Posted on 10/28/2008 12:25:43 PM PDT by Drea
Haven’t talked to the tax wizard yet, soon. I think he might be able to pull a small rabbit out of his hat.
Thankfully, most of the rest was in low risk bonds, but even some of them took a little dive too. I think they even got a good chunk of my IRA, too. GRRRRRRR.........
All I can think of is all of those greedy lenders luring the greedy “buyers” with pie in the sky phony loans, and then when it goes bad, they just say, oh well, there’s a little old lady over on the coast, we’ll just raid her cookie jar. (as they’re leaving with their tidy profits)
It should never have happened. I’m still angry.
Charles Gasparino, call for you. . . .
Top of the Hour news
901 close.
not bad.
tomorrow should be fun.
Angry is just an inadequate word. Can’t find the right one.
That’s up 10.87%.
The Overnight Index Swap (OIS) value is 0.86 as I type this. Do you know what that indicates? It means that banks really, really, really don't care to lend to anybody.
The 3-month U.S. treasuries currently have a yield of 0.75. Do you know what that means? It means that people are running fast and furiously to 'safety'.
The Dollar Index is at 86.71. Do you know what that means? It means that foreign countries are desperate for our dollars so that they can exit positions that can only be exited using U.S. dollars.
Buy lots! But you're going to be losing money. People keep focusing on the equities market. The credit market is where your eyes should be - and it is insane to buy equities with the numbers being what they are.
But, what do I know...
On to 10,ooo!!!
Yes, I know what you mean. I kind of feel like getting my pitch fork. :-)
That would be cool.
We need to keep our eyes on the yen. If it gets back down below 115 against the euro then we are not too far away from seeing Europe implode.
Anyone that made money in the market today should send a thank you card to the Bank of Japan.
I'm going out on a limb and guessing a 3/4 point cut tomorrow. That also might have driven the rally today.
Yesterday the story was that Hedge funds were cashing out to meet investor pullouts from their funds. Today’s sharp market-close rally was trading into very heavy volumes. Who was doing the buying?
You obviously know the markets. I’m simply applying the same, steady goals as before. Nothing new. Maxing out our 401k’s which means adding some money every week. Where else would we put it? Stop contributing now while the market is down? If we keep adding all the way down then we’ll start w/ profits at the beginning of any recovery. Figure we don’t need the money and can’t access it anyway. Our jobs are sound. (However, we know there is no security in this life aside from God - spiritual point of view - forgive me.)
I’m open to suggestions. I don’t understand what you meant by foreigners buying dollars in order to get out of their positions. I’ve found that people are smart when they buy clothes on sale but same people are stupid when it comes to buying equities — buying when the stock market looks good as opposed to when it is down.
I think that we saw computer trading kicking in. The equities side was ripe for a rally - but the credit side is saying that we're only beginning to see the real problems that exist. That is why the market is getting whip-sawed so much. It's a great time for daytraders if you understand the credit market. If not, then it is easy to get buried.
Thank You, Bank of Japan.
I wouldn’t expect over 1/2 point but these are extraordinary times or so we are told.
I never envisioned the gubamint going so deep with the banks or being forced to.
They’ve woven quite a web.
Using this plan you won't see any real profits until you've made up for your losses on the way down. Not only that, but you're assuming that the market will get back up to 9,000 sometime in the coming years.
People that have been sitting in the markets for 10 years or more building their 'nesteggs' need to realize that they haven't made any money for 10 years, beyond what they put in. It would have been a wiser investment to take that money and put it into a CD.
Also, no forgiveness needed when referring to God our Father. The beginning of knowledge begins with the fear of the Lord.
Do you have a link for your newsletter?
No...I send it out via email. If you would like to PM me your email address then I would be happy to add you to it.
It is really sad and frustrating that so many people here, well meaning and intelligent people here, see EVERYTHING in only political terms. These people seem to lack the most basic, cursory knowledge of the ongoing world financial liquidity/solvency crisis as it becomes a world economic crisis.
How do you talk to these people? Rhetorical question, as there is no talking to these people. I just don’t understand why?
You’re probably right, but I hope you’re wrong.
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