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LOYAL AG
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In reply to Charismatic Megafauna • 7:37a, 4/1/21
AG
NRD09 said:
Awesome explanation, thanks. So for the $800,000 question: is there actually a way this dude could have come up with a tax liability 20x his net profits?
That's a good question. How did the loss happen? I guess I could see this happening to him

  • Purchase 2000 GOOG at $1515 on 2/18/20.
  • Sell his 2000 GOOG shares for $1115 around 3/16.
  • Repurchase at $1200 on 4/7 and still have those shares.

That would do it. In that case the IRS is going to say you didn't really take a $400/share loss.

Edit: I guess then the tax bill comes from gains he took in shares purchased in mid-March that he's sold whereas he's till holding his 4/7 GOOG purchase.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
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FJ43
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7:39a, 4/1/21

UAVS

Will be watching for an options play on this at the open.
Coming off double bottom and support.
MT is about $11.10
Recaptured 5/8/21 and bouncing the 50. Grabs that and I think we are off back to at least MT of $11ish.

Will be looking at May $10c should I enter this one as a trade.
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Rice and Fries
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7:40a, 4/1/21
Jobless claims at 719K vs 649K expected.

Shame on those of you above who called out bright green futures!

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McInnis 03
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7:41a, 4/1/21
AG
For anyone curious on BFLY since I saw it mentioned here so much yesterday...click inside the tweet to get the full rundown.


***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
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Charismatic Megafauna
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In reply to LOYAL AG • 7:48a, 4/1/21
AG
That would make sense... so you're telling me the article may have failed to mention that he is sitting on a couple mil in unrealized gains? Because i would be absolutely shocked that that level of lazy and/or misleading journalism would be allowed!
(Edit: that was sarcasm, btw)
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Running with the Bulls
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7:50a, 4/1/21
$EBON offering at $6.10 per share...
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LOYAL AG
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In reply to Charismatic Megafauna • 7:53a, 4/1/21
AG
NRD09 said:
That would make sense... so you're telling me the article may have failed to mention that he is sitting on a couple mil in unrealized gains? Because i would be absolutely shocked that that level of lazy and/or misleading journalism would be allowed!
(Edit: that was sarcasm, btw)
I think so. That seems to make sense. Not sure I can reconcile it another way. And yes that level of journalism would be expected...
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
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Ccutamu
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In reply to McInnis 03 • 7:53a, 4/1/21
McInnis 03 said:
For anyone curious on BFLY since I saw it mentioned here so much yesterday...click inside the tweet to get the full rundown.


Didn't watch the video but Bill Gates is one of the largest backers as well.
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LOYAL AG
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In reply to Running with the Bulls • 7:55a, 4/1/21
AG
Running with the Bulls said:
$EBON offering at $6.10 per share...
How lows does that drive the price? Dumb question maybe but I'm not sure I've been attached to a stock before where the company had an offer.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
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AgEng06
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7:57a, 4/1/21
AG
MU has made a good push since close yesterday. We may get a little out of those options after all.
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McInnis 03
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In reply to BrokeAssAggie • 7:59a, 4/1/21
AG
CrazyRichAggie said:
McGinnis, how you like the Redler all access? I'm thinking about giving it a go.
This is some of his tweets from this morning, he gives you charts on the macros, specific stocks, spacs, then he hits the cryptos, and gives a video report each day.


***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
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Spaceship
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8:00a, 4/1/21
AG
Just a friendly reminder that the market is closed tomorrow so trade accordingly
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In reply to Rice and Fries • 8:02a, 4/1/21
FbgTxAg
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8:04a, 4/1/21
AG
Who needs a job anyway? Uncle Joe money go brrrr....
The greatest argument ever made against democracy is a 5 minute conversation with the average voter.
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austinAG90
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8:05a, 4/1/21
AG
Thursday's Macro

Markets Coiling For Big Moves...Treasuries Have a Mild Bid Today


We continue to expect big moves out of markets this month into May... Equities look to do better on continued stimulus, even though the likes of Moody's said yesterday "Biden's big idea may end badly as spending may spur productivity , but also trigger inflation and leverage"... We still see 2% 10 years this quarter, but that won't happen today as treasuries are better and flatter. Tomorrows non farm payroll number, which could exceed 7 figures, in a holiday shortened trading day with equities closed in the US and most European markets closed both Friday and Monday, will clearly lead to some illiquid range trading...

Good sign... Credit continues to perform well...Investors continue to pile into high yield, with inflows in the latest week of 1.19 billion (Merrill). We saw good buy demand for US long corporates out of Asia for the first day of the month , with brokers seeing 326 billion net of buy interest. IG credit traded 3-5 tighter yesterday as the new supply outlook for April is muted with 50% of the March issuance expected... Corporates out-traded mortgages in the latest month even with the continued Fed intervention... " The Bloomberg Barclays U.S. MBS index saw 0.15% in excess return versus Treasuries, which pales next to the investment-grade corporate index return of 0.95%, as vaccine hopes trumped central bank largess."

Equities... One of our colleagues, who runs an ETF desk , told us last night that they saw indiscriminate buying yesterday with a tech focus...clearly not what we expected to hear... But the Nasdaq was up 1.54% yesterday and up another 130 points this morning.

Rates... Will there be a pause in the upward move of rates?... Maybe today ,in front of the payroll and holiday trading through next Monday...but we see more focus on rates in the second week of April, where the massive supply keeps coming... And this is not factoring in the Biden proposal of 2+ trillion infrasture last night with another 2 + trillion after that... So unless equities or credit collapse, which we are not predicting either, we should see the higher rates resume soon... Taking 5 years well above 1%, maybe even 1.375, and 10 years to 2%, maybe even 2.375... All depends on how DC deals with the legislation and whether there is bipartisan support, which did not sound likely last night.

Archegos debacle... Enough has been written, but we could not help ourselves to point out that of the two stocks that got crushed this week, Viacom CBS and Discovery, some of the traders got so desperate in trying to hedge Discovery, that they shorted Discovery B... Problem is that Discovery A, which they own, has 156 million share float, where Discovery B has only 320,000 float... Which is why the latter, which rarely trades, soared 58 points yesterday, from 70 to 128... Ouch... Talk about adding insult to injury....
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McInnis 03
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8:05a, 4/1/21
AG
BTW, if you're like me and use Twitter as an information source, if you're not using Tweetdeck to key in on your most reputable follows, you may be missing out. Right now I'm setup on the 2 paid services I'm in plus SteveKav......this will change when my services run out.


***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
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slacker00
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In reply to bmks270 • 8:07a, 4/1/21
AG
Not a financial advisor but came across that wording several times when trying to research the subject awhile back. Maybe someone can clarify the interpretation here, as it doesn't fully make sense to me. I just try to avoid it so there are no complications.

I don't know where I read it previously, but a quick google this is the first link I found:
https://www.tradelogsoftware.com/resources/wash-sales/

Also, I don't think I'll ever be active enough that day trader status makes sense from tax purposes but has anyone looked into the tax advantages of trading from an LLC?

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MasonRamsay
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In reply to McInnis 03 • 8:09a, 4/1/21
How is EliteOptions? I've heard some good reviews
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Brian Earl Spilner
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In reply to Rice and Fries • 8:10a, 4/1/21
AG
Rice and Fries said:
Jobless claims at 719K vs 649K expected.

Shame on those of you above who called out bright green futures!

You're implying the market behaves based on logic.
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McInnis 03
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In reply to MasonRamsay • 8:15a, 4/1/21
AG
MasonRamsay said:
How is EliteOptions? I've heard some good reviews
There are others here who are in their service as well. These services do not work well for me. If you've ever subscribed to Duck (DuckingMoney) or one of the other option picking services, this is what it is.

I'm sure it works for some people, it doesn't work for me. Y'all know I'm at a machine all day, I try not to miss much. I have alerts set and have my twitter/tweetdeck up all day, and even if I catch their "play" at the MOMENT it's put out, the price of the option they are playing has already moved by $1 or more. It pisses me off.

That being said, there are ways to play around that, and they do a good job of updating you on what they're doing (ie: sold 1/4 NVDA 520C here at $x.xx, 1/2 position remaining).

I just can't use picking services.

I'd say Elite is the absolute same as Ducking Money, but Duck is cheaper and about as good IMO.
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
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BrokeAssAggie
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8:16a, 4/1/21
NIO!

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McInnis 03
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In reply to BrokeAssAggie • 8:19a, 4/1/21
AG
The day that NIO announces a US plant..............
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
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McInnis 03
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8:24a, 4/1/21
AG
ONTX reverse split proposal rejected by shareholders.
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
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HouAg05
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In reply to McInnis 03 • 8:26a, 4/1/21
I love Redler. Dropped it during this down turn to try TraderLion for some less active more IBD style so I could focus on work more. Thinking about trying our Redler's VTF next. Might be too much to try and balance with work though. Love Redler's style and just seems like a genuine guy.
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HouAg05
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In reply to McInnis 03 • 8:27a, 4/1/21
Got in yesterday on the morning dip. Already trimmed some just Incase
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Irish 2.0
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In reply to McInnis 03 • 8:27a, 4/1/21
McInnis 03 said:
For anyone curious on BFLY since I saw it mentioned here so much yesterday...click inside the tweet to get the full rundown.


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Ragoo
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In reply to Running with the Bulls • 8:27a, 4/1/21
AG
Running with the Bulls said:
$EBON offering at $6.10 per share...
welp, this is disappointing
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McInnis 03
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8:29a, 4/1/21
AG
S&P is looking ripeeeeeee.
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
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LOYAL AG
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In reply to slacker00 • 8:29a, 4/1/21
AG
slacker00 said:
Not a financial advisor but came across that wording several times when trying to research the subject awhile back. Maybe someone can clarify the interpretation here, as it doesn't fully make sense to me. I just try to avoid it so there are no complications.

I don't know where I read it previously, but a quick google this is the first link I found:
https://www.tradelogsoftware.com/resources/wash-sales/

Also, I don't think I'll ever be active enough that day trader status makes sense from tax purposes but has anyone looked into the tax advantages of trading from an LLC?

Yes I have. Short answer as this is a tangent from this thread

  • You have more liberal loss rules.
  • You can deduct expenses that are part of the business of trading such as the cost of the computer.
  • One VERY important point is that if you're paying for a service to identify trades then you aren't going to qualify as a trading business. In other words if all of your trades come from one of the services that sells things like "Buy 100 shares of INTC at $64.75, sell a 4/1 $65c for $1.6" and you execute that trade then you aren't really a trader in the IRS' eyes.
  • It doesn't have to be a full time job but there has to be sufficient volume to look like a business. The rule of thumb I've seen is 720 trades a year (that's actually from case law) which equates to 16/week. Every move is a trade so a weekly covered call would be three trades.
  • Has to look like a daily pursuit.
  • Don't trade three months on, three months off. It's your job, basically.

Aside from the making it look like a business stuff above if I reach this point I'll take an S election as well. If I'm going to do this as a business I might as well control my SS tax exposure as well.

This site here has more info that what I put above and frankly what I have above is mostly from that site:

Trader Tax Status

A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
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J.P. 03
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8:30a, 4/1/21
AG
Happy 4000, boys!
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AgEng06
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In reply to J.P. 03 • 8:34a, 4/1/21
AG
J.P. 03 said:
Happy 4000, boys!
Gap and GOOOOOO!
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E
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8:38a, 4/1/21
AG
Trader Sam says rippy rippy
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McInnis 03
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8:39a, 4/1/21
AG
PAVM just got sweeps on the May $5c, and the daily chart looks pretty nice.
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
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8:47a, 4/1/21
Brian Earl Spilner
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8:48a, 4/1/21
AG
4k!
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