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Wally Fairway

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Posts posted by Wally Fairway

  1. Here is a cautionary tale about what happens when you don't know who the markets really work.
    Or don't start buying oil futures just before they go negative, and your trading platform won't even show it to you

    https://business.financialpost.com/pmn/business-pmn/oil-crash-busted-a-brokers-computers-and-inflicted-huge-losses

    Quote

    Syed Shah usually buys and sells stocks and currencies through his Interactive Brokers account, but he couldn’t resist trying his hand at some oil trading on April 20, the day prices plunged below zero for the first time ever. The day trader, working from his house in a Toronto suburb, figured he couldn’t lose as he spent $2,400 snapping up crude at $3.30 a barrel, and then 50 cents. Then came what looked like the deal of a lifetime: buying 212 futures contracts on West Texas Intermediate for an astonishing penny each.

    What he didn’t know was oil’s first trip into negative pricing had broken Interactive Brokers Group Inc. Its software couldn’t cope with that pesky minus sign, even though it was always technically possible — though this was an outlandish idea before the pandemic — for the crude market to go upside down. Crude was actually around negative $3.70 a barrel when Shah’s screen had it at 1 cent. Interactive Brokers never displayed a subzero price to him as oil kept diving to end the day at minus $37.63 a barrel.

    At midnight, Shah got the devastating news: he owed Interactive Brokers $9 million. He’d started the day with $77,000 in his account.

     

    • Like 1
    • Haha 1
  2. Guess who is buying some DIS after the market closed?
    this autist right here - been busy with work since about 3pm, forgot to close out the call side of my DIS strangle from earlier in the week, it closed in the money so I think I just bought me some DIS. I'm pretty sure it will show up before the open on Monday....whee, gladly there are only nominal transaction fees these days...and I just went from having a speculative long-term put position to having that position as a hedge.

    #stonklife YOLO (hoping to profit from both sides of that one.....which never, ever happens in my account)

  3. 14 minutes ago, Sabalo said:

    TDA won't let you enter market orders on OTC.

    That is a good thing, not all platforms have that safety net - I'm pretty sure those #stock autists on /r/wallstreetbets do it without even thinking about it

    • Like 1
  4. 43 minutes ago, Blotto said:

    Is that somebody with a ridiculous low limit order and somebody fucked up with a "market sell" and there were no other buy orders? Weird shit. 

    That would be my guess, market orders on thinly traded (or anything under $1-$2) is just asking for someone to steal your order. 
    I finally go the nerve up to push the place the order button, so I'm holding more shares of DECN than anything else that I own, but it is by far my smallest $$$ value holding. 
    Not really happy to hold over the weekend, but it's worth the risk to see if they really have something with the COVID test development.

    • Like 1
  5. 6 minutes ago, Larry T. Spider said:

    I’m on TD. What’s the strategy with decn? I might be willing to stonk it up.

    the strategy/hope is they weren't lying about the COVID testing kit; and that they can then partner with someone who can make several 100 million test kits

  6. 47 minutes ago, nycHorn said:


    TD Ameritrade won’t let you buy it.

    Schwab seems to allow it - meaning I've loaded a buy order, but haven't hit the "place the order" button
    seems sketchy, seems risky, seems #stonky

    • Like 1
  7. 2 hours ago, ChiTownDoc said:

    Fuck it I'm gonna start STONKING shit up.  I have held off too long.  I'll start with some Lyft puts, $30 strikes for June...come back to papa you MF's.  Nothing crazy but I can be talked into something stupid right now.  What are we thinking?  

    DECN comes off it's SEC trading suspension tomorrow. I can't think of anything more #stonky

    • Like 1
    • Haha 1
  8. 2 hours ago, Beau Vine said:

    I seriously couldn't live with myself if I owned a fake meat company. 

    In case you don't know how stocks really work, you couldn't 0.0000001% live with yourself, if you bought a few shares of BYND; while you, hopefully, make a few bucks.

  9. Blackrock CEO Larry Fink has a message for private audience "Hold onto your butts"

    https://www.bloomberg.com/news/articles/2020-05-06/fink-delivers-grim-outlook-with-tax-hikes-for-corporate-america?sref=s0L1qQ1H

    Quote

    BlackRock Inc. Chief Executive Officer Larry Fink had a stark message for a private audience: As bad as things have been for corporate America in recent weeks, they’re likely to get worse.

    Mass bankruptcies, empty planes, cautious consumers and an increase in the corporate tax rate to as high as 29% were part of a vision Fink sketched out on a call this week. The message from the leader of the world’s biggest asset manager contrasts with the ebullient tones of a stock market that has snapped back from recent lows.
    Even among Wall Street luminaries, Fink speaks with particular clout. He has been advising President Donald Trump on how to navigate the effects of the coronavirus pandemic. And BlackRock is playing a key role in the Federal Reserve’s efforts to stabilize markets, helping the central bank buy billions of dollars in assets.
     
     

    Fink said on the call with clients of a wealth advisory firm that bankers have told him they expect a cascade of bankruptcies to hit the American economy, and he wondered if the Fed needed to do more to provide support, according to a person with knowledge of the remarks.

    A BlackRock spokesman declined to comment.

    Even as the U.S. is plunged into deepening economic gloom, it will have to raise taxes to pay for emergency efforts to rescue sectors grappling with a difficult recovery, he warned on the call.

    Among his predictions: lifting the 21% corporate rate signed into law as part of 2017’s tax overhaul to about 28% or 29% next year, according to the person. Fink also said he sees tax rates for individuals going up.

    Read more: BlackRock Takes Center Stage With Trump Seeking Calm Markets

    Raising taxes would water down the biggest legislative achievement of Trump’s time in office, when he and a Republican-controlled Congress drove through the most significant changes to the tax code in decades.

    Lower corporate rates juiced profits and showered cash on shareholders through increased dividends and stock buybacks. Now, at a time when many taxpayers are less able to bear the burden of higher taxes, the government may be forced to extract a larger share of companies’ and individuals’ income.

    The spread of the coronavirus, and measures taken to mitigate it, slammed the brakes on the economy. While Trump pushes to reopen commerce and his officials predict a rapid rebound, public health experts and some economists are skeptical the crisis will soon be over.

    Politicians, business leaders and economists are beginning to confront the risks of a limited federal response that might speed up the demise of smaller companies and wreck state and municipal finances that pay for schools, law enforcement and infrastructure.

    Read more: From Houston to New York, America’s muni finances are in tatters

    That won’t be the only strain on companies. Many may have to operate with only about half their staff in the office for more than a year, according to Fink. Across white-collar industries, millions are working remotely from home. It would be hard to see a complete return without mass availability of rapid testing, he said.

    There’s a risk that the U.S. outbreak will be severe enough to leave a long-lasting impact on the American psyche, undermining Americans’ willingness to take public transport or fly, according to Fink. He said he’s not aware of any of his CEO peers planning international travel this year.

    Underscoring the point, this week home-sharing leader Airbnb Inc. and ride-hailing firm Uber Technologies Inc. announced plans for mass layoffs as they wrestle with falling demand and dimmed prospects for the rest of the year.

    Read more: Gig Economy Companies Are Facing Twin Crises

    Many of the U.S.’s 30 million small businesses have struggled to get the relief they need. If the crisis continues, about 25% of those companies could close permanently before year-end, according to an April report released by Main Street America, a network comprising approximately 300,000 small businesses.

    Restaurants that typically operate with thin margins will struggle to survive as they plot out ways to lure back customers with social-distancing measures in place, Fink said.

    Fink also said he was concerned the worsening economic duress could further fan the flames of nationalism. The devastating impact from the coronavirus could make it a bigger threat to the global order, he said.

     

    • Like 2
  10. 9 hours ago, futureman said:

    I’m so curious what the story is there. 

    Hey don't judge - some kids parents are firefighters, some are lawyers and on this what does you parent do day little Suzy had her mom come in and demonstrate pole dancing. 
    I'm thinking the Dads in the audience came up with some singles $$$'s after that performance

  11. 4 minutes ago, Schulz2.0 said:

    Great attributes for a military wife.

    yeah not really - but she had no idea what it really meant since he did boot and AIT before they even met. So to her, his service (ANG) was 1 weekend a month & 2 weeks in the summer, right up until he deployed about 24 months after they met. 
    They will be alright, as long as they both are willing to work at it.

  12. Kind of a shitty update - he just found out, though they felt it was coming, that their deployment will be extended for at least 30 days. 
    Jr said "Of course it is - Army life consists of a paycheck & disappointments, his wife is pissed - but she struggles with the unknown and changes. 
    And she was already pissed because he signed up for a 7 week school in early 2021, and now he won't get back until late 2020. 

    One of my sons favorite sayings is "I expect nothing and still I'm disappointed"

  13. 11 minutes ago, GringoSalado said:
      Reveal hidden contents

     ARTICLE

    TEXT SIZEAaAa

    It’s been labelled risky, reckless, an outlier. Sweden has been at the centre of much debate over the past few weeks. Why has it not ruthlessly pursued lockdown like everyone else? Is it doing the right thing?

    Well, the Swedes themselves seem to think so, with overwhelming support for their government’s decisions and the advice of scientists.

    This is not a country divided. And we should also be clear that this is not a country that has done nothing. It has banned large gatherings, closed high schools and universities and told elderly people to self-isolate.

    But restaurants, bars, primary schools and most businesses are still open. The country has forged its odd path. And in absolute terms, unfortunately, more people so far have died compared to its Nordic neighbours.

    At the time of writing, Sweden has 14,777 confirmed COVID-19 cases and 1,580 people have died. If we compare that to Norway, which has half the population, it has seen 7,156 cases – or approximately half of that of Sweden – and the much-lower figure of 181 deaths. Finland, which has a population similar to Norway's, has seen 4,014 COVID-19 cases and 98 fatalities.

    Comparably, the virus has been nearly ten times more deadly in Sweden, even though it has only twice the population. Yet, hospitals have not been overwhelmed; figures available from last week show capacity is running at 80 per cent and worst-case estimates around infection and death rates have simply not transpired.

    That is not to say there isn’t anger out there, particularly at a perceived lack of shielding of older people. More than a third of fatalities have been people living in care homes.

    The impact of the coronavirus cannot simply be measured by its effect on health. Unsurprisingly, Sweden has been less damaged economically. Personal spending in Denmark is down 66 per cent and in Finland it stands at 70 per cent, compared to only 30 per cent in Sweden. Unemployment claims in Norway are rising four times as fast as those in Sweden. The latter’s overall economy is not expected to slump to nearly the same degree as much of Europe.

    And then there is the issue of so-called herd immunity. Studies at the weekend suggested between 25-40 per cent of Stockholm may have actually already had the virus. It could be up to 60 per cent by late May. In France, it is currently believed to stand at around six per cent.

    Does this mean Sweden will be better able to stem, stop or see less of an impact from the second or third waves when they inevitably come? We honestly do not know. It isn’t an exact science at the moment, we can't predict the future. And it will be a long time before we can fully assess whether or not Sweden has got it right.

    Darren McCaffrey is Euronews' political editor.

    https://www.euronews.com/2020/04/21/analysis-is-sweden-right-in-its-handling-of-covid-19

    IMO, there isn't a one size fits all way to handle covid. I think that what was done in Sweden could be valid for a specific lower density population; but in large cities, especially those with large rider base of public transportation, then I think you need more than social distancing and wearing masks - large cities can quickly overload their hospital systems. What we really need to learn is if there is any immunity from prior infection, because if so that makes easing restrictions less risky, if not they the 2nd wave could easily exceed what we have already seen.

  14. 3 hours ago, The People’s Elbow said:

    For BA, I’m expecting to hold for at least a year or two. That’s just me. 

    I agree that it will take about that long for travel to return, and the demand for planes. And if BA can ever get the 737 Max back in the air, then airlines will want the most efficient planes to keep operating costs as low as possible. 
    I'm thinking about some 9-18 month calls, expensive but much better investment if normal ever returns to the airline industry. And I'd rather spend my 1% investment on options then on the stock - because #stonk investors/gamblers would rather YOLO.

    • Like 1
  15. Here is another example of the economic toll that this pandemic is taking on the medical community.
    Michigan Medicine is one of the biggest and best medical centers in the state, it is part of the University of Michigan.
    Aside from treating many COVID patients, they have shut down many departments in their hospital, and as a result they are furloughing 1,400 employees and delaying a planned almost $1 billion expansion. 
    This is going to playout throughout the country in many medical systems, going on 2 months with very limited ER visits (excluding COVID), elective surgery, well care visists, etc.; the only department that really wasn't affect is labor & delivery since you can't really put that on hold. Although typically they now only allow the pregnant mother and 1 visitor.

    https://www.mlive.com/news/ann-arbor/2020/05/michigan-medicine-to-furlough-1400-employees-delays-construction-on-new-hospital.html

    • Like 1
  16. 12 minutes ago, Continental Op said:

    I got back in on 102 May 19 and 95 Jun 19 at the high today so it will probably skyrocket based purely on good Disney+ numbers since good things matter and bad things like 1/3 of your revenue generation sitting on the sidelines for the better part of a quarter are #pricedin.  

    I don't disagree - the put side of my strangle is up right now, I'm thinking about selling before the close and hold the call to see what tomorrow brings.

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