It seems like every jackass on elitetrader is calling the end of the world

gnome · Nov 13, 2008

One of my favorite quotes is from Jim Dines of "The Dines Letter".... "The young trader knows the rules... the old trader knows the exceptions".

FWIW from an old trader.... I think all comparisons to US bear markets and recessions of the past (not including '29-'42) are inappropriate. This is very likely one of those "exception" times.

That said, your strategy as a trader should allow for me to be either right or wrong and for you to benefit regardless. I'm making the point that "this time IS different" to hopefully keep some inexperienced trader from making a big mistake.

(If you appreciate this sage advice, you can wire a case of Fat Tire to my PayPal address..

)

Mecro · Nov 13, 2008

Quote from Sky123987:

Every single post we read the majority of elitetrader'er are saying it is going to get much much worse, that this is GREAT DEPRESSION #2

I just want to thank you and many like you for being willful suckers.

MKTrader · Nov 13, 2008

This can't be compared to anything in the past...except the Great Depression? Sorry, but that just shows your bias. You're obviously begging the question here (i.e., already assuming what you're trying to prove).

Quote from gnome:

One of my favorite quotes is from Jim Dines of "The Dines Letter".... "The young trader knows the rules... the old trader knows the exceptions".

FWIW from an old trader.... I think all comparisons to US bear markets and recessions of the past (not including '29-'42) are inappropriate. This is very likely one of those "exception" times.

That said, your strategy as a trader should allow for me to be either right or wrong and for you to benefit regardless. I'm making the point that "this time IS different" to hopefully keep some inexperienced trader from making a big mistake.

(If you appreciate this sage advice, you can wire a case of Fat Tire to my PayPal address.. )

gnome · Nov 13, 2008

Quote from MKTrader:

This can't be compared to anything in the past...except the Great Depression? Sorry, but that just shows your bias. You're obviously begging the question here (i.e., already assuming what you're trying to prove).

Not trying to "prove" anything. Disregard the possibilities at your own peril.

You obviously are incapable of critical thought. Please don't annoy me further... and stop responding to any of my posts.

stock_trad3r · Nov 13, 2008

All of this doom and gloom is way overblown. Everyone is talking about a recession but I still can't see it. I still think the economy is as storng now than it was back in June 2007 before this fake financial crisis even began.

Financial and AUto stocks only make up a small fraction of the overall marke.t There are many sectors and companies doing very well that are under reported. Everyone only seems to focus on the negative.

I will give the bears credit that we are in the worst mental depression since the great depression.

frank grimes · Nov 13, 2008

Stock are you serious? You must not have a job and live in your parents basement if you think we are not in a recession, once again it is kind of hard to believe that you are this stupid, but the fact that you actually post what you do answers that question. You have no clue what you are doing, the fact that you still like the same utterly broken momo stocks screams that. You should do what the op said and go away for 14 months and actually try and learn something.

trefoil · Nov 13, 2008

Quote from TraderZones:

You have GOT to be kidding...!!

[ET Obnoxious Mode]OOH! OOH! I called it!!![/ET Obnoxious Mode]

I hope that's the last time I feel like I have to do that. Somehow, I doubt it.

Compulsive · Nov 13, 2008

EMRGLOBAL · Nov 13, 2008

Well I will give you that, not all industry is in the shitter. What I do for a living, in the Energy Sector, is on fire. We just funded another project, raised 2.7 million in less than 12 days from Private Investors. These guys are sitting on boat loads of cash and want to put it to work. We are on track to blow past 14 million capital raising, between 6 guys(Including me). The key button that gets these guys going..>TAXES and what is to come.

99.9% of them are still doing ok. Some are
seeing orders slow and some have gone to a 4 day work week.

Even though these guys, run private manufacturing companies, between 10 million and 500 million, and their net worth is between 5 million and 75 million, they all say the same thing. That they are very nervous about the economy and they have never witnessed such sensless bailouts, nationalization moves and a Marxist who was elected to office. Not even during the "Carter"years.

Keep in mind, 99.% of my clients are 100% out of the stock market as of last year. Most guys I speak to on a daily basis who are not yet clients, are out of the Stock Market or never really had more than 5% of their networth invested in the Market.

These guys put their profits back in their companies. Right now they are buying Oil & GAS drilling projects and Real Estate. They are not focused on the Markets, at all.

IMHO, we are still heading for a very bad recession that will effect the majority of the country. Public Companies are fucked as they lost so much capital due to the stock declines. Regarless if we make it to 9000, they are still crushed. The Public Sector is screwed.

There will be small pockets of survivers. Most Private Companies will feel a little pain, but at the end of the day, they will survive.