stocks took their profits and left others holding the bag. Now they've moved on to greener pastures until tech bottoms and then they'll re-enter ..... just my guess.
Be very careful if you're a private trader of SCCO or you're likely to get stiffed.
At first I thought the scientific study which concluded that those who flunk out of kindergarten for the #$%$ ran higher body temperatures than those who graduated was a bunch of baloney. Now I see proof it is correct.
The one big threat I see is that Grupo cuts the dividend to keep from borrowing then when the mines are finished taking the whole company private in one fell swoop.
Be patient. We can see another 10-15% price gain this year and when CU goes back up so will the dividend. When the new mine opens ( eventually i hope) at Tio Maria ( or is it Tingo Maria I forget) a big boost in EPS and hopefully dividends will occur. The one big threat I see is the replacement of a lot of copper by fiber optics but some things just need a lot of copper and those are important things.GLL
After holding this stock for over a decade I am getting sick of it's current insignificant and whimsical dividend. I will wait it out until the end of the year and if management does not smarten up and start showing us the money I am going to bail. Got to go where I can get a steady 4% dividend. I still rate it a buy but I don;t know why…..
I did a little more checking and found that the existing contract expired on 6/30/13 and was extended in full force subject to either party submitting a written 15 day notice.
I've not provided an update to ASARCO negotiations with the USW in quite a while because basically nothing was going on.
So today I checked progress from the USW website which was last updated on 3/17 and found an interesting item. The USW highlighted two things: #1. Health care that the company wants concessions on and #2. the Successorship clause which the company wants eliminated from any new contract.
Successorship briefly means that any buyer of ASARCO or any of its components is bound by existing contracts with the USW including the right of the USW to represent union workers. The company wants this clause eliminated. Nothing has been mentioned about Successorship for months until the latest USW update of 3/17. This update on Successorship states two things #1. the company is not backing off of their demand that this clause be eliminated and #2. "there have been a lot of visitors touring ASARCO/Grupo sites and rumors of ASARCO/Grupo selling one or more of its facilities are circulating." The USW states that they are not aware of any plans to sell facilities but state that retaining the Successorship clause is vital to ASARCO/Grupo reaching any new contract with the USW.
The question I have for any "Labor Lawyers" that might read this post is: If ASARCO/Grupo sells one or more of its components BEFORE reaching a new contract with the USW would the new buyer be obligated to negotiate or even recognize the USW? I suspect the answer lies in weather the existing contract has been extended or if the USW is working without a contract (which I don't know-more research required). The answer to this question may explain why either party seems to be in no rush to reach a new settlement.