Back in Freeport-McMoRan Copper & Gold Inc. [[FCX]] , enough is enough.
On a day like today I had to buy at least one stock. It was out of FCX, National-Oilwell Varco, Inc. [[NOV]] , or Chesapeake Energy Corporation [[CHK]] .
They are giving these companies away.
Note: Also picked up some Gushan Environmental Energy Limited [[GU]] @ $4.00
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RC,
This is setting up for a bounce on bailout approval. I’m getting hurt by the Merrill downgrade of Mosaic. My AGU shares suck today. OUCH!!
If you were to setup a straddle, would you do it with QQQQ again? Or are you with IQM now?
Thanks.
CHK is swimming in debt. That and they own HUGE amounts of real estate in Oklahoma City that is slowly becoming worthless. When they are down to selling pump jacks they are desperate for cash, and they need a lot of it. Be careful with that one.
Sman,
IWM
Bo Dog,
thanks, good looking out.
I have a strangle on the Q’s, looking good so far.
RC, my buy was MON below 80.
Volatility, redemptions and forced selling causing lots of stops to be blown out, perhaps?
Some reasonable LT support comes in mid 40’s.
Nice pickup Boca. I think everyone needs to pick up at least one stock on a day like today.
We were down 300 at one point, but it felt like we were down 500.
This is just what we need to get a bounce from the house.
anybody like MS here?
Nice pickup. I’m weeded myself right now, total pain. But there are some juicy buys today if you haven’t already smoked yourself.
A midday rate cut would help me. See if you can get that done, okay?
-DT
MS: Bought @ 23.70
haha I’ll work on it for you DT, it would help me too.
You’re braver than I am on MS right now, Ragin, I just don’t have the brass ovaries today.
Problem with oil and natural gas plays is now people can’t even buy a car because americans are no longer allowed loans on car. No credit. You can be sure people will continue with their cuts.
As the credit bubble continues to deflate, companies will follow and shrink more than Simon Birches marbles that just turned to BBs. And that means they need less oil, and oil continues to unwind…
Of course, if they do somehow solve this credit solution, and people continue to borrow further from the future, I agree, the bubble will reinflate, and oil will go up, and everything else will go up.
But based on fed and treasury policy 2 years down the road oil and gold should be at new highs again.
nasdaq below psychological support of 2000. Can’t see support on QQQQ until 2006.
target 35.50, then we’ll see from there.
*obviously the targets on QQQQ, not the index as a whole
Look at how awesome CLF is!!!
forget bernanke the ? is will i make an offer that can’t be refused today?
I agree with RC. Today is a good day to pick your shots. I bought SCHW and DIG. Good luck everyone.
RC –
You see the FCX option volume today?
Thoughts?
Not picking up more apple down here?
I will look for more AAPL @ $90
IWM Strangle working out great.
Still holding FCX from today, (IRA buy).
Stopped out of MS.
Closed out GU for a few bucks.
Man, I hope you have some nice yearly profits already to risk doing anything other than holding cash after hours right now. I sold off everything that was worth anything last July and I’m wishing I sold a few more things in Dec ’07 (like the LDK I had from 42-75 and WWAT). The only thing left in my portfolio besides cash… are WRITEOFFS! My IRA, it’s been in cash all year long (after I doubled it last year with China longs).
RC, I think you’re the only bullish person left that I read. Hopefully it’s be an October to remember and a September to forget for you. I’d love to see POT and AGU and MOS reverse course (as I have yet to short them thinking this), but their stocks appear doomed. The companies are becoming giant cash machines. MOS 2bil+ in cash…wow. I remember MOS in July ’07 at 40 which was an all time high and I hesitated to long it at that level. Today, closed under $40, just incredible.
Blue,
Not really bullish, just picking at a few stocks. I’m 70% cash. Most of my trades are closed by the end of the day, and I’ve been using a lot of option strategies that allow me to take advantage of the volatility.
BTW, congrats on getting back to your high.
Thanks RC! Today marked my 2008 profit high. It’s still not enough to pay for the honeymoon and recover my lost wages (had I not lost my job), but it’s another stepping stone for me. I’ve only been day trading full time for 4 months and I made more in the last 3 days than I used to make in 3 full paychecks. I love that part of this game! The part I hate is giving any of it back and playing catch up. Now I absolutely have to hang onto this gain which equates to about 2 months of wages. It’s more of a psychological threshold than anything (since I lost it all twice since June). I want to know what it feels like to stay in profit and then I can start to feel better about trading. I really need to stay ahead now and increase my cash cushion. The larger the cushion the easier it is to absorb any future losses and work towards bigger gains.
It takes money to make money. Unless your the FED, then you just send a memo over to the Treasury to print up whatever you need : )