Djia 8353.14 !
 

DJIA 8353.14. Looks like no new boat for me next year!

8274 :(

I sold 80% of my holdings over 2 weeks ago, thank god. I am young and will be able to ride this out and re-invest once the dust has settled. I feel sorry for the who lost their retirement and/or piece of mind.

Once again I attribute those responsible as thieves, whores and liars who will probably walk away with all the money they can carry without consequence. This is a discrace!

The laws need to be changed so that the thieves and bandits are held accountable. The only way it will stop is if they know their personal assets will be attacked!
I also am young and can ride it out without problem, but I know others that have had to change their retirement plans.

From someone within the industry, a few points to ponder.

1. As of this coming August all CFO's are now going to have to sign off personally that their books are accurate and correct. Is that fast enough?

2. The government is help to a COMPLETELY different and dare I say "looser" set of standards than are coporations. GAAP does not apply to the feds.

3. Most companies have been forced to report the way they do based on the governments instructions and then have been chastised for it. I am not saying that there have not been MAJOR wrong doings, but you must be careful to not paint with such a wide brush.

4. Timing the market by selling now ESPECIALLY if you are young is NOT the right thing to be doing. You should be buying when finances permit.

5. It appears that we are in the third and final phase of a bear market. According to Classical Dow Theory, investors remain upbeat during the first stage of a bear market and buy on the dips. Inteh second stage of a bear market, fear sets in and investors stop buying, simply holding on to their existing positions. In the third and final phase, there is a complete capitulation. In fear, investors sell without any consideration of the company's underlying fundamentals, causing stock prices to drop precipitously as the market reaches a bottom. The market appears to have reached this third phase. When will it end? No one knows for sure. However, looking at history, we know that investors should not be selling near a market bottom. The axiom that the stock market is the best place to invest over the long term continues to be true, and reacting emotionally and selling is not necessarily the right thing to do.

Best of luck to you all.