MR

Look like they's gonna get hammered today. If you're young and heavily into stocks today might be a day to start drinking early. It seems as though markets around the world are in a free fall. I still say the Dow will have a "6" in front of it before too long. Luckily, I'm 100% out of the market and on the sidelines. Good luck to the rest of you, though!!!

I don't have a head for this stuff much but I just switched my 401k stuff to a Roth IRA. Hope that works better. I don't have a lot of faith in the economy right now. I still say by the time I retire (I'm 38 now) I won't have anything to live on. I think I'll take your advice St. John and start drinking early. I'm already fighting a killer sinus headache. Cheers.

I'm staying home sick today (it looks like I have freaking pink eye, so I have to get to the doctor--colds suck!). My husband told me not to go off and sell everything today! All of our stocks are energy stocks that we plan on holding for the long haul. We pulled everything else out of the market back in '07. I just started my company 401k this month, so I'm actually in a good buying position for when things turn around. Neither of us have worked for a large company for a long time (until I started this job in July), so all of our retirement money is in IRAs.

I see they halted futures trading now because they dropped 550 points!!

I'm not worried about it. I have probably another 30 yrs until retirement. I'm sure we'll rebound by then!!

I want to take my money and run but my financial advisor keeps saying "Buy! Buy! Buy!"

You think he's lost his mind?

I've lost lots and lots of money and I"m afraid to look and see there is nothing left.

Marabelle wrote:I want to take my money and run but my financial advisor keeps saying "Buy! Buy! Buy!"

He's telling you what's in his best interest, not yours. I had a buddy tell me to get completely out a little over a year ago. Soon after that the Dow hit an all-time high and I wanted to kill him...really thought about it. But in the end, he was right. He swears the Dow will soon have a "6" in front of it and that will be the time to buy. Mind you, he said this when it was at around 12,000. I'm listening to him.

Luvsaugeri wrote:I see they halted futures trading now because they dropped 550 points!!

I'm not worried about it. I have probably another 30 yrs until retirement. I'm sure we'll rebound by then!!

Don't count on it.

I was on the phone with my Dad a moment ago and he said something about how the market already dropped a few hundred in the first few minutes.

Glad I cashed out of the market in '04.

Saint John wrote:

Marabelle wrote:I want to take my money and run but my financial advisor keeps saying "Buy! Buy! Buy!"

He's telling you what's in his best interest, not yours. I had a buddy tell me to get completely out a little over a year ago. Soon after that the Dow hit an all-time high and I wanted to kill him...really thought about it. But in the end, he was right. He swears the Dow will soon have a "6" in front of it and that will be the time to buy. Mind you, he said this when it was at around 12,000. I'm listening to him.

Are you talking about me?

Marabelle wrote:I want to take my money and run but my financial advisor keeps saying "Buy! Buy! Buy!"

You think he's lost his mind?

I've lost lots and lots of money and I"m afraid to look and see there is nothing left.

I would wait until a little longer or maybe a lot longer...when it truly bottoms out.

conversationpc wrote:

Luvsaugeri wrote:I see they halted futures trading now because they dropped 550 points!!

I'm not worried about it. I have probably another 30 yrs until retirement. I'm sure we'll rebound by then!!

Don't count on it.

ConversationPC may be right but I'm generally in the same philosophy of LuvsAugeri. If it doesn't I don't think my 401k will matter because I and most of us will be totally f-cked by then anyway.

Saint John wrote:Look like they's gonna get hammered today. If you're young and heavily into stocks today might be a day to start drinking early. It seems as though markets around the world are in a free fall. I still say the Dow will have a "6" in front of it before too long. Luckily, I'm 100% out of the market and on the sidelines. Good luck to the rest of you, though!!!

Me too. I put everything in the Credit Union fund a couple of months ago. Doesn't earn much there, but doesn't lose much either. Very scary times.

Saint John wrote:Look like they's gonna get hammered today. If you're young and heavily into stocks today might be a day to start drinking early. It seems as though markets around the world are in a free fall. I still say the Dow will have a "6" in front of it before too long. Luckily, I'm 100% out of the market and on the sidelines. Good luck to the rest of you, though!!!

Very true, effects felt all over. Even our company stock keeps dipping lower and lower. Which doesn't bide very well for our stock options. But then again pretty used to fluctuating stock prices in the oil and gas industry.

Tito wrote:Are you talking about me?

No.

My husband was able to take an early retirement with a sweet package 6 years ago when the company he was working for verged. Our investment guy suggested annuities which have done very well until now. Luckily they haven't dropped, but they sure aren't gaining.

Rick wrote:

Saint John wrote:Look like they's gonna get hammered today. If you're young and heavily into stocks today might be a day to start drinking early. It seems as though markets around the world are in a free fall. I still say the Dow will have a "6" in front of it before too long. Luckily, I'm 100% out of the market and on the sidelines. Good luck to the rest of you, though!!!

Me too. I put everything in the Credit Union fund a couple of months ago. Doesn't earn much there, but doesn't lose much either. Very scary times.

Great time to buy real estate, Rick. Pick up a condo and lease it out to someone that lost their home because Clinton thought everyone should own a home...even if their credit sucked. That's what I'm doing!!!

Deb wrote:But then again pretty used to fluctuating stock prices in the oil and gas industry.

Futures this morning are down to $2.10/gal.

Marabelle wrote:I want to take my money and run but my financial advisor keeps saying "Buy! Buy! Buy!"

You think he's lost his mind?

I've lost lots and lots of money and I"m afraid to look and see there is nothing left.

Yes, the numbers on your accts are smaller. But remember, it's only a loss when you sell out. Hold on to it and eventually the markets will rebound.

I agree with your advisor. Buy, buy, buy! With everything so low, there are some great deals out there...and if we've formed a bottom, then your value will only go up. But the argument you'll have with yourself is, "Do I gamble on what appears to be a sure thing, or do I just hold on to my extra cash for cushion in a bad economy?" And that's a question for you and your money guy. And remember he may be saying 'buy', not just as advice, but because he'll get a commission and it'll help pump the overall market back up...which gives him job security.


later~

Rhiannon wrote:

Deb wrote:But then again pretty used to fluctuating stock prices in the oil and gas industry.

Futures this morning are down to $2.10/gal.

Wow!

I went into our local gas station the other day to get a pack of smokes, and the price of gas was something like $2.59. The lady behind the counter, who happens to be friends with my wife, said "Hi Rick"and I said "Are you guys crazy? You can't sell gas at these ridiculously low prices!" She almost fell in the floor laughing.

I guess you had to be there.

Fact Finder wrote:Gasoline futures for Nov are at $1.46. http://finance.yahoo.com/futures

With taxes and delivery charges we should see $2.00 gas.
Currently I can get gas for $2.27 in Ohio.

I get the daily economy reports from my father, I halfway paid attention, so $2.00 will work as well!
The cheapest place in my area has gas for $2.94... which is a major change from the $4.20 it was a month ago.

Rick wrote:I guess you had to be there.

Probably.

Arkansas wrote:I agree with your advisor. Buy, buy, buy! With everything so low, there are some great deals out there...and if we've formed a bottom, then your value will only go up.

The Dow was/is overpriced. A bottom doesn't in any way signify across the board deals. You still need to pick companies that are healthy, have fair value (reasonable p/e ratio), growth potential and are well managed. Whether the market is at the top or bottom has very little bearing on what I mentioned. Though certain stocks do get unfairly beat up in these types of market conditions, but it's still difficult to identify which ones they are.

Saint John wrote:

Arkansas wrote:I agree with your advisor. Buy, buy, buy! With everything so low, there are some great deals out there...and if we've formed a bottom, then your value will only go up.

The Dow was/is overpriced. A bottom doesn't in any way signify across the board deals. You still need to pick companies that are healthy, have fair value (reasonable p/e ratio), growth potential and are well managed. Whether the market is at the top or bottom has very little bearing on what I mentioned. Though certain stocks do get unfairly beat up in these types of market conditions, but it's still difficult to identify which ones they are.

Now's the time to buy stock in the big 3 companies that do well in a down market. Jack Daniels, Smirnoff and Bacardi.

Fact Finder wrote:

Rick wrote:

Rhiannon wrote:

Deb wrote:But then again pretty used to fluctuating stock prices in the oil and gas industry.

Futures this morning are down to $2.10/gal.

Wow!

I went into our local gas station the other day to get a pack of smokes, and the price of gas was something like $2.59. The lady behind the counter, who happens to be friends with my wife, said "Hi Rick"and I said "Are you guys crazy? You can't sell gas at these ridiculously low prices!" She almost fell in the floor laughing.

I guess you had to be there.

Gas stations could do themselves a big favor by changing their big signs out front to read $1.80 + tax. Or whatever the price is that day.

Example, everything else in the store has a sticker (bottle of Coke/Dew) that says $1.29 + tax. Yet the gas sign says $2.27. They could put the onus on the Gov for the high prices by doing this. When gas was $4.09 the sign should have said $3.70 + tax. With gas at $2.27 it should say $1.80 + tax. Then maybe people would wake up and see that the gov makes more off of gas than Exxon et al do.

In fact, cigs sould be labeled .50 cents + TAXES. Now that would piss people off and it should.

It just did!

Saint John wrote:

Great time to buy real estate, Rick. Pick up a condo and lease it out to someone that lost their home because Clinton thought everyone should own a home...even if their credit sucked. That's what I'm doing!!!

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You're a brave man, SJ. Rental property sounds like a good idea, but in this economy with businesses closing and people loosing their jobs, I would be afraid I would get renters who couldn't pay the rent. Then what do you do? You can't just throw them out anymore, there are legal / court cost involved now. And you still have to make your payments. Scary times.

Fact Finder wrote:In fact, cigs sould be labeled .50 cents + TAXES. Now that would piss people off and it should.

A few blocks east of me is a Walgreens and with Chicago, Cook Co, and Illinois taxes a pack of Marlboros is over $8.
In Schaumburg, IL you can get the same pack with just Cook Co, and Illinois taxes for $6.40.
If you go a half mile down the road into Roselle, IL just across the DuPage Co line, that pack will cost you $3.70.

Ricockulous.

I can drive 800 miles back home to my local tobacco outlet and get that pack for $2.60.

I believe New York charges $4.25 in taxes per pack of cigarettes.

Smoke pot, it's cheaper.

Fact Finder wrote:In Ohio I pay $3.73 for my Basic Lights. I can drive 8 minutes across the bridge into Ky. and pay $2.25 for same. Cheaper by the carton. Only problem is that a few months ago Ky started mandating those FPC Cigs. (Fire Proof Cigs) that go out as soon as you lay in the ashtray. They suck.

Yep. Illinois has that bullshit too now with the smoking bans on all indoor public places. There is a BIG difference.
Hence why every trip I make home I grab several cartons to bring back with me. FPC can blow me.

Rhiannon wrote:

Fact Finder wrote:In Ohio I pay $3.73 for my Basic Lights. I can drive 8 minutes across the bridge into Ky. and pay $2.25 for same. Cheaper by the carton. Only problem is that a few months ago Ky started mandating those FPC Cigs. (Fire Proof Cigs) that go out as soon as you lay in the ashtray. They suck.

Yep. Illinois has that bullshit too now with the smoking bans on all indoor public places. There is a BIG difference.
Hence why every trip I make home I grab several cartons to bring back with me. FPC can blow me.

quit smoking kiddo...unsolicited advice for the day...