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Plato - Bruceski's in the closet practicing his
buck naked dance in case NICM continues to run. Bando is touring the CBOE, looking for an opportunity to make money on the put side. Dusty is at the PUNK board on RB watching for your #1 basher. I found Lowroller a couple of weeks ago and made him promise to check in every once in a while, which he has, Scoop is on his basement window ledge, trying to figure out how to jump. Justine made a post or 2 over at Bobz - sheer desparation, I guess. JHart is looking for more ice for that bump on his head from his little drop. Me, I'm just hanging out waiting. LOL.
How's the new house?
Bruceski - LOL - beg all you want...even if I WAS
going, I wouldn't be doing the buck naked dance in front
of all those shareholders, no matter WHAT they talk about.
Yeah...anyone seen Bruceski? I bet
he's doing the buck naked dance somewhere where we can't see him. He's been dying to do that since .68. LOL.
Present and accounted for...
but missing a few brain cells.
What's up?
Ummm - I don't know, Bluesex. LOL.
Bluesoxs - how bout your toes? Aren't you going to
cross your toes too? I am. It only hurts for a few minutes - then you get used to it. But you can't wear high heels while doing this. LOL.
Yes, Plato. Congrats! Now I KNOW the market will run,
since Plato's got a new mortgage payment to make. LOL.
Bando -
Check out this link - LOL
http://www.supersuds.org/index8.html
Bando, I'm afraid to ask that question.
The other question I'm afraid to ask is "am I helping or just watching" - LOL. You know how those Tennessee guys are.
Well, THAT ought to be worth the trip to see! LOL.
Depends. What are you going to write? LOL.
Thank you for your generous offer, Luke,
but I already drank it all warm.
:o)
Bando - not only that, jhart used all my ice!
I'm drinking warm rum! This thing has FAR REACHING
negative effects!
Plato - that should read "those of you who may remember me....
PERIOD". Welcome back! :o)
Sure - I suppose you want some of my ice now...???
As much as I hate to say it...
I think we have all known for a while this was going to happen. They have been talking about a down-turn in the market - a significant one - for several years. When you think about it, upstart internet companies trading at 3000 times earnings and having billions in market cap with very few real assets or revenues??? Come on. And penny stocks going from .05 to .30 on news that they are launching their test website home page???? There was way too much froth and exuberance in the market of a year ago and I don't think we should be too surprised that we've experienced such a down turn. I am also hoping that we'll see the bottom here and start on the road to recovery - I'm thinking 'break even would be nice - LOL' - Settling this election would help immensely. I remember when the crash happened in Oct 1987. I worked at a brokerage office and we were in the midst of a major remodling of our office space. The day the market fell 500 points (which was a HUGE number back then) the electian was there installing, amongst other things, the lighted exit signs. As he watched our receptionist update the down free-fall on our electronic display board, he turned to me, holding an Exit sign in his hand, and said "Should I hang this on the back door or on the window?" ROTFL!
Here's what I can find on those two...
Looks like Heilig Meyers is now trading at .10 x .11 under the symbol HMYRE. AMF Bowling looks like it is now AMBW on the pinks - about .23; check those out to make sure they're the right companies...
LOL - yes, this market will turn all of us 'traders' into 'investors' - guess it was bound to happen sooner or later. I was kind of hoping for later, though.
Alexed - Put your hand on the good book and
repeat after me....
"I understand that, no matter how good this sounds, it is possible to lose your butt on options just as easily as it is on penny stocks. I do solomly swear that I will not take out a second mortgage to trade index options, that I will not tell my family that I'm going to the grocery store to secretly attend Options Seminars, that I will invest no more than twice what I can easily stand to lose, and that I think I figured out the difference between and put and a call."
LOL!
I hope you have a softer landing than the NAZ! LOL. eom
Tell us how you REALLY feel, Plato! LOL. eom
I'll pop over to the option board later
this evening. Kind of busy this morning and I don't
want any of you trading options until you've done a little
homework anyways! LOL.
Bernard - that is correct - selling a *COVERED* call is about the most low-risk option strategy there is. Your risk is that you will be forced to sell your stock at a price you have aleady agreed to sell it at (and the stock is trading higher than that in the market.) Selling covered calls or buying puts against a long postion are hedging strategies used by *stock traders* to protect profits and generate income off their portfolios. Generally buying long calls or puts without owning the stock (or even really WANTING to own the stock) are trading strategies designed for speculation on market movement. Uncovered call writing is also a bet that the stock will go down, but you're much safer betting it by buying a put than by shorting a call.
Matt - post or email me the link. eom
To all interested in options....
The FIRST thing you should read is the option prospectus: Characteristics and Risks of Standardized Option Trading. This should be available from your brokerage firm or any firm in your area that offers option accounts.
Also, I would recommend that you spend some time at www.cboe.com and read up on strategies. Some are very low risk - some are very high. You need to make sure you know which are which.
There is a great book on option trading called Options for the Stock Investor. I can't recall the author right now. It's at my office. I will find it tomorrow and post it here.
Everyone who is thinking of trading options please remember: Not only do you have to be right about the direction a stock is going to move, you also have to be right about the time frame in which it will move and the amount of price movement it will make. If you are buying options (which is the only strategy I would recommend unless you are very experienced in trading them) your entire investment becomes worthless on expiration date if you didn't guess right. There's no "later, when the market rallies, it will come back".
Also note that you will be required to sign a special option agreement and the firm you deal with will most likely require a certain amount of annual income and net worth before approving your account for options. If you think you might want to trade them at some point, it would be adviseable to make the inquiry now and get the paperwork done so that if you decide to buy a contract, you can do it without delay when the time comes.
Will post more later if there is further interest.
Alexed - ....
LOL - laying out by the pool refreshing my tan this weekend. Haven't been on the boards much today.
Options - yes, you can take advantage of a sharp uptrend or downtrend - without the risk of the cost associated with buying or shorting the stock. The problem is that you have to be right, not only about the direction the stock is going to move, but also the TIME FRAME in which it is going to make it's move. With option, most of the money you are paying is time premium. The less time until option expiriation, the less time you have to profit.
I am a 'Registered Option Principal' which means that I was, when acting as assitant manager, the person in my office that was allowed to approve individuals for option trading at various levels. I understand options in and out. DO NOT EVER short a call! Unless you have millions in the market that you can afford to lose. Shorting a call leaves you with unlimited upside risk.
I can fill you in on details about option trading if you want to email me at smudge2@uswest.net. If you think the market is going DOWN, you buy puts. If you think the market is going up, you buy calls. Don't short sell any options until you have some experience!!!!! This leaves you open to unlimited risk!
Good luck. And YES, paper trade a few before you actually put money into them!
Alexed - I've been trading them for years.
What's up?
And might I suggest it's time
for everyone to put down their knives and forks and
start posting...I'm getting lonely out here. LOL.
Congrats Plato! Hope you're right about a rally.
In response to a question posed to me at Bobz
regarding current market, interest rates and recession, I made the following post. Thought I'd share this here too since a lot of you don't 'hang out over there' - LOL:
Well, I think we are going to have a tougher market to deal with
than we've become accustomed to in the past few years. As evidence of this, I look at the penny market between September and March of the past few years - our 'rally', which normally would begin shortly after Labor Day, has failed to really show up. We have had a few 'volume' days, but not much of anything is sustaining a run - not just in penny stocks, but in the market in general. The volatility index (VIX) is high at over 30 (compared to 17-25 normal range) which would indicate that most of the buying being done is for short term trading vs long term view that big money is 'back in the market'. If you look at the charts on market sectors and the cycling of various industries, it looks like the tides are changing with industries in the 'necessities' category gaining strength while the 'luxuries' are losing ground. (High tech, dot-coms, voice technology, retail, travel, etc on a downtrend, while food products, personal care, insurance and HMOs, and utilities showing strength.) Tells me that 'investable money' is thinking that people's spending dollars are going to be applied more toward the necessities and saving for 'bad times' and less on new gadgets, entertainment and luxury items. Recession? I don't know if I'd go that far - interest rates are still relatively low compared to truly recessional periods. For example, in 1981 money markets were paying 12 1/2-13% and a typical mortgage rate was 15-16% - OUCH!!! With money markets at 5.75% and mortgages at 7.5-8%, we have a ways to go before I'd get REALLY worried that the economy was headed for a serious downward spiral. But MOST DEFINATELY profits are going to be a little harder to come by. Hopefully a settling of the election uncertainty will give this market some stability.
What?!?! The Dow and the NAS both up 100 points +/-
and no posts?
NICM had a 40%+ price spread today...low of .085, high of .12; maybe our time has come. (Crossed fingers)
Doug - and isn't that what life is all about?
Especially on days like Thanksgiving, when we take time to reflect on all the goods things we have in life, I think one of the greatest is our ability to be a community and help each other out...whether it's one on one with someone in need, a community here on the internet or just giving that homeless guy a dollar to catch a bus to the mission downtown...
Please send any homeless people you know to my house...
We have so much food left over we'll be eating turkey for a month! Haven't even touched the pie yet.
Found on another board - LOL! -
This is to announce that I will be doing Thanksgiving by myself this year. The menu will probably consist entirely of tomato soup. There are reasons for this.
My SO is in Florida these few days with her son. She has needed a break and also an opportunity to get the range of a teenager again.
The range of teenager's is, in my experience, a concept that needs frequent calibration ... daily even.
She is also looking to adopt an anteater.
Please understand I regard this as a good thing and cause for thanks. We are both suckers for animals. Her population includes 1 dog, 5 cats, 3 lizards, a chinchilla in waiting, many frogs she rescued from the pool and, if I read things right, a mouse no bigger than your thumb nail. (This means there can be MANY mice ... there's room. My menagere includes one dog with worry lines, two cats and an outside group that consists of 2,344,178.978,195 squirrels, 35 wild turkey, several hundred woods mice, 40 chipmunks, 6 to 8 raccoon (including one elderly gent on welfare) and 1 to 13 black bear (Ursus Americanus) ... depending if it's garbage day or not.
When we merge our households, we will make a feed dealer VERY happy. An anteater will fit right in.
I am thankful she and son will have some time together sans' son's peer group. I am also thankful there is an anteater in the offing.
I could have planned to go tho my mother's for Thanksgiving. However, a dental procedure indicates the tomato soup diet for a few days. This is also something to give thanks for.
I love my mother. My mother is also a cook of such blazing strangeness that the EPA has her on their Ten Most Wanted list. I recall the Thanksgiving she made cranberry sauce.
The result could best be described as sinister.
I have speant many holidays with my mother and her kitchen. I have also formed the habit of going by the drug store the day previous and stocking up on antacids, Pepto Bizmal, laxitives and, on occasion, purgatives. There is a definate downside to being an only child. You can't spread out the risk factors with your siblings.
This year was shaping up to be more alarming than usual. Earlier this month, my mother blew up a chicken.
As she explained it to me, she wanted roast chicken one evening. She also wished to get her hand back in for turkey to come. She does not know quite what happened. She went to the living room after putting the chicken in the oven. Suddenly, there were two loud explosions.
The oven door was blown open. There was grease smoke all over. So was the chicken.
I suggested that she may have gotten a suicide bomber chicken .. A Rhode Island Red perhaps .... A member of the chicken underground eager to avenge the horrors done its race.
She doesn't buy this but she still doesn't know how the chicken blew up either.If she buys a fowl again, I for one am calling Delta Force.
So you will understand my feelings of tearful joy when the dentist's secretary asked if I minded having having an appointment for an extraction this past monday. I HAD AN OUT!!!!! YES!!!!!!!!!!!!!
So tomorrow, I'll sip my soup, take my Advil and feel thanks and gratitude. No emergency room for me this year and an anteater to look forward to. Life is good.
Low - be thankful you made the list!
You went weeks and weeks without writing.
A less forgiving soul would have left you off the list altogether! LOL.
Yeah - Like Priceline. OUCH!!!
Oh, By The Way...I *FOUND* Lowroller!
I must make that #11 on my list of things that I am grateful for... LOL!
What I am thankful for:
1. That I had ONE son and ONE daughter. No more, no less.
2. That stocks can not go to a negative number.
3. That I changed my mind about keeping all those baby kittens.
4. That they finally made a cat litter that really DOES control
odor.
5. That I mailed my final car payment today.
6. That I don't have to get up and go to work in the morning,
(ha ha ha - like cooking a big meal isn't work...)
7. That liquor does not contain sugar, which causes tooth
decay.
8. That I don't have to pick anyone up or drop anyone off at
the airport.
9. That it doesn't snow in the desert (very often).
and last, but certainly not least,
10. That I have the privilege of being associated with some of
the finest people in penny cyber-world - right here at
The Reatreat. Happy Thanksgiving to all.
I hear ya Greenhorn! I think we can all look at our portofolios and say "I wish I had sold everything I owned on March 25 and gone to an island for the rest of 2000." It's a nice feeling to know we aren't going to owe any taxes, though -LOL!
Hey Dougster! Where you been hiding?
Ah, there are SO MANY stocks I held, not wanting to be out of them when they made their big moves. Once again I find myself thinking "what was I thinking"??? I have no positions that I was holding from last March - have sold everything for small profits or tax losses and am carefully re-establishing positions that I think are viable. Sure wish we'd get a rally of some sort going on!!
Patsy - Me??? Staying out of trouble???
You've got to be joking!
That would be like you coming in out of a rainstorm!
pennyking, while I think ARYN will make a move
and it definately will be getting more coverage this week, it is hardly an "undiscovered gem". Many of us have been following this one closely for months. I credit Pentiock with bringing it to the boards and providing us all with some incredibly thorough DD.