Peanut's Potent Plethora of Profit

[skiracer]

That is not specific info and I see no problem with it.

However...on this comment:

Quote:
Originally Posted by skiracer
The only time it becomes insider trading or info is when you get caught. Thinking that insider info amonst the hedge funds and other institutional buyers and large banking and underwriting institutions isn't going on or isn't a daily occurance is being naive.


That's like saying if you are an axe murderer who kills 10 people but you never get caught...Then you are not really a killer?...C'mon Ski.

Naive...Heck, I think it goes on all the time...But you only hear about the one's who get caught....Doug(IIC)

An those are the ones who get labelled as "insider trading". If they never got caught no one would have any idea of what was going on. They only have to live within their own consciences.

[peanuts]

Here's one I personally know about.... Roanoke Electric Steel is a customer of mine and also a vendor. I've been doing business with RESC since 1987. I personally know the guys involved in this case. (RESC is now owned by STLD)

http://www.sec.gov/litigation/litreleases/lr16648.htm

There was a "tip" given on the golf course about RESC buying another Mini-Mill and because of this "tip" these dudes profited from buying an obscure LOW VOLUME!!!! steel stock before the buyout deal was announced to the public. They most likely would have never been caught but one of them was bragging to a "friend" about his stock market profit and that they had "inside info".... And one phone call led to another.... And then the feds got involved....

Was Watson King an employee of Roanoke Steel? The article says that he was VP of RESCO, I'm wondering if RESCO is Roanoke Electric Steel Company or this

Also, does STLD buy scrap from you? How are they a customer? Scrap prices are dropping recently... can't figure out why...

[peanuts]

... Maybe it will reverse and hold this time. Average daily volume around 35,000 shares per day. Friday's volume only 8800 so up on much lighter volume hard to go on. PSAR giving a uptrend signal but was last time it tried to break resistance and hold.[/B]

Good read on the 20 EMA... seems like it is acting as resistance. We'll see which way this thing is going to go by the end of the week.

[skiracer]

Good read on the 20 EMA... seems like it is acting as resistance. We'll see which way this thing is going to go by the end of the week.

Thanks, hope it breaks resistance and holds for you.

[Lyehopper]

Was Watson King an employee of Roanoke Steel? The article says that he was VP of RESCO, I'm wondering if RESCO is Roanoke Electric Steel Company or this

Also, does STLD buy scrap from you? How are they a customer? Scrap prices are dropping recently... can't figure out why...

Yes, he was an employee of Roanoke Electric Steel or RESCO (as Roanoke Electric Steel was then refereed). The company you linked has nothing to do with this case and (according to their web site) they were not in business in 1998. Mr. King was a production Supervisor who had been at the (RESC) plant since it's conception. He owned a lot of RESC stock and was made a Jr. VP.... He did not sit on the board of directors, he was just an employee. If you will recall I said that I personally knew of this (local) case, I remember when it happened and I know the people involved personally.

Yes, I sell my mild steel scrap to a subsidiary of STLD. Why can't you figure out why scrap prices are in decline?.... You do realize that steel is simply a commodity right? What drives commodity prices Peanuts?.... Like I said a few weeks ago, steel inventories are on the rise.... Be ready to short sell basic steel in the fall....

[IIC]

Like I said a few weeks ago, steel inventories are on the rise.... Be ready to short sell basic steel in the fall....

Hmm...Sounds like that my be inside info...LOL

[peanuts]

...Yes, I sell my mild steel scrap to a subsidiary of STLD. Why can't you figure out why scrap prices are in decline?.... You do realize that steel is simply a commodity right? What drives commodity prices Peanuts?.... Like I said a few weeks ago, steel inventories are on the rise.... Be ready to short sell basic steel in the fall....

According to the Austin Report, war drives commodity prices. It seems that ever since 9/11/2001 we have begun another 25 year commodity bull cycle.

Even if we are not directly at war with anyone, I guess that steel will be following the demand throughout this 25 year cycle, since it is a global industry.

But, that still doesn't answer the question of why scrap prices are dropping right now. I am seeing fewer orders coming in through my company, and hearing of other people experiencing weak sales to Steel. But I also see the projections of production for many of the firms as well, and there is no dip...

The only reason that I can employ to short any steel company is if they are unable to meet demand, or they cannot control increasing costs.

Several shops are going through a planned maintenance shutdown this month and next, but that should not affect results, as it has been planned for a long time.

Is there extra scrap on the market? I do not think that demand has decreased.

[peanuts]

addition to the earnings list

Here's my top 5 as of Aug 5, 2006:

SPSX chart, yahoo key stats today's price: $31.78

NPK chart, yahoo key stats today's price: $51.64

VVI chart, yahoo key stats today's price: $33.42

GMRK chart, yahoo key stats today's price: $31.35

LOGC chart, yahoo key stats today's price: $2.15

Other mentionables:

USLM
ODP

The latest addion to the "mentionables" list is TWLL

[Lyehopper]

According to the Austin Report, war drives commodity prices.

Actually it's much more simple than that.... "Supply and Demand" drives commodity prices. When inventories rise because of slowing demand.... prices fall.... as do the profits of the particular supplier of said commodity.

[Lyehopper]

Is there extra scrap on the market? I do not think that demand has decreased.

I think demand is slowing.... Globally.

[DSteckler]

According to the Austin Report, war drives commodity prices.

Either you're misquoting them or they're being too simplistic in their view. Demand comes from many sources; war is just one of them. The strong demand for steel, for example, came from the economic jumps in India and China, not war. And rising commodity prices in softs has very little do do with war.

[peanuts]

Either you're misquoting them or they're being too simplistic in their view. Demand comes from many sources; war is just one of them. The strong demand for steel, for example, came from the economic jumps in India and China, not war. And rising commodity prices in softs has very little do do with war.

Dave, specifically, this chart is on that site which I have linked... you must not have read it.



I think that the conclusion they are trying to draw is that with war, commodity prices rise. They also mention the demand of Southeast Asia affecting demand.

Demand / Supply = Price is given for any efficient market. Usually, however, there are forces behind either supply and demand which dictate their magnitude. War is one of them, I suppose. Maybe what we are seeing from South East Asia will be another (standard of living increases)

[peanuts]

day trading account - taxes

Does anyone know if there are any tax implications that I need to be aware of for holding a day trading account? For several years now, I have been able to limit my day trades to 3 per week. Now, with a choppy market, I see a need to trade more often to get the same returns. I see day trading opportunities in several stocks throughout the week... but I've got the 3 round trips already and I have yet to be flagged as a daytrader in any of my accounts.

I am contemplating a day trade today, but I've got 3 from last week which still apply to my account. I do not want to be flagged as a daytrader if there are financial implications, tax-wise. I spoke with my broker regarding this and I am told that there are no extra fees for being flagged as a day trader.

just to let you know:
I have 3 trading accounts, and an IRA account which I don't mess with too often- 1 account is my ST account, where I day trade, hold margin, and play some other stocks. My MT and LT accounts are not on margin and I have set strict personal rules to trading within these accounts. The only account I will be day trading is my ST account with margin.

Thanks for any help you can offer me.

[DSteckler]

Dave, specifically, this chart is on that site which I have linked... you must not have read it.

Yes, I read it. Why would I have commented on it if I hadn't read it? My point is that there's a lot more than war that drives demand for commodities.

[DSteckler]

Does anyone know if there are any tax implications that I need to be aware of for holding a day trading account?

What you want is here:

http://www.tedtesser.com/ted.html