Believe it or not, I don't own any of the stock. I bought some shares a few months ago, but then sold it off a few weeks later. I know people are probably thinking I'm a nutjob for doing that, but when I was younger I made a lot of mistakes buying stocks that were supposed to be the "next big thing," so I told myself I wouldn't do that anymore. So while it's looking like I will probably miss out by not holding onto this stock (although I had very little invested), in the long run I've probably spared myself a lot of losses simply by staying away from speculative stocks. For every WAMU story where the stock actually pans out, there seems to be 50 others where the stock fizzles or goes bust altogether.
I've always looked at stocks like poker -- in poker you can play poorly and make horrible decisions and still win an occasional pot due to sheer luck (which many people mistake for skill simply due to the fact they won), but if you don't learn from your mistakes you will end up losing your ass in the long run. I think the same is true of the stock market. If/when I don't practice discipline, I (and others) can get into a lot of trouble.
I hope nobody reads this the wrong way. In no way am I saying WAMU was/is a bad investment. It's actually turning out to be a GREAT investment. Congrats to everyone holding it. I hope it makes you all filthy rich.
Looks like we continue higher. Key indicators are the OBV continuing its march higher. What's even better is all this volume forced the Market Makers to buy some shares for themselves ... and buy they did. They've accumulated 31.5M shares since last week (see Chi-Osc) ... heck, they even got retail to throw down and buy quite a bit today as well.
If the MMs are buying, you can bet they likely wont be selling for a loss. So that leaves one way to go ... UP.
Chart:
If the MMs are buying, you can bet they likely wont be selling for a loss. So that leaves one way to go ... UP.
Chart:
A fool and his money shall soon be parted.
You make great points and I respect you for it. I got scammed for 5k in a variation of a pigeon drop when I was 18 and those things change you forever. And then there was the time I doubled my shares in this bank called washington mutual that was "too big to fail" the day before it was seized and the shares went to pennies.
I've broken a number of my principles on wamuq based on emotion and luckily the worst that's happened so far has been missed profits. I justify my multitude of speculative stocks to myself with the word "diversification".
I hope not too many ignorant people are convinced by ihub pumpers to bet the farm on wamuq.
Haha thinking back didn't you sell wamuq a couple days before it doubled?
Thanks so much for the chart and analysis/opinion. I'll be watching FF again in the AM. Are you deep in preferred right now?
Also, I'm looking for clarification, guys. It's my understanding the P's were convertible to commons pre-seizure but when they filed for BK there was a stipulation that they are no longer convertible. Does that sound right?
I think I actually broke even when I sold. If I won or lost money, it was probably something insignificant like $50. I don't think there was a big price spike right after I sold, but I could be remembering wrong.
I really didn't mean to imply that WAMU was a bad investment. I hope my original post didn't come off that way. I was just saying that I tend to shy away from speculative stocks due to some bad experiences in the past. That's not to say that they are bad investments or that people should avoid them at all costs. I'm fully aware that there are people who do quite well with speculative stocks. Those people are much, much smarter than me. @)
Like I said before, I'm here in Seattle so I have always been aware of WAMU. I have friends/relatives who banked with them, and also know a few people who worked there. It was a solid company that prided itself on customer service. Now that Chase has taken over, customer service is a thing of the past. A lot of former WAMU customers have left Chase because the customer service is so bad. Personally, I would like to see JPM not only fork over a big settlement, but I would also like to see some jail time for the likes of Dimon and Bair (though I admit that's highly unlikely). I feel especially bad for the pre-seizure holders like yourself. Hopefully your day of reckoning is coming soon!
Holy crap!
.498 Euros = 0.6775788 U.S. dollars
Frankfurt
https://chart.consors.is-teledata.c..._COLOR3=0000FF&TYPE_IND5=VOLUME&ID_TYPE_SIZE=
.498 Euros = 0.6775788 U.S. dollars
Frankfurt
https://chart.consors.is-teledata.c..._COLOR3=0000FF&TYPE_IND5=VOLUME&ID_TYPE_SIZE=
I think I actually broke even when I sold. If I won or lost money, it was probably something insignificant like $50. I don't think there was a big price spike right after I sold, but I could be remembering wrong.
I really didn't mean to imply that WAMU was a bad investment. I hope my original post didn't come off that way. I was just saying that I tend to shy away from speculative stocks due to some bad experiences in the past. That's not to say that they are bad investments or that people should avoid them at all costs. I'm fully aware that there are people who do quite well with speculative stocks. Those people are much, much smarter than me. @)
Like I said before, I'm here in Seattle so I have always been aware of WAMU. I have friends/relatives who banked with them, and also know a few people who worked there. It was a solid company that prided itself on customer service. Now that Chase has taken over, customer service is a thing of the past. A lot of former WAMU customers have left Chase because the customer service is so bad. Personally, I would like to see JPM not only fork over a big settlement, but I would also like to see some jail time for the likes of Dimon and Bair (though I admit that's highly unlikely). I feel especially bad for the pre-seizure holders like yourself. Hopefully your day of reckoning is coming soon!
Peter. I have read your insight the whole time i have been in wamu. you did the right thing. you have been burned before and this was a gamble.
stick with kuwlness. his dd is second to none. but he said all along this was a speculative play....
keep plugging away, stay positive and you will find a hidden gem...:toast:
All the money is coming into WAMUQ, not the preferreds. I did a calculation last night, and the UQs have over $95M new money dumped into them in the last 30 days ... while the preferreds WAMKQ: $3.38M, WAMPQ: $16.6M
So, big money is saying the UQs are the best investment, so that's where all my money is right now besides a few $K in the KQs.
As for the MMs, they're buying all those shares because they're covering their shorts. Yesterday was the start of the short-squeeze imo, today it gets better and tomorrow it probably tails off a little. I wont be selling any until Friday.
So, technically all those shares the Chi-Osc is showing the MMs have, they really dont because they were just buying to cover their short positions. Big money is still in control.
.714 x .715 PM .... :toast:
