forgetting BABA. Bought back in 1/3 of a desired position at $77 average. Made a mistake selling at $75. And so it goes. As you said, best to forget about the price I sold at. So I lost $2 bucks. No biggie.
Going to daytrade BABA if i can get $70 at open. If not, no worries. I agree with you about forgetting the pps I sold at. Some think $80 test today. Sometimes weakness PM, strength regular market. Frankly, can't be sure.
Hmmm... tomorrow we know outcome of Scottish vote, Quadruple witching... Can't go up every day, can it? Regret selling at $75. Hoping to revisit soon but probably have to buy in higher?
I think retail could quite possibly have been set up by "Mr. Market" on Tuesday. One minute the market goes down big on Monday then back up big on Tuesday and Yellen hasn't even spoken yet? Yes, a lot of the movement on Monday and early Tuesday was fund managers rotating money out of momo stocks to Alibaba. But why would it just end on Tuesday? I think they ran up the market so they can get out high if Yellen surprises and takes out the line "considerable time" from her interest rate stance. Then Hedge Fund managers get out clean as the market tanks and retail gets slaughtered. Add to that Scotland and quadruple witching on Options Friday and we could be witnessing a perfect storm. OR -- Things will remain the same and continue upward. Traders are back. Was Monday's huge drop in momo names a message that the top is in? We'll see shortly. Pass the popcorn.
This is all the negative news. The bad stuff. Now I'd like to list the positive stuff. The good news to ponder. But I have one big problem: I can't think of any. And that's my whole point. And why I am glad for the first time in a long time I am glad I'm out of FB and the stock market. And I'm taking a breather. Yes, FB may run up to the $80s while I'm out. Might do a day trade, in and out if an opportunity looks good. But buy and hold? Not today. And maybe not for 3 to 4 weeks until I see how these elements I sited unfold. We'll see if my guttural action was unfounded. I'm hoping it was not. Stay tuned.
it's because of trading that I didn't lose everything. I somehow adadpted to very extreme conditions and I continue to adapt to this very day. Which brings me to your comment and bareft's comment about taking a break. I did just that today. Not that I made my trade consciously to do that. It was weird. I'm traveling abroad right now and made a decision to sell everything. I only held FB and sold all of it. I made a 6+++ figure profit on FB. Not that I don't feel the future is incredibly green for the stock and the company. I had some kind of divine intervention that moved my hand to sell. My action was guttural. I just get the instinct that something bad is coming. Traders are officially back at their desks. The market has just kept going up and up and up. Late September and October have been notorious for big market fluctuations and boatloads of volatility. And as bad as I felt for selling (FB closed up $1.08 from where I sold at $75), thinking I made a mistake -- all stories aren't told in jut one day or two. So I'm out. I'm watching. I may jump back in at any time. I may wait a bit. But my logic says to me that there is no justified reason why the market should keep rising. Things are not good: bad job market with unemployment rates announced each month not accurate to how many people are truly out of work. More conflicts at the same time around the world than we've had in decades, and a feckless president who wears an empty suit to work every day. The end of QE3 next month and the eventuality that rising interest rates are a lot closer than we think. The Scottish vote to secede the UK which has a real chance of becoming reality which could undermine the UK economy, wreak havoc on the banking system and have a much greater ripple effect on markets around the world as it will send messages to other candidates like Catalonia who wants to secede Spain. Could a systemic financial crisis emerge? Doubt it but it could trigger something. Part 2
hmmmwhatgives.... i like what you write about mental health. It's true stock investing can poison you and I am not immune. I'm in a situation where my regular gig, a job I created myself 27 years ago that brought me in at one point close to a half a million a year -- has now come to pass. A victim of the financial crisis in 2008 and a gradual deterioration of that job till present day. I put my whole life into creating this business only to have it taken away from me. Do I blame myself? Somewhat. But really, the bozos in government, the finance world, and the banks are the reasons why the market crashed. In my case, social media and the internet ruined everything for me. But I couldn't just roll over and cry in my soup. Or as the funny adage goes, "it's much nicer to cry in a Mercedez than on a bicycle." (Trying to find some humor here.) I have a family, two kids and a dog, and love them more than anything in the world. From 1995 onwards, I was one of millions who were conned into the philosophy of buy and hold. When the crash came in 2008, I did something most did not -- I became proactive. Instead of doing nothing, I sold my buy and hold stocks and lost $108,000. And then I taught myself to trade. Most people thought I was nuts but I didn't have time to think about it. I was fighting for my survival. Somehow I traded back the $108,000 and added $140,000 on top of it. And I've been trading ever since. But, rather, not like most. I pick one or two stocks and make protracted trades over periods of time that have sometimes extended over a year. And I've done extremely well. I paid off my mortgage and have managed to keep up with the bills from 2008 thru present day. But it has been incredibly stressful. There have been many days when I have had meltdowns, some alone, some that sadly my family has witnessed. I'm not trained for this job. And sometimes the pressure has been unbearable that resulted from my lack of experience. But as much as trading is toxic... Part 1
Only $88? sc3408 think you're actually low-balling. Think we see MINIMUM $90-$96 after November earnings if there is a big beat. $low $100s after Jan earnings. Not sure Cramer's got it right that money will exit FB, GOOG, TWTR to buy BABA. The man gets it wrong so many times.
When a guy like Jim Cramer screams on MAD MONEY "wait to buy FB, you'll get it at a discount," who do you think he's HOPING will sell now and buy back in later? RETAIL! And what happens if retail doesn't act? Cramer you flunky!! You underestimate the intelligence of the retail trader. NEVER underestimate your public pal and treat them like idiots. You will look very stupid when there is no selloff in FB to buy some Chinese internet stock. Of course, you've got yourself covered playing both sides of the coin. One minute you're saying FB is going to pullback to the 50MA. Next minute you say FB is worth $90 a share. Well, which is it?
Rob-You said FB is a $75 stock and yet it keeps climbing. Now you are saying $90? And so far no YELP purchase that you claim is coming...
ncc-first post i like very much. I think you're on to something. Could spoil Cramer's "buy back in at a lower price" mantra. 50 Day MA is $72.24. Bet you Cramer doesn't get that Alibaba pullback.