S&P500 at 709 - Last one out please turn off the lights

9elf · 03-02-2009, 08:44 AM

Can anyone even see the next support level?

fingpilot · 03-02-2009, 08:56 AM

I'm going to start buying when the Dow reaches 3000.

Dueller · 03-02-2009, 09:20 AM

Quote:

Originally Posted by fingpilot

I'm going to start buying when the Dow reaches 3000.

So, what?. Next Thursday, Friday maybe?

the · 03-02-2009, 09:24 AM

I must admit, I've been surprised by several of the smart guys here jumping in the stock market when it was in the 7800 range, thinking that was some kind of bargain.

Too many people underestimate the massive problem we have on our hands, being compounded by our current congress and president. It's going to cost them quite a bit of money.

pwd72s · 03-02-2009, 10:46 AM

emphasis on current Congress and President...The financial press is full of "it won't work" thinking.

turbo6bar · 03-02-2009, 11:02 AM

Quote:

Originally Posted by the

Too many people underestimate the massive problem we have on our hands, being compounded by our current congress and president. It's going to cost them quite a bit of money.

I think perhaps everyone is underestimating the depth of this debt abyss. Worldwide valuation of derivatives/default swaps has been quoted as high as $600 Trillion. Heard European banks were sitting on $25 trillion in toxic securities. How much toxic crap lies within our borders? Could it be the entire financial system is insolvent?

pwd72s · 11:27 AM

Approximately 94% of the companies listed in the S&P 500 are trading with losses.

Today's session. So, who in the new administration gave a speech?

(edit) Actually, the market seems to be reacting to the news of further bailout funding for AIG...

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

The buzzword in investing for the last 10 years has been "leverage".

Live by it, die by it.

This was predictable.

turbocarrera · 03-02-2009, 12:01 PM

Quote:

Originally Posted by turbo6bar

I think perhaps everyone is underestimating the depth of this debt abyss. Worldwide valuation of derivatives/default swaps has been quoted as high as $600 Trillion. Heard European banks were sitting on $25 trillion in toxic securities. How much toxic crap lies within our borders? Could it be the entire financial system is insolvent?

You just might be on to something here. Who do we all owe this "debt" to? Who had enough money to lend the world 150TR dollars?

Something's rotten in Basel.

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

We borrowed it against our own expectations of future earnings.

turbo6bar · 03-02-2009, 12:35 PM

Quote:

Originally Posted by Porsche-O-Phile

We borrowed it against our own expectations of future earnings.

The world's economy {RE} always goes up.
They aren't making any more money {land}.

We may eventually learn central banks and endless money supply can do as much harm as good.

turbocarrera · 03-02-2009, 12:52 PM

What I mean to say is, how can the total US debt of 65-80TR(depending on your accounting principles) exceed the GDP of the globe? Who would lend it? I understand the int. bond market and countries owing each other various percentages of their national output, but I don't understand the scale. Though when I look at many personal situations they owe a much higher percentage of their earnings than nations owe on their GDP so - maybe i do.

As a percentage of GDP(which is a horse**** number IMO. When the Exxon Valdez causes 50BN of damage to the economy it's added to GDP, not subtracted. Replacing 1GHz computers with 2GHz models does NOT double productivity - but Gov't accounting offices say it does.) global debt was 80% of global GDP in 2004 - might be 50% higher now. Ireland's debt is 1000%! Monaco owes 2000%!

Somethings gonna give and it ain't gonna be my cologne.

tubwreck · 03-02-2009, 02:02 PM

Heard some talking head on the radio saying he was buying stocks for his 2-year old grandkid's college fund, "why not buy stocks for half what they cost two years ago?"

On the other hand, why buy stocks for twice what they're going to cost next year...

Zeke · 03-02-2009, 03:23 PM

Quote:

Originally Posted by tubwreck

Heard some talking head on the radio saying he was buying stocks for his 2-year old grandkid's college fund, "why not buy stocks for half what they cost two years ago?"

On the other hand, why buy stocks for twice what they're going to cost next year...

Words to live by anymore.

grudk · 03-02-2009, 03:38 PM

Hmmmmm. Anyone see a reason to call a bottom anytime soon? I don't. We are a hope and a prayer away from the 1929 tracing

m21sniper · 03-02-2009, 04:17 PM

I read an AP article today that openly suggested a depression may be imminent. More to the point, are we in one already?

Scary times.

turbo6bar · 03-02-2009, 04:25 PM

Quote:

Originally Posted by m21sniper

I read an AP article today that openly suggested a depression may be imminent. More to the point, are we in one already?

Scary times.

"We won't know we're in a depression until two quarters after entering."

Personally, ain't no stimulus bill gonna save us from the worst recession evar. Might as well call it GDII.

grudk, a "hope and a prayer" from 1929? Who's hoping and praying for that?

p911dad · p911dad's Garage

Can someone on the board please serve up the actual definition of a "depression"? There must be a concise paragraph out there that sums it up. How does one slip from recession to depression? Is it quarters of decline in some indice? Are we there?

KarlCarrera · 03-02-2009, 05:52 PM

Sure hope your wrong, but...can't disagree

Karl
88 Targa

Quote:

Originally Posted by grudk

Hmmmmm. Anyone see a reason to call a bottom anytime soon? I don't. We are a hope and a prayer away from the 1929 tracing

the · 03-02-2009, 06:36 PM

Quote:

Originally Posted by turbo6bar

"We won't know we're in a depression until two quarters after entering."

You slay me.

I LOL at how long it took most people here in PPOT to realize/admit we were in a recession. So many months/almost years of denial - "the fundamentals of the economy are strong." Denial is awesome.