8 replies to this topic

[mikie007]

What happened overnight? Future shock of Thailand Bank type event or USD Devaluation here? Or, what did I miss and screw up on again! All I wanted to do is get out after a gap up open this AM.

[Chilidawgz]

End of year distribution

[mikie007]

Wonderful! I needed that loss. Thank you very much for the info.

[OEXCHAOS]

You get the distribution. Did you get stopped or something? Mark

[mikie007]

Hi Mark, I'm unclear on this. I never have gone through a distribution process event for anything I owned in all my years. RYDEX was what I used to trade but timing for me with their windows to execute I did not like. However, what I do know is that I sold my QLD this AM for 84.33 when I pulled the trigger much later in the day than planned. I ent to bed with it at 89.30 in my Fidelity account. I saw it opened at 86 when I went to check to see if my limit sell order for 91 placed last night had executed. No it had not executed even with the gap up in the futures overnight as expected. Hmmmm - the unexpected situation put me in a state of confusion and I began the downward spiral. Checking opening price on other brokerage houses quote systems showed similar 85ish quotes. My thinking was something must be wrong with the quote or my system. After calls to system support and being placed on hold and never connecting - probably others with the same problem/question on hold too, I fired off the note to FF and received the response you see. Bottom line, according to the quotes and prices received, m win turned into a several K loss. All I see in my account is what I sold less commission. Nothing else as yet. That's my story until I see the final settlement statement. I appreciate your concern and reply. REGARDS, Mike

[Chilidawgz]

http://www.proshares...s/distributions



Payable
Date 12/27/06 $0.56659

[Iblayz]

http://www.proshares...s/distributions



Payable
Date 12/27/06 $0.56659

Since I am holding QID I recognized this instantly as the QID dividend. He was holding QLD which receives a dividend of .10837, a Short Term Capital gain of $5.13986 and a Long Term capital gain of .17313. Total =$5.42136. That gap down threw a lot of people off including me at first on QID. I guess the bad news would be for those that just bought QLD. Unless I have it wrong they bought themselves an instant Short Term Capital gain that will be reported to the IRS even though the share loss will offset it.

[Chilidawgz]

oopsay, you're right my bearishness is showing

[mikie007]

Thank you for the pointer and tax analysis of my less than favorable QLD trade outcome. That explains it very well and something all should keep in mind for the future. Not quite the Christmas present I was expecting. However, live and learn. for a day without learning something new would have been wasted. Appreciate it and a Very Merry Christmas and Peace to All. REGARDS, Mike