Down goes the Dow

Racket wrote:

Helio wrote:

1/4? That seems high.

28% actually (hey look at me and my fancy tax bracket everyone). These are all gains from day trading. When I said investment, I basically meant gambling winnings. Also if anyone knows a bank in the Cayman Islands I can run this money through then blink twice.

But that’s 28% of your gains, not your investment. So that 1/4 was definitely too high.

Helio wrote:

Racket wrote:

28% actually (hey look at me and my fancy tax bracket everyone). These are all gains from day trading. When I said investment, I basically meant gambling winnings. Also if anyone knows a bank in the Cayman Islands I can run this money through then blink twice.

But that’s 28% of your gains, not your investment. So that 1/4 was definitely too high.

I swear to god I knew that. Total brain fart. Good thing someone reminded me of that before I threw it all back into options

Racket, you're out for now because you met your target or because you doubt the market is going lower?

seattle prattle wrote:

Racket, you're out for now because you met your target or because you doubt the market is going lower?

Met my target, which was actually just to get back to my original investment. Went from 30k-7k-42k...in two months. Almost got assigned twice because I sold naked calls to try to claw my way back up (I don't recommend it). Ended up making way over on a long shot bet last week when I made a big bet on volatility going up on Thursday (did a call spread on VXX). Fortunately I was right and sold that position and got out except one small 50$ bet I made on Friday. Market will probably go down further unless Trump wants to remove his dumb tariffs but I'd rather not risk it anymore. It's been a wild ride the past two months

Thanks.

Yes, it's been volatile. Smart to take your profits and not look back. Easier said than done for many of us.

Have a great holiday and best of luck on your next foray into the markets.

seattle prattle wrote:

Racket wrote:

Ha! I actually held TZA for like two months and that was fun. But yeah, it's always something. I thought if you hold less than a year then it just counts as regular income? I know you can write off or deduct losses which I looked into until I gained it all back

A year holding period to qualify for long term cap. gains sounds about right. I generally don't sweat it just becuase i actively trade in my IRA accounts so i don't get hit with short term cap. gains.

Turnover in the cash accounts, which i do have to pay taxes on, is just about nil except this year.

The only time i tried TZA, i lost a little. Shorting is not my strongpoint.

In 2018 the capital gains tax rates are either 0%, 15% or 20% for most assets held for more than a year. Capital gains tax rates on most assets held for less than a year correspond to ordinary income tax brackets (10%, 12%, 22%, 24%, 32%, 35% or 37%).

Ghost of Igloi wrote:

The point is having a negative view on the market is an opinion, it does not make you a bad or evil person

But, if you've had a positive view over the past several years, you've deserved insults and name calling for that viewpoint. Correct?

mellon wrote:

Ghost of Igloi wrote:

The point is having a negative view on the market is an opinion, it does not make you a bad or evil person

But, if you've had a positive view over the past several years, you've deserved insults and name calling for that viewpoint. Correct?

No that goes to posters like you, for reasons already cited.

Yeah for the record I'm staying out of whatever bad blood there is here that apparently dates back years.

Ghost of Igloi wrote:

mellon wrote:

But, if you've had a positive view over the past several years, you've deserved insults and name calling for that viewpoint. Correct?

No that goes to posters like you, for reasons already cited.

When the debate is over, slander becomes the tool of the loser.

“Habitual harrassment is the mark of a disturbed person.”

Homer says wrote:

“Habitual harrassment is the mark of a disturbed person.”

You just proved my point. Thanks.

And your response proved mine. Thanks.

Not really.

Racket wrote:

Yeah for the record I'm staying out of whatever bad blood there is here that apparently dates back years.

Racket,

Yes it goes back several years. My daughter is an attorney and we have kept a log of his activities. Internet harrassment is a crime governed by state law. Fortunately the folks at LRC are good people and have acted in my behalf a couple of times. This person has a sickness and needs to be treated professionally. Unfortunately most of these people do not seek treatment and just continue to do what they do. My wife has become concerned about this person and I share some of her concerns.

Igy

Disagreeing with someone is not harassment.

Ghost of Igloi wrote:

Racket wrote:

Yeah for the record I'm staying out of whatever bad blood there is here that apparently dates back years.

Racket,

Yes it goes back several years. My daughter is an attorney and we have kept a log of his activities. Internet harrassment is a crime governed by state law. Fortunately the folks at LRC are good people and have acted in my behalf a couple of times. This person has a sickness and needs to be treated professionally. Unfortunately most of these people do not seek treatment and just continue to do what they do. My wife has become concerned about this person and I share some of her concerns.

Igy

Right well like I said I'm staying 100% out of whatever this is.

Futures are pretty red right now

The new pivot point is 2523 S&P 500.