Nothing Wrong with Taking a Little Profit 41 comments
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Being a big fan of profit taking, I couldn't resist the opportunity to take a little money off the table on Friday because it not only has freed up some cash to enjoy a little bit of the good life, but I'm also not convinced that another dip down to the DOW 8500 level isn't a possibility.
If the market does take another slide before once again marching forward towards DOW 10000, then cash on hand is going to become a necessity for those looking to jump in on any bargains that may open up.
I want to emphasize that I did not completely sell out of any position; I just sold enough to satisfy my thirst for profit and to free up some additional cash.
First, I couldn't resist the opportunity to sell some shares of SIRI for 76 cents. Most of these shares I had purchased for about ten cents and I thought that Friday, after a significant run for the stock, was as good a time as any to realize some profits. However, I still have about two thirds of my position left because I believe SIRI will reach - and then surpass - a dollar sometime in the short-to-mid-term future.
I then decided to sell most of my Citi (C) September $5 call options. Those have also traded up pretty significantly over the past few weeks and I couldn't resist the opportunity to sell - especially since they will only be valid for another month. I retained my full inventory of Citi long calls since, as I've mentioned before, I think Citigroup and its stock price will ultimately recover along with the rest of the market.
Again, I like the idea of having cash on hand in case the market takes another dip before recovering and SIRI and C have helped me boost the reserves, for the time being.
Whatever the reason is, however, realizing some profit is a must in this game, because a profit is not a profit until it's realized.
Disclosure: VFC is long SIRI and long C.
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I also have two accounts and cant live without them on the commute...Pandora and IPods,etc,.. just can't do it for me.
SIRI-Doom...Look at the delisting requirements. It is at least a year before the can be delisted, and they are so close to being exempted from it in the near term. You are bitter, but don't try to pass your unhappiness unto others.
Mr. Stupid
www.2tip.biz
SIRI Management wants it to happen.
I hold 40,000 original pre-merger shares that are avg down to 2.10. Additionally, I have traded 70,000 shares SIRI in and out every day since the 2Q report and made over $8,000.
I am avoiding most risk by day trading in and out without holding any of the 70,000 shares over night. My $ 8,000 profit is cash safe in the bank.
Like the rest of you, I would like to believe SIRI will go over the $1.00 mark and save the trouble of dumping.
However, I know the thoughts expressed by all of SIRI management on Dec 18, 2008 stock holder meeting. As Mel explained, this is a two part plan to pay debt and then reduce stock saturation. The plan was to issue lots of stock, pay debt and then rev-split. Well, SIRI issued a hell of a lot of stock and they are waiting for any opportunity to do the rev-split.
A Year to Rev-Split?
No Sir, Mel will NOT seek exstintion or waiver. The rev-split is the plan in waiting. SIRI will jump on the split ASAP.
Goldman Sachs has control
Looking at the options chain we see the shorts retreating. GS has repositioned the hedge. However, as we near the September 12, 2009 deadline, GS will once again be holding a massive short position. GS will be holding SIRI just under the $1.00 mark to sucker in the “Unwashed”. GS will be slowly rebuilding a short position hedge and when they are ready SIRI will be crashed with news of the NasD warning letter of delisting.
News of the delisting letter and rev-split will be released after hours. Most people will lose all the gains before the next market open. That is why I will not hold over night.
POSTING THIS COULD EXPOSE THE PLAN AND PREVENT IT FROM HAPPENING. All we can do is pray SIRI makes the $1.00 mark and delays the rev-split.
IMHO…
Trading SIRI you are dealing with criminal gangsters at Goldman Sachs, Malone and Mel KarmaCrook.
To profit form trading SIRI you must have a sociological understanding of the Criminal Mined. You must beware of the tricks, plans and try to stay one step ahead.
We can never trust SIRI while Goldman Sachs maintains a borrowed guaranteed hedge of millions of shares from the merger financing.
I feel bad for the poor people who trade SIRI on Love…
Don’t believe the paid SIRI propaganda you read about improved fundamentals and better days ahead. SIRI is mounting more debt with each passing quarter, bond issue and refinancing. It is all just more debt extended out to buy time.
Goldman Sachs must make it look good. They want you to believe the Clunker program caused the bounce in SIRI.
IMHO
As a result, GS will be sending SIRI on the decline.
One possible bounce remains on Wednesday for the SIRI Gadget Expo…
Now, with the last rally, the double top at 0.63 was a compelling reason to sell using Elliott Waves analysis as the resistance coincides with the projected 12345 target; so I sold half of that last buy at 0.62 expecting a minor pullback before the next rally.
One thing unexpected is the sudden breakout above 0.63 resistance. This breakout morphed the pattern into a complex 12345 instead of a simple one. There is nothing wrong with that particular type of morphing pattern, only that it happens much less than the usual patterns. It actually is a good breakout with volume support.
Suffice to say that in the current form, SIRI should be able to make a complex 12345 rally on the daily chart with a target of 1.03 off the 0.37 low before it will require several weeks of correction.
On the weekly chart; I expect SIRI to be able to reach 1.46 to 1.82 on a sustained rally before it will require several months of correction.
Long term; SIRI is a simple zigzag pattern on the quarterly and yearly charts. If it proves true to form and become a highly profitable company; it should be able to reach the last high of year 2000 in less than 5 years from it's most recent low.
Hope this will help those not technically inclined longs.
SO SHUT IT SIRI DOOM ABOUT DELISTING. What else are you going to be wrong about? This site is littered with some good and some AWFUL information from some less than informed posters and a couple of uniformed writers. I will say that I agree with profit taking that VFC wrote about and his investment discipline. I don’t agree with these stupid pics of the writers though. Show a little professionalism. It goes a long way.
You just don't want to belive Mel wants the rev-split and will not dealy it with any procedures you just listed...
Why dont you call SIRI Investment group and ask. I did and was I was told the rev-split is part 2 of the plan outlined December 08 stock hoolder meeting. SIRI is ready willing and waiting... Dah...
On Aug 24 10:33 AM SIRI-Doom wrote:
> LOL Oh my...
>
> You just don't want to belive Mel wants the rev-split and will not
> dealy it with any procedures you just listed...
>
> Why dont you call SIRI Investment group and ask. I did and was I
> was told the rev-split is part 2 of the plan outlined December 08
> stock hoolder meeting. SIRI is ready willing and waiting... Dah...
idiot
On Aug 24 11:04 AM RealityofSiri wrote:
> You're an idiot. Last week you wrote about how Mel would use the
> "reserve stock" (which is actually called Treasure stock and is never
> referred to as "Reserve Stock") to win any vote. I then pointed out
> you can't vote with Treasury stock and you removed that from your
> rant. I next provide the NASDAQ relaxed delisting requirements and
> then you no longer reference that. All you have left is the reverse
> split nonsense. Again, you're an idiot. Pretty soon, you're only
> going to have enough b.s. to fill 2 sentences. Good luck with that.
> BTW, I'm barely bullish on SIRI so it's not like I'm trying to pump
> up the stock.
For those who missed out on getting onto the SIRI bandwagon early enough, are you aware of other stocks that have plumbed the sub 10 cent depths but a la SIRI can bounce back in the near future allowing folks to make some 'sirius' coin? Case in point is UBRG that went up more than 1000% yesterday......
There's quite a few that meet that profile, I've tried to benefit myself off of those (TTNP, MHAN). Feel free to reccommend the hidden gems (sub ten cents with the potential to boom!).
Thanks,
VFC
I was hoping that you would have some recommendations - I dont really have a handle on anyone at this time. Be swell if you any in your headlights that may worth a dekko.....
Thx
Maverick
On Aug 26 01:02 PM VFC's Stock House wrote:
> Maverick,
>
> There's quite a few that meet that profile, I've tried to benefit
> myself off of those (TTNP, MHAN). Feel free to reccommend the hidden
> gems (sub ten cents with the potential to boom!).
>
> Thanks,
>
> VFC
Nice work! I follow you because I believe your honest and actually own or at least you give some price points that you may own what your writing about. You seem to be down to earth and give good practical advice. Thank You and keep up the good work!!
Any thoughts on when Hedrin maybe approved?
Thanks
SAS70