Disqus - Latest Comments for MarkWolfinger

Re: Perez wins bid to lead Democratic Party

MarkWolfinger — Sat, 25 Feb 2017 16:15:42 -0000

We now have 54 states. "There are 33 GOP governors, compared to only 21 for Democrats"

Re: Making Sense - Robb Gordon: Lame Duck Appointments

MarkWolfinger — Tue, 16 Feb 2016 16:43:06 -0000

If the Senate refuses to do anything, what can the President do? Can he nominate someone else to serve, or must he begin by withdrawing his first nominee?

Re: Wanting More From Life

MarkWolfinger — Thu, 21 May 2015 23:04:09 -0000

no matter how you look at it, sneaking kids into a motel room is highly unethical and cheating.

Re: Bank of America's Penalty Misses the Point

MarkWolfinger — Fri, 08 Aug 2014 12:37:32 -0000

We agree. Suing the lender is abominable in the vast majority of cases. But there are obscene situations in which homeowners were duped.

We agree. The blame can be shared.

My problems are: (1) Many people lost their homes (some deservedly, others not); (2) The scumbag mortgage brokers got and kept there fees. There should have been a clawback; (3) Zero (or almost zero) bankers went to prison or faced trial. You have additional serious and reasonable problems with some borrowers. I accept that. But why did the bankers get away scot free? Why were any and all penalties paid by the shareholders?

Re: Bank of America's Penalty Misses the Point

MarkWolfinger — Fri, 08 Aug 2014 10:44:18 -0000

No. You do not follow correctly -- as you are already aware.

I never said that it was ok to walk away from a loan. I said it was legal. You disagree. If you are going to refer to me as ignorant, there is no need for further discussion.

Yes, falsifying the loan document was not 'right' but when the person making the loan encourages it -- just so he/she can earn the fee -- it is not easy for the borrower to pass up the opportunity. You seem to be an ethical person, as am I. But I hope you recognize reality: In 21st century America, integrity is in short supply and temptation wins. the problem is that the people with the greatest political pull are the ones who can get away with the biggest crimes.

The bankers who committed perjury and forgery knew exactly what they were doing. If they are not held accountable personally, then there is no justice. At least that is my opinion.

Re: Bank of America's Penalty Misses the Point

MarkWolfinger — Fri, 08 Aug 2014 09:34:33 -0000

You continue to ignore the main problem. First, the bankers encouraged lair loans and failed to verify borrower information. That makes them accountable for the inevitable trouble that followed. Second, when it hit the fan, they deliberately and methodically broke the law -- and they did it many thousands of times. With zero remorse.Robo-signing was a criminal act.

It is not a question of whether you believe that the borrowers should be prosecuted -- although there would be little sympathy for prosecutors who took that path. When ignorant people are presented with a chance to live a dream, they take it. Then they could not pay. Do not believe that most of these borrowers were competent to understand the impossibility of paying off the loan. The ignorance of the general public is beyond belief.

The problem is that the bankers got away with everything. How can you ignore that? How can you prefer to blame the borrowers when the lenders were villains?

Re: Bank of America's Penalty Misses the Point

MarkWolfinger — Thu, 07 Aug 2014 14:06:13 -0000

1) The bankers committed perjury, forgery, and fraud with malice aforethought. They got off scot free.
2)The unethical homeowners took a legal option. Just as those who use loopholes in the tax laws. They walked away from their debt. Some took the legal pathway and declared bankruptcy. Others did not - and some of those paid a financial penalty.
3) BUT: Other than flippers, the homeowner was trying to stay alive and did not seek to do real harm. The bankers intentionally hurt many thousands of people, helping to destroy the world economy in the process. If the homeowner did break the law, what about the bankers?

Re: Bank of America's Penalty Misses the Point

MarkWolfinger — Thu, 07 Aug 2014 10:15:46 -0000

Walking away from debt was a dishonorable thing to do. But it is not against the law

This is identical to using loopholes in the law to avoid paying taxes. Walking away was within the law.The bankers clearly broke the law.

Re: Bank of America's Penalty Misses the Point

MarkWolfinger — Thu, 07 Aug 2014 09:48:34 -0000

BoA may have done "what it had to do" after buying Countrywide. However, these banks that you don't want us to jump on committed real crimes and real harm: Robo-signing is FRAUD. It is PERJURY.And it is FORGERY.

The bankers are guilty of each of those 3 crimes.

Re: Your Simple Checklist Before Adjusting An Options Trade

MarkWolfinger — Fri, 16 May 2014 11:55:12 -0000

Yes. Great protection for the BIG move. I was just pointing out (to the rookie) that buying OTM options is not a good choice as a standalone adjustment.

Re: Your Simple Checklist Before Adjusting An Options Trade

MarkWolfinger — Fri, 16 May 2014 10:23:26 -0000

But the one thing that condor traders should avoid is the purchase of OTM options. That just increases risk. Sure the risk graph looks better, but so what? The true risk is that the position will move towards its maximum loss - and buying OTM options just increases that loss. Kirk: I expected better from you.

Re: About That Google Reader Replacement

MarkWolfinger — Tue, 25 Jun 2013 10:55:30 -0000

how do I subscribe to YOU via old reader?

Re: Less & More Dumb Than Average

MarkWolfinger — Fri, 21 Jun 2013 15:24:24 -0000

The problem is that dumb people reproduce at an alarmingly more rapid rate than smarter people.

Re: RUT Calendar Analysis

MarkWolfinger — Sun, 12 May 2013 15:43:13 -0000

It is not a new idea that you need - it is a new mindset.

I teach my students that it is a poor idea take on added risk in an attempt to salvage a trade gone bad, unless the salvage attempt gives you a good position - one that you really and truly want to own.

That June put vertical is far too risky and you know it. I'm sure you wpild never make that trade voluntarily, but you are considering it - just because it would give you a chance to turn this losing trade into a winner.

Nonsense. Unless you like the bearish play of owning the calendar, just exit and be done with it.

One more thought: An insurance policy should be looked upon as an insurance policy and not a profit source. If you are not protecting any downside positions, there is no reason to own this position.

Similarly in closing the 955 calendar, you were not thinking of it as insurance. Instead you were looking to earn a profit. Insurance is bought to protect your assets. In my opinion, that is the winning mindset.

Regards,
Mark Wolfinger
The Rookies Guide to Options

Options for Rookies.

Re: Unique Partnership Breaks Vicious Cycle and Saves Millions of Lives

MarkWolfinger — Thu, 18 Apr 2013 21:14:51 -0000

Great. Congrats.
Now, who is going to feed them?

Saving lives is meaningless if you do not also tackle the food production/distribution problem.

Re: Options Week in Review

MarkWolfinger — Thu, 11 Apr 2013 21:18:06 -0000

Sarah,

Everyone is writing about how this will kill the retail options trader.

I can find NOTHING in the CAMP proposal that does that. I note the claim that the change will force covered call writers to pay tax on the stock sale - but
that is nonsense.

When the investor writes a covered out of the money
call option, he may have to mark to the market his call at the end of
the year, but there is no stock sale nor are any taxes due.

Is the options industry failing to tell the truth for publicity?

Or am I all wet in my interpretation of the proposal

Thanks

Re: Dan Loeb Simultaneously Solicits, Betrays Pension Funds

MarkWolfinger — Thu, 11 Apr 2013 21:07:03 -0000

Does pension money really hire 2 and 20 types? I thought they would only do business with people who charge far less. I'd be happy to manage a few hundred mil and take only 1% of assets as my fee.

Re: The 5-10 Iron Condor

MarkWolfinger — Sun, 07 Apr 2013 20:46:38 -0000

Pretending that there is little or no risk does not make it so.

Re: Are You F%$@ing Kidding Me? | The Reformed Broker

MarkWolfinger — Wed, 06 Mar 2013 12:46:34 -0000

Another undeserved back mark against the options industry.

Why are people so ignorant when it comes using options as risk-reducing investment tools? In this case,

Love that title for the post.

Re: S&P 500 Performance Following New Bull Market Highs

MarkWolfinger — Sat, 02 Mar 2013 11:45:40 -0000

Clients could buy a few puts, put spreads, or otherwise hedge a portion of portfolio and still remain invested for the bullish potential.

Re: morning thoughts | The Reformed Broker

MarkWolfinger — Wed, 30 Jan 2013 08:38:05 -0000

Big fan of your writing, but:I do not understand the need to gloat. Can you explain?

Re: 4 Things I am Doing Right Now To Become A Kick-Ass Trader

MarkWolfinger — Mon, 05 Nov 2012 09:33:04 -0000

Your ideas clear your mind and prepare you for the trading day.
However, not one of those things has anything to do with trading.

You have the tools, you have a clear desk and mind. You have your system. Now what?.

Re: Two Things That Are Never Discussed in the Financial Media

MarkWolfinger — Tue, 30 Oct 2012 08:50:05 -0000

I frequently mention position sizing, calling it it easiest and most important part of risk management for an options trader.

Re: Private: Why Friends Don’t Trade Other Friend’s Money

MarkWolfinger — Thu, 25 Oct 2012 08:34:30 -0000

I so agree with your position. Nevertheless, there are going to be friends who resent the fact that you will not trade for them.

Re: 9 Reasons Everyone (Yes Even You) Should Learn To Trade

MarkWolfinger — Wed, 26 Sep 2012 09:12:34 -0000

Good philosophy: "Give it a try"

However, I believe we in the industry must always mention that trading is not for everyone. Certain personality traits pretty much eliminate people from becoming a successful trader - unless those traits can be reversed: lack of discipline, sloppiness, getting bored easily, needing instant gratification...