Hmm, I've been very patient, but I may get an itchy trigger finger before that!
OT: Stock and Investment Thread
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I know how you feel.Hmm, I've been very patient, but I may get an itchy trigger finger before that!
I’ve seen more price reductions the past two weeks than previous two years. Aside from gov’t inflation blunders, I will say that I think there is a generational issue too. When people in their 20s/30s don’t blink when they are paying $20 for lunch at Chipotle or $7 for coffee at my local coffee shop there is a fundamental problem with the way younger people manage their finances. It’s the live in the moment attitude that will have these people back to living in their parents basements and sleeping in vans.
Lot of people who went all in on Puts today getting absolutely wrecked.
wow, we may have just officially bottomed.
wow, we may have just officially bottomed.
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I think this is just a short covering rally because we didn't get really whacked on the CPI print. Maybe the market has finally accepted that Powell is going to continue to hike until inflation is under control.
Now the market will pivot to earnings.
You’ve been very patient?Hmm, I've been very patient, but I may get an itchy trigger finger before that!
Not patient with new money (sticking to our plan), but very patient with reallocating funds.
Sold some TQQQ OCT 21 puts earlier this morning(around 11 AM, so not at the lows) then sold SQQQ OCT 21 puts around 1 PM.
Lots of crumb trades but I'll be ready to stuff the turkey come Thanksgiving.
Bad news on CPI....Market Rallies....= close to bottom. I will start moving money on any pullbacks.
The Professor was on Halftime again, and he was sticking to his guns.
Though it should be noted that he is not calling for a pivot right now, he is just saying the Fed should take their foot off the gas. I think the Fed will do that, current hawkish talk is, to some extent, jaw boning.
Though it should be noted that he is not calling for a pivot right now, he is just saying the Fed should take their foot off the gas. I think the Fed will do that, current hawkish talk is, to some extent, jaw boning.
That was the thought back in June as well, (edit) when Lee Cooperman had noted to look for the bad news good price action as a sign of a bottom, and that did mark a bottom, but a short term bottom.
Time will tell if this is a bottom, short term or otherwise.
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SSO currently at $41.49. ATH was $74.47, so the % return to the high is 79.5%. Hoping for SSO to get down a full 50% to lock in a 2x return. Mid-37s may be the target.
Looks like Nov is coming in at 6.48%. Inflation is declining quickly!
I'll take it. Now if only Treasury Direct can fix the "glitch" on its website by Oct 28 so individuals who already met their $10k annual limit can also "gift" $10k to spouses.Looks like Nov is coming in at 6.48%. Inflation is declining quickly!
I’m confused. Why go through gifting when spouses can buy the $10k directly?
He's trying to buy $40k (each spouse buys directly and buys via gifting) instead of just $20k (buying directly).
To double the benefit. See my earlier post for details. But, in short, an individual can buy up to $10k in I-Bonds annually. He/she can also "gift" up to $10k to another, in this case a spouse. The result is a married couple can reciprocate, and together buy $40k. If you buy before the end of Oct, the first 6-months rate is 9.62%, then it adjusts to the new rate set in November, something around 6.50%, for the next 6-month period. So the motivation is to capitalize on the gift loophole.
Are you sure? I don't think that's possible. You can gift up to 10K to another person (spouse included) but only if they haven't reached that limit themselves.
I am sure. The problem at the moment is Treasury Direct updated its website on Oct 9, and they're fixing a number of "glitches," one of which is the ability to gift an I-Bond when the giver has already reached his/her $10k annual limit.
https://thefinancebuff.com/buy-i-bonds-as-gift.html
The gov'ment is trying to screw you! I'm sure the website will be fixed on Nov 1.
The link your provided confirms what I said. There’s still a 10k limit on a person regardless of whether it’s a gift, all bought on his/her own, or some combo of each.
From your link:
From your link:
Purchase Limit
The principal amount of delivered gifts counts toward the $10,000 annual purchase limit of the recipient in the year of delivery. You can still buy gifts for others even if you already bought the maximum for yourselfSo I bought my $20k back in May and I can't buy another $20k until Jan 1st. (and another $10K if I overpay my taxes to get the $10k refund next year).
Just kinda weird that they release them every 6 months but you can't buy but 1X time. My understanding is the one's I have will now earn the lower amount for the next 6 months...
I've actually started looking at treasuries but locking them up for 2 years for 4% vs. having in an online savings for 3% may not be worth it.
The tax refund, yes is a way to go over the 10K limit IIRC.
But I don't recall being able to get a gift to push yourself over the 10K limit. You're limited to 10K regardless of how it's made up (bought yourself or gifted or both). If that was the case, you could go way over 20K. Give gifts to your kids, family etc and they all give gifts back to you and you could easily go over 10K or 20K and so would they.
The tax refund up to 5K is the loophole to push beyond 10K but that's it AFAIK.
So you purchase the gift for the other individual by the end of October. Hold it in your gift box. Then transfer that gift next year to the recipient's TD account. That gift does count as the recipient's $10k limit for 2023.
But that’s still up against the 10k limit but just for a different calendar year. They didn’t get 20K for one calendar year and that’s my point.
You can pass the 10K limit with a tax refund up to 5K. That’s about the only loophole I know.
Yeah no. I get all that. Got 20 for wife and me and planning for 2023 play.
Check out the Berger vid. You are gifting the $10k in '22 but actually transferring it next year. And that $10k gift counts toward the '23 limit for the recipient, not toward your limit.
It would appear that this might accelerate the interest for two months (November and December) or until the transfer. While a small number, who pays the accrued interim interest tax, the holder or the recipient of the gift during this time?
The context is reciprocal spousal gifting. I don't believe there are tax consequences until the bond is redeemed.
Oh I get that it’s not toward your own limit with that kind of gift. You don’t really have a limit as far as gifting to others. It just has to be up to 10K at most to any particular individual in a calendar year and the recipient can’t go beyond 10K for themselves for a calendar year with whatever amount of personal buying and/or receiving of a gift.
I could give 100K to 10 different people in a calendar year assuming they haven’t bought anything for themselves. That 100K wouldn’t count a dollar toward buying up to 10k for myself.
My thought was you made it sound like you could get more than 10K in a calendar year for yourself by buying 10K yourself and receiving 10K as a gift from your spouse. That’s not correct but maybe I misunderstood you.
The only way to get more than 10K for yourself in a calendar year is through tax refund which could get you up to 5K more.
Somewhat confusing, yes. And complicated. Your spouse can gift you $10k in '22 and then transfer it to you in '23. That would count as your '23 limit, though. The objective is to lock into the 9.62% rate for the first 6 months which begins at the initial gift purchase date, while held in the purchaser's gift box prior to transfer.
I probably have a much longer time horizon than some on this thread, but $10K…9.62%…seems like “crumbs” given the opportunities in the stock market…no? I’m not screaming ATHs are coming but we should find a bottom in next 6 months and at that point there will be plenty of money to be made.