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  1. #11
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by Lateralus View Post
    I have class in 5 minutes. I'm tempted to skip it.

    I'm philosophically opposed to just about everything that's going on right now. But they make the rules, not me. I have to play their game. I knew the Fed was going to bail out the financials. They can't help themselves. I might as well get my piece. I'm paying for it on the other end, anyway.
    Uhhh... just be careful. If you grab a stock that gets 'bailed out', you might find yourself down an awful lot.

    (Week to date, down ~20% or so, but I'm broad market invested, not trading.)

  2. #12
    Senior Member Lateralus's Avatar
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    Quote Originally Posted by ptgatsby View Post
    Uhhh... just be careful. If you grab a stock that gets 'bailed out', you might find yourself down an awful lot.

    (Week to date, down ~20% or so, but I'm broad market invested, not trading.)
    I've already got all of my money out, well, at least all my money that wasn't invested long-term. All my speculative cash is back in my sweep account. I've just got to decide what to do next. I may hold off until next week before I make another move.
    "We grow up thinking that beliefs are something to be proud of, but they're really nothing but opinions one refuses to reconsider. Beliefs are easy. The stronger your beliefs are, the less open you are to growth and wisdom, because "strength of belief" is only the intensity with which you resist questioning yourself. As soon as you are proud of a belief, as soon as you think it adds something to who you are, then you've made it a part of your ego."

  3. #13
    mountain surfing nomadic's Avatar
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    Quote Originally Posted by Lateralus View Post
    I'm usually a pretty conservative investor, but I've been more ambitious this week than I ever have before. Now, if I really had some balls, I'd starting shorting oil futures right now. But I'm not playing with house money (yet) and I just don't have the guts to do it.

    This was all quite an adrenaline rush. I think I might have found a new obsession.

    oil takes balls... for sure lol

    man... the market is delayed digesting all these rising state unemployment numbers that just came out...

  4. #14
    Senior Member Lateralus's Avatar
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    Quote Originally Posted by Modern Nomad View Post
    oil takes balls... for sure lol

    man... the market is delayed digesting all these rising state unemployment numbers that just came out...
    My instinct tells me that oil is going to fall under $90/barrel, relatively soon (next week or two). It jumped back over $100 today, but I think that's just temporary.

    I don't know enough about futures contracts to feel comfortable jumping into this, though.
    "We grow up thinking that beliefs are something to be proud of, but they're really nothing but opinions one refuses to reconsider. Beliefs are easy. The stronger your beliefs are, the less open you are to growth and wisdom, because "strength of belief" is only the intensity with which you resist questioning yourself. As soon as you are proud of a belief, as soon as you think it adds something to who you are, then you've made it a part of your ego."

  5. #15
    mountain surfing nomadic's Avatar
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    ^ i used to have a feel for the oil markets... 3 years ago. when it was around 50... lol

    but nowadays... man.

    what broker do u use? they should have tutorials if ur broker has futures contracts. nymex mini oil has lower margin requirements than other contracts. anyways, oil... scary. lol

  6. #16
    mountain surfing nomadic's Avatar
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    btw, 1 dollar tick in oil, translates to 500 dollars movement in a nymex mini oil futures contract. ummmmmm...... that is pretty huge...

  7. #17
    Senior Member Lateralus's Avatar
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    I used Etrade. I'm kinda frustrated right now. I wanted to buy some Lehman Brothers stock earlier, when it was trading for $0.12, but Etrade has a restriction on my account. They won't let me purchase anything under a share price of $10. The most recent trade was at $0.23. :steam:
    "We grow up thinking that beliefs are something to be proud of, but they're really nothing but opinions one refuses to reconsider. Beliefs are easy. The stronger your beliefs are, the less open you are to growth and wisdom, because "strength of belief" is only the intensity with which you resist questioning yourself. As soon as you are proud of a belief, as soon as you think it adds something to who you are, then you've made it a part of your ego."

  8. #18
    Senior Member Lateralus's Avatar
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    I don't want to put $10k+ into a futures contract. What do you think about shorting an oil EFT, like Goldman Sachs Crude Oil Total Return ETN (OIL)?
    "We grow up thinking that beliefs are something to be proud of, but they're really nothing but opinions one refuses to reconsider. Beliefs are easy. The stronger your beliefs are, the less open you are to growth and wisdom, because "strength of belief" is only the intensity with which you resist questioning yourself. As soon as you are proud of a belief, as soon as you think it adds something to who you are, then you've made it a part of your ego."

  9. #19
    mountain surfing nomadic's Avatar
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    ^ i've never traded an etf before, but it seems like it has the same exposure...

    btw, crude oil prices are 102 right now... and dollar is dropping against the euro...

    btw, i use interactive brokers. they're great. fast execution, low trading costs too...

  10. #20
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by Modern Nomad View Post
    btw, i use interactive brokers. they're great. fast execution, low trading costs too...
    I highly recommend IB as well, just so long as you are a semi-active trader (ie: you actually churn enough to cover the min $10 feed fee.)

    Don't trade futures unless you can absorb a fair bit of contract level variance. For oil, that's fairly substantial.

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