Anyone else think the stock market is gonna implode tomorrow?
Yesterday stock markets around the world took a beating. The Nikkei was down about 4% yesterday and as of right now it's down another 512 pts or nearly 4%. The European markets did not fair any better nor did the rest of the Pacific markets.
The futures for the Dow are down 546 pts. It's going to be an interesting day on Wall Street on Tuesday. Thankfully I've pulled nearly all of my money out of stocks for the time being.
7 comments:
GIFs would work a lot better.
Alot of people are going to lose ALOT of money tomorrow morning. Thank god I moved my tiny little 401K balance into cash two weeks ago.
Well, as expected the fed whacked the rate. Dow opened down 460 but it's fighting back with the help of the rate cut. I wonder if it will be enough to stop this train wreck. I hope so but I have a feeling that it might be too little too late.
Right now the major question is not "if" there will be a recession, but how deep and how long. Excellent Fortune article on reminding us about the perils of inflation in lieu of weathering the pain of recession.
http://money.cnn.com/2008/01/18/news/economy/cure.fortune/index.htm?postversion=2008012107
The ultimate doom and gloomer Schiff predicted all this shit in his book. Crash Proof.
Did anyone catch Cramer last year specifically saying the IE has too many foreclosure coming and should be plowerd over? I was shocked we made the headlines on his show. Not really.
Is it a good time to buy the stocks or is it too early?
Well, the fed pulled a rabbit from it's hat and avoided a market meltdown. For how long though. They can't cut rates everytime there is a crisis on Wall Street. The dow finished the day down 128 after opening down 465. It finally broke the 12000 barrier finishing at 11,971.
I'm no stock market expert, far from it but I will be staying out of the market until it settles down and the economy stabalizes. Until then I'll keep my puny nest egg in safe low return investments like bonds.
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