Wall Street Disaster

[CroBiker]

Anyone following these developments on Wall Street?

Dow Index is bellow 8,600 (at time of writing this post), there is savage selloff going on!

Statistics show this is the worst bear market since 1973 and largest 7 day loss since 1987. We all know what happened that and following year. Another interesting info: dow lost 8 trillion dollar of its value in 1 year, how do you possibly comprehend these figures?

....it will affect us all more then you can possibly imagine.They dragging us with them. Whoever thinks this situation won't affect rest of the world is living on other planet. They are largest economy in the world, every country dreams of selling something to them...

Just watch openings in Tokyo, Singapore and Hong Kong this morning - I bet there will be widespread market trading suspensions.

Edited October 10, 2008 by MiG16
removed part of post: if you want this thread to run, keep it on economics and effects. not a US politics discussion forum

[Penkoprod]

If you honestly think that ANY administraion/government in ANY country has any say in anything of a financial nature, then perhaps you might like to think again

BANKERS rule the roost and have done for centuries

Already they are slobbering over being gifted $700 BILLION as a reward over greed and incompetance, but even then its not enough for them

Give me control of a nation's money and I care not who makes her laws

~ Mayer Amschel Rothschild

Penkoprod

[desertrat]

Wonder why political posts and the aides/advisers don't have to have minimum qualifications, like the CEO of a Multi-national. Appropriate degrees, professional qualifications, proven ability and experience et al.

I suppose I can answer my own musings, 'cos it's political.

Also why don't white collar crooks go to real jails instead of closed tennis clubs.?

Edited October 10, 2008 by desertrat

[MiG16]

Im moving this to the jobs and economy section

and reminding everyone that you can discuss the impact of economic downturn on the global market and thailand, but I dont want a resurface of disguised attempt to flame a country or its administration.

such topics does not belong on this forum.

[zorro1]

one word . BUY

[midas]

one word . BUY

Is your strategy to get only in and out very quickly?

One analyst said on tv last night even if there was a small

2 or 3 day rally - it would only be a very brief rally in a long

and protracted bear market- where is the real bottom ?

[britmaveric]

BUY BUY BUY - you have stocks that are severely undervalued and will rise again in the near term.

[zorro1]

Strategy is long term. I will look them up on a few years and hopefully see a big + in portfolio.

[PeaceBlondie]

You will need to read a Thailand-based forum like ThaiVisa to get news of Thailand. Our SET here is not a major market, even in SouthEast Asia. The Bank of Thailand appears to keep propping up the FOREX by selling USD to keep it high.

We can always be rice farmers....

[midas]

BUY BUY BUY - you have stocks that are severely undervalued and will rise again in the near term.

I am not sure...............

" severely undervalued " - relative to what ? Against the unprecedented backdrop that

an entire country could now be bankrupt ! We are in unchartred territory

" near term " but what do you do - sell on the slighest rise

otherwise you could caught again if drops suddenly by a lot more ?

[Golden Nugget]

Buy now? Be careful. Might see a reversal soon, but it will be very short lived.

Long term? After the 1929 crash, the market didn't return to its former levels until 1952. We're not in a depression now, but "longterm" now means, "loooooongterm". We're in uncharted water with no economic stimulus package seeming to calm the markets, personal retirement and investment portfolios dwindling, soon-to-be retirees rethinking their retirement plans, unemployment on the rise, home values spiraling down, and inflation to boot. Hate to sound pessimistic, but facts are facts. Oh, and we Americans have to pay for Georgy boy's war.

Well, let's see what happens on Wall Street on Friday when bell-weather General Electric reports. If it misses estimates and provides lower guidance, expect another 500+ points in the red.

[Bizz]

Buy now? Be careful. Might see a reversal soon, but it will be very short lived.

Long term? After the 1929 crash, the market didn't return to its former levels until 1952. We're not in a depression now, but "longterm" now means, "loooooongterm". We're in uncharted water with no economic stimulus package seeming to calm the markets, personal retirement and investment portfolios dwindling, soon-to-be retirees rethinking their retirement plans, unemployment on the rise, home values spiraling down, and inflation to boot. Hate to sound pessimistic, but facts are facts. Oh, and we Americans have to pay for Georgy boy's war.

Well, let's see what happens on Wall Street on Friday when bell-weather General Electric reports. If it misses estimates and provides lower guidance, expect another 500+ points in the red.

We are not at the end of the V yet timing is everything as it will take at least 3-5 years to recover.

Recent events have wiped 37 Trillion $ off world markets.

[Bizz]

2cents BS

Shortdated or longerdated bonds.

Gold IS short haven only

[fiddlehead]

BUY BUY BUY - you have stocks that are severely undervalued and will rise again in the near term.

I watch the market closely and have traded a lot in the past. I am now strictly in cash and that's where i think the big boys and smart money is at this time.

Too much cancer growing in the markets. I think there will be a time to buy but it is now yet.

Last week, i was watching a stock that i held in the past and has traded between $20 and $30 (US stock market) and had recently gone down (slowly) to around $13-14 a share. One night, i came home and it had dropped 57% in 2 hours. ($6.00) I tried to low ball it and went to bed. woke up the next morning and it was back to $11.00. BUt, i didn't get my low ball bid?

The next night it went down to $6 and i bought some. I went back to bed but couldn't sleep. I woke up and it was at $6.75 and i sold it.

NOw, that stock is less than $5.00 and dropping.

My point is, it's a scary game trying to nickel and dime short term and the market in general is just spiraling down of course.

I think it will come back someday and there will be tons of buying opportunities. Just be ready when that time comes and good luck calling it.

I think it's better to join the ride once it turns than trying to pick the bottom.

Iwill continue, for now, sit back and watch everything taking a dive and am glad i'm sleeping well.

[Wrong Turn]

Some of the reason for the recent sharp delines in the US market is because the ban on shorting was lifted in Wednesday.

So, some of the people shorting think that will be further declines in the market.

There will be a bottom somewhere, and those that buy at or near the bottom and go long can get positive gains, IMO.

Where this bottom is, I have not idea.

When it will happen, I have no idea.

There are many serious problems, as we know.

[Gumballl]

Many opinions have been given that one should consider holding onto cash (for the time being) and refrain from buying stocks.

Ok... but what is one to do when the bulk of their nest egg is investing in an IRA (Individual Retirement Account) or 401-K plan? One who is under the retirement age (of 62?) cannot liquidate these into cash without paying a 10% penalty. Yes in hindsight, the 10% amount is probably better than the prospect of losing over 20%, but how is one to know. Now if I were to liquidate my investments, I would lose 30+%.

Should I do it? Is it worth it?

[fiddlehead]

Many opinions have been given that one should consider holding onto cash (for the time being) and refrain from buying stocks.

Ok... but what is one to do when the bulk of their nest egg is investing in an IRA (Individual Retirement Account) or 401-K plan? One who is under the retirement age (of 62?) cannot liquidate these into cash without paying a 10% penalty. Yes in hindsight, the 10% amount is probably better than the prospect of losing over 20%, but how is one to know. Now if I were to liquidate my investments, I would lose 30+%.

Should I do it? Is it worth it?

Can't you transfer those investments into bonds without paying the penalty? I guess it depends how you have your ira set up but i wouldn't think you would set it up so that you must keep it in the stock market. I'd check and put it in bonds although it's getting late and i imagine you lost a bundle already.

Good luck.

[Gumballl]

Can't you transfer those investments into bonds without paying the penalty? I guess it depends how you have your ira set up but i wouldn't think you would set it up so that you must keep it in the stock market. I'd check and put it in bonds although it's getting late and i imagine you lost a bundle already.

Good luck.

Yep! I sure have lost a lot. And unfortunately I have been unable to access my account (w/ Vanguard) from within Thailand. Now its is probably too late to "panic".

Edited October 10, 2008 by Gumballl

[CroBiker]

I've been working as a market analyst in 4 stock exchanges between 1989 and 1995. From my experience this is not over yet, we haven't seen the bottom. Of course, next week you will see knee-jerk reaction and don't be surprised if dow jumps 400-500 points in single day...Then it will slide down gradualy to lowest points seen this week once again. I closely followed cnn financial report today and actualy there is a moron there who suggests to buy now!?

Market needs to consolidate itself by hitting same bottom at least 2-3 times before any buy calls can be enforced. Watch this space.

Edited October 10, 2008 by CroBiker

[mcgriffith]

We're all going to affected by this...some sooner and some later.

All the letters of the alphabet being bandied about...V, W and U.

I personally opine it will be an "L" with a very loooong bottom leg.

This deleveraging will take at least a year or three.

I am neither smug nor immune to this crisis. 100K in less than 2 months- and there seems to be truly no where to hide.....maybe PB's suggestion to grow rice is not so far-fetched

[Jingthing]

Let's have some fun with this. Who can predict the bottom? I say it is 7450 on the Dow Jones.

This has hit me big time. What a drag.

Edited October 10, 2008 by Jingthing

[zorro1]

CNN news 10 mins ago suggesting it will bottom out next 48 hours http://money.cnn.com/2008/10/10/markets/st...f=googletoolbar

Edited October 10, 2008 by zorro1

[Jingthing]

CNN news 10 mins ago suggesting it will bottom out next 48 hours http://money.cnn.com/2008/10/10/markets/st...f=googletoolbar

Whatever the bottom, how many YEARS will it take to even get to the SAME LEVEL as the highs, already down about 40 percent from the highs, the true bottom maybe even more. Apparently after the great depression it took 29 years just to get back to even. Easy come, easy go INDEED. I don't know about growing rice as PB has suggested, but some rice WHISKEY right about now. not a bad idea. To the people who say soon it is a good time to buy, sure, but it will take years before the masses are comfortable with the stock market again after this historic BURN OUT.

Edited October 10, 2008 by Jingthing

[lannarebirth]

Let's have some fun with this. Who can predict the bottom? I say it is 7450 on the Dow Jones.

This has hit me big time. What a drag.

Near term, next year, later? Dow's gonna start with a 5 sometime next year I think. Lower later maybe when everyone realizes their companies have something like 5-10 billion share floats. Just guessing of course.

[lannarebirth]

CNN news 10 mins ago suggesting it will bottom out next 48 hours http://money.cnn.com/2008/10/10/markets/st...f=googletoolbar

Refresh my memory, if you would. How was their "top" prediction?

Edited October 10, 2008 by lannarebirth

[britmaveric]

Back over 10K in first quarter of 2009.

[mcgriffith]

5 on Dow. Hmmm.

Kill The Shorts!

Just kidding....

[Bangyai]

Well, thats the thing about being poor. When you've got bugger all to start with you have bugger all to lose. I will shortly be opening a consultancy business on how to live pretty well on very little and will offer a generous discount to impoverished T.V members

[lannarebirth]

5 on Dow. Hmmm.

Kill The Shorts!

Just kidding....

You mean the banks they're trying to save? They're all short. Anywho, there's probably a constant dollar calc I'm missing, so take it with a big grain of salt. One thing to watch out for though, is that there's a growing awareness of what a scam stocks really are.

Edited October 10, 2008 by lannarebirth

[mcgriffith]

Don't disagree at all, LRB.

I'm contra-dollar and short (to a degree) myself now.

Once the monetizing of this problem works its way through the system.....

Buy yuan?