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Thread: Black monday!

  1. #1

    Black monday!

    I hope i'm wrong but it's looking real bad right now. The white house and the fed don't know what to do. Bernanke looked scared today infront of congress. If your not protecting yourself on the down side just get out of the market. Save yourself some pain.

  2. #2
    Quote Originally Posted by TheRainman
    I hope i'm wrong but it's looking real bad right now. The white house and the fed don't know what to do. Bernanke looked scared today infront of congress. If your not protecting yourself on the down side just get out of the market. Save yourself some pain.
    I disagree with ditching what's in the market. Investing in the market is for the long-term, not the short. When I say long term, I'm talking a minimum of ten years. Ditch now and get prepped to bend over and have it hurt big.

    Hopefully anyone investing in stocks will have assets which are much more available, less volatile. Also, anyone in the market should have enough in very liquid assets to cover any unforeseeables like a job loss. Staying liquid through unemployment should not entail cashing in the kids college fund or retirement, but unfortunately many have not saved for such an occuurrence and will cash in a lifetime's worth of well-intentioned financial planning.

    That's just my two cents and I'm talking my two cents not in the market.

  3. #3
    That's my take on things too Lamem. If I'm selling any shares, it's to take advantage of the many great depreciated stocks available these days.
    Long term investing takes nerves of steel when you're watching a years worth of gains slip away by the hour.

  4. #4
    Senior Member Annabanana's Avatar
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    I think its wrong to tell people to get out now...seek financial advice from a professional first.

    I am holding on, as I am in it for the longer term. I can wait for stocks to bounce back. But I do feel for people who might have been on the verge of selling, and now this has happened.

    Our markets fell by 2.5% in the first half hour.

    On a brighter side, like alpentalic said, should be some good bargains coming up!

  5. #5
    Agreed, Anna and Alpentalic.

    It does take nerves of steel. Anyone in the market should have that mindset before placing any serious money there. Otherwise it can drive an investor crazy.

    Two of my friends (they're a couple) watch the stock ticker daily. It's crazy. They consider what they gain and lose by the hour. I know they are groaning today.

    When they visited me at the beach last summer, they spent much of their time in front of a screen watching the market. The ocean was a mere dozen yards from the front door at highest of tides and those two were camped indoors under the a/c watching the market.

    Anyone's idea of a great vacay? Hmmmmmmmm ...

    As I told them, you don't win or lose money unless you are actually moving your stocks anyway, so who cares? They apparently don't agree with this concept. They're each wealthy by anyone's standard, but often miserable because their happiness seems tied into what they "gain" or "lose" in their irindividual portfolios.

    I'll continue to watch the market and the overall economy, but I'm not in a panic and won't be.

    We haven't seen the worst of the fallout from the subprime disaster yet. We'll be dealing with it for years to come.

    Again, just my two cents.
    Last edited by LaMemChose; 01-18-2008 at 12:40 AM. Reason: typos, phrasing, etc.

  6. #6
    Quote Originally Posted by Annabanana
    I think its wrong to tell people to get out now...seek financial advice from a professional first.

    I am holding on, as I am in it for the longer term. I can wait for stocks to bounce back. But I do feel for people who might have been on the verge of selling, and now this has happened.

    Our markets fell by 2.5% in the first half hour.

    On a brighter side, like alpentalic said, should be some good bargains coming up!
    Anna

    When it comes to the stock market the profeessionals are amateurs. Did you know that 80% of all mutual funds under perform the S&P 500 INDEX. Never pay someone to pick stocks for you. If you don't have the time or the know how to pick stocks, put your money in a index fund.

  7. #7
    Quote Originally Posted by alpentalic
    That's my take on things too Lamem. If I'm selling any shares, it's to take advantage of the many great depreciated stocks available these days.
    Long term investing takes nerves of steel when you're watching a years worth of gains slip away by the hour.
    Al

    Thats why you need to take some profits when your up big. Nothing goes up for ever.

  8. #8
    LeMemClose

    I agree with you on the warren buffet approach. That's the best way if your not going to make it a full time activity. Me, I love the day trading.

  9. #9
    Warren Buffett: "Be greedy when others are fearful."

    Warren's wisdom aside, I adjusted my funds yesterday, going quite conservative for now.

    Joe

  10. #10
    Senior Member Foolish Old's Avatar
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    Well, the President's announcement of his economic incentive plan really turned the market around in short order today. DOW - 180 plus up to 125 plus on the downside. Markets rely on confidence. It's clear Bush has no clue where to go from here.
    Foolish

    "We have met the enemy and he is us."-POGO.

    "I have great faith in fools; self-confidence my friends call it."~Edgar Allan Poe

    "Dream big, you might never wake up!"- Snoop Dogg

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