I'm not in the 1-2% either but I've scrimped and saved for about 20 years now to put together a modest 401k. I'll be damned if I'm gonna watch it disintegrate like I did in '00-'01-'02 under a broker's guidance. Hold my ass. I've been basically (trading SKF some with mixed success) in cash for several months now.
As for the Dow, not clear where the bottom is. What exactly was the 2002 low? Somewhere around 7000 by my chart visual. If we breach that low I have no idea where the next resistance point is.
Scary is the operative word right now. And I don't mean just for the people with any accumulation of wealth however large or modest. I mean for all Americans. Virtually none of us will be unaffected. Our lives could change dramatically. I'm afraid to type the thoughts in my head of what that could mean.
I've tried to think through what could possibly put an end to this spiral we are riding downward. The best I can come up with is an improvement in the year to year monthly foreclosure numbers. If I'm understanding things properly, that would allow the price of husing to stabilize, which in turn would allow the derivatives to be priced and traded. That would allow the financial institutions to stabilize and liquidity to loosen up. People could plan again.
Hate like hell to be this pessimistic but hope and change need underpinnings. Right now I don't see any.
Somebody talk me up.
As for the Dow, not clear where the bottom is. What exactly was the 2002 low? Somewhere around 7000 by my chart visual. If we breach that low I have no idea where the next resistance point is.
Scary is the operative word right now. And I don't mean just for the people with any accumulation of wealth however large or modest. I mean for all Americans. Virtually none of us will be unaffected. Our lives could change dramatically. I'm afraid to type the thoughts in my head of what that could mean.
I've tried to think through what could possibly put an end to this spiral we are riding downward. The best I can come up with is an improvement in the year to year monthly foreclosure numbers. If I'm understanding things properly, that would allow the price of husing to stabilize, which in turn would allow the derivatives to be priced and traded. That would allow the financial institutions to stabilize and liquidity to loosen up. People could plan again.
Hate like hell to be this pessimistic but hope and change need underpinnings. Right now I don't see any.
Somebody talk me up.
guy adami on fast money said today if it drops below 7800 again this time its not gonna bounce like it has the past couple times and its gonna head much lower, he said we could see a 6handle on this....some of these guys have actually been pretty sharp on the overall markets esp jeff mackey who has been basically bearish on everything but WM and MCD...lol
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The top chart is 1928. The bottom chart is 2008.
yeah i continue to think we are at that point as well QL
the reason we didn't crash straight down and quickly on that first move down about 50% from the peak like in 1929
is government and fed made the process drag out for a longer period of time with all the intervention to date
Diversify it then sit on it.
I'm in cash/gold/shares 30/30/40 kinda thing.
I'm not enjoying this but I'm a lot better off than I was during the 1970s and 1980s recessions.
:grandmais
By all means spectate, and watch the market swings in wonder, but don't make decisions based on short term panic scenarios.
Set a sensible strategy and stick to it.
Some people in here seem to be heavy on the commodities, the easiest strategy is to go cash.
Massive selloff again today. Dow dropping 444.99 points closing at 7552.29.
There is nothing positive to move this market upward. Continuing spiral downward with financials and automotives leading the way. The Fed will continue to cut interest rates, probably eventually to zero, but that doesn't help the average consumer. Jobless rates will continue to accelerate as companies fold. State and local governments will continue to lose tax revenue as foreclosures continue across the nation and banks keep tight restrictions on lending. Not a pretty picture ahead.
There is nothing positive to move this market upward. Continuing spiral downward with financials and automotives leading the way. The Fed will continue to cut interest rates, probably eventually to zero, but that doesn't help the average consumer. Jobless rates will continue to accelerate as companies fold. State and local governments will continue to lose tax revenue as foreclosures continue across the nation and banks keep tight restrictions on lending. Not a pretty picture ahead.
