06-29-2022, 07:53 AM
(06-29-2022, 07:07 AM)cemanuel Wrote: This morning I'll begin setting $65 BBY LBOs. This is a tax play as I have a full position already. I have some shares bought earlier this year in the 90s so my plan is to buy, wait 31 days, then sell an equivalent value of higher-priced shares at a loss.Sounds like a good plan. BBY is probably destined for the low 60's anyway so your order should execute. I am trying to decide when to finish the last third of my BBY position. I started more recently so I might get my average below 70. That will have to do. The dividend is sweet down here. I suspect it will be Christmas before we like the share prices, if not next year.
I don't have a lot of these opportunities in my taxable account but once I make the sale I'll look for other companies I can do something similar with.
I also need to turn drip off on my BBY in my Roth - been caught by wash sale rules there before, not that it amounts to a lot.
Why $65? It's a level that I set a while back and I'm confident it will reach. Will it go to $60? Probably; I don't think the bear market ends for a while but while I want to be greedy I don't want to get too greedy plus with 31-day intervals I need to start sometime to get as many of these in as possible before things turn.
I also doubt it gets to $65 today but it's getting close enough for me to start setting the orders.