I seriously doubt people will take their money outta the bank. they should take money out if they have over $250,000 in 1 bank and move it to another.
but people with a few grand have no reason to worry.
I’m glad im at cash right now. i sold the uaua and gm before it got real ugly.
tomorrow should be interesting. huge selloff today to close. i guess it will lose another 300 pts. i cant imagine anyone who wants to have money in it over the weekend. especially invested into banks. my guess a bank goes down this weekend if not then their is over-Panic.
this is wild times. these bank ceo’s need to go to jail. they have affected 300 million lives with their greed, lies, and stupidity.
this is wild times. these bank ceo’s need to go to jail. they have affected 300 million lives with their greed, lies, and stupidity.
I dont want to get off topic but lets not forget the mortgage brokers who created millions upon millions of liar loans to high risk individuals…Lets not forget the real estate brokers who pumped homes like they were the golden goose to every person they showed when they knew they were selling overpriced junk…Lets not forget the appraisers who fed the crooks their money…And you blame the bank ceo’s??..LOL…Maybe the banks are to blame for putting money into the hands of people who shouldve never had it in the first place…The new era of finance is here and if you dont have money you wont have it anytime in the next 10 years…The easy money days of helocs,refi’s,liar loans,flipping is DONE…Now its time to work to make a dollar…Just what the lazy American population needs…A good long depression to make them give up their huge flat screens,oversized SUV,McMansions,clock watching lazy non saving ways…I greet these times with open arms because of the sheer level of disgust I have had over the way our people lived their lives…Keeping up with the Joneses just took a long awaited beatdown…
Back to the market…If we open up lock limit down on the futures tomorrow morning I will be a BUYER for a trade…I think we saw the capitulation today into tomorrow morning…But if we arent lock limit down I will sit aside as I have been doing…The selling was amazing today to watch…Very sad for all the people involved …
I’m planning to wade into the market as it drops through 8,000. Do you have any good picks? I was thinking about going long SPY and shorting GM if there is a rally that brings it above $5. Any suggestions?
Mike,
My basket list is mostly proshares…SSO…QLD…DDM…URE…UYG…EEM…RSX…EWJ…Please be careful using the Proshares,they can go up or down %20 (in ONE DAY) in a vicious downturn but I expect the market to have a %10(in ONE DAY) up move soon…Does the market go down another %7(in ONE DAY) before that happens is anyones guess…If you dont know the Proshares look into them before you trade them…Using the SPY vs the SSO is like bringing a knife to a gunfight…I wouldn’t short GM here, our fund was short GM when Kerkorian sold at $33 last year…We covered recently but we feel Ford and GM will end up in the secondary market if this credit crisis doesn’t ease up…Just watch the LIBOR…As it goes higher it means the banks credit is frozen and no lending…If you hear LIBOR is dropping the market will RIP HARD !!!..
Notice to anyone reading this(besides Mike)…Please STAY OUT OF THIS MARKET…This has to be risk capital that you are using…This market will rip you a new blank fast…Sit on the sideline and watch…Even if you are a longterm investor wait for stabilization before making longterm commitments with your money…This market is in panic mode and no one knows where the downdraft will lose steam…You have been warned…STAY AWAY.
UPDATE:…I dont like the premarket futures…They bounced too much and I feel this heightens the risk for further selling…I’m NOT TRADING THE OPEN…I made a few $$$ on a SPY trade and I’m flat…Please watch closely,could be a black friday scenario shaping up…Also could be a rally…Either way BE CAREFUL…Tight stops on all trades…If they sell em it will escalate quickly…But if the shorts go to cover the snapback will be a front page event…
If your playing a potential rally here look at the options on QQQQ.
The December 08 37 calls are currently trading around .90
If we get some type of snap back rally over the next MONTH these options will EXPLODE in value.
You could also play this same trade using a “STRADDLE”
The beauty of the staddle is it plays BOTH sides of any big move.
To put on a straddle…you buy those Dec 08 37 calls AND in addition, you also buy the Dec 08 25 PUTS. You have both sides of any BIG move covered. As soon as you see which WAY the market is moving you simply sell the losing side and let the winner run.
what a day here…$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$…went green on the year …made %6.3 on that bounce using the basket of proshares I posted…Took down size today…Those proshares made my year…I hope everyone made money here today…
rookie : your 100% correct on those libor averages.
when gold swung to the downside that was a great signal that things would be good. LMAO a made a nice bundle friday aswell as many others and the market was down what 200 pts. crazy doesnt even do these markets justice.
I hope bush has another press conference monday so i can start buying a few minutes after he starts talking. It’s like clock work… talk dumby…good they are selling now.
please dont give him a dictionary to read… the market would crash by the time he got to B.
This is getting REAL exciting. You guys, we are going to make more money in stocks in the next 2-5 years than we’ll make in real estate. Well, at least I will since I only have a couple properties so far. LOL.
I decided to go out & buy me a new RED BMW yesterday to celebrate in advance. Haha - no - I was planning on buying this thing anyway!!! Life is good.
I can’t wait for the media to quit talking about how bad they think this whole economic crisis is. It’s not as bad as the great depression — 16 banks or so have failed this year vs 9000 banks in the year 1934 was it? We still have the FDIC, SEC, the Federal Reserve, among other things that didn’t even exist back then. The stock market was rampant with fraud back then. Things are not perfect, no, but we will survive and thrive well.
Im really happy you guys talk about other things other than REI here. I was dead set on REI being what I wanted to do for 3 years, but through the past year Ive been going crazy over “Day Trading”.
Not saying I wont snag up a great deal in Real Estate if one comes across me, but Stocks interest me more.