I have never been a big believer in the Plunge Protection Team (PPT). The 78% drop in the Nasdaq from 2000 to 2002 was my proof.
So while some will ponder their presence (or lack thereof), let us instead review the recent activities on the Street of Dreams:
-Derivative woes have forced a number of hedge funds to blow up.
-The economy is slowing, as Consumer spending has significantly softened and Hiring continues to be weak.
-Easy Credit was formerly a source of lift to the markets, contributing to stock buybacks and M&A, and LBOs. Elvis has left the building.
-Technically, we have seen the first monthly reversal in a long time. Both the Dow and S&P July monthly close were below the June close
— I believe this is the first time this has occurred since the
cyclical bull began in 2003.-Dow Transports have broken below 4994, and are now confirming a Dow Theory Sell Signal
-And, all the fun in Housing — ARM resets, defaults and foreclosures, CDO issues, hedge fund blow ups — are still far from done. ARM resets won’t peak isn’t until Q4 this year . . .
>
The Financial sector, as a whole, looks to me like it has a lot further to go. So too, believe it or not, do the homebuilders. I
expect to see the same misguided and erroneous defense of the financial
sector that we saw on the homebuilders at the very first sign of any
oversold bounce.
Things are really starting to get interesting now . . .
>
5 year Dow monthly chart
1 year Dow Transports Chart
>
>
(Please keep it civil in comments)
But fortunately the subprime problem is well contained.
My fear is that we’re going to go replace the easy credit with government hand-outs if people scream about it enough.
With the rapid rise in asset values over the past several years, more and more people in the US (and other countries) are getting the idea that you don’t really have to work for your money.
That’s a very dangerous sort of psychology that causes a nation’s human capital to decay.
Homebuilders are toast. It isn’t just subprime being cut off, now it’s Alt-A and even jumbo prime. Inventories of homes for sale are huge and the vacancy rates for single-family homes are 50-75% above even recent historic norms, and craploads of condos will be completed over the next 12 months.
The only thing that will save housing , even in the intermediate term, is if Ben B. decides to earn the helicopter moniker and watch the dollar swoon.
It looks like investors aren’t bidding much for the AAA mortgage-backed bonds anymore. The ABX charts just went over the cliff at markit.com. Regardless of how much buyers are willing to pay for houses, sellers won’t be getting their asking prices as long as the funding charade breaks down.
I just saw Bob Mcteer former president of the Dallas Fed. He said that other than housing the economy is in good shape.
But other than that, Mrs. Lincoln, did you enjoy the play?
Larry Kudlow,
Why are you so anxious for the Fed to contribute liquidity?
You’ve been preaching world liquidity for months. It’s your raison d’etra. Why not let it sop up the liquidity problems for the U.S.?
You want your cake and want to eat it too, right?… In other words, you’re a free-market capitalist until the free-market dumps you, right?… Then cry, run to Dr. Anke for help, frightful child.
Let unrestrained free-market capitalism handle this. It’ll do a nice job. It’ll make Adam Smith proud.
I think that the PPT was in full force during 2000-2003. However, the NASDAQ didn’t respond because (1) why would investors go right back into a market that they were burned in?, and (2) the retail investor started throwing their money into housing hence our current situation.
Yesterday I commented on how only the PPT/Fed’s have the money and motive to engineer a 30 S&P point gain in the last 30 minutes as happened Wednesday. Maybe I’m wrong but another observation I’ve made and heard it commented on is that we never seem to have three down days in a row before mysterious buying enters the market. Could that be the PPT game plan? I don’t know but if Monday is down, then prices should rebound out of nowhere Tuesday.
I am not sure if Elvis has actually left the building, but I am fairly certain that Goldilocks has departed.
Are you looking at the same charts I am? My charts showed both the dow (DJX) and SPX with a lower monthly close for February, June, and July of this year and May of last year. I didn’t look back further than that, but I think there were other times too.
You gotta wonder about the value of Dow Theory at this point.
Richard Russell, the Dean of Dow Theory guys, flipped from superbear to super-bullish at exactly the wrong moment thanks to Dow Theory. Now Dow Theory is giving a sell signal?
I prefer to stick to the fundamentals.
I went all cash today. Going down further, Dow will test 12,500. Have fun, I’ll be enjoying myself with an escort this afternoon.
Suge
Suge,
Is her name Goldilocks?
Phil
Phil,
I can’t afford Goldilocks, not after today’s market action. All I can afford is a cheap motel ($40 for 4 hours), 2 wine coolers (for her), a 40oz Miller Light bottle (for me) and a cheap $3 cigar. Porn is free at the motel. I’ll dedicate the first money shot to you my friend.
Suge
There’s a nice base on the XLF at $32 and an even bigger one at $30. I don’t see a disaster where it goes much below $30. Remember that the financials really haven’t participated much in the rally over the last few years.
There’s a nice base on the XLF at $32 and an even bigger one at $30. I don’t see a disaster where it goes much below $30. Remember that the financials really haven’t participated much in the rally over the last few years.
I feel like I need a shower after reading that…
Hey, check this out:
http://theimbreport.com/wp-content/uploads/2007/08/month-end-format_report_073107.pdf
“And, all the fun in Housing — ARM resets, defaults and foreclosures, CDO issues, hedge fund blow ups — are still far from done. ARM resets won’t peak isn’t until Q4 this year . . .”
Yeah, but the corporate INSIDERS are buying like crazy! LOL! Sure feels good to not be long anything right now …
Listen folks, I don’t have a Phd in Economics but in this case it doesn’t matter. The market is going lower whether the whole subprime mess is overdone or not. Take your money first and ask questions later. If you’re a short, then congratulations. Glad to get out solvent. Look at AHM shareholders and I bet you’ll fell better about yourself. I’m on my way to see my favorite escort. Screw the market (I’ll be screwing the escort, LOL).
Suge
No Corporate insiders are buying. Are you smoking crack? (pardon my French).
Suge
“I am not sure if Elvis has actually left the building, but I am fairly certain that Goldilocks has departed.”
Nope, she’s chained to the stove, making porridge for Elvis.
I thought Elvis was having his way with her in the back room, since he wasn’t concerned hence all his royalties. I also heard he was going on Itunes anyways…
Isn’t the old adage “buy when there is blood in the streets”? Well, after we fall for the next two weeks (about a 12% correction on the S&P, taking it 5% or so negative for the year), we will get a bounce and then a stabilization. You have to remember this is all about getting the Dems elected in ’08 and a market collapse about now will be just the right RX for Hillarycare (with her running mate B. Hussein Obama) and her other socialistic agenda.
It strikes me a bit odd that with fundamentals so good and valuations relatively low (15x trailing earnings) this is a completely different type of crash/correction than we had in 2000 where valuations across the board were much, much higher.
Funny thing about valuations is that when they are high, bears cite them as the reason stocks are expensive and are ripe for a fall. When they are low, bears say that current P/E’s dont’ matter and that all that matters are forward P/E ratios (which obviously can’t be known). The argument is a win-win for them.
Barry, didn’t you say you would tell us when it was time to short? We about there? Have you lightened up your international positions since the overseas correction has been just as sharp as ours here at home?
~~~
BR: wrong across the boards:
1) “Blood in the streets?” We are still w/i 7% of all time highs!
2) Yes, clearly Hillary & Obama control the markets. Your insight astonishes
3) Fundamentals are decaying — retail sales? Housing? Job creation? Consumer spending? Please, get yourself a clue.
4) Valuations are at fair value for the SPX — assuming profits say at these record levels (a big assumption). Valuations for the Nasdaq and the Russell are much higher than the 15X next years estimates.
5) What makes you think I would tell you when to short?
Everyone, welcome to 1937, the year when markets dropped hugely in a very short time. Didn’t the Dow lose like 50% in 4 months back then? It’s deja vu all over again.
Quote: “You gotta wonder about the value of Dow Theory at this point.”
I could be all wet, but I’ve always understood Dow Theory to be an extremely conservative idea that is designed to take a slice from the middle of a move – hence the emphasis on affirmations of move changes.
Jdog —
“You have to remember this is all about the Dems getting elected in ’08”?
You’re saying this has nothing whatsoever to do with the gigantic debt bombs going off inside the American Economy?
****
Note to bulls and bears alike: stay humble. Don’t get too complacent. Don’t start crowing about how the world is about to end, or that we’re about to blast off to Dow 36,000. If there is one constant, it is that the market will do that which you least expect.
Winston —
To be fair, I don’t know a great deal about Dow Theory aside from its emphasis on confirmations/non-confirmations, etc.
But if Richard Russell (who I have read for years and respected) uses it to make the kind of super-bullish call he made a few weeks ago, I have to say I find it hard to put much faith in it.
The escort is making me wait another hour before she is “ready”. Total BS if you ask me so I’m reading some of the comments, and I don’t get it. What part of ‘we are going lower’ don’t you guys understand? I said the Dow is going to 12,500. Mark my words.
Suge
Barry,
I live in a Big Ten University town, and …… there are tons(!) of unsold new homes and condos. Never seen anything like it. They’re fresh, dressed up, and nowhere to go. Could be 2035 before they all fill up. I buy when i see the Lowe’s Menards contractors/carpenters/brickies etc. display a visible limp in their gait. Their limping is less pronounced, cuz work is starting to dry up. My contrarian signal has been berry berry good to me, Stan
“You have to remember this is all about getting the Dems elected in ’08 and a market collapse about now will be just the right RX for Hillarycare (with her running mate B. Hussein Obama) and her other socialistic agenda.”
Let’s see, the big money makers in the last 7 years and the PPT members (if present) have now decided that they want to crash the market so they can get a regulating Dem in power?
Illogical thinking like that suits a diehard Bush supporter.
I suppose it has nothing to do with a credit crunch, excessively low interest rates for too many years, inflation, foreclosures, liar loans, over-optomistic hedge funds, the belief in the rescuing force of a “greater fool”, over-priced stocks, deficit spending, currency decline, job layoff, stagnant income, over-extended consumers, $75.00 per barrel gas, a stupid dance between open markets and protectionism, a pissing-off of the remainder of the world, an administration that does not acknowledge a changing world etc., etc.,
No, it all the supreme power of a couple from mayonaise-on-white-bread Arkansas, the Clintons. Evil geniuses on par with Mr. Big.
Right.
Is J-dog a troll?
Should I bounce him?
Inquiring minds want to know!
No way. He’s a contrarian indicator — the canary in the coalmine. We need him!
…although he does sound suspiciously like “Disclaimer”, who you bounced a couple of days ago…
Long time reader, first time poster….i think….
MSNBC’s Jim Cramer completely losing it….thought I’d post this for y’all.
http://www.flicklife.com/cc7fe9e453f3a2f26f24/Cramer_flips_out_on_MSNBC.html
Flicklife sucks as a website, but the clip’s hilarious.
“Is J-dog a troll?
Should I bounce him?
Inquiring minds want to know!”
Barry, now you’re just teasing, like Nero….
“It strikes me a bit odd that with fundamentals so good and valuations relatively low”
Ban him for just for being so incredibly stupid.
BTW, if anybody missed the INCREDIBLE Cramer meltdown on MM, here it is! (best with Firefox & I.E.)
Oops. http://www.cnbc.com/id/15840232?video=452808336. AND Jeremiah beat me to it…..(brilliant minds…)
Don’t fight the tape. Seven percent drop is nothing. If you have large cap gains, for chrissakes, get some SDS or SDD and protect it.
This isn’t blood in the streets. This is barely a cool sweat.
Read about Jimmy Cayne’s call today. He wishes he took his Bear Stearns pension 3 yrs ago when he was 70. If Bear goes under, then you’ll see blood on the streets.
Things are really starting to get interesting now . . .
I was thinking earlier that this is one of the most interesting markets I have ever seen. If I wasnt losing a lot of money I think I would enjoy watching to see what happens.
I disagree with Cramer and the people calling for a Fed cut. I think if the Fed cuts the dollar will sink and long term rates will go up not down (the Greenspan conundrum in reverse). Considering mortgage rates are based on ten year bonds it will make the housing situation even worse.
“Where was the PPT today?”
Bankers’ hours, plus they leave early on a Friday.
Speedlet:
Thanks for the response. I don’t claim to be an expert on Dow Theory, either. If I remember right, the hullabaloo was caused by the industrials and the trannies making new highs on the same day – perhaps it was simply an error of application. After all, even experts make mistakes.
My understanding of Dow Theory is a general one of the original idea, and I do not know any of the fine tuning that may have been done since. But simply stated, I understand Dow Theory to be about locating the primary market trend and investing during times of change in that primary trend; however, there is a wait for confirmation; hence, I describe it as “taking a slice from the middle” of the overall big move.
In my opinion, Jesse Livermore was influenced by Dow Theory, only he attempted to fine to it to catch the start of the new primary trend – by catching it very early, his “paper profits” gave him the courage to withstand the inevitable correction. If I understand his writings correctly, he would have established 60% of his total position during the first leg, wait for the correction, then establish his last 40% when the move was confirmed.
Basic Dow Theory is probably a fine approach if you are young and have tons of patience.
Unfortunately, I have neither quality, although I am working on getting “younger”.
OK. MORE Mad Mojo from the impossibly strange mr. jim cramer
http://www.cnbc.com/id/15840232?video=453061558&play=1
i swear, this is the strangest man i have EVER seen on television in my 48 years…..(including G.G. Allin, iggy pop, bill o’reilly, crocodile hunter et al)
he is on a drug of some kind…
Wow, the bears are throwing a party! We must be getting close to a bottom. You guys are looking pretty smart for the last two weeks. Guess since I have been 80% long since Nov. ’06, wonder which of us has been up 25% on our portfolio and who has been sitting in cash (or worse yet – short the market) for the last 18 months. I wouldn’t be in a very good mood either if I were you.
Calling someone stupid should be grounds for being banned, not saying the fundamentals are still strong (which they are!). I really find it difficult to have any real discussion here. All you guys want to do is doom and gloom the US to death. I am no Kudlow, but geez, do you guys feel good about anything?
BTW, someone once said this site has a lot of Democratic posters. I would have to concur. If you think the economy will be better under a high tax and spend govt. I have a feeling you will be getting your wish in ’08. I think AQ will be cheering right along with all of you.
You can say a lot of things about Bush, but he is definitely more pro-business/growth then what we will be getting. That being said, since MSM will be so excited, you won’t here 1/4th of the negative news we now hear with Bush in the White House.
Check FUSFX folks. A ultra-short bond fund from fidelity. Check the price action in the last few days. Ouch.
jdog, you are into that same territory where everyone asks if historians are all Democrats because they so consistently think Bush is an idiot.
The majority of posters on this site are most likely not Democrats; they’re just intelligent.
JDogg has been swallowing the blue pill.
Rather than get information from Rush Limbaugh, I prefer to look at statistics and make up my own mind. Strangely enough, the U.S. deficit soared under Reagan and Bush.
Perhaps the reason you get so little discussion is that most here do not tune into Bill O’Reilly for fair and balanced reporting – and besides, how much can you discuss rah, rah, ziz boom bah. Go-o-o-o Markets! It is somewhat self-limiting.
I think the PPT (or FED) is pumping money into the Treasuries (like 10-year bonds) to drive down the interest rates. It droped 5.25% to around 4.5% in less than two months. If the market can’t rally with short period of time with that change, the PPT (or FED) doesn’t really have any more good knobs to turn. If no rally, the slide will turn to a fall.
“Wow, the bears are throwing a party! We must be getting close to a bottom.”
There is only one bottom we’ve reached in recent memory, and it’s the one about common sense in the political discourse in the USA.
In my book, it looks like the France of the 1960s and 70s; and no, this is NOT a compliment, far from it.
As for the US stock market at large, I’ll stick to the everlasting forecast of JP Morgan (the man not the Cie) “It’ll fluctuate!”
Francois
Al Quaida & the democrats gonna GET YOU jdog!!!
What an ignorant bedwetting troll….
A Salute to John Kay and Steppenwolf
I couldn’t sleep so went out to a local kareoke bar late and I swear the guy on stage looked just like Cramer….
“You know I worked for Goldman Sachs, Lord knows, I’ve hedged a lot of funds, . But I’ve never done nuthin’ that would ruin Ponzi’s fun.
But now I’ve seen lots of bankers walkin’ round with tombstones in their eyes,
But the Fed don’t care if the rates are kept too high.
I said Goddam, goddam, the chairman.”
Wow J-dog, your up 25% since last year? That’s wonderful.
However, my short portfolio is up 435% in the last 2 months.
Go Bears!
well well now piper is being paid for..
I am a dedicated short seller.
To tell you the truth, even though 2006 was fantastic, 2007 was strangely difficult.
Funny thing is, just as s&p and midcap closed in all time high this, I swore to follow trend and stop bullshitting.
Guess what, I bought into first selloff of July.
I took a small loss, and reversed when s&p gapped down and could not bounce back.
When markets convert the most steadfast short seller into a nervous bull, that is a sign of a top.
In my books anyways.
man, I am pissed,
I went to work today and missed all the action….
From what I heard on the radio in DFW, all is good….ooops!!!
However,
I did think of a surfer who crashed hard over a 20 ft. wave….
He slowly recovered in a hospital and said…..
I am Right handed…
I will no longer use a left handed surf board!!!!!
MDDwave,
you hit the nail on the head about
interest rates and the FED ie…”Worldwide Banks”
If cheap money “$USD” does not solve the problem…..
WHAT WILL????????
But since the Greenspan Era,
does anyone Know…
Or Care….as long as Assets Rise!!!!!
Jdog33:
Whatsamatter, eight years of peace and prosperity wasn’t good enough for you?
I can’t believe anyone could still support the Republicans and claim they are “good for business” after the last six years. Give me back the Dem presidents any day.
Jdog:
The beauty of the markets is this: if you make money, you’re right. If you lose money, you’re wrong. There are no shades of grey.
So: if you really believe that Hilary and Obama are secretly manipulating the markets, and that’s all that’s keeping the market from going to 36,000…
…. then get long. I mean really long. 80% long is for pussies. 200% long would be more like it.
After that, the test will come. If you make money, you were right. If you lose money, you’re wrong. And nothing you or anyone else posts on some blog’s message board will do anything to change it.
Winston, did you just start quoting Bugs Bunny??? ;-)
Jdog, do you think running up a big credit card balance for several years gives you “the good life”? Well, do you believe an administration that does this at the national level is “good for business”?
Cramer is saying — with a straight face — that it’s the Fed’s job to backstop every single hedge fund in America.
Maybe that’s where we are now: take on as much leverage as you can, secure in the knowledge that if the market goes sour on you, you can simply cry about it on CNBC and the Fed will instantly cut interest rates.
This is where the post-Long Term Capital road has led us: it’s not even “moral hazard” anymore. Hedge fund managers literally view themselves as entitled to the Fed’s largesse.
er, ahem,….that’s the Taxpayers (bagholders) (yours & my) largesse
Lay off Jdog, Barringo… Whassamatta you?
No asshat he. To my mind he hasn’t even taken a step toward asshatdomhood.
—
Back to you Larry Kudlow:
I’ve been watching your show as long as it’s been a show, and on Friday, Aug 3rd, your opening Brady Bunch 5-set, to the last man, contradicted e-v-e-r-y-t-h-i-n-g you offered as an assumed objective of Dr. Benber N. Anke. It brought tears to my eyes. 5 stunning rebuttals in a row. Meyer was simply the only one not to kick sand in your eyes doin’ it.
The only better opening set you could’ve had would have needed Adam Smith, himself in the flesh, as a 6th member of the set, and you’d have gotten nothing any different from him either. Dig him up… ask him… you’ll see I’m right.
The Greatest Story Never Told is doin’ just fine without the Fed priming the pump for irresponsible lenders.
—
On to you, Erin:
I have long admired you for your o-b-j-e-c-t-i-v-i-t-y (your stunning good looks are of no consequence whatsoever), for as some here know (but maybe only Barringo), I am a professional objectivologist and capable of making the assessment. No, Sweetheart, ignore the shrill voice… the Fed is alert and vigilant… the window is open and never been shut… This is no liquidity problem. It’s a problem of esoteric markets, markets that operated to their peril in the netherworld and now cry for relief in the blazing light of the noonday sun.
Great stuff — Jdog stays
(please keep the debate civil)
“BTW, someone once said this site has a lot of Democratic posters. I would have to concur. If you think the economy will be better under a high tax and spend govt. I have a feeling you will be getting your wish in ’08. I think AQ will be cheering right along with all of you”
Hey JDog:
It took the US 50 years to spend 5 trillion, Bush spent 3 trillion in a just a few years. For a no-spend government, he seems to have spent quite a bit!!!
BTW, when you’re optimistic you don’t need to read blogs. Just take a spreadsheet, increase revenues by 5%, eps by 15% and tag 20-25X to that to get your target price.
Aw, sweet Wyler… are you out there my friend?
Remember our old friendly chat:
http://bigpicture.typepad.com/comments/2007/04/top_15_creditor.html
This is exactly the time of the year Gershwin was talking about. It’s summertime and the cotton is high. Go look if you don’t think so… spread yourself through the fields and push aside the high cotton… look at the ground underneath it… cool and dark even in the blazing sun… there’s no weeds there because the cotton has killed them, shaded and starved them of their nourishing sun.
We can go catch the jumpin’ fish, Wyler. No cotton hoeing needed:
http://www.youtube.com/watch?v=1yKgAEkCKxY
Or, if needs be, we may seek relief in the tall cotton… if we’ve got some tall cotton to take relief in, that is. It appears that just as I alluded to, then, there jiss ain’t enough cotton to go around these days.
—
You ‘member?… It was Easter then. I’ll reprise my signoff comments to that topic, for nostalgia:
“”Sorry slg, for callin’ you sig… God bless you slg.
God bless you S for givin’ me that link!
God bless you Barringo!
God bless you Gershwin!
God bless you Jack Daniels!
God bless you Randy… I’m a thousand miles away but I know some of your cotton.
God bless you wyler!
God bless you Dr. Benber N. Anke… you’re gonna need it.
Happy Easter!””
The PPT in all its various forms…
Meanwhile, Securities and Exchange Commission chief Chris Cox said the SEC is coming up with new, more flexible accounting rule interpretations that companies and others could use to avoid declaring their mortgage securities in default. 8/02/07
The BIG question is;
“What level of corruption(flexibility) will the authorities permit?”
There is no PPT. That much is clear from the events surrounding Cramer’s latest rant.
If you watch his “apology” with Dylan Radigan, pay attention to Dylan’s preamble.
He says (and this is not an exact quote) that he broke the story about Bear Stearns conference call at 10 AM that morning and the market added $1billion to its capitalization with a price move.
This is the key. The financial media are used as the voice of choice for an number of astute and wealthy financial speculators and “investors”.
To me, it appears that the public is told one thing by the media, while Cramer’s ilk do another and profit by taking the small investors’ money. It seems to be supported by the fact that the media has been vociferously lamenting the lack of participation of the retail investor and urging them to get involved in the stock market. For the financial elite to exit, they need a greater fool. And ultimately it is the average investor (including some “should know better” fund managers).
One of the classics was the banner at the bottom of Friday’s “On the Money” which said “Breaking News…..Dow up 4% YTD”.
The PPT was nothing more than a group of rich people who would manipulate markets in order to take people’s money. They did it to the shorts and now they want to do it to the longs.
I think that we will see a lot of comforting words in the days ahead, and maybe even some strong demand for certain stocks to get “dip-buyers” to commit more funds. I then believe that these financial manipulators will be selling to these greater fools in order to get out.
Cramer’s “meltdown” could be one more manipulation to get the Fed to come out and reinforce the Greenspan /Bernanke put.
And believe me, I am not a conspiracy theorist. I just find that there is too much unusual behaviour in the markets where liquidity is created by influencing a trend through the media. At this point, it seems there are always huge positions being liquidated or put on (depending on if the message is go long or go short).
Cheers.
Gmak, I agree with your assessment that the PPT team is really “the rich, greedy and nasty” club. It consists of large hedge funds and institutions who run money for very large, wealthy and powerful people. They will take the market higher than you would think, but when they turn, they turn hard and fast. Stealing from Joe and Jane Sixpack is their specialty.
grodge, taking your advice and looking into buying some SDS and SDD on Monday to hedge half my long position.
Quote: “Meanwhile, Securities and Exchange Commission chief Chris Cox said the SEC is coming up with new, more flexible accounting rule interpretations that companies and others could use to avoid declaring their mortgage securities in default. 8/02/07”
A rather sophisticated “pump and dump” scheme – if we can show on paper that its not real, then….its not real.
“Living is easy with eyes closed, misunderstanding all you see….Strawberry Fields forever…..”
Guys, there is nothing new under the sun…what you are seeing out there is the exact same as what happen in late 2000, late 1998, late 1987, 1973-1974, 1968. People are liquidating stocks…thats it. It happens from time to time. Each time for a different reason. When my father’s portfolio lost 50% of its value in the 73-74 bear mkt (which by the way was not Nixon’s fault or the Fed for that matter), I swore that would never happen to me. I went 100% short last Monday. I will take my lumps if I am wrong and laugh to the bank if I am right. The country will survive and another bull mkt will grow out of this bear mkt (if that is what it is). Time to grow up, stop bitching and get over it.
Will, you’re the only person who is making sense so far on this message board. Stocks go up, stocks go down. By the way, I’m watchin a porno right now. It helps me relax, it’s been a tough week you know.
Suge
Please educate us;
Who’s fault caused the ’73-’74 bear Mkt?
tjpfpa – “Who’s fault caused the ’73-’74 bear Mkt?”
Those who sold their shares were at fault.