Sweet balls, look at the market

lendaddy · 10-09-2008, 11:43 AM

8,700????

Someone tell Tom Petty he's on.

svandamme · svandamme's Garage

Rot 911 · 10-09-2008, 11:55 AM

I'm guessing it will bottom at 8,000. At least that is when I plan on buying back in.

the · 10-09-2008, 11:58 AM

Quote:

Originally Posted by Kurt V

I'm guessing it will bottom at 8,000. At least that is when I plan on buying back in.

Thought you were buying 3 weeks ago?

Post AIG bailout - the Dow still falls 455 points...

Must have been a rough month for you.

Rot 911 · 10-09-2008, 12:04 PM

Quote:

Originally Posted by the

Thought you were buying 3 weeks ago?

Post AIG bailout - the Dow still falls 455 points...

Must have been a rough month for you.

It has been. I sold have my stocks back in July, which turned out to be a pretty smart move, although August almost proved me wrong. I invested about 10% back in the middle of Sept. and kept the rest in money market and CD's.

idontknow · 10-09-2008, 12:20 PM

What market?

competentone · 10-09-2008, 12:29 PM

Quote:

Originally Posted by Kurt V

I'm guessing it will bottom at 8,000. At least that is when I plan on buying back in.

It may sound like a cliche, but would have been good advice to take for anyone who has been buying on the way down: "Never try to catch a falling knife."

I think we have a lot more downside. There are still too many people in "the market" -- often invested though retirement accounts -- who have no clue about what they are buying and no understanding about how to place a value on a business.

I won't believe we've hit bottom in this stock market until we see things such as the "Cayman Island stock issues" like "BIDU" crashing to a fraction of their current values.

There are still too many stocks that are insanely overvalued.

There is still too much bad debt on the financial companies' balance sheets which hasn't been written down properly yet.

The selling ain't over yet, IMO.

Porsche-O-Phile · Porsche-O-Phile's Garage

Quote:

Originally Posted by competentone

It may sound like a cliche, but would have been good advice to take for anyone who has been buying on the way down: "Never try to catch a falling knife."

I think we have a lot more downside. There are still too many people in "the market" -- often invested though retirement accounts -- who have no clue about what they are buying and no understanding about how to place a value on a business.

I won't believe we've hit bottom in this stock market until we see things such as the "Cayman Island stock issues" like "BIDU" crashing to a fraction of their current values.

There are still too many stocks that are insanely overvalued.

There is still too much bad debt on the financial companies' balance sheets which hasn't been written down properly yet.

The selling ain't over yet, IMO.

+1. If you haven't sold by now, ride it out. I'm holding the few positions I still have. If they go to zero, they go to zero. I no longer care.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Market analysts call this "capitulation point" and it generally represents the turning point for a bear run. However, I in no way represent the market-at-large. However when enough people start thinking this way, things will start to turn. Doubt it'll be for a while though.

Hugh R · 10-09-2008, 12:53 PM

Gulp, I'm going to have to ride it down. If I sell I'll lose out for sure.

widgeon13 · 10-09-2008, 12:53 PM

We'll all be at the bottom around the same time. If 50% decline, why stop there, let's see if we can reach 60% WTF not, perhaps it will come back faster if that is the case.

RWebb · RWebb's Garage

right now, we are about at the same point as in '02

look fwd to a nice wooly bully -- then as usual, another pop; then a bull, then....

btw - Warren Buffett has put $5 billion into Goldman Sachs and another $3 billion into General Electric.

Porsche-O-Phile · Porsche-O-Phile's Garage

Sadly, I think this is going to be an "L" bottom, not a "U" bottom - certainly not a "V" bottom.

The toxicity in the markets is something that will not be solved in a week, a month or even a year. This mortgage crap is going to take many, many years to work itself through. It's a slow-acting poison.

Rikao4 · 10-09-2008, 01:12 PM

Iceland has gone bellyup...
and it may be the Russian's that do the bailout..

Rika

JeremyD · JeremyD's Garage

Party at the bottom at my house - BYOB

Chocaholic · 10-09-2008, 01:29 PM

Bought more today. Everything is on sale. Quit being short-sighted. 5 years from now you'll be glad you did. Probably sooner.

Turn off CNN.

Hawktel · 10-09-2008, 01:32 PM

All I have is my 401K in it. I have lost 25%, but I'm hopeful. I'm 35, lots of time for it to regrow, and I think it will.

Shaun @ Tru6 · 10-09-2008, 01:42 PM

What's a stock market?

David · David's Garage

I'm probably down 40% for the year now!

Good thing I can still afford beer.

the · 10-09-2008, 02:27 PM

We are now in serious meltdown mode. An entire country essentially going bankrupt (Iceland). Worldwide recession. Housing meltdowns throughout Europe. Our stock market in an absolute freefall. Trillions and trillions of dollars in stock and housing value wiped out. 401Ks wiped out.

I've been calling this for a year now, but this is even faster and worse than I thought possible.

"Everything is on sale," there's always a few that say that in these threads, they said it when the Dow dropped below 11,000, again when it dropped below 10,000, then 9,000, and now.

This is not some temporary dip. This is serious.

Shaun @ Tru6 · 10-09-2008, 02:30 PM

I'm looking forward to a 69-73 911 spending spree this spring.