That's why every single dip no matter how tiny (5 or 10 cents on SPY today are you kidding me) is being bought, and will continue to be bought. The market just isn't going to reflect the actual, real economy any more.
I would sell at $12 for sure. Surprised we have not seen analyst downgrades looks like they got caught flat footed.
His broker, my broker, and in fact most will allow you to go short VXX with as much as 250% of your money. Also, he was more than 100% short in the 16-17 area, then added a bunch more the Friday before and was in a big margin call at end of day. I believe the exact % of his account value that he was short was approximately 300% at 18 average.
It is somewhat surprising they allowed him to carry that over the weekend, but in my experience you usually get 3 days before they force you out.
It's very frustrating to be overweight this when it seems like every stock in the market is on fire huge. However, IMO this will be back to $15 soon enough which is 100% return now (of course many bought much higher than current price). It's a lucky thing they did the offering and have so much cash. Realistically, I do not think it will get back to 20, but 15 I think we can. Still no analyst coverage here?
He did, he really did, and that's the hardest thing about it. I mean, he undid many years of good trading in about 3 days. It's hard to come to grips with the fact that he took a huge amount of gains, lost not just the gains but also his initial principal and on top of that ended up owing the broker money. But in a way, he was a victim of his success. He was oh, so confident and that led him to take more risks.
If you're not interested please ignore.
The good: Inheritance was accelerated. It was not enough to pay off the balance, which is unfortunate, but that part of the process is over now. That's very important because he was dreading going to his family and explaining. IMO this was critical as I feared he would not get it accomplished without major turmoil. Family was shocked and disappointed but is supporting him.
The bad: He's now working 16+ hour days doing menial temporary jobs. His flexibility and time are no longer his own and that's been difficult.
The ugly: He still keeps up with the markets and has been recalculating how much the incredible market rally since that day would have made him. No matter what, can't seem to get him to detach from them. And worse still he jokes about suicide on a fairly regular basis, I do not at all believe he's serious or I would notify the authorities, but it's hard to listen to. I have heard similar stories about people who have lost their shirts in the market and never recovered and I truly hope this is not what is in store for my good friend.
Demand is being manipulated by ZIRP. Don't get me wrong I am all in long stocks- I just think we'll never see a strong real economy ever again.
There is no going back to it now.
Icahn actually thinks lower than 1150 is coming. I believe Grantham will retract 2250 since we're almost up to 2016 already and he says the top is during 2016. But who knows maybe you're right and it goes up, looks like $56 tomorrow.
Stock is coming back nicely now. Do you agree with analysts this is worth $20 and if so when do we get there.
Have never seen a stock at 8.70 where almost all analysts have $20 or higher target!
And this is bullish for what reason? I am not being sarcastic I am trying to learn how things are now in this new market.