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| The Scuppers This is a new forum for the not necessarily fishing related topics... |
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10-24-2008, 08:24 AM
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#1
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Wipe My Bottom
Join Date: Sep 2006
Posts: 1,911
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hold onto yer britches...
...could be another doozy of a day in the stock market.
my advice: start drinking heavily.
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10-24-2008, 08:27 AM
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#2
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Respect your elvers
Join Date: Mar 2004
Location: franklin ma
Posts: 3,368
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Retest of recent lows coming by 11am?
Maybe see Dow 7700 today, then rally?
I'm always way too optimistic...
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It's not the bait
At the end of your line
It's the fishing hole
Where all the fish is blind
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10-24-2008, 08:30 AM
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#3
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Old Guy
Join Date: Oct 2004
Location: Mansfield, MA
Posts: 8,760
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yup. not lookin good
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10-24-2008, 09:31 AM
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#4
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Registered User
Join Date: May 2008
Location: Mansfield, MA
Posts: 5,238
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My sympathies go out to the people who's retirement accounts of gotten decimated by what's going on.
But for all of us young folks around, this is a huge opportunity. I have minimal money in the market at the moment but as soon as the waters begin to calm, I'm opening up then maxing out an IRA.
This is the exact same thing that happened with oil but in reverse. A lot of solid companies that are minimally effected by credit issues are extremely undervalued.
To quote Warren Buffet, "While everyone else panics, I see opportunity. I'm buying stocks."
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10-24-2008, 11:09 AM
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#5
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Retired Surfer
Join Date: Dec 2000
Location: Sunset Grill
Posts: 9,511
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Quote:
Originally Posted by JohnnyD
My sympathies go out to the people who's retirement accounts of gotten decimated by what's going on.
But for all of us young folks around, this is a huge opportunity. I have minimal money in the market at the moment but as soon as the waters begin to calm, I'm opening up then maxing out an IRA.
This is the exact same thing that happened with oil but in reverse. A lot of solid companies that are minimally effected by credit issues are extremely undervalued.
To quote Warren Buffet, "While everyone else panics, I see opportunity. I'm buying stocks."
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Good ole Warren has seen his fortunes drop 10 billion in the last few months they said this morning. |
Swimmer a.k.a. YO YO MA
Serial Mailbox Killer/Seal Fisherman
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10-24-2008, 11:20 AM
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#6
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Keep The Change
Join Date: Oct 2000
Location: The Road to Serfdom
Posts: 3,275
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I'm looking for at least 1000 points on S&P 500 within 24 months  hopefully I have enough time to hide  my profits from the Economic SS as I refer to the incoming "wealth redistribution" administration. |
“It’s not up to the courts to invent new minorities that get special protections,” Antonin Scalia
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10-24-2008, 11:25 AM
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#7
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Keep The Change
Join Date: Oct 2000
Location: The Road to Serfdom
Posts: 3,275
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Quote:
Originally Posted by fishpoopoo
...
my advice: start drinking heavily.
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Must own an interest in spirits...
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“It’s not up to the courts to invent new minorities that get special protections,” Antonin Scalia
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10-24-2008, 12:25 PM
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#8
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Here fishy fishy
Join Date: Aug 2001
Location: Whoville
Posts: 2,266
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Quote:
Originally Posted by fishpoopoo
...could be another doozy of a day in the stock market.
my advice: start drinking heavily.
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Pre-Med, Pre-Law, what's the difference? |
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10-24-2008, 01:17 PM
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#9
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Respect your elvers
Join Date: Mar 2004
Location: franklin ma
Posts: 3,368
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Art Cashin on CNBC a short while ago mentioned there hasn't been a bottom put in yet based on the volume you typically see at market bottoms.
Tough too believe there's not enough panic out there yet, but Art called the 10/10 selloff and subsequent rebound "less than perfect."
For the short term he anticipated a bottom within the next two weeks and possibly rally heading into the election.
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It's not the bait
At the end of your line
It's the fishing hole
Where all the fish is blind
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10-24-2008, 01:48 PM
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#10
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sick of bluefish
Join Date: Aug 2003
Location: TEXAS
Posts: 8,672
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wee wee, isnt this one of the things that got us into this mess in the first place???
The Federal Reserve is widely expected to cut interest rates again next week. But could the Fed soon go where it has never gone before and bring them below 1%?
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making s-b.com a kinder, gentler place for all 
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10-24-2008, 02:02 PM
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#11
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Registered User
Join Date: May 2004
Location: South of Boston
Posts: 2,605
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Quote:
Originally Posted by Back Beach
Art Cashin on CNBC a short while ago mentioned there hasn't been a bottom put in yet based on the volume you typically see at market bottoms.
Tough too believe there's not enough panic out there yet, but Art called the 10/10 selloff and subsequent rebound "less than perfect."
For the short term he anticipated a bottom within the next two weeks and possibly rally heading into the election.
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Mike,
Did you happen to see Cashin talking today about the 10/27 lunar cycle sell off fears? Kind of an odd correlation between historical stock selloff's and the New moon in October.
Kinda makes me want to buy a dozen eels for tonight's last of the west. |
The charm of fishing is that it is the pursuit of what is elusive but attainable, a perpetual series of occasions for hope. ~John Buchan
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10-24-2008, 03:34 PM
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#12
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Respect your elvers
Join Date: Mar 2004
Location: franklin ma
Posts: 3,368
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Quote:
Originally Posted by Bronko
Mike,
Did you happen to see Cashin talking today about the 10/27 lunar cycle sell off fears? Kind of an odd correlation between historical stock selloff's and the New moon in October.
Kinda makes me want to buy a dozen eels for tonight's last of the west.
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Can't believe you figured my secret out....you smarty.
On days when the market is up I usually do very well fishing that night. Market down, fishing down. Guess I'm staying in tonight but will pick up some big eels in anticipation of a rally next week... if its up more than 5% I usually get into 30# fish  |
It's not the bait
At the end of your line
It's the fishing hole
Where all the fish is blind
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10-24-2008, 05:41 PM
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#13
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Registered User
Join Date: Nov 2003
Location: On my boat
Posts: 9,703
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I wonder what the average per day is for people jumping from skyscrapers in Manhattan these days !
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LETS GO BRANDON
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10-25-2008, 12:19 PM
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#14
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Registered User
Join Date: May 2001
Location: Rhode Island
Posts: 3,650
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How much could the stock marker potentially fall? Could it completely tank down to like 1000-2000?
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10-25-2008, 03:16 PM
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#15
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Eels
Join Date: Jul 2004
Location: Cape Cod,MA.
Posts: 3,333
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One of the sad parts about this market is that historicly the fourth quarter has been productive & positive.I wish I had the extra $$ to buy more!
I really feel bad for our elders...There never going to rebound from this global mess.
Also If Im not mistakin but this is worse than Black Monday back in 87 chit back then people were jumping from windows 
Bob |
Live bait sharp hooks and timing is all you need
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10-25-2008, 03:24 PM
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#16
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Old Guy
Join Date: Oct 2004
Location: Mansfield, MA
Posts: 8,760
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Robert this is much worse than 87, the market has lost over 40 pct since its peak and it is much more widespread. This is 26-33 in the financial markets in our lifetime, I hope the rest of that time doesn't come to be.
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10-26-2008, 08:28 AM
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#17
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Respect your elvers
Join Date: Mar 2004
Location: franklin ma
Posts: 3,368
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This seems real bad, but the IXIC lost over 70 percent from peak to trough just 7-8 years ago and has never recovered. 
Dow was down over 40% too and came back to hit new highs. I remain optimistic the same will happen this time around once the excesses get wrung out. |
It's not the bait
At the end of your line
It's the fishing hole
Where all the fish is blind
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10-26-2008, 07:40 PM
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#18
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Registered User
Join Date: Feb 2005
Location: Burlington
Posts: 2,290
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Just something to think about...what would happen to social security if it is privatized and it depended on the market???  |
low & slow 37
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11-05-2008, 08:02 AM
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#19
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Respect your elvers
Join Date: Mar 2004
Location: franklin ma
Posts: 3,368
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Quote:
Originally Posted by 5/0
One of the sad parts about this market is that historicly the fourth quarter has been productive & positive.I wish I had the extra $$ to buy more.
Bob
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Don't look now, but we're up 20% off last month's bottom. Sure we'll pull back a bit from profit taking, but I think an uptrend is in place for a while.
People who bailed and went into cash are gonna be playing catchup. |
It's not the bait
At the end of your line
It's the fishing hole
Where all the fish is blind
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11-05-2008, 08:04 AM
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#20
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Respect your elvers
Join Date: Mar 2004
Location: franklin ma
Posts: 3,368
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Quote:
Originally Posted by gone fishin
Just something to think about...what would happen to social security if it is privatized and it depended on the market??? |
Good things if you have the discipline to stick with it long term.
Again, I'm always the optimist.... |
It's not the bait
At the end of your line
It's the fishing hole
Where all the fish is blind
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11-06-2008, 05:50 PM
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#21
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Registered User
Join Date: Feb 2003
Location: Newtown, CT
Posts: 5,659
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Quote:
Originally Posted by Back Beach
Don't look now, but we're up 20% off last month's bottom. Sure we'll pull back a bit from profit taking, but I think an uptrend is in place for a while.
People who bailed and went into cash are gonna be playing catchup.
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They may very well turn out to be the wise ones. I wish I had done that. |
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11-06-2008, 06:10 PM
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#22
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Eels
Join Date: Jul 2004
Location: Cape Cod,MA.
Posts: 3,333
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Quote:
Originally Posted by Back Beach
Don't look now, but we're up 20% off last month's bottom. Sure we'll pull back a bit from profit taking, but I think an uptrend is in place for a while.
People who bailed and went into cash are gonna be playing catchup.
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Quote:
Originally Posted by Back Beach
Good things if you have the discipline to stick with it long term.
Again, I'm always the optimist....
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October made history in 2 aspect of the market one for crashing as much as it did & secondly rebounding as much as 20%+ all in on month.
Mikey I too am optimistic in the futures of the market but it seems as we are back on the downward spiral.....Must be due to the Great new on Tuesday night  |
Live bait sharp hooks and timing is all you need
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11-06-2008, 08:53 PM
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#23
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Registered User
Join Date: May 2008
Location: Mansfield, MA
Posts: 5,238
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Quote:
Originally Posted by Back Beach
Don't look now, but we're up 20% off last month's bottom. Sure we'll pull back a bit from profit taking, but I think an uptrend is in place for a while.
People who bailed and went into cash are gonna be playing catchup.
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Quote:
Originally Posted by Back Beach
Good things if you have the discipline to stick with it long term.
Again, I'm always the optimist....
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The market is down 929 points since you said that yesterday morning and only about 200 points off that bottom from last month. I think December will see terrible consumer spending and January will bring another dumping of the market. |
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11-07-2008, 09:46 AM
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#24
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Respect your elvers
Join Date: Mar 2004
Location: franklin ma
Posts: 3,368
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Quote:
Originally Posted by JohnnyD
The market is down 929 points since you said that yesterday morning and only about 200 points off that bottom from last month.
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Its almost as though the market dropped as soon as I typed it.
Cashin's prediction was right with regard to the rally and ensuing drop. Buy the rumor, sell the news as they say. |
It's not the bait
At the end of your line
It's the fishing hole
Where all the fish is blind
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11-07-2008, 09:55 AM
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#25
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Respect your elvers
Join Date: Mar 2004
Location: franklin ma
Posts: 3,368
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Quote:
Originally Posted by MakoMike
They may very well turn out to be the wise ones. I wish I had done that.
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I hear you. Only problem with cash is its a poor place to be long term.
Example:We got a 20% bounce in stocks off the lows in just under two weeks. If you had sold at the bottom and stayed in cash, it would take you 10 plus years to get the money back versus 10 days. I know this isn't the best example because your age plays greatly into the amount of risk you can or should take.
Sure, we may go much lower, but at 38 I'm sticking with the market for the long term potential.
Next time I make a prediction do the opposite and you're sure to win.... |
It's not the bait
At the end of your line
It's the fishing hole
Where all the fish is blind
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11-07-2008, 11:06 AM
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#26
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Registered User
Join Date: May 2008
Location: Mansfield, MA
Posts: 5,238
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Quote:
Originally Posted by Back Beach
Its almost as though the market dropped as soon as I typed it.
Cashin's prediction was right with regard to the rally and ensuing drop. Buy the rumor, sell the news as they say. |
The market is completely insane. I'm young and have yet to open an IRA to start saving for retirement. This year was going to be the year, but it is such a petrifying time to enter the market. I'm just glad my procrastination prevented me from entering last year like my accountant told me too. It'd take me 10 years to make up those losses. |
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11-07-2008, 11:39 AM
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#27
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Great White Scup Hunter
Join Date: Nov 2006
Location: In the Corner...
Posts: 2,251
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Quote:
Originally Posted by Back Beach
Its almost as though the market dropped as soon as I typed it.
Cashin's prediction was right with regard to the rally and ensuing drop. Buy the rumor, sell the news as they say. |
 Art Cashin is the man,,, |
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11-07-2008, 11:43 AM
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#28
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Great White Scup Hunter
Join Date: Nov 2006
Location: In the Corner...
Posts: 2,251
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Quote:
Originally Posted by JohnnyD
The market is completely insane. I'm young and have yet to open an IRA to start saving for retirement. This year was going to be the year, but it is such a petrifying time to enter the market. I'm just glad my procrastination prevented me from entering last year like my accountant told me too. It'd take me 10 years to make up those losses.
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My suggestion,,, Don't wait,,, but who am I anyway,,, |
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11-07-2008, 12:42 PM
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#29
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Respect your elvers
Join Date: Mar 2004
Location: franklin ma
Posts: 3,368
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Quote:
Originally Posted by GattaFish
My suggestion,,, Don't wait,,, but who am I anyway,,,
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I wouldn't wait, either. Most of my current holdings were purchased during the post internet bubble burst era. The indexes nearly doubled in those seven years that followed as did my accounts. Although I've gotten banged up a bit lately like many others  , I'm still well ahead of where I'd be in cash or bonds. Waaaaay ahead of where I'd be had I done nothing at all. If your employer offers a match, you're crazy not to participate. You still have to live with the market fluctuations and think long term.
Everyone has a vomit taste in their mouth right now over the economy, but you need to look past it. It's tough to be optimistic right now, but history says you should be buying. |
It's not the bait
At the end of your line
It's the fishing hole
Where all the fish is blind
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11-07-2008, 01:53 PM
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#30
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Great White Scup Hunter
Join Date: Nov 2006
Location: In the Corner...
Posts: 2,251
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BB... I totally agree,,, it is not just the small part you miss out on now but the exponential growth you miss out on over 30 years,,, everything in life is a chance,, the market is no different If your scared of it then just put your money in a roth with low risk stuff,, just don't skip it all together
For me,, my results tell me I made the good choices by buying on the %$%$%$%$tiest market days when everyone was screaming doom and gloom....... that will continue until I am 7-10 years prior to retirement,,,,
Charts may not be exact but they at least help when you are trying to make intelligent decisions on when to enter the market... of course I am no pro... and don't get me wrong it would be nice to be worthy enough to have a bloomberg B with professional subscriptions but, I am not a complete fool either,,,
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