is this your capitulation skinneej? Lord I hope so…
PALMETTO C ~ 16’ Sea Fox
The Morris Island Lighthouse web page
www.savethelight.org
Hard to say, but I think that the VIX hit an all time high today. I pushed a lot of money back into the market when we had that major move that took the DOW into the 7000’s, but I’m going to sit tight for a while. The market doesn’t make a lot of sense right now. If the S&P drops down into the 700’s, then I’ll likely buy some more, but that’s my next purchase target in my 401K.
Also, I’ve been scooping up MSFT when it hits $21.00. Also, my GRMN has really suprised me. I picked up a lot of it around the $30 mark as it was trading with a P\E of about 8.0 back then, but now at $20 with a P\E of around 5.6 right now. The run with 0 debt so they aren’t at risk of bankruptcy. Sure, they are “discretionary” in a lot of markets, but at some point you kind of have to figure that the recession\depression is priced in already. If I had more cash that I didn’t need for 5 years, I would probably buy it all the way down, but unfortunately I don’t right now.
Anyway, I was thinking that we were seeing a bottom being put in that day that the DOW hit 7700 or so. Now they are talking about the next major watch being the S&P at 777 which was the low point in the 2001-2003 recession. I don’t know whether that will happen or not. In my mind, with OIL at $65, financial backstops in place, and a slowing unthaw in the credit markets, I am thinking that things should start to turn pretty soon. News of “recession” can’t really be all that shocking at this point. It also seems that we have had a lot of margin calls and hedge fund redemptions over the past few weeks which usually is symtomatic of some sort of bottom. Let’s hope it holds. Usually bottoms are retested, but normally after a rally of some sort. Historically, these rallies last for weeks or months, but it seems like they haven’t lasted more than a day or two at the most which is throwing me off quite a bit.
Overall though, I think it will be a long painful process. I think that they will monitor the federal interest rates pretty ■■■■ closely. I think as soon as the housing market starts to seem “hot” again, that they will try to stay on top of it this time and raise rates to keep it in check.
you are killing me with that $499K Battery Haig property link…
PALMETTO C ~ 16’ Sea Fox
The Morris Island Lighthouse web page
www.savethelight.org
ok, I’ll buy it…will you take a trade on my GM shares?
PALMETTO C ~ 16’ Sea Fox
The Morris Island Lighthouse web page
www.savethelight.org