Yes I know it is holidays and I know most are away by now but that should have given the bulls their ways with the markets. This action is very disappointed not that I am a bull (far from one as you already ) but I really thought Santa would at least visit Wall Street this year, but as my friend told me today maybe he was laid off.
This is terrible action and now I firmly believe we will hit 695 on the S&P in January for sure. The only thing I think will give us a break is the inauguration, since the fanfare with Obama initial days will be heavy.
Note folks we were down 50% this year at one point in the S&P, I think next year can be another disasterous year. Time to learn new investing techniques and invest in other avenues because the days of buying and holding is allover.
Another disturbing development over the last two weeks have been the growing about of companies eliminating matching retirement contributions. I firmly believe that too will be a thing of the past and will cause more pain on the Markets as we have less and less players in the markets. The good thing is IF you are knowledgeable and willing to learn about new investments avenues as commodities, futures, forex etc you will be ok, but stocks are going to have a long long road before they rebound. Please folks forget about oh I am in this for the long term so they will come back, the market is NOT seeing 14000 ever again!!!! not in my my lifetime, just like the Nasdaq will never see its 5000 bubble level again, that's just the FACTS.
Long term I think DOW 2800 is more realistic than DOW 14000. I hope I am wrong but hey.......
Enjoy your holidays and travel safe.
MARKETJEDI
Tuesday, December 23, 2008
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