RedScare Posted October 10, 2008 Share Posted October 10, 2008 Hey Red, when XON went 59.50 straight out of the blocks, did you go check your shorts, that was ugly for a while.?Nah, I knew I was done yesterday when it dropped 9. What's another 10 today? If I was getting out, I would've done it last week. I'm in for the next 10 years now. It'll take that long to recover it all. I actually managed to miss the hysteria of a 700 point free fall. I was at the bank paying my mortgage...at least I still have one.I've been saying that if I make it to December, I'll be able to tough out almost anything. Every loan will be paid off except my house, and it is affordable. If the IRA is gone, I'll be in good company...with everyone else. We all will need to look at life a little differently, not basing it on paper wealth. Crying over a market we cannot control won't fix anything. Link to comment Share on other sites More sharing options...
sifuwong Posted October 10, 2008 Share Posted October 10, 2008 Wow! NOV has been getting hammered in the past 2 days! Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 10, 2008 Share Posted October 10, 2008 Funny you mention that, I talked to Pete Miller two days ago about a bunch of stuff I have back-order and some issues I am having out of the Clarksburg office, he's not in any bind, other than he's still got stuff prepaid on the mill line for the next three years. That activity they are seeing in the market is just paranoia out of those that got in late and are now in their ass pocket in the market. They must have thought that $148.00/bbl oil was going to last forever. They should have got in when it was @ $25/bbl, and thought it was junk. Wait until OPEC shut about six valves. Link to comment Share on other sites More sharing options...
crunchtastic Posted October 10, 2008 Share Posted October 10, 2008 I just ran out to grab some lunch and noticed that the MetLife blimp was circling the AIG compund. Could it be my new overlords? Are some dudes in black going to start rapelling down onto the roof??? The actuarial ninja force? Link to comment Share on other sites More sharing options...
houstonmacbro Posted October 10, 2008 Share Posted October 10, 2008 I just ran out to grab some lunch and noticed that the MetLife blimp was circling the AIG compund. Could it be my new overlords? Are some dudes in black going to start rapelling down onto the roof??? The actuarial ninja force? AIG compound is on Allen Parkway right? Link to comment Share on other sites More sharing options...
jm1fd Posted October 10, 2008 Share Posted October 10, 2008 I just ran out to grab some lunch and noticed that the MetLife blimp was circling the AIG compund.Looks like they're now circling downtown.... Link to comment Share on other sites More sharing options...
OkieEric Posted October 10, 2008 Share Posted October 10, 2008 Looks like they're now circling downtown....Saw it around downtown yesterday evening as wellWhat a friday... XOM now down nearly 15%? Unbelievable.. There goes the 401k from my former employer Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 10, 2008 Share Posted October 10, 2008 They are searching for Crunchie, fleeing the scene of the crime with her Ruben on Rye in tow. Link to comment Share on other sites More sharing options...
crunchtastic Posted October 10, 2008 Share Posted October 10, 2008 Damn, Mark, that sammich looks so much better than my tiny and sad subway! Macbro--yep, Allen Parkway. Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 10, 2008 Share Posted October 10, 2008 Yep my absolute favorite, god I miss Guggenheim's, they had the best.......Man these volumes are getting scary, with this slide, people are liquidating........... Link to comment Share on other sites More sharing options...
sifuwong Posted October 10, 2008 Share Posted October 10, 2008 i put in a limit order(21)for 400 shares about an hour ago. correction. Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 10, 2008 Share Posted October 10, 2008 It's going to be a buyers market if you've got the free liquid to get in long and be patient. My son-in-law at Morgan Stanley is saying the bottom will be in the lower 7's then we'll pick up some good buys before the long ride back up. He calls me about 6 times a day to make sure I'm not hooked to a defibrillator. I could slap the boy sometimes, but he's a good kid and knows his stuff most of the time. Just soon as the dust settles we are set up to pull in some liquid from Cayman National and buy up some solid Tech stuff. NOV looks good also, will have to keep an eye on that, GSX has stirred some interests in me, they acquired a big BLM opening last week, but rig shortages, in the Rockies, have them on hold. But I know the guys at Gasco and they will be on the upturn soon. Link to comment Share on other sites More sharing options...
houstonmacbro Posted October 10, 2008 Share Posted October 10, 2008 It's going to be a buyers market if you've got the free liquid to get in long and be patient. My son-in-law at Morgan Stanley is saying the bottom will be in the lower 7's then we'll pick up some good buys before the long ride back up. He calls me about 6 times a day to make sure I'm not hooked to a defibrillator. I could slap the boy sometimes, but he's a good kid and knows his stuff most of the time. Just soon as the dust settles we are set up to pull in some liquid from Cayman National and buy up some solid Tech stuff. NOV looks good also, will have to keep an eye on that, GSX has stirred some interests in me, they acquired a big BLM opening last week, but rig shortages, in the Rockies, have them on hold. But I know the guys at Gasco and they will be on the upturn soon.I'm not saying your son-in-law is wrong, but why is there the thought in America that things always happen quickly (or should happen quickly)? What if this free fall and depressed market stays this way for years?Why do we always think things will 'bounce back' soon? Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 10, 2008 Share Posted October 10, 2008 Man this baby is rebounding again, the floor is going nuts! Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 10, 2008 Share Posted October 10, 2008 I'm not saying your son-in-law is wrong, but why is there the thought in America that things always happen quickly (or should happen quickly)? What if this free fall and depressed market stays this way for years?Why do we always think things will 'bounce back' soon?I hope you pay closer attention to your paper you are writing than you do my posts........It's going to be a buyers market if you've got the free liquid to get in long and be patient. Gotta luv ya Bro......... Link to comment Share on other sites More sharing options...
houstonmacbro Posted October 10, 2008 Share Posted October 10, 2008 I hope you pay closer attention to your paper you are writing than you do my posts........Gotta luv ya Bro.........This board keeps me sane enough to WRITE my paper. Link to comment Share on other sites More sharing options...
Highway6 Posted October 10, 2008 Share Posted October 10, 2008 This was not the week to open a brokerage account.Tried opening one with B0A Investments... just got off the phone with customer service.. they're so bogged down and busy.. they said it may be monday or tuesday before my account becomes active.This was after my wife and i tried to transfer money into her brokerage account... and they too must be having volume and server issues... its been 36 hours and we still dont have access to the money we transferred in to put into the market.Its very frustrating having a lil money to play with, knowing where ya want to put it, but no means to do so.................in the last 45 minues.. Dow up 700 and down 300.... crazy Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 10, 2008 Share Posted October 10, 2008 Man this home stretch is crazy, I managed to grab 2000 shares of APPL this morning it's looking pretty good, might actually save my bacon today. Link to comment Share on other sites More sharing options...
editor Posted October 10, 2008 Share Posted October 10, 2008 My stuff went from -12% to +18% in three hours. I may sell it all off just so I can put it in something more stable. Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 10, 2008 Share Posted October 10, 2008 APPL was a hot one this morning, they are suppose to unveil some new powerbook Tuesday, now that they got Steve Jobs off his death bed, things are looking up. Link to comment Share on other sites More sharing options...
TheNiche Posted October 10, 2008 Share Posted October 10, 2008 My stuff went from -12% to +18% in three hours. I may sell it all off just so I can put it in something more stable.Always cash out before an election. Let stocks reprice to the new leadership and to political/media normalcy. Then jump back in. I'm not saying that the economy will spontaneously heal after the economy, but the previous two weeks and the next month is a time frame within which I know better than to try and make predictions. I know that I don't know what's going to happen. Those that think that they know are either savants or idiots. I don't count myself as either of those.Also, if you cash out now on the stocks on which you've made money since you initially invested in them, then wait a month before reinvesting--even in the same stocks--you pay this year's capital gains tax rate and reset your basis. Link to comment Share on other sites More sharing options...
infinite_jim Posted October 10, 2008 Share Posted October 10, 2008 Will Morgan Stanley Survive the Weekend?http://blogs.abcnews.com/moneybeat/2008/10...morgan-sta.html Link to comment Share on other sites More sharing options...
sifuwong Posted October 10, 2008 Share Posted October 10, 2008 It's going to be a buyers market if you've got the free liquid to get in long and be patient. My son-in-law at Morgan Stanley is saying the bottom will be in the lower 7's then we'll pick up some good buys before the long ride back up. He calls me about 6 times a day to make sure I'm not hooked to a defibrillator. I could slap the boy sometimes, but he's a good kid and knows his stuff most of the time. Just soon as the dust settles we are set up to pull in some liquid from Cayman National and buy up some solid Tech stuff. NOV looks good also, will have to keep an eye on that, GSX has stirred some interests in me, they acquired a big BLM opening last week, but rig shortages, in the Rockies, have them on hold. But I know the guys at Gasco and they will be on the upturn soon. I think it should be mandatory that you keep us informed whenever he calls you... Link to comment Share on other sites More sharing options...
20thStDad Posted October 10, 2008 Share Posted October 10, 2008 It'll bottom out at some point, but I'm not selling until a long time from now, so no point in freaking out. Makes me glad my liquidity is in savings and not some market fund though. But I do feel for those who are in the withdrawal phase of their 401k. Link to comment Share on other sites More sharing options...
sifuwong Posted October 10, 2008 Share Posted October 10, 2008 Man this home stretch is crazy, I managed to grab 2000 shares of APPL this morning it's looking pretty good, might actually save my bacon today.dude, you got some dough!!! Link to comment Share on other sites More sharing options...
crunchtastic Posted October 10, 2008 Share Posted October 10, 2008 Will Morgan Stanley Survive the Weekend?http://blogs.abcnews.com/moneybeat/2008/10...morgan-sta.htmlthey may make it through the weekend, but another rating downgrade will be the kiss of death. I see it playing out similar to the AIG deal. While Lehman was an expendable crew member, I doubt that the fed would let MS die as quickly. Link to comment Share on other sites More sharing options...
editor Posted October 10, 2008 Share Posted October 10, 2008 Always cash out before an election. Let stocks reprice to the new leadership and to political/media normalcy. Then jump back in.That's exactly something I was starting to think -- that things might smooth out after the election uncertainty has passed. The markets hate uncertainty. Maybe if Obama or McCain would pull ahead by 20 points in the polls it would be helpful. Link to comment Share on other sites More sharing options...
editor Posted October 10, 2008 Share Posted October 10, 2008 Let's see how many of you really can work the market...Take the HAIFinance Challenge!Every HAIFer has $1,000 in pretend money to play with. Let's see who's the best by the end of the year.Details and official entry location here. Link to comment Share on other sites More sharing options...
Subdude Posted October 11, 2008 Author Share Posted October 11, 2008 As bloody as this has been, it could have been worse. A couple of years ago the idea was knocking about of partially privatizing Social Security so funds could be invested in stocks instead of just Treasuries. Imagine if that had come to pass. I shudder to think. A colleague of mine was meeting earlier this week with some bankers, whom he found understandably gloomy. Their great quote was "We're in a tunnel, and we can see a light, only we can't tell if the light is the end of the tunnel or an oncoming train." Link to comment Share on other sites More sharing options...
Subdude Posted October 11, 2008 Author Share Posted October 11, 2008 One interesting story yesterday was the rumor that the financial markets would be closed (the Russian solution) until a new regulatory regime could be implemented. Berlusconi said publicly that it was under consideration. Later in the day the White House issued a statement denying it was on the table, and then Berlusconi retracted his comments, saying it was something he heard on the radio. My guess is that the idea was tossed around and then discarded at least for the moment. Just shows you how desperate governments are getting.Link to article Link to comment Share on other sites More sharing options...
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