Dow 8k

[drjeff]

How low will it go?????

Really doesn't matter who wins Nov 4th. Either one is screwed with the 10 ton gorilla the economy will be on their back

 

[Moe Ghoul]

Technically, 7700-7800 is support.

 

[GrilledSteezeSandwich]

I think it will go down to 7800...then it will take a few years to crawl back over 10k..and a decade to hit 15k..it will teach people to keep their hard earned money out of the stock market..

 

[andyzee]

The end is near!

 

[deadheadskier]

I think it will go down to 7800...then it will take a few years to crawl back over 10k..and a decade to hit 15k..it will teach people to keep their hard earned money out of the stock market..

....I don't think there's anything wrong at all if people are 'investing' in the stock of company. If a company is reporting their financials in a transparent manner and someone wishes to invest, there's nothing wrong with it.

The gamblers / hedge fund guys who short sell .....they can go for a long walk off a short pier as far as I'm concerned.


Whole situation sucks, I worry about my retired parents and grandparents every day because of this mess. They're have diversification in their portfolios, but a decent percentage of their day to day incomes come out of dividends from being share holders of companies often times banks, that they trusted.

I worry about my customers too as their businesses are slowing to a crawl as tons of people are holding their money tight and not spending. In worrying about them, I worry about me. I'd feel much more comfortable right now if I was in a more recession resistant profession.

 

[Moe Ghoul]

A lot of those hedge funds have or will go up in smoke. Legal shorting is instrumental for the markets. The SEC simply doesn't enforce its rules. It just banned short selling for a period of time and it didn't do squat.

 

[GrilledSteezeSandwich]

A lot of those hedge funds have or will go up in smoke. Legal shorting is instrumental for the markets. The SEC simply doesn't enforce its rules. It just banned short selling for a period of time and it didn't do squat.

Moe how did your investments do during all this mess??? I feel like investors trust their financial planners/managers too much. Sort of like how Dr.'s presribe tons of certain name brand drugs and then the drug companies buy the Dr's trips to Hawaii...The big companies trying to raise additional capitol give kick-backs as well..The stockbrokers make their money off transactions...not necassarily if their clients portfolios are doing great..they can just blame it on the market..or recession or interest rates or whatever..nobody wants to accept any blame..

 

[Moe Ghoul]

Moe how did your investments do during all this mess??? I feel like investors trust their financial planners/managers too much. Sort of like how Dr.'s presribe tons of certain name brand drugs and then the drug companies buy the Dr's trips to Hawaii...The big companies trying to raise additional capitol give kick-backs as well..The stockbrokers make their money off transactions...not necassarily if their clients portfolios are doing great..they can just blame it on the market..or recession or interest rates or whatever..nobody wants to accept any blame..

Gold. Been in it since 2002. I sold off my remaining miners over 11,000 since they were getting sucked under. Been adding back some of the major producers on the way down, so those are down a few percent. Utilities that I have held for 15-20 years are all down. Been adding a little back on those. Paper gold is under extreme pressure as the physical market is really heating up. Overall, I'm still up for the year.

 

[FRITOLAYGUY]

wow -678 a 2300 point decrease in 10days, 38percent from one year ago today, not good

 

[andyzee]

wow -678 a 2300 point decrease in 10days, 38percent from one year ago today, not good

The end is near!

.

 

[drjeff]

Just noticed that GSS's post count is now higher than the Dow average To bad it didn't happen a few months from now when he'd be at say 11k posts!

Just hope I get to 5k posts before my post count is higher than the dow average

 

[WJenness]

I'm seeing it as an opportunity.

I just bumped my 401k contribution by another 2%.

I wish that I got paid this Friday (tomorrow) instead of next.

-w

 

[wintersyndrome]

Moe how did your investments do during all this mess??? I feel like investors trust their financial planners/managers too much. Sort of like how Dr.'s presribe tons of certain name brand drugs and then the drug companies buy the Dr's trips to Hawaii...The big companies trying to raise additional capitol give kick-backs as well..The stockbrokers make their money off transactions...not necassarily if their clients portfolios are doing great..they can just blame it on the market..or recession or interest rates or whatever..nobody wants to accept any blame..

FYI: Thats the old way of the industry because brokers would make money either way (IE: the Dukes of "Trading Places") there has been an evolution in the industry that has migrated more money to managed accounts that charge a wrap fee, so that we recieve our pay based on assets under management, so if you loose money I loose money, if you gain money in your accounts I increase my pay. This way our goals are congruent.

I get no trips to Hawaii in fact gifitng in our industry is limited to $100.00 annually as activities like that were banned with the securites acts of of 1933 and 1934.

There is a HUGE difference between a 1980's stockbroker and a present day financial planner.

Beat on the markets as much as you wish, The fact of the matter is without the capital markets most of the stuff we take for granted would not exist.

 

[ski_resort_observer]

Gold is a great place to go hide from all this. It's so easy nowadays...the ETF (GLD). It's up 17% in the last 30 days, 8% from 10 days ago, when this latest downturn started. Funny how no one is talking about the decline of the price of oil.

If you have a 401(k),unless your 65 yo, there is no reason to sell anything. Not sure I would buy anything except GLD right now tho.

 

[wintersyndrome]

If we look out our windows we can see the sky falling too..:dunce:

Good call on the gold ETF between that, platinum and some precious metal funds its hard to find anything on the up or a safe bet. There is tremendous fear and uncertainty from individual investors and most fund managers doin't know where to put thier money right now. so that is also exasperating the sell-off. But it is nice picking up funds from people whos brokers and advisors are afraid to call them.

 

[Moe Ghoul]

If we look out our windows we can see the sky falling too..:dunce:

Good call on the gold ETF between that, platinum and some precious metal funds its hard to find anything on the up or a safe bet. There is tremendous fear and uncertainty from individual investors and most fund managers doin't know where to put thier money right now. so that is also exasperating the sell-off. But it is nice picking up funds from people whos brokers and advisors are afraid to call them.

Selectively picking a few of the major producers and those based on a royalty model are good bets, too. Just be certain that a) you are reasonably confident of your broker's solvency and exposure to OTC derivatives and that you either have the paper certificates or direct registration book entry of your shares. Be certain your account is a TRUE custodian account, and not intermingled with the firm's money.

Cops: Stamford Man Threatened Bank Over Financial Losses
Last Edited: Wednesday, 08 Oct 2008, 5:49 PM EDT
Created: Wednesday, 08 Oct 2008, 5:49 PM EDT

Gold, silver in short supply for those getting out of stocksBy Doug Page
Staff Writer
Wednesday, October 08, 2008

South African Aug. Gold Output Falls 23% on Strike
Oct. 9 (Bloomberg)

Bullion lending by central banks all but dries up
By Javier Blas in London , Financial Times, 7 Oct 2008

Central banks have all but stopped lending gold to commercial and investment banks and other participants in the precious metals market, in a move that on Tuesday sent the cost of borrowing bullion for one-month to more than twenty times its usual level.

 

[ski_resort_observer]

The foundational problem for this latest slide is tight credit. Banks have the money but are using the bailout money they have so far as a cushion to prevent insolvency instead of making loans.

Basically, credit right now is so tight that if it backed into a wall it would suck a brick out.

 

[Greg]

wow -678 a 2300 point decrease in 10days, 38percent from one year ago today, not good

http://en.wikipedia.org/wiki/Black_Monday_(1987)

 

[GrilledSteezeSandwich]

I'm seeing it as an opportunity.

I just bumped my 401k contribution by another 2%.

I wish that I got paid this Friday (tomorrow) instead of next.

-w

I'm sure that 50 bucks will make a big difference lol..

 

[GrilledSteezeSandwich]

One thing that's for sure was the bar was crowded earlier this evening..lol