Buy volume coming in..ProgN said:
Today's sell off is more than likely algos selling, initiated by key words in J POW's address. If we're weak into the close I'll be looking for a few SPY calls, but this will be small and a gamble. Do your own DD.
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Last: 1 hr ago by Dan Scott
Thanks.
After seeing this and looking at seasonality, I went ahead and jumped in 12/10 $170C. If it pushes through ATH, it will pay, but I have some room to let it breath and see.
And there seems to be a push into close.
And there seems to be a push into close.
Never thought I would put these two in the same category, but my TSLA and ELOX are both green today!
But then again it did just reclaim the 5DMA just now. Seen absolutely zero flow on Cheddar one way or the other today too. Which I find odd.Brian Earl Spilner said:
Thanks.
CrazyRichAggie said:Buy volume coming in..ProgN said:
Today's sell off is more than likely algos selling, initiated by key words in J POW's address. If we're weak into the close I'll be looking for a few SPY calls, but this will be small and a gamble. Do your own DD.
I jumped a little early. Walked away and missed that little spike there. Guess I'll hold overnight and see what the morning brings
Looks like SPY will close below the 50 day
Farmer @ Johnsongrass, TX
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Maybe you have seen this and maybe not. Article (guesses by a few folks) that Elon Musk has been hinting at a TSLA stock split announcement on 12/9.
https://insideevs.com/news/550702/tesla-12-9-stock-split/
https://insideevs.com/news/550702/tesla-12-9-stock-split/
Another question along these lines if you don't mind. If I read correctly, there is no limit to the number of years losses can be carried over for use against ordinary income. To pick on GOCO rather than WWR, I could use $3000 to offset income this year and another $3000 for 2022, even though all sales were in 2021. And I could still buy back after 30 days while maintaining my carryover?ProgN said:
At the end of the year, you can't really compare IWM to individual stocks. I'll use WWR in this example, but I'm not beating up on it. Let's say you own 2000 shrs of WWR at an average of $10. If you were to sell your position at $3, then you'll have a realized loss of 14K, This loss will offset dollar for dollar against your gains for the year. If you have more in loss, then you can use it to offset $3,000 of ordinary income. Any remaining loss can be carried over into future years.
The 50EMA, yes. The more important one is the 50DMA whihc is still 4pts away. Hasn't closed under the 50DMA since 10/14 and if it does, it is bearish sentiment until it can reclaimCrazyRichAggie said:
Looks like SPY will close below the 50 day
Whoa!!!
Market On Close Imbalance: $8.1B To Sell Side $SPY
— PSK2329 - JHC (@psk2329) November 30, 2021
some rebalancing going on here end of month
AAPL vol on the close
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Charismatic Megafauna said:Charismatic Megafauna said:
Bicycle chart was just one week late. Spy 55 day ema appears to be right at 455, I'll go in big if we can tag it
Another leg down and we get another chance at this. Looking for 455.4 now
Wow...tagged 455.3, my conditional order for a couple expiring 458 calls filled at 1.4. Let's see how this pans out.
Everybody loves a dirt road
Every time a furu posts about large MOC sell orders, the market rips AH.
Nice call.
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We'll see! Purely snaking fj's findings on this one. Be nice if it helps me claw a few bucks back tomorrow
Everybody loves a dirt road
Farmer @ Johnsongrass, TX said:
Maybe you have seen this and maybe not. Article (guesses by a few folks) that Elon Musk has been hinting at a TSLA stock split announcement on 12/9.
https://insideevs.com/news/550702/tesla-12-9-stock-split/
me either, just don't do it again, LOLH-town ag said:
Never thought I would put these two in the same category, but my TSLA and ELOX are both green today!
I'm not a CPA but unless they've changed the law, then yes that is correct. I'm sure we have a CPA in this thread that can correct me if I'm mistaken.spud1910 said:Another question along these lines if you don't mind. If I read correctly, there is no limit to the number of years losses can be carried over for use against ordinary income. To pick on GOCO rather than WWR, I could use $3000 to offset income this year and another $3000 for 2022, even though all sales were in 2021. And I could still buy back after 30 days while maintaining my carryover?ProgN said:
At the end of the year, you can't really compare IWM to individual stocks. I'll use WWR in this example, but I'm not beating up on it. Let's say you own 2000 shrs of WWR at an average of $10. If you were to sell your position at $3, then you'll have a realized loss of 14K, This loss will offset dollar for dollar against your gains for the year. If you have more in loss, then you can use it to offset $3,000 of ordinary income. Any remaining loss can be carried over into future years.
Yes, but this is VERY IMPORTANT, DO NOT BUY BEFORE 30 DAYS! If you make that mistake then you're really screwing yourself. I personally don't even look at stocks I sell for losses until the 31st day. The order a loss is applied is this:
1) Dollar for dollar against your gains that year
2) Remaining loss, 3K will offset 3K of ordinary income
3) The leftover losses will be available in future years against capital gains and ordinary income.
I know it sucks taking a big hit on a stock, but if you're crushed in a stock that you believe in, then you can benefit yourself by taking the loss and then buying it back after 30 days. The only drawback is that your clock resets when you buy it back. So if you buy your position back on Jan 2, that starts the clock, so Jan 2, 2023 will be the separation between long term vs. short term capital gain liability.
The more likely outcome is that these stocks will drop further as more people will sell for tax reasons. Expect them to go lower, unless they get bought out.Aggiesincebirth said:ProgN said:Don't expect it or any stocks at their 52 wk lows to show any strength until Jan '22. Those are the stocks people cull for tax losses. That's why I'm waiting to buy until the last week of December. The downside pressure over the next few weeks isn't indicative of their potential. It's just tax reasons.Aggiesincebirth said:
I've been adding to WWR for months as it has fallen. Like heavy and then it drops 5% then it falls. Then I add and it falls. I really want to know what the hell is going on here. I mean we had the "load up before it takes off" then it bounced 15% the. Dropped 30%. I'm in it for the long run, but it's had like 4 Green Day's in the last 4 months. Even with good news the stock drops. I'm hoping it's retail selling.
The mass accumulation stocks have taken a beating… It's just been a hard 6 months. If I loved it at $4 I should really love it at $2.80 but I mean it just keeps falling lol.
End of rant. Still believe in the company but the stock is annoying
Very fair and appreciate the level headdedness. I think the fear is that we sell then it goes up 20% and you start chasing it. That's the thing I don't want to do.
WWR has an operation and a market for their product with all the EV hysteria. I also expect it to be under pressure in December because of tax decisions, even if the Nasdaq goes up 1,000 points. My plan is to buy 10K shares the last few days of December. I don't care if it's at $2 or $4 per share because I can see OA's vision and I'll plant it and forget it.
Bios have been **** lately but XBI finally showing a reversal candle, see if it can continue tomorrow
nm I need to learn how to read.
Like I said, I'm not a CPA so everyone should consult their tax advisor. My understanding is that you have to remain out of the same security for 30 days and then the loss can be applied in the list I posted above.deadbq03 said:
Don't wash sales simply defer the loss? My brokerage rolls it into the cost basis of the next purchase.
It's my understanding that you can buy and sell however you want, but if you want to claim the losses this year, then you need to "clear your wash sales" by starting a 30 day break by the end of the year (it can start on Dec 30, so long as it's 30 days into the next year).
All that said, something to truly watch out for is creating a wash sale by selling in your taxable account and buying the same thing within 30 days in your IRA. If you do that, you lose the taxable loss forever. It's gone.
Let's say you take $20k worth of losses this year, so I can be applied to the next 7 years of $3k per year?
I edited due to missing the context… for the original question, a 30 day gap right now is all he needs. I was mostly responding to your comment about not looking at losses for 30 days.
I've made a wash sale question thread before and CPAs seem protective of their knowledge and didn't come out to play. I don't really blame them, but it sucks because these rules are convoluted AF.
I've made a wash sale question thread before and CPAs seem protective of their knowledge and didn't come out to play. I don't really blame them, but it sucks because these rules are convoluted AF.
Correct, but check with your CPA.
ETA: I had several years of carryover tax loss due to dumbass mistakes. That being said, losses suck but some benefit from mistakes makes the painful lesson more tolerable.
ETA: I had several years of carryover tax loss due to dumbass mistakes. That being said, losses suck but some benefit from mistakes makes the painful lesson more tolerable.
Unless tax law has changed, then I don't know why they'd be vague. They might not have been sure.deadbq03 said:
I edited due to missing the context… for the original question, a 30 day gap right now is all he needs. I was mostly responding to your comment about not looking at losses for 30 days.
I've made a wash sale question thread before and CPAs seem protective of their knowledge and didn't come out to play. I don't really blame them, but it sucks because these rules are convoluted AF.
SPY moving AH
You will first apply the loss from this year to next years gains (hopefully) before applying the $3k write-off limit to your regular income.
So if you lost $20k this year, you would write-off $3k of your income and carry over $17k in write-offs to 2022.
If you make $20k from investments next year, you can write-off $17k of that and only owe tax on the remaining $3k.
So if you lost $20k this year, you would write-off $3k of your income and carry over $17k in write-offs to 2022.
If you make $20k from investments next year, you can write-off $17k of that and only owe tax on the remaining $3k.
Good, I loaded Jan 21, 2021 SPY calls. The mega cap stocks that are heavily weighted should lead a Santa rally. Today was end of the month and J Pow probably triggered programmed trading. I could never prove it, but I suspect the bigs on Wallstreet knew what Powell was going to say and that's why futures were horrible at 3:45 am.CrazyRichAggie said:
SPY moving AH
What gains did you have?agdaddy04 said:
Let's say you take $20k worth of losses this year, so I can be applied to the next 7 years of $3k per year?
As I understand it (not a CPA):
The losses have to net out against the gains first.
Then the $3k loss against ordinary income this year.
Then you can carry over the losses to future years, up to $3K per year against ordinary income.
Triple_Bagger said:
You will first apply the loss from this year to next years gains (hopefully) before applying the $3k write-off limit to your regular income.
So if you lost $20k this year, you would write-off $3k of your income and carry over $17k in write-offs to 2022.
If you make $20k from investments next year, you can write-off $17k of that and only owe tax on the remaining $3k.
Thank you! I knew someone would know the fine print.
No one answered. My question was on running a similar options trade every week. There's some debate out there about whether options with different strikes and expirations fall under wash sales, but the general consensus I've seen is that they do count as wash sales because the underlying is the same. Your brokerage won't track it though… they're only smart enough to automatically track identical trades, but the laws say "similar."ProgN said:Unless tax law has changed, then I don't know why they'd be vague. They might not have been sure.deadbq03 said:
I edited due to missing the context… for the original question, a 30 day gap right now is all he needs. I was mostly responding to your comment about not looking at losses for 30 days.
I've made a wash sale question thread before and CPAs seem protective of their knowledge and didn't come out to play. I don't really blame them, but it sucks because these rules are convoluted AF.
My questions were: 1) Is it a wash sale to buy and sell an option with the same underlying every week? (I think it is) and 2) Does the wash sale end when you finally turn a profit? (As it does for wash sales with common shares)
Option tax ramifications is my weak spot, because I don't trade a lot of options. I wouldn't want to bull**** through an answer and screw someone on taxes to pretend that I knew. I'm more comfortable saying IDK.
No worries.
My taxes last year sucked because I was unaware of wash sales altogether. This year I'm trying to learn as much as I can. Before last year, I did all my trading under the umbrella of an IRA so I didn't have to care.
The funny thing is that I'd wager so much of this goes unnoticed, and many folks have probably been doing it wrong for years thinking they're filing correctly, but then get slammed in an audit.
My taxes last year sucked because I was unaware of wash sales altogether. This year I'm trying to learn as much as I can. Before last year, I did all my trading under the umbrella of an IRA so I didn't have to care.
The funny thing is that I'd wager so much of this goes unnoticed, and many folks have probably been doing it wrong for years thinking they're filing correctly, but then get slammed in an audit.
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