Stock Thread (28 Viewers)

[ChiefD]

Maybe, but damn he really did ruin the day. Was up between 1-2% all day, now down 0.5%. Better than the market but it was a bit more fun before!

What did he do?

 

[FreeBaGeL]

 It’s just one day. 

Maybe.  Market was really starting pick up some momentum.  Not just indexes but the stuff that had been hit the last few months were finally starting to show some real bounce back potential.

Pretty fair chance instead of continuing that trend we see a reversal and weeks more of pain, especially in those kind of names, now.

 

[Capella]

So...smart people are locking in some losses? With almost everything dipping, we just see irrational investors panicking. 

Doesn’t even make sense. All Joe did was talk about it, not like it is going into place this tax year. People are dumb. 

 

[caustic]

What did he do?

Announced a plan to raise capital gains taxes for top earners.

 

[Bob Sacamano]

What did he do?

President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6%, which, coupled with an existing surtax on investment income, means that federal tax rates for investors could be as high as 43.4%, according to people familiar with the proposal.

The plan would boost the capital gains rate to 39.6% for those earning $1 million or more, an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public. A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than the top rate on wage and salary income, they said.

 

[Bob Sacamano]

Should have put it all on people with real estate empires. 

 

[SouthJersey]

So this only impacts folks earning over $1M a year?

 

[Gilroy34]

So this only impacts folks earning over $1M a year?

No, it effects anyone invested in the stock market

 

[Bob Sacamano]

So this only impacts folks earning over $1M a year?

The tax? Yes. The fallout of jumping through hoops to deal with that tax? No. 

 

[Bob Sacamano]

But again, anyone who didn't know a version of this was coming has no business managing that kind of money.

 

[JB Breakfast Club]

If you never sell, you're never taxed. Easy peasy. 

 

[BassNBrew]

So...smart people are locking in some losses? With almost everything dipping, we just see irrational investors panicking. 

If it flies they'll likely make it retroactive so selling now is stupid.

 

[stbugs]

But again, anyone who didn't know a version of this was coming has no business managing that kind of money.

Yep, as I mentioned above, this was in his list pre-election. Will be an interesting end of the year fire sale if this isn’t going to start until 2022. Reminds me of old FF league rules where we always added rules that actually affected scoring to the next year knowing that people drafted/kept based on existing rules. It’ll be interesting if this is retroactive because that really could screw people who sold based on the existing tax laws.

 

[dkp993]

Added 25% more BLDP at 18.28 to bring my CA down to $21.32. Nice to see the upward swing since... about time!

My average is $24.93, but I'm planning for 2025.

$29.92 here

$25.60 here...

Oy

With a lot of averaging down, I’m at $25.42 after opening my position at $35.75  

23.57

Don't sweat it, all these numbers are essentially going to be the same entry point a year or two from now.

I’m really wondering if I should just exit my position in GME, take the beating as I’m at 252 there, and move that money into BLDP at this 20ish price point.  

 

[[icon]]

I’m really wondering if I should just exit my position in GME, take the beating as I’m at 252 there, and move that money into BLDP at this 20ish price point.  

Much more legitimate long term play. 

 

[[icon]]

Added a chunk of GBTC at $42

 

[stbugs]

I’m really wondering if I should just exit my position in GME, take the beating as I’m at 252 there, and move that money into BLDP at this 20ish price point.  

I’ve posted my feelings on GME before. I could always be wrong so it’s your call, but  I’d never buy that stock. It’s a house of cards. If it wasn’t a meme with millions of Reddit followers, it would be 10% of the current price. We certainly haven’t seen those promised gamma squeezes after that initial real short squeeze. No one knows how long the diamond hands will keep interest because that’s what’s holding it up. It may bleed slowly but I’d put that money into anything you think could grow.

 

[[icon]]

@Todemet al...what are your thoughts on this: 

https://advisor.visualcapitalist.com/economic-benefits-green-recovery/

What's a good green energy ETF to capitalize on this? 

 

[caustic]

@Todemet al...what are your thoughts on this: 

https://advisor.visualcapitalist.com/economic-benefits-green-recovery/

What's a good green energy ETF to capitalize on this? 

I think ICLN and QCLN are some popular green energy ETFs in here.

 

[General Malaise]

President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6%, which, coupled with an existing surtax on investment income, means that federal tax rates for investors could be as high as 43.4%, according to people familiar with the proposal.

The plan would boost the capital gains rate to 39.6% for those earning $1 million or more, an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public. A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than the top rate on wage and salary income, they said.

Merely a ruse to create buying opportunities for all the fat cat social workers, teachers and union employees who supported his presidency to load up on discounted stocks with all their stymie monies.   

 

[General Malaise]

Added a chunk of GBTC at $42

Uh, I'm HEARING (without seeing) that Biden's proposal might also implement an 80% tax on Cryptos, so uh......you know.  BVFWIH

ETA:  This is coming from trading desks who are known to pass information along before it's been sourced properly by Sho Nuff.

 

[FreeBaGeL]

Uh, Biden's proposal also mentioned an 80% tax on Cryptos, so uh......you know.  BVFWIH

Where did you see this?

Best I can find are some random twitter accounts w/out any sources.

 

[General Malaise]

@Todemet al...what are your thoughts on this: 

https://advisor.visualcapitalist.com/economic-benefits-green-recovery/

What's a good green energy ETF to capitalize on this? 

I'm not Todem, but I did sleep with Holliday Lynn and one I've owned in the past and will likely rebuy on this basis (along with a VERY nice 3.03% Dividend Yield) is BEP - Brookfield Renewable Partners.  Portfolio of assets tied to renewable energy.  

 

[General Malaise]

Where did you see this?

Best I can find are some random twitter accounts w/out any sources.

"hearing" but not "seeing".  I'll edit.  Scuttlebutt is FLYING around trading desks right now.

 

[Desert_Power]

Uh, Biden's proposal also mentioned an 80% tax on Cryptos, so uh......you know.  BVFWIH

Nice

 

[joker]

GM, any news on what's going on with COBCF? Fairly considerable drop today, so I'm wondering if it's just a product of the day or if there's actually any news.

 

[FreeBaGeL]

"hearing" but not "seeing".  I'll edit.  Scuttlebutt is FLYING around trading desks right now.

These the same trading desks that were caught offguard today by a report of a capital gains increase that has been talked about every day for the last 4 months?

 

[stbugs]

I'm not Todem, but I did sleep with Holliday Lynn and one I've owned in the past and will likely rebuy on this basis (along with a VERY nice 3.03% Dividend Yield) is BEP - Brookfield Renewable Partners.  Portfolio of assets tied to renewable energy.  

Doesn’t that have those weird taxes?

 

[tonydead]

I’m really wondering if I should just exit my position in GME, take the beating as I’m at 252 there, and move that money into BLDP at this 20ish price point.  

GME is a stock I'd sell low, unless you really really believe in the company like Dodds does.  I fell for it, took a small hit and learned my lesson.  

I'm in BLDP and TAN and some others that might take off with green energy, but those have to be long because even though the green party is in the white house it take time for government to work.

 

[Capella]

Still don’t understand why people created a taxable event on themselves by selling on news of a tax that likely won’t happen. Lot of idiots out there. 

 

[JB Breakfast Club]

GME is a stock I'd sell low, unless you really really believe in the company like Dodds does.  I fell for it, took a small hit and learned my lesson.  

I'm in BLDP and TAN and some others that might take off with green energy, but those have to be long because even though the green party is in the white house it take time for government to work.

I'm still hodling GME (even had a 150 purchase today). Love TAN too. I've been selling TAN off for a few months to rebalance, and now I think it'll run again. 

 

[General Malaise]

GM, any news on what's going on with COBCF? Fairly considerable drop today, so I'm wondering if it's just a product of the day or if there's actually any news.

Yeah it's about as bad as news can get for this POS:

 

Cobalt Blockchain Inc. (TSXV: COBC) (OTC Pink: COBCF) ("COBC" or the "Company") announced today that negotiations have terminated with Traxys Europe S.A. ("Traxys") for the establishment of a commercial relationship with respect to the Traxys-owned cobalt hydroxide plant located in Lubumbashi, Democratic Rebublic of the Congo. The parties had entered into a letter of intent in August of 2018 which contemplated further negotiations for the operation of the plant by COBC, a trade finance facility to be provided by Traxys to COBC, and an offtake agreement in favour of Traxys for cobalt concentrate produced from the plant. Negotiations between the parties have been ongoing since the signing of the letter of intent. The cobalt hydroxide plant was to have comprised a core piece of the Company's conflict-free, ethically sourced mining, processing, and metals trading platform.

Peter Copetti, Chairman and CEO of COBC, commented: "We are extremely disappointed that the significant time and effort expended by management on negotiations with Traxys did not result in a concluded transaction for this asset. In light of this development, the board, with the assistance of the recently established Special Advisory Committee, intends to conduct a review of the Company's business plan and strategy and make appropriate adjustments to advance the Company's business."

I own 60,000 shares of this stupid thing and I've had the "SELL ALL" button queued up a dozen times or more but with volume usually light, getting out of this thing is like escaping the Hotel California.  I'm just going to ride it until it disappears, like flash of light that dissipated ever so slowly when you turned off your Curtis Mathis 1968 black and white TV...... 

 

[Steeler]

Still don’t understand why people created a taxable event on themselves by selling on news of a tax that likely won’t happen. Lot of idiots out there. 

Especially when the tax would be retroactive to 1/1/21 if it passes this year.

 

[General Malaise]

These the same trading desks that were caught offguard today by a report of a capital gains increase that has been talked about every day for the last 4 months?

Yeah, generally speaking the guys on the trading desks are eerily similar to caged primates who get super excited by the slightest change to their immediate environments. 

Directly from IM today:

GBTC -6%, $MARA -8%, $COIN -4%, $MSTR -4%, $RIOT -8% as roll in Bitcoin related names continue YELLEN TO PROPOSE CAPITAL GAINS TAX AS HIGH AS 80% FOR CRYPTO TRADING - HEARD ON STREET

all that's missing here is !!!!1111onejuan!!!!111

 

[Steeler]

I'm still hodling GME (even had a 150 purchase today).

What are your thoughts/plans for GME?

I have a small position for the giggles, so not sure what I am going to do.

 

[General Malaise]

Doesn’t that have those weird taxes?

I traded it in a 401K so never worried about it....I don't know.  i don't know anything anymore.  I'm going to the bar.

 

[Desert_Power]

I'm not Todem, but I did sleep with Holliday Lynn and one I've owned in the past and will likely rebuy on this basis (along with a VERY nice 3.03% Dividend Yield) is BEP - Brookfield Renewable Partners.  Portfolio of assets tied to renewable energy.  

Doesn’t that have those weird taxes?

You can buy BEPC which avoids having to fill out the frustrating tax forms. I hold both and added to BEPC earlier this week.

 

[Dr. Octopus]

I’ve posted my feelings on GME before. I could always be wrong so it’s your call, but  I’d never buy that stock. It’s a house of cards. If it wasn’t a meme with millions of Reddit followers, it would be 10% of the current price. We certainly haven’t seen those promised gamma squeezes after that initial real short squeeze. No one knows how long the diamond hands will keep interest because that’s what’s holding it up. It may bleed slowly but I’d put that money into anything you think could grow.

No, the gamma squeeze is coming on 4/20........

...oh wait.

 

[JB Breakfast Club]

What are your thoughts/plans for GME?

I have a small position for the giggles, so not sure what I am going to do.

I'm setting up partial sales at 196, 248, etc just in case it does go to the moon. Otherwise I will hold through the new CEO announcement and Cohen's first quarterly earnings report (I assume he hosts the next one) and reassess. 

I'm having fun picking up 10-15 shares during small dips because it has shown a lot of resilience to get back to around 165. 

 

[2Squirrels1Nut]

So...smart people are locking in some losses? With almost everything dipping, we just see irrational investors panicking. 

I agree and greed always wins. 

 

[2Squirrels1Nut]

Doesn’t even make sense. All Joe did was talk about it, not like it is going into place this tax year. People are dumb. 

Tomorrow he should talk about getting rid of the CGT altogether, IMO. 

 

[2Squirrels1Nut]

If you never sell, you're never taxed. Easy peasy. 

Not exactly.  Most elite, that you've probably never heard of, they like it that way, they, and their entire family, for generations, live off of dividends.  Which why commies like Warren Buffet have been arguing forever that the tax code is blatantly unfair.  The percentage of income paid in taxes by the lowest earners compared to the highest is way out of wack. I only hope this effects me soon because one would have to hold a considerable portfolio to collect in excess of 1 milly annually in dividends. 

Sorry, I'll leave it at that. Don't want this thread becoming political. I would like my free pass as I recently had surgery and chasing the dragon. TIA

 

[2Squirrels1Nut]

Going to take a nappy to Archer.   

 

[[icon]]

Yeah, generally speaking the guys on the trading desks are eerily similar to caged primates who get super excited by the slightest change to their immediate environments. 

Directly from IM today:

GBTC -6%, $MARA -8%, $COIN -4%, $MSTR -4%, $RIOT -8% as roll in Bitcoin related names continue YELLEN TO PROPOSE CAPITAL GAINS TAX AS HIGH AS 80% FOR CRYPTO TRADING - HEARD ON STREET

all that's missing here is !!!!1111onejuan!!!!111

Thanks for the heads up on this. Wish I realized it before close.   

 

[shadrap]

Still don’t understand why people created a taxable event on themselves by selling on news of a tax that likely won’t happen. Lot of idiots out there. 

so you don't think the tax goes through?

 

[Gilroy34]

so you don't think the tax goes through?

Hopefully Manchin puts the kabash on it

 

[Desert_Power]

What?

 

[McBokonon]

What?

Those are what you end up shooting when she gamma squeezes your junk

 

[The Man With No Name]

Just noticed SKLZ up over 7% after hours 

 

[Capella]

so you don't think the tax goes through?

Not at that rate. No chance.