Out of KWK @ $4.0707...

My quickie with QuickSilver Resources did not have a happy ending.

-$0.9486 per share, or -18.89% gross.

Gross is right!

Audit This!

Last weekend, my family got together to celebrate my brother's birthday and I ended up spilling the beans on my deductible expenses. Everyone in the room counted those magic beans and literally accused me of being shady for deducting my rent since they thought I took a home office deduction, which has limitations.

No! I complied with Section 119 of the Internal Revenue Code, which states that all meals and lodging provided on company premises are considered exempt from individual income tax if they are provided for the convenience of the employer as a condition of employment and this and that. I think all legitimate day traders can arguably take this deduction too.

What's up with people being able to claim hobby expenses as legitimate business deductions and then turning around and calling the Fraidy Cat black?

Don't go around abusing Section 119 like these museum folks though...

Lehman Payout Party Time Update

Apparently, some of my CUSIPs are considered Class 10B, which means we're at the back of the bus and need to wait for all the other bondholders to collect their fare before we can claim ours - if any.

I'm secretly - evilly - hoping some senior bondholders didn't get the memo that they have to return some IRS and OFAC forms in order to claim their distributions.

I've still got two issues that may be alive though and one is even ticking up slightly...

Out of GLCNF @ $6.46...

Loss of $0.24 per share, or -3.58% gross...

Glencore Traders, we'll meet again!

Priority Seating For the 1%...

Plopped right down on the throne yesterday... Good marketing, Occupy Wall Street! Even I'm impressed...

My Uncle Sam...

It's tax season and the only thing I have going for me is that I didn't get hit with a major tax bill this year. Uncle Sam has been kind! But tax planning had a lot to do with it. It's better to be a corporation than an individual as far as US tax minimisation is concerned. My trips to Hong Kong last year (and Switzerland this year)? Both tax deductible! Rent? Meals? Furniture? Apple Computer? The 1120S took care of it all. From what I've read, once my business income starts exceeding my expenses, I will need to seriously think about becoming a C Corporation. And I hope it'll be this year! I've been doing a tonne of work, distributing over 50 brochures over the past month and even doing an office meeting. The way I see it, all of this has to pay off soon!

Admittedly, trading hasn't been doing it for me this year. In Q1, I ended up banking 26.99% of the profits I made in 2011. That's not too bad, but it would have been better if my profits from 2011 had been higher. I've also been hit with several retracements lately - some from as far back as November 2011. I've got to decide on an exit strategy as May is just around the corner and people are hitting the exits already.

I'm still in:

BAC (SBA + Roth IRA)

CENX

EATR

GLCNF

HWD

IDGG

JRCC

KWK

MFG

MFGLQ

NMR

When is Lehman Payout Party Time - and am I in or out?

Alpha Bet Soup: Into KWK @ $5.0193...

If I got faked out on JRCC, this might help alleviate the embarrassment just a little!

Out of JRCC @ $4.99...

Just when I thought my Catholicism has finally paid off, I get $4.99'ed by JRCC.

-$0.21 per share, or -4% gross.

Will look to other stocks on my short list for $10 and under plays!

Junkie Brewster: Into JRCC @ $5.20...

Saw a very large bid block and followed the herd...

Out of JRCC @ $5.3307...

If there's one thing I don't like to see, it's fractional pricing, which seems to suggest weakness.

Gain of $0.2214 per share, or +4.33% gross.

An ascending triangle seems to be forming though, so if it hits circa $5.10 again, I'm going to buy again at my original entry... Setting the order right now!