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Reliance Steel & Aluminum Co. Message Board

munhoi 202 posts  |  Last Activity: 4 hours ago Member since: May 3, 2004
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  • Reply to

    Cara Media

    by spiker53 Apr 10, 2014 9:32 AM

    Have a great Easter Brian, I think I am finally thru with trading and the stock market

    I have a gamblers mentality and although trading 3x ETFs been very good to me, my ex girlfriend reminded me of the flaw I have of never being satisfied that leads me into not living the life I could

    so I am quitting - but wanted to end on a high note - not like Bret Farve and ending his football career going out on a loosing string of losses and ended on an injury

    so I made one more winning trade for $7,000 that made up for most of me selling on the wrong price mistake cost of $8,000 - I mean $1,000 loss out of $1.428 million is nothing to dwell over - so I end up on a high note with one last winning trade. No one believes I can leave it for good ( I was tempted with UGAZ/DGAZ and TZA/TNA and Yang/Yinn again but decided to stay out and life is so much more stress free and easy each day

    good luck to you Brian - hope I can stick to my plan to stay away from the markets and see how the rest of my life goes without my morning trade before I go to work and researching every night for my next trade

  • Reply to

    rut to the 200 dma

    by doubleyourbettwice03 Apr 4, 2014 11:19 AM
    munhoi munhoi Apr 9, 2014 11:27 PM Flag

    well Brian I got another right but ended up loosing money vs making a lot , out of trading for a little while - my execution mistakes are 2 in 3 weeks now which is something that's never happen to me- mentally drained & feel sick
    2 weeks ago wrong symbol I bought - still made money
    yesterday I bit the dust - I went from TZA to TNA at 70.99 and a small chunk at 70.30 on my day trading restricted account - of which both my accounts are fully restricted now on excessive dollars trading in single day
    what happen was I bought on my small account TNA at 70.30 after buying a massive chunk on my other account not restricted yet at 70.99 , I had the sell at market set up for my big account waiting for it to hit my sell price
    I stupidly saw the price at when it dropped and thought I was up a $1 and pushed the sell button and sold it at a loss vs a profit by mistake on a 15 minute stretch where it went down and I mistakenly thought I had originally bought for $1 less when I actually bought it for a dollar more and sold my big holding at a loss, then the TNA shot back up to where I really wanted to sell it but I couldn't buy it back after I accidently sold at wrong price since my account was then restricted from buying more then my equity per day.
    I sold my small holding of TNA in my schwab account today for a proft but it wasn't able to offset the wrong sell price on my big Fidelity account and lost $8,000, it could have been a whopping gain for me again but I sold at wrong price without checking my level II and pushed the sell button on my fidelity account that had no trading real time quotes on it - it was the most stupid and disastrous mistake I made in all my trading - never had I sold it a the wrong price until after I saw the trade history I would have been closer to my target to quit trading and now farther off -
    now I am out of ideas as you were as I only trade when I have firm believe in direction swings - I had seen the Europe and china markets rebound US next

  • Reply to

    And yet another 52-week high, munhoil.

    by johnkur8 Mar 6, 2014 12:24 PM
    munhoi munhoi Apr 7, 2014 1:18 AM Flag

    I bought $580,000 of puts 3 weeks ago , unfortunately I broke even on it, Goldman Sachs put out a conviction buy on VNO , I panicked and sold all my puts, 2 weeks later , it would have netted me $270,000 , I was right on target but thanks to Goldman Sachs , I caved in and I was right and they were wrong as VNO then went down close to 95.80 and I lost a big profit - last time I let Goldman call scare me out of a position since their batting avg is 50% at best

  • Reply to

    rut to the 200 dma

    by doubleyourbettwice03 Apr 4, 2014 11:19 AM
    munhoi munhoi Apr 6, 2014 7:19 PM Flag

    Ive bought TZA 4 times and made money on it 4 times

    missed the big one Friday I had TZA with a large order on review at market when it was at $15.01 Friday and failed to hit the buy button since I was looking at two other shorts and couldn't decide which one was the safer play and TZA moved up too fast for me to react and got cheap on paying more for it - that's trading for you when you don't have your strategy mapped out ahead of time

    made $12,000 on 3x DRV buying near low but of my the three 3x shorts that was the lowest % gainer - so close to buying TZA again saw the same deterioration Friday morning - buy the wait for 5 more cents to buy in cost me a very large profit since I froze which it really started its move and didn't want to pay more for it

    TZA in the $14s and low $15 was a money maker high reward to risk

    now on the sidelines - since every position I had researched has popped

    no current ideas left where I feel some kind of certainty on next direction

    plus - I really do need to take a few months off

    still $ 70,000 from my goal to quit trading

    not sure its worth the risk to get that amt risking $1.4 million to get it

    I was right on the utilities - should have kept AES had 200,000 shares on full margin and only got 9 cents a share profit on it when it went up 67 cents per share after I sold it - my target then would have been reached and I could have quit trading altogether and get out of the business and enjoy relaxing life

    missed youre last reply - since the couldn't find your posting saw only part of it

    hope you've done well Brian

  • munhoi munhoi Mar 30, 2014 2:09 PM Flag

    watch for China to lower GDP eventually to more like 6 to 6.5% growth not the 7.5% everyone is expecting

  • With China’s economic growth slowing, the challenge for Li is to construct a new local-financing system fast enough to head off a debt crisis.

    “If business goes on as usual and debt continues to rise at the current pace, it would be hard for the government to foot the bill” for all the local financing vehicles that go bad, said Ding Shuang, senior China economist at Citigroup Inc. in Hong Kong. “A key difference between a real municipal bond market and the current LGFV bond market is transparency about a local government’s true fiscal capabilities and direct responsibility for the debt.”

  • the Kremlin is toying with the Obama administration while they have much bigger plans to pull the rest of Ukraine back to Russia - they know the US and the EU and Nato cant do anything so they will talk forever until they have their expansionary plans all set up and US EU and Nato will be too late to the game , China and EU economy will dive and Russia will be the ones that affected the entire world economy - Putin therefore gets its way that they are not just a regional power - Putin is exploiting US weakness not the other way around I am afraid

  • munhoi munhoi Mar 29, 2014 2:47 PM Flag

    Obama cant do economic sanctions and Russia cant respond with gas cutoff either since their economy depends on gas revenues

    result - continued worthless talks while Russia slowly takes all of Ukraine under them to prevent NATO from spreading farthest east

    DUH - like it takes a genius to figure out that its really Russia trying to stop Ukraine from one day being part of Nato and then being westernized to Europe and then Russia becomes a dying Communist regime

  • China’s Monumental Ponzi: Here’s How It Unravels

    by David Stockman • March 28, 2014

    TwitterFacebookLinkedInEmail

    Print Friendly

    China is the greatest construction boom and credit bubble in recorded history. An entire nation of 1.3 billion has gone mad building, borrowing, speculating, scheming, cheating, lying and stealing. The source of this demented outbreak is not a flaw in Chinese culture or character—nor even the kind of raw greed and gluttony that afflicts all peoples in the late stages of a financial bubble.

    Instead, the cause is monetary madness with a red accent. Chairman Mao was not entirely mistaken when he proclaimed that political power flows from the end of a gun barrel-–he did subjugate a nation of one billion people based on that principle. But it was Mr. Deng’s discovery that saved Mao’s tyrannical communist party regime from the calamity of his foolish post-revolution economic experiments.

    Just in the nick of time, as China reeled from the Great Leap Forward, the famine death of 40 million and the mass psychosis of the Cultural Revolution, Mr. Deng learned that power could be maintained and extended from the end of a printing press. And that’s the heart of the so-called China economic miracle. Its not about capitalism with a red accent, as the Wall Street and London gamblers have been braying for nearly two decades; its a monumental case of monetary and credit inflation that has no parallel.

    At the turn of the century credit market debt outstanding in the US was about $27 trillion, and we’ve not been slouches attempting to borrow our way to prosperity. Total credit market debt is now $59 trillion—-so America has been burying itself in debt at nearly a 7% annual rate.

    But move over America! As the 21st century dawned, China had about $1 trillion of credit market debt outstanding, but after a blistering pace of “borrow and build” for 14 years it now carries nearly $25 trillion. But here’s the thing: this stupendous 25X growth of debt occurred in the context of an economic system designed and run by elderly party apparatchiks who had learned their economics from Mao’s Little Red Book!

    That means there was no legitimate banking system in China—just giant state bureaus which were run by party operatives and a modus operandi of parceling out quotas for national credit growth from the top, and then water-falling them down a vast chain of command to the counties, townships and villages. There have never been any legitimate financial prices in China—all interest rates and FX rates have been pegged and regulated to the decimal point; nor has there ever been any honest accounting either—-loans have been perpetual options to extend and pretend.

    And, needless to say, there is no system of financial discipline based on contract law. China’s GDP has grown by $10 trillion dollars during this century alone—that is, there has been a boom across the land that makes the California gold rush appear pastoral by comparison. Yet in all that frenzied prospecting there have been almost no mistakes, busted camps, empty pans or even personal bankruptcies. When something has occasionally gone wrong with an “investment” the prospectors have gathered in noisy crowds on the streets and pounded their pans for relief—-a courtesy that the regime has invariably granted.

    So in two short decades, China has erected a monumental Ponzi economy that is economically rotten to the core. It has 1.5 billion tons of steel capacity, but ”sell-through” demand of less than half that amount— that is, on-going demand for sheet steel to go into cars and appliances and rebar into replacement construction once the current pyramid building binge finally expires. The same is true for its cement industry, ship-building, solar and aluminum industries—to say nothing of 70 million empty luxury apartments and vast stretches of over-built highways, fast rail, airports, shopping mails and new cities.

    In short, the flip-side of the China’s giant credit bubble is the most massive malinvesment of real economic resources—-labor, raw materials and capital goods—ever known. Effectively, the country-side pig sties have been piled high with copper inventories and the urban neighborhoods with glass, cement and rebar erections that can’t possibly earn an economic return, but all of which has become “collateral” for even more “loans” under the Chinese Ponzi. Less

  • China’s Monumental Ponzi: Here’s How It Unravels

    by David Stockman • March 28, 2014

    TwitterFacebookLinkedInEmail

    Print Friendly

    China is the greatest construction boom and credit bubble in recorded history. An entire nation of 1.3 billion has gone mad building, borrowing, speculating, scheming, cheating, lying and stealing. The source of this demented outbreak is not a flaw in Chinese culture or character—nor even the kind of raw greed and gluttony that afflicts all peoples in the late stages of a financial bubble.

    Instead, the cause is monetary madness with a red accent. Chairman Mao was not entirely mistaken when he proclaimed that political power flows from the end of a gun barrel-–he did subjugate a nation of one billion people based on that principle. But it was Mr. Deng’s discovery that saved Mao’s tyrannical communist party regime from the calamity of his foolish post-revolution economic experiments.

    Just in the nick of time, as China reeled from the Great Leap Forward, the famine death of 40 million and the mass psychosis of the Cultural Revolution, Mr. Deng learned that power could be maintained and extended from the end of a printing press. And that’s the heart of the so-called China economic miracle. Its not about capitalism with a red accent, as the Wall Street and London gamblers have been braying for nearly two decades; its a monumental case of monetary and credit inflation that has no parallel.

    At the turn of the century credit market debt outstanding in the US was about $27 trillion, and we’ve not been slouches attempting to borrow our way to prosperity. Total credit market debt is now $59 trillion—-so America has been burying itself in debt at nearly a 7% annual rate.

    But move over America! As the 21st century dawned, China had about $1 trillion of credit market debt outstanding, but after a blistering pace of “borrow and build” for 14 years it now carries nearly $25 trillion. But here’s the thing: this stupendous 25X growth of debt occurred in the context of an economic system designed and run by elderly party apparatchiks who had learned their economics from Mao’s Little Red Book!

    That means there was no legitimate banking system in China—just giant state bureaus which were run by party operatives and a modus operandi of parceling out quotas for national credit growth from the top, and then water-falling them down a vast chain of command to the counties, townships and villages. There have never been any legitimate financial prices in China—all interest rates and FX rates have been pegged and regulated to the decimal point; nor has there ever been any honest accounting either—-loans have been perpetual options to extend and pretend.

    And, needless to say, there is no system of financial discipline based on contract law. China’s GDP has grown by $10 trillion dollars during this century alone—that is, there has been a boom across the land that makes the California gold rush appear pastoral by comparison. Yet in all that frenzied prospecting there have been almost no mistakes, busted camps, empty pans or even personal bankruptcies. When something has occasionally gone wrong with an “investment” the prospectors have gathered in noisy crowds on the streets and pounded their pans for relief—-a courtesy that the regime has invariably granted.

    So in two short decades, China has erected a monumental Ponzi economy that is economically rotten to the core. It has 1.5 billion tons of steel capacity, but ”sell-through” demand of less than half that amount— that is, on-going demand for sheet steel to go into cars and appliances and rebar into replacement construction once the current pyramid building binge finally expires. The same is true for its cement industry, ship-building, solar and aluminum industries—to say nothing of 70 million empty luxury apartments and vast stretches of over-built highways, fast rail, airports, shopping mails and new cities.

    In short, the flip-side of the China’s giant credit bubble is the most massive malinvesment of real economic resources—-labor, raw materials and capital goods—ever known. Effectively, the country-side pig sties have been piled high with copper inventories and the urban neighborhoods with glass, cement and rebar erections that can’t possibly earn an economic return, but all of which has become “collateral” for even more “loans” under the Chinese Ponzi.

  • munhoi munhoi Mar 27, 2014 9:36 PM Flag

    well I blew I Brian , the utilities were going up in a down market and because I was on full margin I sold slightly above break even and they kept going up higher and lost a lot of profit and a mistake trade, I saw all the march to april chart on utilities and they start going up around March 25 but Cramers scary comments on markets due to Obama comments spooked me and I was happy to slightly break above even

    youre right day trading isn't the way to go to make money if I had held any of my positions last 8 days I would have made way more and slept a lot better on a swing trade trend

    it had all signs of a breakout bounce change in direction and I still sold because I was totally concentrated in one single position at full margin and that is way too dangerous to do

    oh well - hope you did well vs me lately will the tiny profits and high risk trades

  • munhoi munhoi Mar 27, 2014 11:05 AM Flag

    Brian , I got out of my position this morning and actually ended up making $6,000 essentially break even but had to margin even more to the last penny and sold $2.9 million of shares for a mere $6,000

    decided to play safe since I was long in the market and market isn't looking good so lucky enough to end up slightly positive vs being with a loss yesterday

    may have been a good trade after all but didn't want to be on full margin and some geo political event escalate and go thru the stress

    I was trading for the typical april spring utility swing up but with the markets now not sure if it would have worked out since it was an accidental wrong symbol trade

    close call on this one - whew

  • Tesla Motors (NASDAQ: TSLA ) is in the business of making cars -- but it needs batteries to make them electric and renewable energy to make them clean. The AES Corporation (NYSE: AES ) is in the business of making electricity -- and its battery research just advanced by leaps and bounds. Here's why Tesla Motors wants what The AES Corporation's got.

    Power play
    The AES Corporation unveiled a renewable energy game-changer this week. AES lifted the curtain on AES Advancion, "a complete battery-based grid resource." This latest iteration has been six years in the making and further bolsters AES' 200 MW of energy storage currently deployed or in construction.

    While it might seem counterintuitive for power plants to need batteries, varying power supply and demand throughout the day makes batteries a very lucrative investment. Rather than fire up expensive "peaking power plants," electricity companies can instead rely on stored power from cheaper fuel sources.

  • munhoi munhoi Mar 26, 2014 10:51 PM Flag

    I agree with you 100% wish I read your post before I made a big mistake this morning

    I had 2 stocks that would have made me materially wealthy if I had not keep watching it every day and night especially when I had a sell order at $15 when I sold it at $5.89 and it actually went to $16 , 5 weeks later .- that was this January

    PCLN was the one I bought many years ago at $12 sold for $13 and now its over $1,100 still but I don't have the temperament to hold that long

    thanks for the input - hope my whining tonight on my mistake doesn't make me sound a little crazy but its only my 3rd mistake over 28 trades this year and because of the margin aspect - a little scary for me right now due to the $s size at risk

    hoping for a good outcome - I am ok now but worried about when to take the loss and move as long as the market doesn't have a correction

    Ive been long 1st part of year and short for last several weeks and its been working for two betting on fed interest rate hike news too early and drop in S & P too early but it was my hasty orders without even rechecking the symbol on my buy order and the day trading violation that caused me to be in my current predicament and my need to get out of trading since I am at the point of no longer planning every carefully as before and making hasty if not dangerous go all out moves when I was making very calculated risks before

    yes I stopped my options when even my broker called me and told me I was making dangerous large scale bets - I bought $580,000 of puts on VNO when it was at $99.20 for april puts and when Goldman Sachs put it on conviction buy list day afterward I panicked and sold for break even VNO proceeded to go towards $95.80 and I would have made quite a bit - but th stress of holding that position for 3 days was too much so I sold in the event Goldman Sachs ending up pushing the stock up - I was betting on interest rate hike against the REITs
    you can see I am out of control and need to got out like you say

  • munhoi munhoi Mar 26, 2014 10:29 PM Flag

    in the meantime TZA the one I was I thought I bought yesterday zoomed all day - you can see why I should no longer be in the market - from triple bear ETF to full margin all week to going on the long side on a utility to go up which I bought by mistake and was just looking at and decided not to buy but left that symbol on the market order by mistake and then not fixing it and still make a profit to avoid a day trade violation when I saw the market and the stock turning - I must be slightly have been insane this morning

    your advice to take 3 months off should have listened to you and life would be fine tonight but I didnt

  • munhoi munhoi Mar 26, 2014 10:16 PM Flag

    the absolute stupid part was I made the mistake still could have sold for a tiny profit but avoided selling when it turned to avoid a day trading violation which would have made both my brokerage accounts limited for a few days - at the cost of a now a decent size loss - what was I thinking this morning to take a loss for the sake of avoiding my 3rd day trading violation that would restrict both my accounts - I am totally stupid last 3 days

    hope china does a stimulus to get the markets back up since I was shorting for most of 5 days and working and turned to the long side on margin ori ginated from buying the wrong symbol to begin with and then quatripling the mistake vs selling it and moving on at tiny profit from the mistake

    my plan this morning was to sell the mistake for a small profit and instead I got greedy and instead of selling it bought 4 times the amount when I saw the profit disappear

    and on one last bounce didn't sell it to avoid a day trading violation - I am so stupid - incur the violation money is worth more the a day trade violation - I can always move the dollars to my other brokerage accounts - I am so stupid I am beating myself up tonight

  • munhoi munhoi Mar 26, 2014 9:45 PM Flag

    ie the wrong stock I bought by mistake when I forgot to change the symbol prior to placing the order that I mentioned instead of selling rest of it for a small profit I did the most stupid thing instead of moving back to TZA where Ive been training successfully last 4 days , I quatripled the amt I bought on margin to the long side vs to the downside of the market - a suicidal trade out of shear emotion of making a mistake and not getting out of it and buying more on a mistake from buying it by mistake in the first place which shows how worn out I am of trading and consciously doing something totally out of line of what I do when trading - I am almost sabotaging myself to make a mistake to get out of trading since each time I make more money I cant quit due to the printing press like outcome

  • munhoi munhoi Mar 26, 2014 9:33 PM Flag

    I should have listened to myself and you the other day to take a few months off, I pushed a wrong trade too hard the went to profit to loss and finally may have made a serious mistake not sure yet - yes its time to take time off for awhile - I was setting myself up for a mistake to find a reason to stop and take time off - good luck to you Brian

    I hope I can get out of this trade with minimal damage but it was like an omen for me telling myself to not push it and make a mistake and it happened - I margined it and got close to $ 2.0 million on the line right now in the wrong direction on margin trying to push for the $120,000 profit in one day - out of emotional stress from not maximizing my last 5 trades to its potential due to me being worn out and stressed out trying to hit my target too soon to fast - something I tried to avoid but based on my post last night - I pushed myself to it

    well see if I come out ok

  • munhoi munhoi Mar 26, 2014 9:35 AM Flag

    anyone can enter this market AES do create power units to run cities let alone anything these companies can do

RS
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