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Anyone in Margin today is going be getting a Wake up Call!
It's a blood bath today:
https://finance.yahoo.com/news/ftse-100-monday-latest-coronavirus-oil-price-markets-open-081657287.html
OIL opened at 30 and moved up to 32.5 a few minuets later. settling in between 32-33. Not going to be a good day for oil related issues!
This look brutal for oil Futures here in Easter Europe already pointing to 38 and dropping!
Price cuts for key growth market Asia were as deep as $4-$6 a barrel, likely the biggest price reduction ever, and three times more than expectations of $2 a barrel cut for flagship Arab Light grade.
"It looks like an all-out Saudi shock and awe strategy to drive up Saudi volumes and compete with Russian oil in their own backyard in Europe as well as Asia," said Tilak Doshi, a senior visiting fellow at Middle East Institute, National University Singapore.
Price cuts for key growth market Asia were as deep as $4-$6 a barrel, likely the biggest price reduction ever, and three times more than expectations of $2 a barrel cut for flagship Arab Light grade.
"It looks like an all-out Saudi shock and awe strategy to drive up Saudi volumes and compete with Russian oil in their own backyard in Europe as well as Asia," said Tilak Doshi, a senior visiting fellow at Middle East Institute, National University Singapore.
Hmmm I see Oil is going to open at 39 over here in eastern Europe. Not going to be a good day for all Oil related issues again this week.
Keep your eye on the futures contracts eventually they are going to be a BUY if it gets into the low 30's?
Ya Jugs can ramble on and on! I Have run into him upon occasion He is in his 80's. We were talking last year about being retired and being married a few times and got onto age I told him I am 65 and needed income and he came back with he was in his early 80's. LOL Suddenly I realized I am still a spring chicken.
I don't take anyone on IH too seriously and his Margin story is not unusual most people that use it sooner or later get clobbered add in a divorce and you just could loose all your money!
I see that OPEC is going to flood the market and discount Oil since Russia won't work with them trying to shore up the price. So I can see oil dropping into the 30's this week?
I would think though this would help Business over time once this travel shutdown is passed by the Virus outbreak. Some unpredictable times ahead though. I have my eye on IBM and JNJ this week for selling PUT Premium.
https://finance.yahoo.com/news/crazy-saudi-oil-price-cuts-110412496.html
Hello Huston I think we have a problem?
I haven't been following NGL I have been following DCP as I hold 300 shares. Fortunately I purchased the April 25 strike Puts a couple of months back and now they are at 12.50 trading the same price of the stock so I am still even.
I would of had my Azz served to me if I hadn't. Now before April 20th I will have to sell but I will only suffer a 1-2 dollar move.
Oil has been clobbered by the Virus as people won't be traveling any time soon. Plus businesses and schools are shutting down all over the globe this could get worse before it's get better depending on how things pan out.
I did alright this week as I have a large cash position and been taking out
PUT Calendar spreads to collect Put Premium on Bellwether dividend stocks.
I make my Put Purchase 2-3 month out and make sure the stocks I trade are on the weeklies. This week My stocks were UPS CAT HON RDS/B T and for MIC. All the Puts I sold for the week ending 3/6 expired worthless so I keep the premium and on Monday I will sell them again for the week.
Since I still have the PUTs I bought for April I can sell fresh premium and it has no effect on my option buying power since they are protected by the Calendar spread. If the stocks drop into the money I will just take ownership and be protected to any further downside by the PUT. I can then roll out the put if the market continues it's decline.
With this insane volatility it's Great way to skim Premium and or enter these stocks at a discount to the current market.
Net Asset Value As of 3/06/2020
Name Cornerstone Strategic Value Fund
Ticker CLM 10.14
NAV Price 9.75
Premium/Discount 4.00% to NAV
Shares Outstanding 75,429,940
http://www.cornerstonestrategicvaluefund.com/net-asset-value
RiverNorth Opportunities Fund (NYSE:RIV) declares $0.18/share monthly dividend, in line with previous.
Forward yield 13.43%
Payable April 30; for shareholders of record April 16; ex-div April 15.
Payable May 29; for shareholders of record May 15; ex-div May 14.
Payable June 30; for shareholders of record June 16; ex-div June 15.
This one has held up pretty good so far...
Maybe buy some puts?
The Bear is loose... This market is getting ugly Can't really see what news is on the horizon to change the tsunami that is landing.
The only thing to do is buy puts against your positions but that is tough also as the market drops the premiums go up.
I think I will sit on the side lines and take a break to it settles out. I live in Ukraine and they just shut down the school system for the month of March.
World wide this Virus is going to have a significant impact on the state of the economy. Nasty
Not good:
Verizon (NYSE:VZ) declares $0.615/share quarterly dividend, in line with previous.
Forward yield 4.23%
Payable May 1; for shareholders of record April 13; ex-div April 10.
This is nuts Market a complete roller coaster ride! up a Thousand down a thousand. I guess this will be the new norm?
Looks like another ugly day today....
Definitely hard on the stumic!
Fed cuts rates by 50 basis points! I can't believe this rate cut absolutely insane. There is nothing left for further protection.
The only good is it should help prop up the floor as people have nowhere left to turn other than the market for a return.
Some pretty nasty gyrations in the market. Looks like this is going become the new norm up a thousand points down a thousand points!
I think the all time Highs we just saw a week ago in the market will be the highs for 2020. With being an election year along with the Corona Virus trading range will probably settle between 22-26,000? Just a WAG...
Happy trading
They all look good! I sold some Put premium on T yesterday going try and sell some RDS.B Put Premium and maybe buy a call!
That was quite a charge forward yesterday. I guess we have a roller coaster market ride in 2020? Need a tough stumic !
I am fairly certain!
Well that was some turn around today! Didn't expect that did pretty good covered my Puts and bought a couple of calls. Placed 3 Put calendar spreads on nice Dividend blue chips and sold a couple of Puts.
Over all very nice day I'll Take it!
Cheers the happy Trader
Looks good DrHarleyboy! I covered my PUTs today and also bought the 7.5 calls I went out another week to March 20 had to pay .12
I think we might make out good. I hope I didn't sell the puts too soon but, Didn't want to give up the profit as it lowered my cost nice!
Happy Trading
I agree …
I took out a calendar PUT spread today at 75.00. I sold the 75 March PUT and bought the April 75 PUT.
So If the market Crashes I'll end up with some 75 UPS if not I should eck out a tiny profit either way I'll take it!
Cost me a net debit .71 on 2 contracts so not much to loose and lots to gain if I get lucky and end up with an Assignment!
Market still looks iffy today at least it is hovering above ground so far?
Doesn't look like it is over yet? More and More new cases being reported worldwide. Not Good!
Futures started out positive and now have turned negative. Could be another tough week for the market?
Everyone is spooked. For the time being I am covered with puts but, the time will come and I will have to decide when to cover?
CLM doesn't have options and you can't short it the only protection you can have is stop loss orders. If the overall Market continues down so will CLM.
Now there already talking about the FED lowering rates? That just doesn't seem to be the solution IMHO.
I am going to sell some PUTS on SO soon It's trading aroung 60 now sell some puts at 55 and see what happens. If it goes down I'll take the assignment.
I like your UPS right now also IBM and CAT. More stocks then I could buy!
Lots of Bargains showing up!
The Utilities SPDR ETF (NYSEARCA:XLU) closed -3.3% today, capping an 11.5% swoon for the week.
The major utility names finished unanimously in the red in today's trade: NEE -1.2%, DUK -3.4%, D -3.8%, SO -4%, AEP -2.8%, EXC -4.5%, SRE -1.1%, XEL -3.9%, WEC -3.4%, ES -3.4%, ED -5.2%, PEG -2.9%, EIX -4.3%, FE -3.7%, ETR -3.2%, PPL -3.1%, DTE -5.3%, AEE -3.1%, CMS -3.8%.
Ya I see they did Xdate on the Thursday the 5th!
WOW Nice Options data!
That was to be expected since CLM's Holdings are all Blue chips and the BLUE Chippers all paid a visit to the barber shop this week. How did your PORT Fair?
Most Average stock holders this week caught the deer in the headlights syndrome and got their Ass's handed to them.
I don't think we will be headed back to the recent highs we just hit a week ago. probably will slowly level out or continue to drop.
Besides the Corona Virus we have the election year ahead of us and with this drop already under our belt any more bad news and we're toast for a while!
I have my eye on a few Blue chip stocks that now are showing very high yields. Of course if the drop continues so will those yields.
---Cheers
31twu Rates are already too low won't work that only works when rates are too high.
This decline is much more complicated than most retail traders understand. We have had a 10 year booming market. Time for a correction is upon us get over it.
I can see 21-22,000 as the new bottom. This decline happened way too fast and has take everyone buy surprise. You know the drill (Deer in the headlights)
People are getting burned real bad and they won't be in an hurry to re-enter the market. They will have to lick their wounds and heal first.
Wish full thinking at this point the writing was on the wall a while ago. Those Market all time highs you saw a week ago. Just forget about it not going return anytime soon!
Cheers
Icahn Enterprises (NASDAQ:IEP) declares $2.00/share quarterly dividend, in line with previous.
Forward yield 12.81%
Payable April 28; for shareholders of record March 20; ex-div March 19.
Personally I am looking forward to 20,000 to 22,000. Will make for some impressive buys!
[INTV] in the double Zero's! As they sell more shares from the AS what do you think will happen to the share price?
Hint: It will go down!
Icahn Enterprises (NASDAQ:IEP) declares $2.00/share quarterly dividend, in line with previous.
Forward yield 12.81%
Payable April 28; for shareholders of record March 20; ex-div March 19.
LOL A fed cut is meaningless. It's already too low won't do a thing. All options have been used. As Mic Mulvaney said just get over it!
They should have never lowered it.
I wouldn't put ONE RED penny into this. There is so much opportunity right now in the market it is scary. If you like penny trading you should be selling and buying options. At least you will see things happen.
Watching INTV is like watching paint dry... This baby is sub penny bound!
Can you make that happen before June 19 expiration? If you can I will give you a commission!
My F is actually up today as I added more 7dollar puts yesterday. Now I would be happy to see this drop to 3-4-5-6 or anywhere in-between! I am ready for Bear!
WOW this is going sub penny soon! Won't be long at this rate and there will be 150 milly trading hands!