***Official*** 2008 Stock Market Thread

[aldamon]

Originally posted by: Naustica

Forgot the most important reason why we'll lift. Too many people like you think we can't lift. That's the most bullish sign.

It's not opinions like that that will lift us, it's the folks that backed up that opinion with shorts that will lift us. Like you said, this liquidation is not going to last forever and too many people have been riding the wave down.

 

[imported_Lothar]

Originally posted by: Naustica
Today's opinion by Mr. Warren Buffett

I 100% agree with Warren Buffett.
I used todays opportunity to buy more shares in LUK early this morning after not buying any since 2005.
Bought some shares at $29.05

Since I've been following LUK, I've never in my life seen this company trade at anything less than a Price/Book of 1.5

How often does Mr. Market offer investors the opportunity to purchase a collection of assets at a discount to liquidation value? Occasionally...

How often does Mr. Market throw in a brilliant capitalist (or two) to manage those assets at no additional charge? Every decade or so would be my guess...if that.

I figure it would be wise to take advantage when he does.

 

[abovewood]

sold the few shares of GE and JBX I bought two days ago to make about 6% profit.
I will need those cash on Nov 7. Not sure if I should buy something else for a quick trade before that.
I have larger long positions in BAC, GE, INTC and others.

Let's all make some money. Making a little extra will make me happy.

 

[ponyo]

Originally posted by: abovewood
sold the few shares of GE and JBX I bought two days ago to make about 6% profit.
I will need those cash on Nov 7. Not sure if I should buy something else for a quick trade before that.
I have larger long positions in BAC, GE, INTC and others.

Let's all make some money. Making a little extra will make me happy.

Nice trades. No one ever went broke from taking profits. Especially in this market where things can change in a blink of an eye and you can go from a profit to a loss or vice versa within minutes.

Enjoy the peaceful weekend. We've earned it after this hectic week.

 

[IHateMyJob2004]

Lothar,

You will be very wealthy one day. I just ge the fealing from reading your approach. People here should mimic it.

At DOW 8000, I am buying more. Don't worry, unemployment will worsen. 8000 probably will happen during some panic selling.

 

[ponyo]

George Soros interview

I read the interview couple days ago but forgot to post it. I always like to hear what likes of Soros, Rogers, and Buffett has to say. I've tremendous respect for all three gentlemen.

Jim Rogers CNBC interview Oct 10 I saw this interview on TV when I couldn't sleep last week.

Jim Rogers Bloomberg interview Oct 10.

 

[Slew Foot]

Originally posted by: Lothar

Originally posted by: Naustica
Today's opinion by Mr. Warren Buffett

I 100% agree with Warren Buffett.
I used todays opportunity to buy more shares in LUK early this morning after not buying any since 2005.
Bought some shares at $29.05

Since I've been following LUK, I've never in my life seen this company trade at anything less than a Price/Book of 1.5

How often does Mr. Market offer investors the opportunity to purchase a collection of assets at a discount to liquidation value? Occasionally...

How often does Mr. Market throw in a brilliant capitalist (or two) to manage those assets at no additional charge? Every decade or so would be my guess...if that.

I figure it would be wise to take advantage when he does.

Love the name of the head of LUK:
Mr. I. M. Cumming

haha
That's a winner right there.

 

[imported_Lothar]

Originally posted by: Slew Foot

Originally posted by: Lothar

Originally posted by: Naustica
Today's opinion by Mr. Warren Buffett

I 100% agree with Warren Buffett.
I used todays opportunity to buy more shares in LUK early this morning after not buying any since 2005.
Bought some shares at $29.05

Since I've been following LUK, I've never in my life seen this company trade at anything less than a Price/Book of 1.5

How often does Mr. Market offer investors the opportunity to purchase a collection of assets at a discount to liquidation value? Occasionally...

How often does Mr. Market throw in a brilliant capitalist (or two) to manage those assets at no additional charge? Every decade or so would be my guess...if that.

I figure it would be wise to take advantage when he does.

Love the name of the head of LUK:
Mr. I. M. Cumming

haha
That's a winner right there.

I don't care much about his name as long as it leads to more money flowing in our pockets.

 

[abovewood]

ugly, sickening day.

Stock losses take heavy toll on pension plans

I don't have a pension, but my 403b and trading accounts are suffering.

 

[Engineer]

Futures market halted in early morning trade. Dow futures down 550 points. Asian markets near 10% decline. Europe at 7.5% down. Going to be "Black Friday" early this year I'm afraid and the only thing on sale and going down is the market.

 

[Fritzo]

Hold on to your butts....the Dow is going to go down hill today!

 

[Ricochet]

Mounting a come back from the day's low. Only -200 now.

 

[ponyo]

Originally posted by: Engineer
Futures market halted in early morning trade. Dow futures down 550 points. Asian markets near 10% decline. Europe at 7.5% down. Going to be "Black Friday" early this year I'm afraid and the only thing on sale and going down is the market.

Today morning future limit down seems manipulated. It's almost as if someone wanted to form a bottom today with a reversal higher close. We didn't get the reversal higher close so that plan failed. I'm afraid and nervous that we're going to break the low and drop much further next week. If we break, S&P could hit 770 or even 600. I hope for my sake and others that we don't break. But everytime support is tested, it weakens and triple bottom is rare. So I think there's a good chance it breaks next week. I am genuinely afraid for possible Black Monday. This price discovery and debt destruction we're seeing is healthy in the long run but the breath, speed, and the magnitude is simply breathtaking. Hopefully I'll survive and come out the otherside of this in one piece.

 

[imported_Lothar]

Gotta love option traders.

 

[RgrPark]

Ok I just freed up some cash to buy some stocks next week. About 10k worth.

Any suggestions? GM ? GE? someone throw me a clue!

 

[GML3G0]

Considering selling some Jan 2010 $15 puts on LUK. That stock got pummeled on Thursday. I get a $400 premium, and if the stock drops below $15, well, then I essentially buy it for $11 a share.

 

[ModerateRepZero]

you know what I love? people betting that google stock is "on track" to hit 440+ soon, or 380 in a week....

http://finance.google.com/grou...c680799cf9ca437?hl=en#

http://finance.google.com/grou...2a55bb9e4eb58cd?hl=en#

I'm curious, does anyone use VSE (virtual stock exchange) or any other site to make hypothetical trades?

And are there any indicators you use in evaluating stocks/funds during a recession/downturn? I'm wondering what to make of Cramer's suggestion of going for companies with a decent dividend (I believe he gave the example of Nucor).

 

[goog40]

Looks like we're set for another bloodbath today. Hong Kong dropped over 12%, and Japan dropped over 6%. Dow futures right around 8000.

 

[dmcowen674]

Originally posted by: goog40
Looks like we're set for another bloodbath today. Hong Kong dropped over 12%, and Japan dropped over 6%. Dow futures right around 8000.

Beware - the criminal wall streeters from New York are taking their criminal acts elswhere now:

10-27-2008 Wall Street workers leaving NYC for fresh start

Amid downturn, Wall Streeters leaving NYC for smaller firms in other states, overseas

Bankers and brokers looking to escape the financial meltdown are scrambling to relocate their families, possessions and rarified talent far from Wall Street to places such as Florida, Chicago, Milwaukee, Virginia and Asia.

Corporate headhunters say Wall Street's malaise will lead to a permanent talent loss for New York. It could help small boutique firms become bigger players with employees they would never have been able to lure from the city long-regarded as the world's financial capital.


New York is the top paying state for personal financial advisers, with an average salary of $131,660, according to the U.S. Bureau of Labor statistics. Colorado followed, paying an average of $119,590, then Massachusetts, with an average pay of $116,170, according to the 2007 occupational employment survey.

Idaho was the lowest paying state for financial advisers, paying an average of $50,980. West Virginia, North Dakota, Alaska, Nebraska and Kentucky all follow, paying an average below $60,000 a year for the same job.

New York Comptroller Thomas DiNapoli expects 40,000 Wall Street jobs could be lost by the end of the year. So far he said 13,200 people have lost jobs in New York's financial sector since a year ago.

 

[AmpedSilence]

wtf just happened today?

 

[Special K]

Originally posted by: AmpedSilence
wtf just happened today?

The current economic downturn officially ended today! Didn't you get the memo?

 

[AmpedSilence]

Originally posted by: Special K

Originally posted by: AmpedSilence
wtf just happened today?

The current economic downturn officially ended today! Didn't you get the memo?

Oh........ YAY!!!!

Why, am the last to always know?????

 

[ponyo]

Sold DBA, PKX, and BNI all for gains. Picked up some JNJ on JP Morgan analcyst downgrade. Analcyst cited valuation as the reason for downgrade. :disgust: I don't like safety stock in this environment but I'll take the otherside of that bet.

One positive about this rally is that no one believes in it and it happened without much fanfare and anticipation.

 

[Ricochet]

How long will this rally last? Two consecutive days of gain so far. Up for a third? That's a rarity these days.

 

[ponyo]

Originally posted by: ricochet
How long will this rally last? Two consecutive days of gain so far. Up for a third? That's a rarity these days.

Who know. We're at resistance in the S&P and the market has rallied hard the last two days. Little breather would be probably healthy. Good thing is we're about to enter what's historically the best month for stocks which is November and people are still very skeptical and don't trust this rally. I don't blame them. I don't totally trust it either. But this lack of trust is bullish so we might maintain this upward bias for awhile. I'm just buying the dips and selling the rips and just trying to stay alive.