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[Ovid]

Look at GM move...back over $3. This company will not go bankrupt, I guarantee it.

 

[ALeperMessiah]

Look at GM move...back over $3. This company will not go bankrupt, I guarantee it.

aaaaand back down again. The hopium from barack's statements didn't last long.

 

[RSTEIN]

just loaded up on MS, RF and MA. OH GOD WHAT HAVE I DONE

 

[WingM@n]

Look at GM move...back over $3. This company will not go bankrupt, I guarantee it.

:lol Yes it will go bankrupt, except if they suddenly start making nice cars people would want to buy. But I doubt it. I expect them to be bankrupt by June this year.

 

[Pimpwerx]

Look at GM move...back over $3. This company will not go bankrupt, I guarantee it.

Wish I had seen it earlier when it was down 30+% or so. Those kinds of drops seem to get a bounce often. I would have gotten in at 2.5 and sold again when it climbed to 3. As of now, though, no dice. I watched it at 2.7, hoping it would drop down again, but it didn't. Not worthwhile long-term IMO. That company is a piece of shit, just like all the other domestic autos. No future for this company until they reinvent themselves. PEACE.

 

[ALeperMessiah]

The only buying of GM anybody should be doing is buying to cover your short position. Bankruptcy seems like its the only option really being discussed. Sometime in the next few months it will file chapter 11 and the shareholders and bondholders will be absolutely destroyed. If you're in get out, if you want in go short.

 

[Ovid]

Do any of you guys watch CNBC? I mean when they have pretty important people on (like Robert Shiller this morning) I'll watch, but besides that, it's just terrible. The only channel I'll watch for financial news is Bloomberg TV. I think they do a fine job. They just give the news and don't fool around and make jokes like CNBC.

 

[Ovid]

JAVA down 10% currently trading at $7.04. Now may be time to get in if IBM-SUN merger goes through.

EDIT: Pulled the trigger on JAVA...I had to.

 

[mckmas8808]

Do any of you guys watch CNBC? I mean when they have pretty important people on (like Robert Shiller this morning) I'll watch, but besides that, it's just terrible. The only channel I'll watch for financial news is Bloomberg TV. I think they do a fine job. They just give the news and don't fool around and make jokes like CNBC.

CNBC isn't as bad as you guys say. When they give the straight news, they do that pretty good.

 

[RSTEIN]

Stopped out on MS... still holding on to RF and MA.

 

[Pimpwerx]

JAVA down 10% currently trading at $7.04. Now may be time to get in if IBM-SUN merger goes through.

EDIT: Pulled the trigger on JAVA...I had to.

You don't feel they might be overvalued? I like the news of the Sun-IBM merger, but this stock's been under $5 for a while, and only on the rumors did it seem to jump up. I'm scared I'll buy in and the bottom will drop out again, since consumer spending doesn't look like it'll be increasing significantly. I'm wary of the tech stocks more than anything short of the autos. PEACE.

 

[Ovid]

You don't feel they might be overvalued? I like the news of the Sun-IBM merger, but this stock's been under $5 for a while, and only on the rumors did it seem to jump up. I'm scared I'll buy in and the bottom will drop out again, since consumer spending doesn't look like it'll be increasing significantly. I'm wary of the tech stocks more than anything short of the autos. PEACE.

With high risk there could be big reward. You know that.

 

[Pimpwerx]

With high risk there could be big reward. You know that.

:lol
That's true. If it wasn't a gamble, it wouldn't pay off so well. PEACE.

 

[Ovid]

:lol
That's true. If it wasn't a gamble, it wouldn't pay off so well. PEACE.

I admit it...it is gambling.

 

[Ovid]

The leading plan to fix GM and Chrysler would use bankruptcy filings to purge the companies of their biggest problems, in essence splitting both companies into their "good" and "bad" components.

What???
http://blogs.wsj.com/autoshow/2009/03/30/car-maker-bankruptcy-option-leads-white-house-plans/

 

[Ether_Snake]

That was already reported earlier, I think this weekend.

 

[Gallbaro]

What???
http://blogs.wsj.com/autoshow/2009/03/30/car-maker-bankruptcy-option-leads-white-house-plans/

I know it has not even been one page but I have to.

I really don't think GM will file for Chapter 11. It would just cause more problems. GM down 30% this morning. I may pick up a few shares when it is in the $1 dollar range.

Hopefully you didn't loose nothing so I can :lol

 

[Ovid]

It's an option, doesn't mean its gonna happen.

 

[kathode]

IBM is doing great today, all things considered. Upward trend all day long. I doubled down on my calls around noon.

 

[Pimpwerx]

I'm tired of winging it. I gotta get serious. Any suggestions on websites or books I can read so I can learn to read the technical indicators for stocks? I can predict the trends based on a graph, but that's about as much knowledge as I can claim. I have been going solely on my gut so far, and I don't know if that's gonna be very reliable going forward. I want to make informed decisions from now on. PEACE.

 

[RSTEIN]

I'm tired of winging it. I gotta get serious. Any suggestions on websites or books I can read so I can learn to read the technical indicators for stocks? I can predict the trends based on a graph, but that's about as much knowledge as I can claim. I have been going solely on my gut so far, and I don't know if that's gonna be very reliable going forward. I want to make informed decisions from now on. PEACE.

http://www.stockcharts.com is a great site. They have a chart school thingy where you can learn about the various indicators and stochastics for free. Stockcharts is my only trading expense... ~$200 for the year. PEACE.

 

[RSTEIN]

GM will not go bankrupt, I guarantee it.

New GM CEO: Bankruptcy May Be Best Option for Automaker

 

[Ovid]

I still don't get why you think the company will file for bankruptcy protection.

How active will the White House be in re-shaping GM?

Very active. Put it this way, the White House says it will have people in Detroit working to make GM leaner, more efficient, and likely a more conservative company. Don't be surprised if GM cuts more plants and sheds even more brands as Washington strips this company down to a more manageable, and hopefully, more profitable level.

Will GM go into bankruptcy?

Maybe. The White House says it may consider a "quick rinse" pre-packaged bankruptcy that would let the government use the bankruptcy code to eliminate costly liabilities. That's code for Washington telling GM bond holders, "You better agree to cut the company's debt even further or we'll force that to happen in bankruptcy court." There is a lot of saber rattling in that threat aimed at GM bond holders, but it is also a very real threat.

http://www.cnbc.com/id/29954963

If GM can't get all it needs done in 60 days, senior Administration officials said, then the Treasury Dept. may force the company into a quick form of bankruptcy. Treasury officials have called it a surgical process in which GM would go in and shed some obligations to creditors and the union quickly. One senior Administration official called it a "quick rinse." GM would be out of bankruptcy as fast as 30 days with less debt and the ability to make a profit at lower sales levels.

http://www.businessweek.com/bwdaily/dnflash/content/mar2009/db20090330_185066_page_2.htm

30-day bankruptcy??? When the hell has that ever happened, and for a company so large? The bankruptcy option is just a threat...you'll see. If I'm wrong, I'll take a one month ban.

 

[Ovid]

March 30 (Bloomberg) -- President Barack Obama may be winning over General Motors Corp. bondholders by calling for deeper cost reductions at the automaker.

A more aggressive survival plan would boost the value of equity and new bonds that noteholders would receive in an exchange aimed at cutting $27.5 billion in GM debt, advisers to the bondholder committee said today in a statement. Bondholder representatives met with Obama’s auto task force on March 5, and expressed concern that the restructuring plan didn’t go far enough to ensure GM would stay out of bankruptcy.

The Obama administration forced GM Chief Executive Officer Rick Wagoner to resign after concluding the Detroit-based automaker hadn’t done enough to prove it can survive amid the worst U.S. auto market in 27 years. Obama said today that company creditors, shareholders, workers, dealers and suppliers will be expected to make more sacrifices. The bondholder committee includes San Mateo, California-based Franklin Resources Inc. and Fidelity Investments of Boston.

“After the cram-down happens and bondholders go from $27.5 billion to $9 billion or whatever the number ends up being, their fate is tied to the future success of GM,” Pete Hastings, a fixed-income analyst at Morgan Keegan Inc. in Memphis, Tennessee, said in a telephone interview. “They’re going to need some assurance that is going to be worth something someday. The way to do that is to reduce their cost structure as much as possible.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=aAIPw3EkIajY&refer=home

 

[Ether_Snake]

ADSK up 10% on UBS upgrade, before I could get in:|


Also:

Media invitation: Tony Clement, Minister of Industry to make an announcement at CAE

Up 4% so far.

Update:

CAE announced today that it will invest up to C$714 million in Project Falcon, a research and development (R&D) program that will span five years. The goal of Project Falcon is to expand CAE's current modelling and simulation technologies, develop new ones and increase its capabilities beyond training into other areas of the aerospace and defence market, such as analysis and operations.

The Government of Canada will participate in Project Falcon through a repayable investment of up to $250 million. This investment is being made through the Strategic Aerospace and Defence Initiative (SADI), which supports strategic industrial research and pre-competitive development projects in the aerospace, defence, space and security industries.

Project Falcon will focus on applying investments into six main technology thrusts. Among these will be the development of an augmented visionics system-a technology enabling a pilot to take off and land safely even when visibility outside the cockpit is restricted. CAE will expand its research and development initiatives in its traditional training markets, including simulation and modelling for new types of aircraft, unmanned vehicles and replacement models for current aircraft. CAE will also develop networking technologies to allow defense forces of many nations to participate simultaneously in real time training and mission rehearsal exercises.

Through the course of the program, approximately 1,000 jobs will be created or maintained. CAE will carry out Project Falcon in Canada, utilizing its R&D laboratories, and test and integration facilities in Montreal. CAE's highly skilled workforce will continue to partner with universities and key research organizations in Canada, as well as innovative small and medium-sized suppliers across the country.

Awesome, just the direction I was hoping CGT to take

EDIT: STP up 12%

 

[kathode]

Out of IBM calls for 22% gain. Time to move on to fresh territory

Man, the 500 errors are getting ridiculous.

 

[Ovid]

Was gonna buy CGT yesterday but jumped in on JAVA instead. Oh well...good to see a company that has the full backing of their government.

 

[mckmas8808]

Dow Jones up +170 points today.


So far at least.

 

[kathode]

Looking at July AAPL puts if we get a last-minute surge. Short term indicators are looking like this is getting bloated.

 

[Ovid]

Looking at July AAPL puts if we get a last-minute surge. Short term indicators are looking like this is getting bloated.

Do u only do options trading? Options seem somewhat complicated to me.

 

[RSTEIN]

I'm not sure what to do right now. Only 10% invested (again). No real solid ideas for my system right now.

Do u only do options trading? Options seem somewhat complicated to me.

They only start to get complicated when you explore the various options strategies that you can create (butterflies, bear spread, strangles, straddles). These options combinations are usually designed to hedge a position or take advantage of an expected outcome (e.g. a company beating or missing earnings expectations by a wide margin).

Kathode and I only trade options. We don't write them or use any of the above set ups. In this regard they're just like stocks.

 

[kathode]

Do u only do options trading? Options seem somewhat complicated to me.

Yeah I do 99% options. It's fun, although it can also destroy your soul Still own a million shares of a penny stock that's going to make me a MILLIONAIRE bitches!!! Just needs to go up around 50,000% first!

Looks like AAPL is sliding back a bit as is the market. I just got asked out to coffee by some friends so I'm probably going to let it pass for now.

 

[Ether_Snake]

ADSK finished +10%, CGT +5%, STP +6%.

 

[D'ultimate]

quick question to RSTEIN or kathode:

when u purchase an option can u get out of it without having to pay the strike price? Therefore taking advantage of the movement for a cost but not having to excercise it. If you can do so do you get to keep the gains?

 

[kathode]

quick question to RSTEIN or kathode:

when u purchase an option can u get out of it without having to pay the strike price? Therefore taking advantage of the movement for a cost but not having to excercise it. If you can do so do you get to keep the gains?

Yeah, that is the whole idea. You can buy and sell contracts just like you do with stock shares. I have no intention of ever holding an option contract until it comes to fruition. I am just a middleman, buying up contracts that are on the open market and hoping to sell them for a profit when the price of the underlying stock gets nearer or above the strike price. I get nervous if I have a position that lasts more than two days. I don't write contracts and I don't exercise them, though there are strategies involving both of those that people use.

The requisite cautionary tale: The main thing to realize with options is that the money you put in is very much at risk, much much moreso than what you would invest in stocks. I've had $5k literally evaporate overnight. I pissed away a huge amount of my net worth last year in the market, a large % of my losses came from just a few bad options trades. You have to be willing to take some big losses every now and then, dust yourself off, and apply what you've learned. Success requires a firm understanding of the numbers and a very cool head under pressure. Remember, all options are worthless the day after expiration. There's no holding onto it and hoping it comes back five years down the road like a regular stock.

 

[Ether_Snake]

Obama Said to Conclude Bankruptcy Best Option for General Motors, Chrysler

President Barack Obama has determined that a prepackaged bankruptcy is the best way for General Motors Corp. to restructure and become a competitive automaker, people familiar with the matter said.

Obama also is prepared to let Chrysler LLC go bankrupt and be sold off piecemeal if the third-largest U.S. automaker can’t form an alliance with Fiat SpA, said members of Congress who have been briefed on the subject and two other people familiar with the administration’s deliberations.

While Obama two days ago gave GM 60 days to come up with deeper cost and debt reductions than the biggest U.S. automaker proposed in a viability plan submitted last month, the “quick and surgical” bankruptcy his administration described as an option appears to be inevitable, the people said. Obama personally signed off on asking GM Chief Executive Officer Rick Wagoner to step down, as he did on March 29, they said.

“Our focus is on accelerating the speed of our operational restructuring and reducing liabilities and debt on the balance sheet,” GM spokeswoman Renee Rashid-Merem said in an e-mail. “GM will take whatever steps are necessary to successfully restructure our company.”

 

[Ether_Snake]

STP up another 8%, solars are rising.

 

[mckmas8808]

Obama Said to Conclude Bankruptcy Best Option for General Motors, Chrysler

Surprised more DEMs are pissed at Obama over this.

 

[Meier]

Crossing my fingers that the Pre is indeed announced for a 4/30 date on Sprint at $299. That would be huge.

 

[Tarazet]

Still out of the market. I should have an Individual 401k by the end of the week, but it will be at least a month before I can get the funds from my Roth IRA in there. I have to:

1) Open Roth IRA account with E*Trade
2) ACAT transfer from Zecco Roth IRA to E*Trade account ($50)
3) Open Traditional IRA account with E*Trade
4) Electronically transfer/recharacterize funds to Traditional IRA account ($25)
5) Send paper request to transfer funds into Individual 401K

It's ridiculous, but it should be worth it. I'm filing an extension for my federal return because otherwise I won't make April 15.

 

[Ovid]

So JAVA is up to $8.00 (up $1 from the price I bought in at on Monday). Should I sell now or ride it till news comes out about IBM. This stock is so risky and I really feel uneasy holding it b/c I got burned with SNDK last year.

 

[Ovid]

MONTREAL, QUEBEC--(Marketwire - April 1, 2009) - (TSX:CAE)(NYSE:CGT) Over the past month, CAE signed contracts to design and manufacture three full-flight simulators (FFSs) and associated CAE SimfinityTMtraining devices valued at C$33 million at list prices. The contracts are with first time simulation equipment customers Avianca Airlines and Sofia Flight Training, as well as Emirates-CAE Flight Training (ECFT).

In addition, CAE announced that a contract signed earlier this fiscal year to provide a Boeing 757 FFS to Flight Training Finance (FTF) was terminated. However, CAE then sold the Boeing 757 FFS to an undisclosed customer. During CAE's fiscal year 2009, the company received orders for 35 FFSs, but due to the termination will officially report a net total of 34 FFS orders.

"Offering the industry's most comprehensive portfolio of simulation products has enabled CAE to enjoy another strong year in the sale of full-flight simulators," said Marc Parent, CAE's Executive Vice President and Chief Operating Officer. "While the year ahead will be difficult in civil aviation, our diversified business portfolio will help ensure CAE's continued success."

http://www.marketwire.com/press-release/Cae-Inc-NYSE-CGT-969379.html

Damn, this company is just pure quality. I think I might drop 10G's on it during the next dip.

 

[Ether_Snake]

Yeah and their strategy to rely less on US sales is relatively recent, and working well.

I will probably add to it too if I get the chance, unless I buy something else. They often get hammered for no obvious reason, except maybe due to USD fluctuations, so I should get a chance to buy again at a good price, but right now my shares are 10$CAD a share.

 

[RSTEIN]

So, my WFMI puts aren't doing so hot :lol Started a position in BBY puts.

 

[kathode]

Glad I didn't take those AAPL puts! Looking around today for opportunities.

TXI looking very fat.

 

[Ether_Snake]

STP up another 8%. ERTS up 8% too.

 

[mckmas8808]

Stocks up 200+ points so far today. We are sitting at 8,000 on the Dow today and 1,600 on the Nasdaq.

Does anybody see that holding til close?

 

[RSTEIN]

Stocks up 200+ points so far today. We are sitting at 8,000 on the Dow today and 1,600 on the Nasdaq.

Does anybody see that holding til close?

No clue. This market is crazy. I sold my UPS and BDK calls a couple weeks ago after they were oversold. Now both are overbought. It takes some powerful gains to move a stock from oversold to overbought this quickly. For example, for the RSI to hit 80 a ratio of 4:1 is needed - an up average that is four times larger than the down average. WFMI hit 80 a couple days ago. Rarely ever happens.

 

[kathode]

:lol :lol

I tried to buy TXI puts. I accidentally bought TXI calls (I was rushed before a meeting, and decided to just look at the option chains through my brokerage site. They're reversed from what I was used to, and I didn't even look closely. DUMBASS!).

But, just sold out for a 12% gain :lol What a day.

 

[Meier]

Sprint up another 13% -- I will probably unload all my shares if it gets to $5.00. C is an absolute dog as of late... I am down a good bit in it though so I am just going to wait it out.