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B4 The Bell, Moonday, June 28


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#211 Drano

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Posted 28 June 2004 - 09:54 PM

HB, I posted the above before I saw your response! But the question still stands -- and I will talk to someone at Waterhouse tomorrow who actually speaks English, and will find out the answer as to whether the Waterhouse National Bank sweep fund guarantees return of principal.
Of course I'm caustic!

#212 Hiding Bear

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Posted 28 June 2004 - 10:02 PM

Bong Yield Higher

Buck Fades

URL=http://www.capitalstool.com/subscribepop.htm]30 Day Intro Subscribatory. Just $16.99! Get In RIGHT NOW![/URL][/SIZE]

I've waited a week for my bong hit. :lol: Looks like there is a pretty solid trend in place already.
Tanks. ;)

PS Doc - would you have an updated cmap of oil lying around?

#213 depends

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Posted 28 June 2004 - 10:08 PM

MH, End -- good to see ya postin' agin'  :D

I still like an 1151 termination point but if the green line is broken, 1146 will do.  ;)

Draino - I have a Waterhouse stock account for my cubs, but I am not familiar with the bank you talk about.  I think what they are doing is placing your funds in a money market bank account.  Therefore it would be covered under FDIC limitations.  MMFs are not guaranteed, except SIPIC basically guarantees you will recover your investments worth up to $500,000 in the event of a brokerage failure.

Great job Stain!. Also welcome back TE and MH.

Brian4 may be right but I'd like to wait for a confirmation of a trend change before jumping back to the short side.

Hiding, I hear ya loud 'n clear from in your cave, butt I have been
successful shorting the rallies and not chasing anything down.
The trick is to be in the short before the drop - duh!

Howsomever I am being verry careful of a giant bear
trap and a suffocating squeeze, therefore am taking
profits when I see 'em. Keeping losses to a minimum.

1151, 1165 or 680 who knows.

Brian's call today was grand.

#214

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Posted 28 June 2004 - 10:14 PM

HB, I posted the above before I saw your response! But the question still stands -- and I will talk to someone at Waterhouse tomorrow who actually speaks English, and will find out the answer as to whether the Waterhouse National Bank sweep fund guarantees return of principal.

Drano....Be damned careful. 100K per individual account, 50K per joint account.
Waterhouse just went into banking as some other brokerages have done.
Therefore, under one roof 100K would be the limit.

Personally, I have brokerage accounts swept on the 25th of each month and sent to different bank accounts (checking) along with direct deposits. Note that my broker was attempting to use my funds for a month before depositing to the accounts.....the float. NO WAY!

Just some words of caution.

My next step will be to get other broker accounts when needed.

#215 DrStool

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Posted 28 June 2004 - 10:14 PM

Again, I'm pretty sure that a money market bank account is not a money market fund. A money market fund would not be fdic insured, it would be sipc insured. You need to find out what they are talking about, a money market fund or a bank money market account.

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#216 DrStool

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Posted 28 June 2004 - 10:19 PM

I found it. http://www.tdwaterho...rvice.html#cash

Cash Sweep Vehicles

All available cash balances in your brokerage account, including dividends, interest, and proceeds from sales, will sweep daily to the cash sweep vehicle of your choice: TD Waterhouse Bank, N.A. FDIC-insured money market account

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Posted 28 June 2004 - 10:23 PM

Again, I'm pretty sure that a money market bank account is not a money market fund. A money market fund would not be fdic insured, it would be sipc insured. You need to find out what they are talking about, a money market fund or a bank money market account.

concur Dr.

#218 DrStool

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Posted 28 June 2004 - 10:24 PM

Waterhouse just went into banking as some other brokerages have done.
Therefore, under one roof 100K would be the limit.


It's the other way around. TD is Toronto Dominion, Canada's second largest (I believe) bank. They bought Waterhouse in the internet mania. They've been banking for a couple hundred years and online brokering for 5 years.

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Posted 28 June 2004 - 10:34 PM

Waterhouse just went into banking as some other brokerages have done.
Therefore, under one roof 100K would be the limit.


It's the other way around. TD is Toronto Dominion, Canada's second largest (I believe) bank. They bought Waterhouse in the internet mania. They've been banking for a couple hundred years and online brokering for 5 years.

I stand corrected.

#220 Drano

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Posted 28 June 2004 - 10:40 PM

Thanks for finding that, Doc!

And you're fluent in English, too! Another mystery solved -- I had wondered why they were suddenly known as TD Waterhouse.

One of the things that has irritated me about Waterhouse is that they will permit you to wire-transfer funds in, but not OUT -- they insist on writing a check, which takes a ridiculous five days to clear. The roach motel of brokerages.

However, it's worth putting up with that if the account is actually an insured bank account for the cash. I have not thus far found other brokers with FIDC insured accounts.
Of course I'm caustic!

#221 brian4

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Posted 28 June 2004 - 10:40 PM

Depends you got it -Pal be in the trade before the drop-my 3 point stop works over time. In Canada Eh- a lot of folks did what I did-they held their nose and voted for the Liberals-the Party that can do the least damage, now I am a Conservative BUT a surplus is a surplus. The Libs need 155 seats for a majority and sit at 120 with a lot of counting to come we shall see BUT if they get that majority the Loonie will Launch and I am Long up to my eyeballs-watch the loonie! The Conservatives up here were hurt by the name, unfortunatley Shrub has blackened it and maybe for all time. Sad but true! Tomorrow I am lookin DOWN Baby- DOWN! ;)

#222 The End

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Posted 28 June 2004 - 10:45 PM

Waterhouse just went into banking as some other brokerages have done.
Therefore, under one roof 100K would be the limit.


It's the other way around. TD is Toronto Dominion, Canada's second largest (I believe) bank. They bought Waterhouse in the internet mania. They've been banking for a couple hundred years and online brokering for 5 years.

I stand corrected.

Deleated by me. It was funny, In my frame of mind. :)
NONE of what I type, should be taken as financial advice.

And when you loose control, you'll reap the harvest that you've sown
And as the fear grows, the bad blood slows and turns to stone
And it's too late to loose the weight you used to need to throw around
So have a good drown, as you go down, alone
Dragged down by the stone.


--Waters

#223 The End

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Posted 28 June 2004 - 10:49 PM

Depends you got it -Pal be in the trade before the drop-my 3 point stop works over time. In Canada Eh- a lot of folks did what I did-they held their nose and voted for the Liberals-the Party that can do the least damage, now I am a Conservative BUT a surplus is a surplus. The Libs need 155 seats for a majority and sit at 120 with a lot of counting to come we shall see BUT if they get that majority the Loonie will Launch and I am Long up to my eyeballs-watch the loonie! The Conservatives up here were hurt by the name, unfortunatley Shrub has blackened it and maybe for all time. Sad but true! Tomorrow I am lookin DOWN Baby- DOWN! ;)

If we break 1129 Brian. IMHO.
NONE of what I type, should be taken as financial advice.

And when you loose control, you'll reap the harvest that you've sown
And as the fear grows, the bad blood slows and turns to stone
And it's too late to loose the weight you used to need to throw around
So have a good drown, as you go down, alone
Dragged down by the stone.


--Waters

#224 depends

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Posted 28 June 2004 - 10:58 PM

What would be bad is if we drop early and finish higher with
volume. Doubt it will happen though as volume should
be light with the wait on for greeny and the rate move.

#225 Big Doo Doo

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Posted 28 June 2004 - 11:00 PM

Excellent analysis by Reg Howe:
---------------------

As discussed in Targeting the Gold Cabal with Silver Bullets (2/17/2004), any effort to support the dollar by suppressing gold prices would also seem to require a parallel suppression of silver prices. With its own reasons for wanting a strong dollar, China had an obvious motive for mobilizing its silver stocks to assist in the scheme, and all the evidence suggests that its role became increasingly vital with each annual decline in other world inventories. A more interesting question, however, is presented by the data indicating that the Chinese have supplied large quantities of physical metal through leasing or swaps rather than outright sales.

In the case of gold, leases or swaps offer the central banks several advantages. Given the accounting conventions approved by the IMF, central banks can report leased or swapped gold as if it were still in their vaults, preserving the illusion that collectively they remain a powerful force in the gold market. They also avoid having to make the public explanations that sales require, not to mention waging battles with politicians over control of the proceeds.

None of these advantages has any relevance in the case of official Chinese silver. However, selling silver at historically low prices, whether measured in dollars or by the silver/gold ratio, is not an attractive option, especially if large amounts of physical silver can be moved into the market by other means to accomplish its purpose. On the other hand, leasing silver to non-producers during periods of low prices involves significant risk of default should silver prices later move sharply higher.

One solution that might well have appealed to the both the Chinese and Western central banks is silver/gold swaps. They would also explain why the BIS is reporting total silver forwards and swaps apparently far in excess of a billion ounces when only 300 million ounces of producer forward sales have been authoritatively identified.

Although swaps of this nature might take place directly between government instrumentalities, they could also be effected using the bullion banks as intermediaries, and thus show up in the figures on OTC gold and other precious metals derivatives reported by the BIS. In that event, an intriguing question arises as to whether and how the procedures used by the BIS to avoid double counting would operate, and it is possible that the full amount of the same swap might appear in the figures for both gold derivatives and those for other precious metals.

In negotiating the precise terms of any such swaps, the parties would have faced an array of issues. The Chinese would have required custody arrangements for the gold that assured physical delivery to them on any failure to unwind a swap. They also would have sought provisions allowing them to benefit from any favorable movement (reduction) in the silver/gold ratio.

Assuming that what James Grant has labeled the "transpacific fandango" involves gold and silver as well as paper currencies, any Chinese move toward revaluing the yuan has more profound implications for the monetary metals than even he suggests. Noting evidence of recent reductions in their dollar holdings, at least one respected anal cyst expects a Chinese revaluation prior to the the U.S. presidential election. See J. Turk, The Coming Revaluation of the Yuan, Gold Money Alert (June 13, 2004).

What is more, there is always the danger that China might use its financial muscle in the foreign exchange and precious metals markets to support strategic objectives that are not largely economic, e.g., reunification with Taiwan. See, e.g., US feels heat of dragon's breath, Asia Times Online (June 22, 2004). But whatever the challenges to U.S. power presented by China today, the racially insensitive phrase applied to earlier threats from across the Pacific does not suffice.

For if America is vulnerable to high stakes economic and financial blackmail, the true peril is not of a pale oriental hue, but the rich golden yellow reflected by the two monetary metals fused to their common and historic purpose. And remembering that the Chinese invented paper money brings into play another golden rule of financial survival: "Never try to hustle a hustler."

http://www.goldensextant.com





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