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During the government shutdown many offices are closed and workers are furloughed. Of course it won't last forever, but in the meantime some things are sacrificed – but not everything. Think about the IRSs activities and then think like a cynic and you will know where I am going. I thought about this before reading the following in the oh-so-exciting "Accounting Today for the Web CPA," which convinced me to write about it. So if the IRS takes in tax receipts and issues tax refunds, a cynic would say that during a shutdown the government would stop issuing rebates but demand all taxes be paid in full and on time despite the lack of service. And that's just what is happening. On the aforementioned website we read… The IRS announced contingency plans for the government shutdown on Monday ahead of the looming shutdown (see IRS Releases Gov't Shutdown Contingency Plan). On Tuesday, with the House and Senate failing to reach an agreement on a budget resolution to continue funding government operations—and with the impasse continuing over the insistence by Republican lawmakers that the health care reform law should be delayed as a necessary pre-condition for agreeing to a budget deal—the IRS elaborated on the shutdown plans on its Web site, including a temporary stoppage in tax refunds. "Tax refunds will not be issued until normal government operations resume," said the IRS. The IRS emphasized, however, that the underlying tax law remains in effect, and all taxpayers should continue to meet their tax obligations as normal. "Individuals and businesses should keep filing their tax returns and making deposits with the IRS, as they are required to do so by law," said the IRS. "The IRS will accept and process all tax returns with payments, but will be unable to issue refunds during this time. Taxpayers are urged to file electronically, because most of these returns will be processed automatically." The refunds will eventually be processed and go out to those who deserve them, but in the meantime, you should keep sending in that money to the dysfunctional clown-posse in DC. | | ---Larry Levin | | |
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In conjunction with TheStreet.com and Bar Chart, Trading Advantage Chief Market Strategist Alan Knuckman provides a daily morning update on the global action in stock futures, gold, oil and interest rates. |
| | | | | | | | | Congratulations to John Gugino
Congratulations to our student of the day John Guigno for making $410 trading commodities on Friday. The government may be shutdown but the markets are still open with great signal opportunities in crude oil and soybeans in the Market Profile Masters Classroom. Congratulations John for a successful morning trading. | | NOTICE: Testimonials are believed to be true based on the representations of the persons providing the testimonials, but facts stated in testimonials have not been independently audited or verified. Nor has there been any attempt to determine whether any testimonials are representative of the experiences of all persons using the methods described herein or to compare the experiences of the persons giving the testimonials after the testimonials were given. The average reader should not necessarily expect the same or similar results. Past performance is not necessarily indicative of future results. No person was compensated for providing a testimonial. |
| | | | | | OPTIONS: Volatility Commentary | ---Michael Shorr | | What to do with a company like JCPenny (JCP)? Talk about being in the doghouse! Not only is the company struggling but they have the Ackerman curse on them as well. Tough to fight both of those. The stock is trading at all-time lows and not looking strong there. Can the company go to zero? Sure. Is that likely? I would argue not and further, I would argue it's not going to happen in the relative near future. The company is trading at .75 book value. Now, book value is an accounting term but you cannot argue that there are actual hard assets (physical real estate, inventory, etc.). The stock will not go directly to zero in a worst case scenario. How can we play this seemingly emotional/personal price compression? What if we were comfortable getting long the stock 13% below where we are trading now? We could sell a cash secured put. We could sell the Nov 1 JCP 7.5 Put for approximately $0.55 today. This gives us a price entry of $6.95 should we be assigned the put. If this happens we can either stay long the stock by itself or we can even sell a covered call to further lower our cost basis. Or even better, not get assigned and simply collect the premium for a return on risk of 7.33% for 28 days. | |
| | | | | FOREX: Currency Spotlight | ---Charlie Lewis | | | | The debate in Washington is heating up,it turns out "it's not a damn game!',a person tried to drive a recent model car through the gates of the White House but got shot instead,and still we have no clear agreement on any of the vitally important issues that will determine our economic future. In the final session of the week,the U.S. Dollar gained considerable ground against both the Euro and British Pound. | | |
| | | STOCKS: Watch List | ---Charles Moon | | | | The markets closed in positive territory Friday, rebounding from the previous days losses. The Dow and S&P 500 finished down for the week, the Nasdaq has shown they have been the strongest market out of the three in recent months. Overall the markets have still continued to slide back and forth, still being weighed down by several issues hanging over like a rain cloud. With no end in sight on these key issues, expect the markets to keeping trading like it has until there is some sort of resolution. Without definitive answers coming, there also is no definitive market direction. Having these market conditions presented to us, the need for shorter term plays is at hand. To maintain this stance with your trading, it will allow you to hold onto your profit potential, without watching it slip away on the market swings. With the markets watching and reacting any sort of news coming off the wire, you must be ready ro react accordingly. Anything can happen in the market these days, as the shooting in DC was a tragic example. Trading with a plan can make the biggest difference these days. Being unprepared can do the same with a very negative impact. Open Position: FB, V, FDX, TSLA Stocks to Watch: INTC AAPL GOOG IBM AMZN BIDU LNKD FB TSLA GRPN CTXS CSCO NTAP JBL BAC PRU WFC GS JPM MS NFLX WDC DIS CROX STZ NKE UA LULU CHKP JNPR POT GMCR VZ T HOG MON YUM MCD LOW HD LEN TOL V MA AXP DFS LVS MGM |
| | | | | FUTURES: Technical Data | | | | | ES 1683.50 / 1675.50 POC… 1683.00 YM 14990 / 14432 NQ 3225.50 / 3214.25 | NOTES FROM THE PIT
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| | | | | COMMODITIES: Play of the Day | ---Patrick Assalone | | | | With choppy markets this week from the political events, Crude Oil has been bouncing . Based on our educational methodology, we are looking for opportunities to trade the edges of participation from the large High Volume Area from 102.56 to 103.71. Click here to watch video |
| |  | | is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results. | | | | | IMPORTANT NOTICE: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. Nothing in our website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of future results. Trading Advantage LLC provides only training and educational information. By accessing any Trading Advantage content, you agree to be bound by the terms of service. Click here to review the terms of services. DAYTRADING involves high risks and YOU can LOSE a lot of money. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those talked about in our site. | | 
 
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