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Stock Thread (9 Viewers)

Ignoratio Elenchi said:
the way to look at it is, what's changed in the last hour?  (other than the price of the stock, that is.)  this morning everyone thought the stock was on a trajectory for $20+.  either you still believe that's the case, so you can buy more now at a discount, or you think something has fundamentally changed in the last hour.
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Look at it from another perspective. It climbed to 10 on basically no news. This thing can swing both ways.

 
Buckna said:
Man, you’d think someone would know not to enter a market sale of 9MM shares on a stock that’s average volume before the last week was only like 7MM a day. That just seems crazy to me
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He meant to hit 900k shares maybe?

God dang I almost sold most of mine at 9.90.

Now instead I bought more at 6.

This is a ride, that's for sure

 
Ignoratio Elenchi said:
the way to look at it is, what's changed in the last hour?  (other than the price of the stock, that is.)  this morning everyone thought the stock was on a trajectory for $20+.  either you still believe that's the case, so you can buy more now at a discount, or you think something has fundamentally changed in the last hour.
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Yeah but what’s changed in the past few weeks from $3 to $10? Can play it both ways. 

 
In unrelated stuff,

I'm not sure if I'm more surprised that Tesla might join the S&P 500 soon, or that it wasn't already in it. 

 
I was trying to buy in again at $5.50, had to chase it all the way up to $6.45 as Merrill Edge kept asking me for verification codes, and wouldn't take market orders. ####ers. 

Really hoping this was all driven by the huge 9 MM share sale and not someones insider knowledge of results.

Either way, loaded up another 1,000 shares. Let's go. 

 
Ignoratio Elenchi said:
the way to look at it is, what's changed in the last hour?  (other than the price of the stock, that is.)  this morning everyone thought the stock was on a trajectory for $20+.  either you still believe that's the case, so you can buy more now at a discount, or you think something has fundamentally changed in the last hour.
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...same can be said the other way. What fundamentally causes the quick increase from 5 to 10?

 
sporthenry said:
Short answer, no. It’s a wash sale for tax purposes. If you do it often enough, you’ll get labeled a day trader which may affect how your account works. But it’s not against the rules to sell high and buy low. 
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I should add, in my case, I took a $100.00 loss after buying this morning and then selling.

If I buy back, is there any tax implications/penalty since I just took a hit on the sell? Would this new purchase be a start-over of sorts - if i keep it for a year, a 15% hit if I make money?

 
Was on a work call when this happened otherwise would have scooped up more below $5. Well done already making gains for those that did.

 
GStrot said:
Just wash sale rules.  It won’t show up as a loss for tax purposes until you close out the position.  This prevents you from racking up short term realized losses and reducing your tax bill while still owning the same position.  
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also free ride rules

 
Acrobat7 said:
Look at it from another perspective. It climbed to 10 on basically no news. This thing can swing both ways.
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sporthenry said:
Yeah but what’s changed in the past few weeks from $3 to $10? Can play it both ways. 
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right, i'm not making any conjecture about what the stock is actually worth, just pointing out how i tend to think about these things in general.  if someone thought buying at $9.xx was a good investment two hours ago, and is now wondering whether it's a good idea to buy the same stock at $5.xx, that's the question they need to answer for themselves.  evaluate what's happened in the last hour and decide, either you still believe this stock is worth more than $10, in which case you're getting a huge bargain right now, or you believe that the big selloff is indicative of a fundamental change in the true value of the stock.  

 
cubd8 said:
So, assuming I buy back in (100 shares)....there is no penalty/restriction in doing so? It's just if i sell, there's some complication involved.
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Not as long as you have the cash to cover without having to have it all settle.  Others here who trade more frequently these days may be more up on it but when I used to trade a ton that was the only concern.

 
Shula-holic said:
Not as long as you have the cash to cover without having to have it all settle.  Others here who trade more frequently these days may be more up on it but when I used to trade a ton that was the only concern.
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Yep, I can pretty much use the cash from the original purchase to buy back in now at a cheaper price.

 
cubd8 said:
I was using cash transferred into my account to make the purchase.
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you sold. It take a few days to settle. If youu usse the funds before that and you do not have sufficient funds to cover it without that, you are getting a "free ride." If trade goes through you'll get a warning. If you get a second warning, you will no longer be able to trade unsettled funds for 90 days. Set up a margin account and you needn't worry about it.

 
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