***Official*** 2008 Stock Market Thread

[ponyo]

Wrote 10 CarMax June $22.5 covered calls for $.30. Going to see if I can get better prices on the remaining 10.

Time to let go the rest of my Starbucks shares. Stock feels strong but 18% move off its low is a good move and it's in the resistance zone. Jab, jab, jab, and move.

Costco reported another strong quarter. Such a well run company. Wish I still had the stock. I'm just going to have to wait for a pullback into the mid $60s. It'll come.

 

[Azurik]

Updated for May inception-to-date numbers. Overall, we're down a bit from the April highs.

 

[her209]

Down a lot today.

 

[her209]

Another triple digit loss today.

 

[Azurik]

Originally posted by: her209
Another triple digit loss today.

Good, I'm loving this! I want the S&P to break below 1300 again so I can buy moreeee, and just not have a good month so bond prices can rally and I can finally lock onto my mortgage. Then we can cheerlead together if you want.

 

[IHateMyJob2004]

Originally posted by: Naustica
Wrote 10 CarMax June $22.5 covered calls for $.30. Going to see if I can get better prices on the remaining 10.

Time to let go the rest of my Starbucks shares. Stock feels strong but 18% move off its low is a good move and it's in the resistance zone. Jab, jab, jab, and move.

Costco reported another strong quarter. Such a well run company. Wish I still had the stock. I'm just going to have to wait for a pullback into the mid $60s. It'll come.

Wow, bearish on CarMax at the time when Buffet is starting to buy it. Impressive!

Costco is a good investment. It is way overpriced though. Buy TGT or WMT instead. There is actually value right there now.

 

[ponyo]

Originally posted by: IHateMyJob2004

Originally posted by: Naustica
Wrote 10 CarMax June $22.5 covered calls for $.30. Going to see if I can get better prices on the remaining 10.

Time to let go the rest of my Starbucks shares. Stock feels strong but 18% move off its low is a good move and it's in the resistance zone. Jab, jab, jab, and move.

Costco reported another strong quarter. Such a well run company. Wish I still had the stock. I'm just going to have to wait for a pullback into the mid $60s. It'll come.

Wow, bearish on CarMax at the time when Buffet is starting to buy it. Impressive!

Costco is a good investment. It is way overpriced though. Buy TGT or WMT instead. There is actually value right there now.

Umm. I own shares of CarMax. If I was bearish, I would've sold my shares. I'm just writing some covered calls to pick up some pocket change while I wait. It's free money so I might as well take it. If the stock happen to rise above the call strike price and get called, I'll gladly give up my shares for 25% gain. I win in either case.

I'm watching falling energy commodities and Lehman with interest. Lehman had a "Bear" run on them and where there's smoke, there usually fire. It's like deja vu. I see so many similarities with dotcom/tech bust and how things are progressing and trading in the financial sector. Only this time I'm not feeling the pain of being trapped in these names.

 

[MrYogi]

Market is going down again today as soon as Bernanke opened his mouth. I hope he keeps his mouth shut. Market goes down every time he says something, at least thats what has happened for the last six month.

 

[her209]

3 straight days of losses for the DJIA.

 

[her209]

Rally in the market this morning.

 

[moparacer]

Wait till they start talking about the banks again lol.

Be in the red before you know it...

 

[her209]

Down a lot this morning.

 

[Pliablemoose]

Originally posted by: her209
Down a lot this morning.

I went into crisis mode a few weeks ago.

AUY & GG up...

 

[Capt Caveman]

Originally posted by: her209
Down a lot this morning.

Due to unemployment numbers.

 

[moparacer]

Also due to the fact that Morgan Stanley said oil prices could hit $150 by July 4.

:disgust:

I guess the prospect of $120 oil was just too much for some to bear...


BS

 

[cHeeZeFacTory]

wow, dow is down 400+ today

 

[thespeakerbox]

I like the way C is looking @ 20.04 now. Very Tempting.

 

[thespeakerbox]

Originally posted by: Naustica
Wrote 10 CarMax June $22.5 covered calls for $.30. Going to see if I can get better prices on the remaining 10.

Time to let go the rest of my Starbucks shares. Stock feels strong but 18% move off its low is a good move and it's in the resistance zone. Jab, jab, jab, and move.

Costco reported another strong quarter. Such a well run company. Wish I still had the stock. I'm just going to have to wait for a pullback into the mid $60s. It'll come.

I definately agree on the costco stuff, along with all the other bulk retailers including walmarts. They are getting so much business out of the tightened economy. FT had a great article on how those frozen meals and bulk foods are selling like hotcakes.

 

[Azurik]

Increased my stake in GE by another 50% right before the close at $30.03. Added additional money to the DOW and S&P 500 Index Fund.

 

[ponyo]

Originally posted by: Azurik
Increased my stake in GE by another 50% right before the close at $30.03. Added additional money to the DOW and S&P 500 Index Fund.

I think you're early but who really knows. I think we're in for more pain and S&P has at least another 4-5% drop real soon and Dow another 500 points easily. Today didn't feel like a panic to me. It felt like a start of a major decline.

I'm going to slowly put together my shopping list but I don't intend to shop right now. In the meantime I'm looking for names to short.

 

[Ricochet]

Wow. What a bloodbath today. Luckily I'm still in the black. My portfolio is heavily weighted on BMTI (got in at around $8) and VISA (got in at IPO). Something tells me I should have sold off BMTI when it almost reached $13 today. I'm keeping it in hopes of it going to $16.

 

[ponyo]

Jimmy Rogers interview from August I don't know when

One of the sharpest trading mind and man who thrived in the 70s bear environment with high gas prices. He's so on the money in the article it's scary. I only started trading in the early 90s so I don't have experience with the environment he went through. I think we could be headed for similar environment so I think it's worth taking a look at people who were successful in that environment like Buffett, Rogers, and Soros and see what they're thinking and doing.

I've been tracking DBA since early this year and I'm still looking for an entry point.

 

[OS]

interesting article, but if that chart is of the dollar index, the DX hasn't been over 90 for something like 2 years, so the article is atleast that old.

 

[Slew Foot]

Originally posted by: Naustica

Originally posted by: Azurik
Increased my stake in GE by another 50% right before the close at $30.03. Added additional money to the DOW and S&P 500 Index Fund.

I think you're early but who really knows. I think we're in for more pain and S&P has at least another 4-5% drop real soon and Dow another 500 points easily. Today didn't feel like a panic to me. It felt like a start of a major decline.

I'm going to slowly put together my shopping list but I don't intend to shop right now. In the meantime I'm looking for names to short.

The summer of pain begins... once BB starts (if he does) picking up interest rates, expect that to kill off any upward momemtum in consumer spending adn market activity, if he doesnt expect high commodity prices to rachet up inflation. Rock, meet hard place.

Im thinking at this point shorting via puts almost anything is a good idea for the next 6 months, specifically the "consumer discretionary sector" or mid/high end retail. My previous favorite targets, home builders and banks, have already taken huge drops, not to say they cant drop further, but they may be buyout targets which is death for shorters.

 

[Azurik]

Originally posted by: Naustica

Originally posted by: Azurik
Increased my stake in GE by another 50% right before the close at $30.03. Added additional money to the DOW and S&P 500 Index Fund.

I think you're early but who really knows. I think we're in for more pain and S&P has at least another 4-5% drop real soon and Dow another 500 points easily. Today didn't feel like a panic to me. It felt like a start of a major decline.

I'm going to slowly put together my shopping list but I don't intend to shop right now. In the meantime I'm looking for names to short.

That's the thing, who REALLY knows. GE was a buy for me at $32 and $31, why wouldn't it be at $30 you know?

Mr. Market is an over emotional baby that is always concerned with the daily news, I'm trying to take the emotion out of my investing.

We could be headed for a quasi Black Monday type of day next week, right after Asia wakes up and finds oil jumped over $10 to an all new high. If that's the case, I could have bought lower... but I'll buy more if it really dips that low.

I made a lucky call in early December, pulled the majority of my money into bonds and actually made a small percentage gain YTD on my retirement portfoilo versus the market being down around 8% this year. I could make another one