Do you watch Jim Cramer's "Mad Money"

#61
I tried to buy it at $1.05, but it took a week to register and transfer funds to my on line broker, so I missed that window. Yeah, I scored a real nice profit - $209.44. I sold Citi at $3.09, the market closed w/Citi at $3.19. I hate this shit! Dave, maybe you're cut out for this, but I guess I'm not.
It's definitely not for everybody, but don't kick yourself because you didn't sell at the exact top, nobody can call it exactly. So what, you still made money. Chances are you'll get a chance to buy it cheap again. Not saying you should, but if it gets slammed at any point down the road I know I'll pick up some shares to sit on. And if not Citi, there'll be other opportunities, just be patient and pick the right one.

Currently I'm playing a stock that's benefitting from the flu scare. I bought on Thursday and will hold it for a while, until it feels right to sell. Even if I sell before or after the top, I can deal with that, as long as I made some $.
 
#62
Like Cramer said, low cost stocks are low cost for a reason.
That's true, but it doesn't always mean it's a good reason. Not saying that regarding Citi, just a general observation. It's like Warren Buffet said, "be fearful when others are greedy and greedy only when others are fearful"

Sometimes stocks are undervalued for no good reason, and eventually the market catches up with that reality and the stocks gets valued more accurately. Sometimes the opposite is true and stocks are priced higher than they should be. DNDN is a case in point, it's priced on the hope of what they might accomplish, what their earnings might be if they get FDA approval. If I had bought that a few weeks ago, I would have sold most of it the day before they announced the results of their clinical trial. The selloff that followed their announcement was 100% predictable.
 
#63
That's true, but it doesn't always mean it's a good reason. Not saying that regarding Citi, just a general observation. It's like Warren Buffet said, "be fearful when others are greedy and greedy only when others are fearful"

Sometimes stocks are undervalued for no good reason, and eventually the market catches up with that reality and the stocks gets valued more accurately. Sometimes the opposite is true and stocks are priced higher than they should be. DNDN is a case in point, it's priced on the hope of what they might accomplish, what their earnings might be if they get FDA approval. If I had bought that a few weeks ago, I would have sold most of it the day before they announced the results of their clinical trial. The selloff that followed their announcement was 100% predictable.
Citi went to a high of $3.47 today, for no apparent reason. The news was that they wouldn't be able to repay their TARP money for perhaps many years and that they would need billions more. This seems to defy all logic. If I went and bought the stock back, it would fall through the floor. Some times I think the gods are just mocking me.
 
#64
Citi went to a high of $3.47 today, for no apparent reason. The news was that they wouldn't be able to repay their TARP money for perhaps many years and that they would need billions more. This seems to defy all logic. If I went and bought the stock back, it would fall through the floor. Some times I think the gods are just mocking me.
LOL, I know the feeling. Go around the block a few times and you'll only get more comfortable. Besides, at least you're smart enough to recognize that buying today would be a mistake. Citi's bound to get a pull back somewhere along the line the next few days, even if just for part of a day. Buying at any dip would be better than buying on a day like today IMO.

When did the news item you're referring to get released?
 
#65
LOL, I know the feeling. Go around the block a few times and you'll only get more comfortable. Besides, at least you're smart enough to recognize that buying today would be a mistake. Citi's bound to get a pull back somewhere along the line the next few days, even if just for part of a day. Buying at any dip would be better than buying on a day like today IMO.

When did the news item you're referring to get released?
Now Citi's up to $3.78??????
 
#66
Ahhh, what are you going to do? Be happy you made some money IMO. I understand the dilemma though, don't get me wrong. I've been holding back on selling something the last few days which is up nicely, but I don't want to miss out on more upside which I'm fairly confident is coming since they're reporting earnings next week. If I sell and it goes up more, I'll be kicking myself. If I don't sell and it goes down, I'll be kicking myself. But one thing I do know is that it is extremely difficult to sell at the exact top. At the end of the day, any time you make money, you've got to put it in perspective and be happy. Especially in your situation with Citi...from what you've told me, you made almost 100% profit, right? That's pretty fucking good IMO. Did you reinvest it in something else, or just keep it on the sidelines?
 
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#67
Dave

What do you know about NYSE Market Maker firms or Nasdaq Market Specialists? The gods aren't conspiring against me, it's just these guys at work, and no I didn't make a 100% profit. I invested $11,000 and came away with a profit of $355, that works out to 3.27% profit.
 
#68
Ouch. I thought you got in closer to $1.00.

Still, don't kick yourself. At least now your account is funded and ready to go for the next opportunity, be it in Citi or something else. And believe me those opportunities will present themselves. Do you want to spread that $ around? There's a lot of 15%+ pops going on these days. A couple of thousand on several different carefully chosen stocks could yield a nice payday.

As far as market makers go, I don't know as much as I should, I'm sure of that.
 
#69
NYSE Market Maker firms or Nasdaq Market Specialists set the bid and ask prices of the stocks at these exchanges (they are also known as auction exchanges). This is why prices of stocks at these exchanges often seem to go up when there is no logical reason for them to do so. Even worse, these specialists will rase the prices of stocks they own (I was told this by someone who may or may not be telling the truth, or know the real facts). Every one talks about well funded brokers shorting stocks, about naked short selling and the up tick rule, but no one ever mentions market makers "longing" a stock.

I would love to hear what Cramer thinks about these guys.
 
#71
I thought stock market threads were not allowed in this section, but I guess that there was so little gambling thread activity, that the moderators decided to allow this.
 
#73
The great news is that AIG was selling for almost $20/share this week, the not so great news is that AIG's stock had a 20 to 1 reverse split meaning that if you owned 100 shares of AIG, you now own only 5 shares.
 
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