Tuesday, 7/30 Market Wrapup (Dow 30's Wild Ride, Fasten your seatbelts... more to come)

FinancialSense.com ^ | 07/30/2002 | by Jim Puplava

[jwh_Denver]

All I know for certain is that people will be a bit more prudent over the next decade or two.

"One woman said her husband got mad if she opened their monthly investment statements. Instead, the statements got thrown in a desk drawer where they have been piling up since the beginning of the year."

This I believe says what I believe to be true. American's gain and lose money but they never take the time to find out why.

[Dales]

Another day with big spikes in the futures before the opening.

6:28AM: FTSE...4268.10...+87.20...+2.1%. DAX...3936.10...+57.16...+1.5%.

Possibly money being pulled out of foreign (Tokyo's) markets and heading our way?

[steveegg]

Definitely odd behavior. It doesn't look like there's a lot of profit-taking in the cards for at least this morning.

[Always Right]

Last week the DOW offered us one of the best buying opportunities in many moons. It is still a solid time to jump in, with a low down side and a large upside.

[grania]

All I know for certain is that people will be a bit more prudent over the next decade or two.

You think so? The spinners will get out there and say it was a temporary condition while people readjusted their investments and all of those good guys and gals out there in corporate America will be so relieved when the crooks are taken care of.

Denial, greed, and laziness are powerful influences on the investor.

What I did during the roller coaster ride is readjusted my (small) portfolio to be interesting, well run companies with good products to sell. And I'm sticking with them unless they give me a reason not to. And nobody's going to tell me what I should be doing!

[Lazamataz]

And nobody's going to tell me what I should be doing!

Pull your money out.

Now.

[arete]

Last week the DOW offered us one of the best buying opportunities in many moons. It is still a solid time to jump in, with a low down side and a large upside.

Ahhhhhhh . . . Words of wisdom no doubt.

Richard W.

[grania]

Pull your money out. Now.

Laz:

My retirement money has never been in the market...it's in CDs. The portfolio money is from a mutual fund I got a little each month for a few years, and cashed in. I'm doing better than the mutual fund has. And, it has never been earmarked for anything but spending!

And PS: I'm UP!!!!

[jwh_Denver]

"All I know for certain is that people will be a bit more prudent over the next decade or two."

That line is from another poster. I don't buy it one bit. Here's these lazy Americans dealing with 10's of thousands of dollars and watch it going down and down. Hey, putz, you can sell it you know! Americans more time on planning their vacations than they do learning about the stock market.

A bit more prudent? I don't think so.

[Tauzero]

Oh, they'll become more prudent -- if for no other reason than their creditors and hungry mouths will force them to prudence. Some will learn sooner than others -- just like there are "high" and "low" bottom alcoholics.

By the time most learn their lessons, the lessons of course will be absolete, and it will be time to buy, borrow and expand. ;)

[Tauzero]

EWI posted an interim update today recommending 200% short for aggressive traders.

[Tauzero]

Once I built an information superhighway, I made it run
I made it race against time
Once I built an information superhighway, now it's done
Consumer, can you spare a dime?

[arete]

recommending 200% short for aggressive traders.

I'm not quite that aggressive but I did open a couple of short positions right at the close on Wed. Although the trend is definitely down, I'm cautions right now because I believe we are going to see continued interventions.

Richard W.

[bvw]

Not writing naked calls, are you? Be hedged and be happy!

[arete]

Be hedged and be happy!

Nix to the naked calls for sure. Just looking to get by.

Richard W.

[dennisw]

Good caption.