2 year weekly on /NQ. More pain to come?
Also note the head and shoulders here recently.
Also note the head and shoulders here recently.
Stock Markets
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Last: 4 hrs ago by Swollen Thumb
What a crap day. Stopped out early and was pissed about it…..now I'm like thank freekin gawd. But dang- when to get back in??
My old friend DWAC us running.
Exclusive: Trump's social media venture seeks $1 billion raise, sources say | Reuters
Exclusive: Trump's social media venture seeks $1 billion raise, sources say | Reuters
lol TRIT gonna have a negative P/E ratio soon. down to .68
PHUN and BENE
SPY. Long term (multi-year) trend lines below. Support level from the second half of this year. All converging roughly 443.20.
Bob Knights Paper Hands
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BlueTaze said:
WWR end of year ag loss selling
Would've seen $5 if only we'd taken care of business in Baton Rouge.
JIMBOBob Knights Liver said:BlueTaze said:
WWR end of year ag loss selling
Would've seen $5 if only we'd taken care of business in Baton Rouge.
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AG
The debt ceiling gridlock can't be helping
Everybody loves a dirt road
Eh, the market was doing well today until the OMGicron strain in CA news.Charismatic Megafauna said:
The debt ceiling gridlock can't be helping
Cratered from there. Even made it through Yellen and JPowell testifying before Congress all morning with things on the uptrend.
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AG
The bicycle chart seems to have a flat tire
Everybody loves a dirt road
So is the general consensus to sell WWR for tax loss harvesting and buy back in early Jan after the wash sale clears?
Let's say you bought a stock at $10 and now it is $7. You decide to sell to get the tax loss, but you're worried you are selling at the bottom and it'll rally after you sell. Can you then also sell a January put at strike price $10 for $3.50?
By selling the stock, you get your tax loss. If the stock rallied after you sell within the 1 month, you still at least have some exposure and could get back to even while still getting the tax loss when the value of the put sold declines. And if the stock tanks to $5, you're forced to buy back what you sold at $7 at a net cost of $6.50 and still get your tax loss.
Is that possible or not allowed?
By selling the stock, you get your tax loss. If the stock rallied after you sell within the 1 month, you still at least have some exposure and could get back to even while still getting the tax loss when the value of the put sold declines. And if the stock tanks to $5, you're forced to buy back what you sold at $7 at a net cost of $6.50 and still get your tax loss.
Is that possible or not allowed?
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I think for sure if the sold puts were allowed to execute, you'd be buying shares so wash sale rules would apply. If you sold the puts and then bought them back before the expiration that might work. Or the fact that you bought to close the puts might fall under wash sale rules. Good question!
I've been out of the industry a longtime so I don't know for sure. My advice is if you dump it, just take it off your screen for 31 days just to be safe. It's greater than 90% that stocks like that will not rally in December unless they're bought out. It's better to dump and delete ticker than ****ing up a tax loss. Honestly, dumping it now will more than likely be at a higher price than December 31st. JMO.Dan Scott said:
Let's say you bought a stock at $10 and now it is $7. You decide to sell to get the tax loss, but you're worried you are selling at the bottom and it'll rally after you sell. Can you then also sell a January put at strike price $10 for $3.50?
By selling the stock, you get your tax loss. If the stock rallied after you sell within the 1 month, you still at least have some exposure and could get back to even while still getting the tax loss when the value of the put sold declines. And if the stock tanks to $5, you're forced to buy back what you sold at $7 at a net cost of $6.50 and still get your tax loss.
Is that possible or not allowed?
ETA: Sorry if this comes across as rude, but if you've ridden a stock down then dump it now. It's hard to book a big loss but you're doing yourself more damage if you don't.
Think back if you bought a stock at $10, it spiked to $21.79, but your sell order was at $22. Then you're still holding it now at $5, killing live chickens in the hope it goes back. Let me tell you, it's probably won't within 31 days. That being said, sell it and keep that cash separate and wait. You'll more than likely be able to buy back the exact same shares for the same money you sold it for but now you have a booked loss to use against gains or ordinary income with carryover into future tax years.
Remove emotion and pride and you'll be way more profitable. No one wins every trade and if someone says they do, they're lying MFers.
Just my advice
Serious question for those still holding ELOX ... I thought they were supposed to have some results by year end? Is that still the case?
I am so freaking pissed at not holding my QQQ 398p.
If we open up deep red tomorrow, wait 20-30 mins, and QQQ and SPY calls would be the play for a trade.
I hear you. I'd love a flash to 385 and load up 390c for Friday. Probably close the week 395
Or he'll breaks loose and I try and flips puts again.
Or he'll breaks loose and I try and flips puts again.
I think this has been my worst week since 2020
Trading or longs? I am not even worried about long holds. I sold calls a few weeks back out a year or more. Just milking those now.
hedge said:
I think this has been my worst week since 2020
Huh...You don't say?
the last few times the Q's pulled back, they tested the 100 day, currently at 374. Maybe we get a dead cat bounce off 385 in the morning, then opportunity to load more puts.Ragoo said:
I hear you. I'd love a flash to 385 and load up 390c for Friday. Probably close the week 395
Or he'll breaks loose and I try and flips puts again.
Dan Scott said:
Let's say you bought a stock at $10 and now it is $7. You decide to sell to get the tax loss, but you're worried you are selling at the bottom and it'll rally after you sell. Can you then also sell a January put at strike price $10 for $3.50?
By selling the stock, you get your tax loss. If the stock rallied after you sell within the 1 month, you still at least have some exposure and could get back to even while still getting the tax loss when the value of the put sold declines. And if the stock tanks to $5, you're forced to buy back what you sold at $7 at a net cost of $6.50 and still get your tax loss.
Is that possible or not allowed?
This is right out of IRS publication 550. See #3 on what could create a wash sale.
A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you:
[ol]
Disclaimer - I'm not your CPA, consult your CPA.
Just saw the market. Yowza.
longs, not really worried but it still sux
That'd be my consideration but I have $5 Feb puts sold and $2.50 May '22 calls that I have over the past few months. I could buy back the puts and sell the calls (in order to satisfy wash sale), but it seems like now isn't the time....gougler08 said:
So is the general consensus to sell WWR for tax loss harvesting and buy back in early Jan after the wash sale clears?
AgCPA95 said:Dan Scott said:
Let's say you bought a stock at $10 and now it is $7. You decide to sell to get the tax loss, but you're worried you are selling at the bottom and it'll rally after you sell. Can you then also sell a January put at strike price $10 for $3.50?
By selling the stock, you get your tax loss. If the stock rallied after you sell within the 1 month, you still at least have some exposure and could get back to even while still getting the tax loss when the value of the put sold declines. And if the stock tanks to $5, you're forced to buy back what you sold at $7 at a net cost of $6.50 and still get your tax loss.
Is that possible or not allowed?
This is right out of IRS publication 550. See #3 on what could create a wash sale.
A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you:
[ol]Buy substantially identical stock or securities, Acquire substantially identical stock or securities in a fully taxable trade, Acquire a contract or option to buy substantially identical stock or securities, or Acquire substantially identical stock for your individual retirement arrangement (IRA) or Roth IRA. [/ol]
Disclaimer - I'm not your CPA, consult your CPA.
Thanks. That answered my question. I think Prog has the right idea
Market was in full Santa rally mode until the little doom goblin ***** Fauci ****ed it up for everyone.$30,000 Millionaire said:
Just saw the market. Yowza.
AAPL announced tonight that demand for their new phones has been lower.
Curious report in light of the shooting star candle today. Hard to short AAPL but an ATM weekly put may print.
Curious report in light of the shooting star candle today. Hard to short AAPL but an ATM weekly put may print.
doubling down
In which direction?
up
Just a rumor. Bloomberg reported it from anonymous sources and Apple declined to comment. Not saying it's not true, but it didn't come from an Apple announcement.
We just ordered two and they're a month out from delivering. Seems like they were going quick, but who knows. Also first time in a long time I remember them doing a full credit for trade in. We have iPhone 8's and received $800 credit for them.
DenverAg91
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