Cara's Commentary & Community Chat, Wed., Feb. 4, 2009

[7:27am ET] I have finally run out of patience with Microsoft, the company and its policies. Enough is enough. I am as you know an addicted user of computers. Mine was manufactured by one of the world


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Mark Barry
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Mark Barry

2nd-Thanks. In construction the worst possible thing is to bury mistakes. I tell my guys the same thing ever day…Jut let me know the problem and we will fix it and move forward. You must have loved BAC today, 775M shares traded, High 5.15(+9.57%), low 3.77(-18.60%). And UCO gives me nightmares!

Grym
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Grym
Grym
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Grym

NYUGrad, Yeah, but the “joke” is a sick one. If this were a soldier on guard duty (the job of the SEC) he would be court-martialed for dereliction of duty. But then, in the army, instead of claiming “Executive privilege” the proper answer would be, “No excuse, Sir!” Which in the case of the SEC seems obvious. As I watched the Markopolos testimony I recalled the PBS program earlier in the week revealing how the NSA had Bin Laden’s phone number and massive amounts of info on the 9/11 attackers, but wouldn’t/couldn’t pass it on to FBI and CIA. All… Read more »

2nd_ave
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2nd_ave

swissrobinson- i have a few ‘core’ positions in financials, but my average holding times are intraday…i probably make 10-15 trades a day, but i don’t want to splatter trade comments all over the blog…

bsi87
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bsi87

Max pain for Feb/Mar for MEOH is 7.50. I like to see at least a 1.5x the current price and preferably 2x.

TXT hasn’t capitulated (yet) but I’m watcing.

GL.

swissrobinson
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swissrobinson

>until then, the only ‘reasonable’ trade (IMO) is to take advantage of the volatility…i continue to trade back and forth in the ETFs, as well as a few individual names (GS worked well yesterday)…

So what’s your average holding time 2nd?

Are you spreading risk or concentrating your resources on the stocks you see getting hit hardest?

Excuse me if I’m nosy. Will be back in the game in 30 days. Between Bill’s book, which I’m reading now and some understanding of others trading strategies I’m looking to have a plan ready.

Bill Cara
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Bill Cara

alan, thank you. I do have a mirror drive plus all the anti-virus and firewall stuff I need. My system has been running fine. The problem was that a local techie decided I could not wait several weeks to re-install my corrupted (but legit) Windows as I did not have the original disk, so he installed a counterfeit copy, which the latest Microsoft software legitimately caught. I’ll rectify that at a cost of $25 plus $$$$ in frustration. Partly my frustration extends to Microsoft because they are set up as a sales machine and not a service company. If they… Read more »

2nd_ave
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2nd_ave

Mark- I don’t think so much in terms of BAC/C/WFC going down…the real problem is transparency…the entire crisis reminds me of someone ——- up and trying to hide the screw-up using lie after lie, until the cover-ups spawn something even worse… if my kids were to get into serious trouble, i would encourage them to just come clean and we would handle the consequences step by step, as there is always some resolution that is ‘the right thing to do.’ the banks aren’t doing the right thing. they can’t get around cleaning up the balance sheets. why not let the… Read more »

alan
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alan

I know you’ve had a lot of advice here from some highly qualified members, my two cents: Make sure run ESOD for virus protection, then periodically you run CCleaner, then CHKDSK/r then Perfectdisk which will keep you running smoothly Most important though is using Acronis True Image. If you have a desktop, you can simply save a mirror image of your main disk onto your backup disk. Create a mirror once a week, then if the main fails, gets a virus or whatever, you just boot from your backup. If you use a laptop, you just mirror to a second… Read more »

davefairtex
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davefairtex

He gets the best deals. The latest one? He’s buying a chunk of Swiss Re. Actually he’s getting a call option, but they’re paying him for the option. They pay him 12% annually, for 3 years, and his option is already in the money. They call it a “convertible bond” – but with a 12% coupon, and an exercise price that’s below the current market price. Exercise Price: 25 francs. Currently trading at 30 francs. Annual interest rate: 12% Value: $2 billion. (Company value: $10 billion; i.e. 20% of the company) “I can see your house is on fire. I… Read more »

NYUGrad
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NYUGrad

Every investor who has a 401k, roth ira, ever bought a stock or bond, student of the market, historian, patriot, citizen, should view his testimony.

1. CSPAN – Harry Markopolos(includes full testimony and Q&A)
http://tinyurl.com/b5v777

2. SEC Non-testimony
http://tinyurl.com/ajdq3t

3. Frm. Fed. Chairman Paul Volcker made recommendations on reforming the U.S. financial system
http://tinyurl.com/atqkvg

As Bill eluded to this morning, today was really historic for not just financial regulation. today was the 1st step to an equal playing field. its going to be a long and painful road.

NYUGrad
Guest
NYUGrad

Play off the title of Public Enemy song title “911 is a joke” I missed this particular lashing today as i was in a conf call. but wow! wow! http://tinyurl.com/aqo2mg http://tinyurl.com/bq5aqm (“Your Value to the American People Is Worthless.”) Markopolos has vowed to return tomorrow and report the next “mini” Madoff. I would be surprised if the SEC still exists in its current form by Independence Day. Now i know why Bill wants us to ship gold bars to him in the Bahamas. this is a mess all the way down to the roots. EDIT: They claimed “Executive privilege” without… Read more »

photogray
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photogray

re ACI. Jason Leavitt of Leavitt brothers has ACI on his subscription only short list
Just FYI
peace

NYUGrad
Guest
NYUGrad

whatever they decide, i am pretty sure the move will be the wrong moves by the administration. i am still positive on Obama, and i think he is about to have his 1st true “Aha” moment in office. when he realizes all his enemies are right there next to him wiping his butt. if i were him, i would be reading and dissecting the 700 page stimulus on my own. then i would attend the congressional hearings that already started today on madoff. then i would hire Harry Markopolos to lead the charge. then put madoff on trial, and after… Read more »

Mark Barry
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Mark Barry

NYU-Agreed. I covered all of my shorts in BAC,C,COF recently. Wouldn’t all of these companies already be gone if it weren’t for the hope of some government intervention? Short of knowing what that might be, I see no reason to trade either side. Isn’t it interesting that the fate of these companies is almost an after thought now. I remember when C was @ $3 on a Sunday night and all the news was what would happen at the open on Monday. Now BAC is at 4+ and the news is the earnings for V and CSCO. Any chance we… Read more »

NYUGrad
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NYUGrad

Rob, UBS/Wachovia… not wells fargo.

I hope SLW does well for you too. i am still on the fence. talk me into the position 🙂

Finger Lakes
Guest
Finger Lakes

Really, with the tension building about the stabilization plan we could easily have a huge move in either direction next week.

Didn’t Wells Fargo already buy Wachovia?

I guess no deal is done until it’s done.

Whatever happens next week it better be good for SLW!!

Rob.

Finger Lakes
Guest
Finger Lakes

David,
That’s great advice. Maybe if the call premium jumps we should sell calls against our UCO. It would reduce our cost basis but would also lock in our gains if it really jumps.

Rob.

NYUGrad
Guest
NYUGrad

For me he risk reward is not there. this includes fas, skf, etc.

with the bad/good bank plans, and pending news of whatever is coming next week on financial regulation, there is too much unknown.

Only thing i would even look at is precious metals. but thats just me.

For all i know, next week companies like citi may no longer be public, or be given a free pass and have no bad assets.

there is a report on Reuters about wachovia and ubs merging too.
http://tinyurl.com/dfg8vh

Chickenpookie
Guest
Chickenpookie

Mark – USO isn’t a 2x/ultra, no decay…. Oil production will eventually shut down at these prices, it’s only a matter of time.

Treasury to introduce a 7-year note, it’s official!

http://treasury.gov/press/releases/tg09.htm

A Fallen Angel, or Santa and his elves?

http://treasury.gov/press/releases/images/hires/20