What are the chances he bought the high after the cut and blow out his last 15K?? I am pricing in at least 33% he did get long again.
Here is his post trade damage analysis: <object width="425" height="373"><param name="movie" value="http://www.youtube.com/v/kE6O02T6Vvw&rel=1&border=1"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/kE6O02T6Vvw&rel=1&border=1" type="application/x-shockwave-flash" wmode="transparent" width="425" height="373"></embed></object>
Overnight maintenance with IB for ER2 is $4,200 his position should have been liquidated by IB on the open of overnight session. And it probably has been closed by the broker.
I can't stop laughing watching the first video!! But he is still there today so it isn't so bad. And he stops f**king this f**king that.
The really sad part is he still owes capital gains on the 45k he made from last year so there goes 7k more out of his trading capital.
IRC 1256 allows him to write off losses up to 3 years back. So it's a wash (with a one year lag), he'll just get the 7k back in '09 when he reports the loss for '08.
the video is removed from youtube- anybody have it (i haven't seen it, sounds like a must see). thanks.
Of course he will but the fact remains is he owes it now and it will take half of his current account just to pay it.