with the swings in the market this week, anyone playing the bank shares, etc.? expect some further nice gains today. Its a crazy market these days. Some great opportunities to make $$$.
I didn't expect TD to jump $7 in early trading... wow!
Easy enough to explain. Of all the Canadian banks, TD is the only one that did not let itself take any exposure to the US "asset backed commercials" fiasco. No exposure = no plummet.
Its a crazy market these days. Some great opportunities to make $$$.
Just like poker, for every big winner, there will be a big loser. I was a day trader in the late 1990s, but I luckily sold many of my family's stocks at a huge profit before the inevitable hi-tech bubble burst, when everybody I knew lost a lot of money. Since then, I have smartened up and put my nest egg in index funds and ETFs (exchange traded funds) without worrying about the crazy day-to-day variance of individual stocks.
Day trading or active trading is -EV because of the commissions. It is like playing every hand in a raked cash game, where you may win the most pots, but you will still lose because of the amount of rake that was taken out.
With all the panic selling going on, I have decided to come out of stocks retirement. I transferred cash to my margin account and put in some "stink bids" yesterday, with limit prices well below the trading prices. During the opening crash this morning, they were filled below my price at close to the bottom then my stocks quickly rebounded. Is any other forumer a stock buyer nowadays?
With all the panic selling going on, I have decided to come out of stocks retirement. I invested some of my poker bankroll into my margin account and put in some "stink bids" yesterday, with limit prices well below the trading prices. During the opening crash this morning, they were filled below my price at close to the bottom then my stocks quickly rebounded. Is any other forumer a stock buyer nowadays?
Uh oh, time to jump back into the market if the PF Warren Buffet is buying....
I think there's still a ways to go before we hit bottom.. The issues with the banks seems to be more or less taken care of...ish..... but now we have to deal with the decreasing earnings reports that are going to come out over the next year from the actual recession. So I can't say I see any bright sides appearing in 2009.
I can't speak for the US market, which I mostly avoid, but there seems to be some good opportunities on the TSX. There are some good stocks to channel this year so far. I mainly buy and sell TD within a range of $55 - $60 these days. Early in the year, I was buying it in the $60 range and selling it closer to $65. I got lucky on the day after Thanksgiving where the shares shot up $10 from the Friday closing. I closed my position that morning for a nice gain.
looks like tomorrow might be a good day after the huge declines in the last 30 minutes of the trading day this afternoon. We are due for a nice bounce back after steady declines.
Comments
I didn't expect TD to jump $7 in early trading... wow!
Day trading or active trading is -EV because of the commissions. It is like playing every hand in a raked cash game, where you may win the most pots, but you will still lose because of the amount of rake that was taken out.
really depends on the amount you are buying. btw, I'm hardly a day trader. Just thought there might be a few on this forum.
I think there's still a ways to go before we hit bottom.. The issues with the banks seems to be more or less taken care of...ish..... but now we have to deal with the decreasing earnings reports that are going to come out over the next year from the actual recession. So I can't say I see any bright sides appearing in 2009.
Buffet lending Goldman 3 billion at 10% isn't exactly a vote of confidence in the market.