Today 10/24/2008 is it. The mother of all selloffs
- Thread starter oktiri
- Start date
if it destroys the retail investors confidence, that's a GOOD thing.
give it a year or two, and then the pros will start slowly buying things. the cycle goes roughly "gotta own stocks forever", then "no problem, i'm in this long term" to "man, i hope these stocks go up" to "i hate stocks, never want them again, SELL!!!!!".
it's probably exacerbated a bit because of hedge funds being in there as well, but c'est la vie. clear the garbage out of the system.
i unfortunately jumped in a little in one of our long term accounts (got a few between me, wife, kids). i'm looking to put some more on in a crash scenario monday/tuesday.
i'm NOT a good trader in crashes, so i won't be trading today (luxury as doing this on my own), but that's the way i see things.
give it a year or two, and then the pros will start slowly buying things. the cycle goes roughly "gotta own stocks forever", then "no problem, i'm in this long term" to "man, i hope these stocks go up" to "i hate stocks, never want them again, SELL!!!!!".
it's probably exacerbated a bit because of hedge funds being in there as well, but c'est la vie. clear the garbage out of the system.
i unfortunately jumped in a little in one of our long term accounts (got a few between me, wife, kids). i'm looking to put some more on in a crash scenario monday/tuesday.
i'm NOT a good trader in crashes, so i won't be trading today (luxury as doing this on my own), but that's the way i see things.
Quote from AMT4SWA:
Yes indeed....I just bought some really nice long sleeve shirts on a heck of a deal 70% off at Eddie Bauer (for winter outdoor wear) with some of my oil short profits!
The last time I heard someone bought something from Eddie Bauer must be the mid nineties when "Ace of Base" were the band du jour.
Are you writing from the past ?
Good discipline to be able to stay out. There are tons of guys who have had their heads handed to them trying to fade the moves recently. Most of the guys who post in the 'Where do you think the market will go today' vein are of this type - unintentionally invested.
780-ish will be an interesting level.
PS - doesn't the flatline on the ES look strange...
dude, take a break from the room you rent and get away from your crt's.....get out and see the real world!!!
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