Stock Market: A Freeper Broker & His Thoughts

9/16/01 | Professional

[Professional]

Granted, some of you are going to flame me. Please spare it this time. I've very rarely given my opinion regarding my profession because it brings out the worst in some here. I'm sick of being asked how long I've been in the business and that all brokers are crooks etc.. If that's what you want to moan about, like I said, spare me. I don't degrade others professions here, nor do I ask career military whether they have been in combat or how many years they have served.

[Professional]

There have been 7 rate cuts in this year. This has happened 4 times in the past, resulting in an average of 24% by the S&P 500 and over 40% by the Russell 2000 (smaller companies).

As measured by the 12 months following the 7th cut.

[oneway]

No flames Professional, your posts are always insightful and appreciated...I am long and staying that way...NQ and ES up on patriotic sympathy tomorrow...just hunch. Thanks for the post.

[Professional]

Also, the 2 months previous to this tragedy had been VERY busy for our company. Business was really picking up because the very low interest rates from banks were essentially forcing people to look for alternatives.

The average bank CD is paying less than 4%. Your average senior citizen is not going to be satisfied with anything less than 5%. This is one of the reasons why the bond market is hot, but money is ALSO going into equities.

[Dog Gone]

Long term, I like it. Short term, I don't. I wouldn't invest the grocery money tomorrow.

I think you do a great job, Professional, with your comments and insights here, and I always look forward to reading them. Let's both cross our fingers for tomorrow, and the balance of next week. I think these next few days will tell us a lot.

[Professional]

Thanks, I got flamed HARD on another post because I didn't spell Vanguard correctly.

[Professional]

The markets have been manipulated in the past, for the good. This may be a time when the big institutions, fed, and build a burger types actually try to do something positive.

[mdittmar]

As I have said on previous posts,I'm buying. For two reasons,1) I see bargains 2)patriotism.

[gcruse]

I'm sick of being asked how long I've been in the business

I don't know why.  Before I took any advice regarding
my finances, I'd like to know if the broker has any experience.
When someone asks me how long I have been in my profession,
I am proud to tell them.  Be well, friend.

[Professional]

Another interesting note. ICA, a fund by American Funds, has a cash position of 20%. I think it is the 3rd largest fund in the country, with about $50 billion. Their cash positions are in US Govt bonds due in mid to late December. I felt that they may have been lining themselves up for some heavy buying in December. Maybe they cash in and start buying now? Either way, that money needs to buy equities, it isn't a balanced fund.

[Professional]

They weren't asking politely.

[bloodmeridian]

You're not my broker, but I'll send you encouraging words nonetheless. Great post.

[RightWhale]

resulting in an average of 24% by the S&P 500 and over 40% by the Russell 2000 (smaller companies).

Not clear. Increase or decrease?

[woofie]

Im sitting on a lot of stock...my father was a buy and holder....I am determines to hang in even though Im down a lot...most is blue chip ...some tech

[Tuscaloosa Goldfinch]

I'm planning on calling our broker tomorrow. I may buy, or I may say, hi,are you okay?

[artw]

Thank you for the great post, Professional. I appreciate your insight.

[RightOnline]

"Granted, some of you are going to flame me."

"Flame" you???? You can't be serious. I find your post encouraging, courageous in a professional way, well thought-out, and eminently sensible. God bless you.

[JulieRNR21]

I already have an order in to my broker to purchase 200 shares of CISCO tomorrow......I chose that particular stock because they were one of the first to make a substantial contribution to the NY Disaster Fund.

I urge others to

Annoy a Terrorist......Invest in America!

[kidkosmic1]

If we know the economic shockwaves are going to be hitting us in the next few months, then we also know that those in the markets are going to base their trading on this...starting Monday morning.

I heard talk of patriotic buying, I just don't see this going too far.

Maybe, at best, we'll see light trading? I would love to see a rally. I think this could really help in the consumer confidence area. If we could all pull together in every area, I think we can shock the world and remind them how great America can be.

[mdittmar]

Great minds think alike!