Posted on 10/09/2008 1:00:23 PM PDT by prolifefirst
Measure once, cut twice...
Go back to Lowes.
I did same thing.. As soon as the Lehman Bros news hit and the Paulson bailout plan was announced I moved everything in my 401k out of stocks and into money market fund.
Not going to be easy to do but now is the time to buy.
If Obama is in the White House, there is absolutely no reason to enter back into this market until 2012.
Anyone would be foolish to do so IMO.
The mutual funds would ordinarily be snapping up values but they can't because people are withdrawing their money (per WSJ article from Wednesday)
When it gets to the bottom, sell.
To soften the blow, for anyone who believes that this downturn will be protracted, the symbol SDS is an ultra-short S&P ETF. It goes up when the S&P 500 goes down. A good hedge while things are in turmoil.
I'm not emotionally ready to take any chances with what I have left.
Good idea. Unless you are going to retire, or you need that money in the near future, you’re probably better off riding this thing out.
In all likelihood the smart time to sell has passed already and selling now that prices are this low, and buyers are looking for a bargain, isn’t sensible for the long term.
Gods speed and good luck.
I can no longer bail.... already lost my rear, about 82K down so far. To that I say, DAMN THE TORPEDOS, FULL SPEED AHEAD.
From way back in March, the shorts ib some of the boards I read have been saying the bottom is 8000. I think that’s the case.
Too late for me to get out now. I’m riding this bastard down like Slim Pickens did on that bomb in the movie “Dr. Strangelove”.
sounds irrational at best...
Too big a market even for Soros....
Now if it was just one sector...maybe.
Hubby never had the stomach for the stock market so we decided to follow another route.
They only thing we are worried about and watching is his “Defined Contributions Fund”. So far we haven’t lost any of the principal.
As far has his pension goes, he has been talking to people in the know and it seems that we are ok there too.
My heart goes out to many regular folks who trusted these Wall St. bums.
I chose to “retire” at 58 (now 59 1/2). 401K became an IRA — Vanguard.
Never much of a gambler, I had much of the money in their money market, and the rest in Wellington (mixed fund) and International Value. Finally, today, I moved the stock portions to money market in anticipation of more losses. I should have done this days ago; would’ve saved more but oh well. If things perk up I can go back into stock funds. If not, $$ should be safe though static.
I would not close out the account entirely and take the assets unless I really needed the money now. Taxes are a pain and I have many years in which to withdraw if I live that long.
I should’ve stayed the course but got sick of watching the drop each day. Now watch; Dow will rise Friday; then drop back again Monday. Whatever -— if market rebounds in time to go back into stocks I can do that but not cashing out totally means not paying those nasty taxes now.
You did the right thing three weeks ago! Congratulations!
Good luck to you sir! Hang in there FRiend!
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