⌛ The great crash of 08 has begun.....

Yes, I went defensive on 2 Jan but not defensive enough. Still left about 20% in the market...now about 17%...but it could have been much much worse....

Anyway, FTSE is green, USD is finally starting to get the spank it deserves, and DJIA futures are reversing...might be ok...for a little while...

Wonder what the diversion will be? Iran?

 

Was watching the ASX briefly before heading off to the real job....people were selling to any bid - sheer panic. Been some discussion on local stock forums if Aussies haven't been acting like a mob of girls cause we got hammered today...but the sheer panic was obvious.

Anyway, don't know where the bottom is on this dive...gone fairly defensive a couple weeks ago so won't lose any sleep over it...but I'm wondering what the diversion will be. Massive interest rate cuts, maybe Iran, unfortunately too bad..with a different prez I'd say the Saudis need their oil fields taken away...but GWB has a lip-lock on Abdullah's snout - so that won't happen. Better luck with the next incumbant. Anyway, expecting some momentous news to happen in the next couple days.

 

This is exactly the problem. The economy is based on confidence. As long as consumers and investors believe that things are ok they continue to spend and invest. Granted, the rampant speculation of the past two years has brought us to this point, but now it's just a confidence game. The time to move out of stocks has past. Time and time again the average investor buys high and sells low. If you haven't moved out of stocks yet it's too late. If you were lucky enough to move out of stocks BEFORE the slide began your time to buy is rapidly approaching.

 

good, now the rest of the world can finally catch up to the Philippines.

 

We'll be in Bush's debt for a long time.

 

Bottom Picking

While I don't think we've seen the bottom, I decided to do some bargain hunting with stocks today that have sold off considerably from their highs recently. I can always trade them out.

AAPL - 147.91
ABB- 23.00
FRO - 36.00

 

I just think it's a shame people make money because they have money, while others can't feed their families well enough because they don't.

 

It is true that when you're poor you simply do not have the opportunities that others may have. For most people in the world being poor is not a result of choices they've made but those others have made, especially governments. This is not justification to make those that have been given opportunity feel shame. The shame for them would be to fritter away the opportunities they are blessed to have. Take a look around your home town in Denton and see how many people take the wonderous blessings they have for granted and do nothing with them.

 

I'm just reading this morning theres 1.8 MILLION ARM's scheduled for readjustment in 2008.