Sanrith Descartes
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Investing General Discussion
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Blazin
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It's a call that I believe we just hit bottom for the day and it became buyable into close. I'm not making a call that correction is over. So I'm holding off going bigger.
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Sanrith Descartes
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I have missed a bunch of orders by pennies. lets see if there is one more big dip left in the day.
Blazin
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Fogel
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I've been struggling with the mixed emotions of buying puts. You see the stock you bought puts on is down and your puts up massively and you're like "Oh Yeah!", then you look at the rest of your portfolio and you're like "Oh yeah..."
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Sanrith Descartes
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I was curious how big a pile of cash/short term cash equivalents MSFT had to fund the ATVI purchase. They can fund it entirely off of actual cash (not short term investments) and free cash flow for the year. Oh and they committed to keeping the share buyback in place as well.
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Sanrith Descartes
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Hahaha I do that shit all the time. I look down the column of "day range" and see shit all the way to the right and then see its puts I wrote.
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I may be imagining things, but it looks like things like steel and REITs are on kind of a downtrend. CLF, NUE, DLR, STAG, all seem to be charting down over the last 4-6 weeks where they were trending steadily up before that, despite volatility in CLF and NUE. I wonder if that's a reflection of a real economy slowdown in those segments or purely isolated stock market shenanigans playing out... Industrial real estate in particular is kind of worrying if the music is going to stop on that one.
Zog
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CLF is paying off their debt today so it's kind of a wtf day, hrc contracts are down a bit today, completely irrelevant to how CLF locks in prices for contracts, it's all bullshit and i won't be selling even though I'm down a bit today, the sp tanking today is only good for CLF on a cost basis.
Sanrith Descartes
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My hunch is you are seeing some reversion to the mean. Things like steel had a big runup for a while and I think they are just settling.
edit: NUE has a PE of 6.61 and EPS of $16.76. Them are tasty numbers.
Its bouncing around the 200-DMA and has intermediate support at $99. I am looking to add if it breaches the 200.
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I still have NUE, but got stopped out of the other 3. I'm debating getting back into CLF at a slightly lower price than what I sold for, the same with STAG. I think there might be a few more days of dropping though so I'm holding off for the time being.
Sanrith Descartes
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My personal philosophy is to find the best company in the sector and own it. I have never understood people who own both KO and PEP, or JPM and C. Unless there is something radically different about them, just own the best one.
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Sanrith Descartes
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Want to have fun watching stock manipulation? Watch SPIR. The shorts are constantly doing their best to avoid having it drop more than 10% in a day to avoid the "alternative uptick rule" and not be locked out of short selling it the next trading day. It tends to climb 10%+ on the short sale restricted days and then bang, right back down 9.9% the day after.
Blazin
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Well I nailed that one. 50% gain on puts. If there is one thing I'm confident on it's picking buyable SPY dips intraday on the 5m . Should have done 30 contracts, stupid conservative nature.
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Sanrith Descartes
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Blazin
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You could have just bought when I posted. This does not feel like end of correction so other than a flip not sure you missed anything that important.
Sanrith Descartes
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Ah, you know I pre-load my orders to avoid emotional distractions. Yeah the last hour should be interesting. I see nothing to suggest continued buying the next 60 minutes.
Blazin
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Agreed, not seeing the energy to push. Would have been extremely bullish for SPY to try to recapture 461 but just not seeing that. My guess is move back to 457 and some chop into close. Volume was too low today for this to be a full sentiment flush out. This should be an fun week at these critical levels.
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Sanrith Descartes
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