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***Official*** 2008 Stock Market Thread

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And to think I was just complaining the last week about my business money in a index bus checking account only making a paltry 2.33 percent and contemplating where to move it.....

Maybe 2 percent isnt too bad right now lol.......
 
We're looking at the Dow dropping 500 pts at the bell here, ooof.

Really glad I dumped my international stuff in december, I had a feeling that bubble was about to pop.
 
Originally posted by: Azurik
Originally posted by: TallBill
Originally posted by: tagej
Originally posted by: blurredvision
I wish I understood all this stock market bullshit. I'm tired of watching the news and them acting like the world is crashing in and me not knowing if they are telling the truth or just sensationlizing for ratings.
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Rest assured, they generally don't have a clue what the heck is going on either. There's lots of guessing and speculating as to what factors drive things, but the bottom line is, there isn't a definitive guide as to what causes things to happen in the markets, it's a combination of many many many factors including human psychology.

Oh, and by the way, my personal opinion is that right now the sky is not "falling", but we are in for some serious economic pain. Basically, the US (and thus world) economy is largely driven by consumer spending. US consumers as a whole spend more each month than they bring in. That's been possible over the past few years because people were able to tap into the ever-rising value of their houses to supplement their income, and people are racking up credit card debt. Now, with the housing market in decline as a result of the subprime fiasco, people can no longer tap into that rising house price, and voila, the economy is going to head south soon unless something drastic changes.
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I don't understand this whole "economic pain" stuff. My personal economics have been steady since I started working at 16 and I have not noticed any change in my lifestyle regardless of "the economy" or "gas prices". Maybe I just save more then I spend.
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A recession doesn't necessarily affect everyone, and since you save more than you spend, you're in the minority and can better weather a bad life event. The heart of the issue is, there's a lot of people that stand to lose right now. Mortgage companies, i-banks and financial firms have mounting losses which results in bad performance. Bad for the companies themselves, bad for the employees they have to let go of. Mortgage rates resetting high affects home owners who are living paycheck to paycheck or close to it. An extra $100 to go along with every other bill they have monthly is tough on those folks. They have less discretionary income to spend, and the stores who they use to patronize loses revenues they once depended on.

This is just a very simplistic view. There is a lot of other things going on in the background. There's 300,000,000 people living in the US, every little dollar counts.

Unemployment + lower corporate spending + higher mortgage payments + rising energy prices + inflation risk = bad.
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All I can say is Im glad Im still in school and will be there for awhile.
 
I prefer the big down open. Nothing worse than false up open and then fading and dropping the rest of the day. If this holds up, I'm buying the open for a flip trade.
 
The losses are huge right now internationally... India just stopped their market. It dived 11% and they're halting for an hour.

US futures point to a -450 point Dow loss right now come Tuesday morning.
 
The people at FW are predicting the Dow dropping to 6500 within the year 🙂 That's not where I get my good info from.

Hong Kong opened up at -5% and then fell to -10% during the day. The geniuses at my good blog say pretty much what Naustica is saying, look for a big gap down and then steadily rising through the day. There are rumors of "federal intervention" floating around.
 
Originally posted by: Azurik
The losses are huge right now internationally... India just stopped their market. It dived 11% and they're halting for an hour.

US futures point to a -450 point Dow loss right now come Tuesday morning.
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its back up ~500 points but the market is very volatile.
 
Originally posted by: Slew Foot
The people at FW are predicting the Dow dropping to 6500 within the year 🙂 That's not where I get my good info from.

Hong Kong opened up at -5% and then fell to -10% during the day. The geniuses at my good blog say pretty much what Naustica is saying, look for a big gap down and then steadily rising through the day. There are rumors of "federal intervention" floating around.
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Yes, the Fed has been rumored to be cutting early and now, the potential for a 75 basis cut is rising quickly. Talk about a move to weaken the dollar.......

Interesting to note that 3 European markets just went positive. Dead cat bounce?
 
European markets are waiting now for the opening of Wall Street. I hope it goes down big time and puts the European market in panic mode again. I have some short Turbo on the Eurostoxx50 for the moment
 
Originally posted by: Engineer
FED just cut rates by 3/4 point.
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Market bounced alittle higher on the news and is back down to near original levels again. This might be the definition of a panic. We haven't seen this since 9/11.
 
Cutting .75% is anything but a good sign right now at this state of the economy. Bernanke is essentially giving a big FU to the value of US dollar and inflation in order to temporarily delay the impending doom on the financial market.
 
Originally posted by: hiromizu
I've been heavy on India which should continue its rise for sometime while hedging against dollar with gold heavy international funds. There's also a certain gold mining company which is on its rise.
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This past week can't be good for you.
 
man, ameritrade is down! I can't cancel my limit sell order to sell half of my stake in ABK at $8...it probably got filled awhile ago, oh well, double top just formed, so it might be a good move on my part.
 
This is a great thread because I will read this and use the collective wisdom of all you guys to make a lot of money in the new year. Thanks!
 
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