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Post by brosin on Feb 17, 2011 13:45:39 GMT -5
(I'm still holding my real life FAZ from $9.02 because I am not on margin in real life - this thread is dealing with my monopoly accts) At 1340 SPX here, it is time for me to circle the wagons. I have capitulated on my monster FAZ loss in my ridiculously named "scalp trade acct" - and it is no doubt at the 52 wk low for FAZ. Paper money or real money, the market forces have made me capitulate at the bottom I think. But I have to do it. After 3 months of gains that equaled 100% (peak on 12/7/10), I lost it ALL back now so that my account value is sitting at $250,149 - a true LOLLLL since I started with $250,000 on the nose. I guess I didn't lose anything... All $250K are being moved into my Big Cap account which will put my buying power nicely into the green for now. I might have to further capitulate since I am still 100% short, but this buys me a little more time. Now that acct is only up 28% since inception (only beating market by 8%)... sell 20000 FAZ @ $7.43 2/17/11 12:32 pm CT proceeds $149K (-$66K / -30.8%) sell 20000 FAZ @ $7.43 2/17/11 12:34 pm CT proceeds $149K (-$66K / -30.8%) sell 20000 FAZ @ $7.43 2/17/11 12:37 pm CT proceeds $149K (-$66K / -30.8%) sell 20000 FAZ @ $7.43 2/17/11 12:39 pm CT proceeds $149K (-$66K / -30.8%) sell 10000 FAZ @ $7.43 2/17/11 12:40 pm CT proceeds $74K (-$33K / -30.8%) Will this make the market finally top?
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Post by rex on Feb 17, 2011 13:56:46 GMT -5
Bros., I feel very bad for you!!! You should have been much more correct. Who would have known the real power of POMO. I'm speachless related to this whole BS too. I feel like a Zombie and a little foolish recently also. Keep your head up and be ready to pounce once the bear does start.
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Post by brosin on Feb 17, 2011 14:03:18 GMT -5
No need to feel bad - we've all been where I'm at now; it is still a learning experience for me when it comes to being a fund "manager" - I can at least hang my hat on my IRA & long term holds (although I sold a bunch of em today, possibly a big WHOOPS!!)
And you should've said be ready to pounce *if* it starts! I'm starting to wonder if I'll end up being as wrong now as I was in the Summer of 2008 when I was a bull buying from June/July through Oct 1 when I finally jumped on the bear bus with the passage of TARP (best move I made was finally giving in and capitulating / going full out short bias until Feb 2009). It's a bit premature here though; while I am no doubt close to NEEDING to capitulate, I don't think I'll be getting bullish anytime soon at current levels.
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Post by novice08 on Feb 17, 2011 14:19:39 GMT -5
You're not a fund manager, bros, you're a global moderator lol, but we do need at least a small healthy correction...
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Post by brosin on Feb 17, 2011 15:27:50 GMT -5
LOL you're right Novice I should've read my designation better!! ;D ;D
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Post by sloop on Feb 17, 2011 15:45:44 GMT -5
Treat yourself good tonight Bros. Go out and eat or something. You will come back from this
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Post by brosin on Feb 17, 2011 15:54:19 GMT -5
Thanks Sloop, it's all good. I'm feeling fine with the decision as the 1330/1335 was my mental stop area, so had to do it. I consolidated into what is still a 100% short allocation, so it was more a rotational move more than anything just yet.
I am VERY MUCH hoping that I do not need to post a Pt II or Pt III, but we will see. I'll see what happens next week.
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Post by benvestor on Feb 17, 2011 16:11:52 GMT -5
Goodluck to you Brosin.. you are slowly working it all into shorts near the top.. should pay off
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Post by benvestor on Feb 17, 2011 16:12:20 GMT -5
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Post by brosin on Feb 17, 2011 16:17:39 GMT -5
I hear you Ben - market is running on fumes; seems like everyone's trying to find those few nickels and dimes they can still pick up... but there don't seem to be many more out there.
Benny and gang better keep creating more nickels and dimes!!!!
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Post by benvestor on Feb 17, 2011 16:36:50 GMT -5
we should all just buy the ink company that produces for the FED..
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Post by sloop on Feb 17, 2011 16:44:36 GMT -5
I hear you Ben - market is running on fumes; seems like everyone's trying to find those few nickels and dimes they can still pick up... but there don't seem to be many more out there. Benny and gang better keep creating more nickels and dimes!!!! That's right this market is going to hand out some pain very soon it's WAY overdue
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Post by maxi on Feb 17, 2011 16:56:57 GMT -5
And as long as we all keep insisting that it is long overdue the market will keep going up.
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Post by brosin on Feb 17, 2011 17:01:53 GMT -5
Agreed maxi - that's why I had to start the capitulation process; there's a difference between being stubborn and stupid. Or maybe there isn't, what do I know..! ;D
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Post by novice08 on Feb 17, 2011 17:40:04 GMT -5
Maybe Hammondkeys 1340-1350 temporary top, then he said pullback to 1308...I am wondering if they pull it back big in May in order to justify QE3???
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Post by drtracyb on Feb 17, 2011 18:14:33 GMT -5
I was cringing for you earlier today when I read your sell posts.
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Post by timber on Feb 17, 2011 18:41:16 GMT -5
Maybe Hammondkeys 1340-1350 temporary top, then he said pullback to 1308...I am wondering if they pull it back big in May in order to justify QE3??? i will never be in the market in May as long as i live after last years sell in may....that was a killer
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Post by timber on Feb 17, 2011 18:42:58 GMT -5
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Post by Clinton SPX on Feb 17, 2011 19:15:24 GMT -5
Ya, May kind of sucked
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Post by sneaker09 on Feb 17, 2011 21:10:56 GMT -5
I don't know your experiences in losses but I am curious peoples opinion on how they effect you and how you react in relation to how quick they materialize. In a sense do you prefer slow or the bandaid yank.
From my own experience I had a nice position in CNTF and on an earnings call the management quit and it dropped 50% in a day. The earnings call was at 8pm and needless to say I did not sleep that night, but I liquidated next day for a 35k loss and moved on.
I have also had losses that span several months that are just a daily irritation. I think its less painful in the long run for the slow bleed, but I make decisions quicker the more decisive the move. I guess I have longer to cement my wrong belief in a stock that slowly goes down.
I love winning stocks but I learn the most from the losers. Just wish I only made mistakes once.
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Post by jack on Feb 17, 2011 21:28:46 GMT -5
I don't know your experiences in losses but I am curious peoples opinion on how they effect you and how you react in relation to how quick they materialize. In a sense do you prefer slow or the bandaid yank. From my own experience I had a nice position in CNTF and on an earnings call the management quit and it dropped 50% in a day. The earnings call was at 8pm and needless to say I did not sleep that night, but I liquidated next day for a 35k loss and moved on. I have also had losses that span several months that are just a daily irritation. I think its less painful in the long run for the slow bleed, but I make decisions quicker the more decisive the move. I guess I have longer to cement my wrong belief in a stock that slowly goes down. I love winning stocks but I learn the most from the losers. Just wish I only made mistakes once. Cardinal Rule #1 is "Cut your losses." I find myself relearning that rule time after time....
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Post by natsalilfly on Feb 17, 2011 21:56:46 GMT -5
Jack - I keep learning that too. Merrill once stated last summer never let any one holding lose more than 7%. And right after that I lost a much larger percentage (can't really remember the number) and thought to myself why didn't I listen to him and cut my losses? Its weird because in 2009 I was very good about cutting losses because I was really focussed on recuping, but I slacked off later. Slackers lose!
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Post by jack on Feb 17, 2011 22:02:48 GMT -5
Merrill was really great Natalie!!!
He said he was gonna come back but never did - bummer.
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Post by natsalilfly on Feb 17, 2011 22:42:29 GMT -5
Merrill was really great Natalie!!! He said he was gonna come back but never did - bummer. I do not know why he left - maybe I shouldn't ask but was there a problem?
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Post by brosin on Mar 30, 2011 13:23:38 GMT -5
My monopoly account is growing bloody again - 2nd day now with margin call. Decided to hold overnight one more and give the market another day to test the mid 1330s and see if it's going to force me to begin Pt II of my Capitulation
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Post by cosmic on Mar 30, 2011 15:11:12 GMT -5
Bros remind me this is the account that's mostly or 100% short?
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Post by brosin on Mar 30, 2011 16:14:16 GMT -5
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Post by jack on Mar 30, 2011 16:17:14 GMT -5
"Hey Bros!"
eom
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Post by brosin on Mar 31, 2011 14:53:20 GMT -5
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Post by brosin on Apr 21, 2011 14:58:05 GMT -5
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