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Kal Torak posted:Man, that CL calendar sure burned me this time. I guess storage is suddenly not an issue? Maybe not. It's tough to get a sense of the data. Since mid-March there's been a mad scramble for storage, storage levels keep building, and yet... no problem now? There are reports of unorthodox storage coming online, European salt caverns, hastily built Chinese onshore tanks, so maybe it's a solved problem. Or maybe this move in prices is more speculative and won't last... with all the attention on oil over the last few weeks, I'm sure a lot of money poured in, and it's probably net long. Ur Getting Fatter posted:Presumably this month every hedge fund has brought in someone with actual knowledge to review these positions and make sure it doesn't happen again, so I'm not confident we're gonna see anything close to last month's problems. Yeah, one bitten twice shy, and I don't think we'll see anything like last month's mess. No way June goes negative. But I'm curious if we see a front month dip as we get closer to expiration (which happens on May 20th).
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May 7, 2020 16:00
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Residency Evil posted:Bumpin' this since it seems like more than just me was wondering. I thought the quintessential bitcoin tax issue was during the 2017 bubble where they just kept selling one shitcoin for another at "a profit" and then during the 2018 crash they were left holding a worthless asset and a big tax bill for their 2017 realized gains. Presumably you can avoid this by taking a look at your yearly realized gains and losses and setting aside at least 10% of that in cash to make sure you can pay the tax in 2021, even if Dec. 30th you decide to go 100% in on Tesla puts that tank Jan. 2nd dpkg chopra fucked around with this message at 16:06 on May 7, 2020 |
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May 7, 2020 16:02
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Residency Evil posted:Bumpin' this since it seems like more than just me was wondering. Fidelity has a YTD tax info tab, I'd imagine any legit platform does too
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May 7, 2020 16:03
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I just have turbotax connect to my brokerage accounts and handle my schedule D. Some cost basis isn't reported right so I go in and update that with the right info from the brokerage's P/L report.
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May 7, 2020 16:12
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Ur Getting Fatter posted:I thought the quintessential bitcoin tax issue was during the 2017 bubble where they just kept selling one shitcoin for another at "a profit" and then during the 2018 crash they were left holding a worthless asset and a big tax bill for their 2017 realized gains. Yeah, maybe I'm misunderstanding how often you guys (or maybe WSB) are trading options, but it seems like some people keep on grinding through trades and I could see someone ending up with a loss at the end of the year, but having a pretty heavy tax bill due to STCG. Edit: oh apparently Schwab updates it more frequently if you actually trade frequently. There’s my answer. Residency Evil fucked around with this message at 16:31 on May 7, 2020 |
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May 7, 2020 16:17
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Residency Evil posted:Yeah, maybe I'm misunderstanding how often you guys (or maybe WSB) are trading options, but it seems like some people keep on grinding through trades and I could see someone ending up with a loss at the end of the year, but having a pretty heavy tax bill due to STCG. I don't see how that could happen. If you have a loss for the year you won't be paying taxes on a gain.
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May 7, 2020 16:31
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Sold my paypal stocks this morning. Up 14 percent for the day and around 30 percent overall so I felt it was time. Bought $ABC and waiting to buy more other stuff when I see the opportunity.
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May 7, 2020 16:34
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I am so sad. I had an order of 50 NET calls queued up, then decided to cancel when I saw it was up 8% premarket. Would have almost tripled my money.
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May 7, 2020 16:35
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pmchem posted:gimme 3.4M unemployment headline number pmchem posted:unemployment number is 3.169M whoa whoa whoa, in the DoL PDF they changed reporting: https://twitter.com/kevinrinz/status/1258385225324912642?s=20 I'm gonna claim victory on my 3.4M number!
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May 7, 2020 16:36
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Residency Evil posted:Yeah, maybe I'm misunderstanding how often you guys (or maybe WSB) are trading options, but it seems like some people keep on grinding through trades and I could see someone ending up with a loss at the end of the year, but having a pretty heavy tax bill due to STCG. The reason it bit people is because the IRS treats midnight on 12/31 as a magical time barrier where everything freezes. If you have aggregate profits on 12/31, you need liquid dollars to pay the capital gains on them by April 15th. If you have aggregate losses, you get to deduct up to $3000 and carry forward any excess to the next tax year. Bitcoiners got hosed because they: bought bitcoins, traded bitcoins for USD or other shitcoins in 2017 which is a taxable capital gain, held them through the cash, and lost so much that their net liquidation value was less than their tax liability. You CAN do this with options too! To do it you'd need to: Make a consistent profit in one calendar year, roll ALL of that profit into more options that you liquidate or that expire in the new year, and then lose all that money in the new year. Most reputable brokerages will let you scope your annual P/L. STCG are taxed like normal income, so if you know what your tax rate is and save another 2% or so of wiggle room on Jan 1, you should not end up hosed like the bitcoiners. Frequency of trading won't increase or decrease your likelihood of this being a problem, save that if you're continually trading a lot, you're probably turning a profit on some of your trades, since you aren't churning your account into oblivion.
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May 7, 2020 16:40
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It just wants to give 2900 one more kiss before it goes down into the abyss.
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May 7, 2020 16:47
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debating whether to hold USO puts into Monday or rolling to JUNs. Since I hate money, opened CHEGG Jun 55p
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May 7, 2020 16:56
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Bought spy puts expiring today 288 at 1.52. Going for small gains.
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May 7, 2020 17:04
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Treasuries getting bid like crazy today, 2 year is 0.14% now, 5 yr is .315%, 10 year is 0.66%.
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May 7, 2020 17:04
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Shorted /ES at 2892 but I don't have an exit
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May 7, 2020 17:05
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Oscar Wild posted:Bought spy puts expiring today 288 at 1.52. Going for small gains. Also picked up at SPY put. 8 May 20 SPY 290 p @ 2.34 Not sure what my exit is, if it gets to 287 I'll bail
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May 7, 2020 17:06
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Josh Lyman posted:Shorted /ES at 2892 but I don't have an exit Same but it doesn't feel right
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May 7, 2020 17:07
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Sepist posted:Same but it doesn't feel right
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May 7, 2020 17:12
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literally everything is green, this is so rare every S&P500 sector corp bonds treasuries long and short bonds oil gold all major non-US indexes growth value just throw a drat dart
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May 7, 2020 17:12
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Woodchip posted:debating whether to hold USO puts into Monday or rolling to JUNs. Theta on the mid-Mays is 0.08 vs 0.03 on the mid-Junes. If you're not expectinga big drop today and/or planning on selling this week, I'd roll them.
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May 7, 2020 17:15
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This is one of the few times my long positions are underperforming on an up day. 
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May 7, 2020 17:17
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pmchem posted:On the Saudi side, my theory is that they want prices low for a while to pay off what I suspect is a contango play of their own (see: https://www.bloomberg.com/news/articles/2020-03-13/saudis-send-oil-tanker-rates-soaring-with-huge-booking-spree ) but that will only be short-term (order, a few months at max). If they get enough pressure from US senators and the president, they will eventually relent, because they are 100% reliant on us for defense, both in gear and in the region. hooo boy, quoting part of my old post about Saudis relying on us for defense and that being a pressure point for oil prices, because: https://twitter.com/FirstSquawk/status/1258430685640941572?s=20
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May 7, 2020 17:20
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pmchem posted:hooo boy, quoting part of my old post about Saudis relying on us for defense and that being a pressure point for oil prices, because: Why is the DVD rental service reporting on this :p
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May 7, 2020 17:26
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Josh Lyman posted:Out at 2890. Feels like there's no conviction in the selling. There will be another opportunity today. Yeah until I see something obvious gonna sit this out. Not losing $10,000 is better than not winning it.
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May 7, 2020 17:29
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Tokyo Sex Whale posted:Yeah until I see something obvious gonna sit this out. Not losing $10,000 is better than not winning it. Oh I see where I'm going wrong
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May 7, 2020 17:36
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pmchem posted:hooo boy, quoting part of my old post about Saudis relying on us for defense and that being a pressure point for oil prices, because: Saudis gonna realize that without the US support militarily with boots on the ground, things will go about as well as their Yemen campaign when they did it solo. Anyway, TSLA currently flat and there is news that their one remaining China plant is having to shut down because lack of US parts. I wonder if they won’t be able to start up when quarantine is lifted because of lack of US parts for their factories in the US. They only have an inventory of about 15k cars.
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May 7, 2020 17:37
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I want to play TSLA and Chipotle options but they’re so expensive it isn’t worth it. Anyone else found a way to get in? E: to add spy puts printing today. You’ll probably make money buying them now still. poisonpill fucked around with this message at 17:44 on May 7, 2020 |
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May 7, 2020 17:41
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Dwight Eisenhower posted:The reason it bit people is because the IRS treats midnight on 12/31 as a magical time barrier where everything freezes. If you have aggregate profits on 12/31, you need liquid dollars to pay the capital gains on them by April 15th. If you have aggregate losses, you get to deduct up to $3000 and carry forward any excess to the next tax year. Thanks for this.
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May 7, 2020 17:44
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Bought a bunch of SPXS at 2900. I couldn't resist.
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May 7, 2020 17:44
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May 7, 2020 17:48
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poisonpill posted:I want to play TSLA and Chipotle options but they’re so expensive it isn’t worth it. Anyone else found a way to get in? TSLA moves so much a buddy of mine makes a little off hilariously OTM options.
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May 7, 2020 17:49
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poisonpill posted:
Huh? My spy puts I bought monday are losing today
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May 7, 2020 17:55
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ketchup vs catsup posted:Huh? My spy puts I bought monday are losing today Sorry, should have said the ones I bought at noon for $290. They're outplaying the downtick buy a lot. It feels like people are jumping at every little indication for a crash. skipdogg posted:TSLA moves so much a buddy of mine makes a little off hilariously OTM options. I've been burned by OTM options. Is the trick to buy them way far out on meme stocks?
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May 7, 2020 18:01
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skipdogg posted:TSLA moves so much a buddy of mine makes a little off hilariously OTM options. Be warned, this is how I lost $2k on deep OTM TSLA options when it went the wrong way.
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May 7, 2020 18:06
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It's out of my pay grade at $191 a share but $DGAZ is demonstrating very predictable movement within two bounds:
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May 7, 2020 18:10
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Really tempted to go in some slightly OTM SPY puts, but I want to go for a walk and this feels like the kind of short term drop that you gotta be staring at the screen to take advantage of.
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May 7, 2020 18:13
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Ur Getting Fatter posted:Really tempted to go in some slightly OTM SPY puts, but I want to go for a walk and this feels like the kind of short term drop that you gotta be staring at the screen to take advantage of. IMO unless you're using options to hedge against loss on a long position, you basically do need to be glued to your screens.
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May 7, 2020 18:16
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Yeah, I'm pretty much glued to the screen when I'm trying to scalp options. If I'm busy at work and can't pay attention I take the day off. 30 seconds can be the difference between 15% profit and 15% loss, and I haven't bothered to learn how to setup automatic selling price point thingies.
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May 7, 2020 18:19
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pmchem posted:hooo boy, quoting part of my old post about Saudis relying on us for defense and that being a pressure point for oil prices, because: 
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May 7, 2020 18:21
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$UCO/$USO now negative on the day.
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May 7, 2020 18:26
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