04/04/2011 Intraday Watering

[Me XMan]

One important line to remember: "You want fries with that!"

Green Shoots!

(Reuters) - Fast-food chain McDonald's Corp said on Monday that it plans to hire as many as 50,000 U.S. additional employees later this month, citing improvements in its domestic business in recent months.

[Me XMan]

Just got done swimming 3/4 miles and running 6 miles after.

Slow day today..I think I am going to start my workout early today.I will feel better when I get done.

Me too, bye guys.

[uempel]

Last chart for today:

[stocksage]

Not exactly, only the gains that offset the losses will be disallowed. Any other gains are yours. It is really no different than end of year reconciliation.

Right, but I see many traders repeatedly buying the same thing they just took a multiple losses on and all the gains gotten will not be allowed until all those losses are offset.

[cletus]

It looks to me like they continue to unload on the highs

[Cobra]

Hi, guys, I'm back. I see 2 legged down here, so there's a chance the low was in today.

[gator11]

Not exactly, only the gains that offset the losses will be disallowed. Any other gains are yours. It is really no different than end of year reconciliation.

Right, but I see many traders repeatedly buying the same thing they just took a multiple losses on and all the gains gotten will not be allowed until all those losses are offset.

It all depends on how you do your accounting. If you do mark to market accounting then there are no wash sales

[doji]

Watch AUD/USD, AUD/JPY both down today. Especially AUD/USD - last week broke out the upper channel line, today's red candlestick is almost the first time we see it in this leg up. Wondering what will be the next for the commodity risk on/off trade. Is today's red bar on AUD/USD and early sign of risk trade is fading off?

[stocksage]

Not exactly, only the gains that offset the losses will be disallowed. Any other gains are yours. It is really no different than end of year reconciliation.

Right, but I see many traders repeatedly buying the same thing they just took a multiple losses on and all the gains gotten will not be allowed until all those losses are offset.

It all depends on how you do your accounting. If you do mark to market accounting then there are no wash sales

Sure traders can elect to use the mark to market way of reporting and not worry about wash sales but you have to declare by April 15th of the current tax year. I was a full time trader in the mid 90's through early 2000's then retired. I used to use mark to market but wonder how many here do? I don't use it anymore as I travel quite often and mostly swing trade now.

And you must use form 4797 not sched D. Once you elect mark to market you are stuck with it forever unless you retire and get permission from the IRS.

[cletus]

I live in the San Francisco bay area and apparently I'm drinking radioactive water -- yeeaahhhhh!!! No wonder my teeth are glowing.

http://blog.alexanderhiggins.com/2011/0 ... its-13014/

[90ufo]

1) I use MTM and form 4797(income tax rate), but I report section 1256 trades on schedule D because of favorable tax rate(60% LT/40% ST), do you?
2) because I report all trade-gains on Form4797 and schedule D, my schedule C shows zero income and "operating loss", so I am not eligible to deduct home office expense (utility, insurance, repair, etc) on form 8829. How about you? thanks!

Sure traders can elect to use the mark to market way of reporting and not worry about wash sales but you have to declare by April 15th of the current tax year. I was a full time trader in the mid 90's through early 2000's then retired. I used to use mark to market but wonder how many here do? I don't use it anymore as I travel quite often and mostly swing trade now.

And you must use form 4797 not sched D. Once you elect mark to market you are stuck with it forever unless you retire and get permission from the IRS.

[99er]

Public Service Announcement: Attention West Coasters

Latest forecast has all of California under radiation threat April 6, 7 — Shows levels as high as in Japan (VIDEO)
April 4th, 2011 at 07:41 AM

Fukushima Potential Releases, Xe-133 Total Column for April 4-April 7, 2011, Norwegian Institute for …Read More
2 comments
Canada suspends mobile radiation measurements around Vancouver, BC “until further notice” as radioactive cloud looms (VIDEO)
April 4th, 2011 at 06:46 AM

Nuclear Emergency Response, Health Canada, March 31, 2011 …Read More

http://enenews.com/

[cletus]

Public Service Announcement: Attention West Coasters

Latest forecast has all of California under radiation threat April 6, 7 — Shows levels as high as in Japan (VIDEO)
April 4th, 2011 at 07:41 AM

Fukushima Potential Releases, Xe-133 Total Column for April 4-April 7, 2011, Norwegian Institute for …Read More
2 comments
Canada suspends mobile radiation measurements around Vancouver, BC “until further notice” as radioactive cloud looms (VIDEO)
April 4th, 2011 at 06:46 AM

Nuclear Emergency Response, Health Canada, March 31, 2011 …Read More

http://enenews.com/

I live on the west coast. I am, in fact, dying -- right now!! Oh well, they will use Bernanke's printing press to create dollars to fan the radioactive winds out to sea again.

[stocksage]

1) I use MTM and form 4797(income tax rate), but I report section 1256 trades on schedule D because of favorable tax rate(60% LT/40% ST), do you?
2) because I report all trade-gains on Form4797 and schedule D, my schedule C shows zero income and "operating loss", so I am not eligible to deduct home office expense (utility, insurance, repair, etc) on form 8829. How about you? thanks!

Sure traders can elect to use the mark to market way of reporting and not worry about wash sales but you have to declare by April 15th of the current tax year. I was a full time trader in the mid 90's through early 2000's then retired. I used to use mark to market but wonder how many here do? I don't use it anymore as I travel quite often and mostly swing trade now.

And you must use form 4797 not sched D. Once you elect mark to market you are stuck with it forever unless you retire and get permission from the IRS.

I don't use M to M anymore because I don't trade anymore full time. I swing trade. Secondly, I want that long term tax rates as I have around 2500 shares of appl I started accumulating around 80/share in 2009 so when I sell I don't want to pay short term tax rates! Ouch.

[cletus]

Long FAZ at 39.07 currently at 39.27 and rising

[Cobra]

No good, the 3rd touch usually breaks something.

[cletus]

A bull wedge in FAZ could be?

[Me XMan]

You shouldn't chart these ETF's IMO.

A bull wedge in FAZ could be?

[MagChang]

I don't use M to M anymore because I don't trade anymore full time. I swing trade. Secondly, I want that long term tax rates as I have around 2500 shares of appl I started accumulating around 80/share in 2009 so when I sell I don't want to pay short term tax rates! Ouch.[/quote]


"The reduced 15% tax rate on qualified dividends and long term capital gains, previously scheduled to expire in 2008, was extended through 2010 as a result of the Tax Reconciliation Act signed into law by President George W. Bush on May 17, 2006. This was extended through 2012 by President Barack Obama on Dec 17, 2010"

[90ufo]

thanks. I meant to ask when you were using MTM and schedule C, were you eligible to deduct home office expense?

1) I use MTM and form 4797(income tax rate), but I report section 1256 trades on schedule D because of favorable tax rate(60% LT/40% ST), do you?
2) because I report all trade-gains on Form4797 and schedule D, my schedule C shows zero income and "operating loss", so I am not eligible to deduct home office expense (utility, insurance, repair, etc) on form 8829. How about you? thanks!

Sure traders can elect to use the mark to market way of reporting and not worry about wash sales but you have to declare by April 15th of the current tax year. I was a full time trader in the mid 90's through early 2000's then retired. I used to use mark to market but wonder how many here do? I don't use it anymore as I travel quite often and mostly swing trade now.

And you must use form 4797 not sched D. Once you elect mark to market you are stuck with it forever unless you retire and get permission from the IRS.

I don't use M to M anymore because I don't trade anymore full time. I swing trade. Secondly, I want that long term tax rates as I have around 2500 shares of appl I started accumulating around 80/share in 2009 so when I sell I don't want to pay short term tax rates! Ouch.