General Question

EmpressPixie's avatar

Do we even want to talk about the stock market today?

Asked by EmpressPixie (14728points) October 6th, 2008

The low of the day was when the Dow was down 587. Right now we’re down 470ish. Can anyone give some analysis, thoughts on what this means, and thoughts on how soon it might turn around?

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9 Answers

flameboi's avatar

It’s crashing, I’m, losing money, the market is not behaving like a market right now, well, actually in the past 4 weeks now, at the first sight of turmoil, the sec should have said the 2 magical words that could have made a difference, stop trading…

fireside's avatar

I’m sure this fool didn’t help matters by being on the Today show this morning.

Baby boomers are starting to retire, so they are looking at needing that money in the next 5–10 years. What Kramer did was basically encourage them to pull their money out thus weakening the already unstable Dow.

EmpressPixie's avatar

Just as an update, we’re down 721 now. As a comparison, the drop after we failed to sign the bailout bill the first time was about this much.

marissa's avatar

I think quite a few investors that are ‘average’ folks follow what Kramer says pretty closely. It would be interesting to know how many people did actually sell off (or are going to) after that interview. The market is incredibly vulnerable. I wonder if the 20% decline will actually occur. I wouldn’t have believed it would, however, it is down over 7% right now, that’s more than a third of the way to 20% already, so at this point, I’m thinking just about anything is possible.

EmpressPixie's avatar

We’re only down 420 now, so who knows how the day will end.

It’s just kind of crazy.

Judi's avatar

I’ve got 15–20 years before I will cash my 401k’s, so I’m not worried about me, but I am worried about my mother who is blind and old and just had surgery. She sold her house and is trying to live the rest of her life off the little bit of cash from it and small social security check. She has her money in a conservative portfolio but I don’t know the details and I AM worried!

Snoopy's avatar

Anyone who is 10–15 years or better from needing their money, should calm down. This presumes they are in a well balanced portofolio for their age and risk tolerance.

People closer to retirement hopefully are in things that are less volatile. This too presumes that they are in a well balanced portfolio for their age and risk tolerance.

ItsAHabit's avatar

flameboi You haven’t lost an money in the stock market unless you sell. Otherwise, the market is simply down. Have you lost any money in your house unless you sell it for less than you paid for it? If you don’t want to sell it, you shouldn’t be particularly concerned about a drop in its value. Over time it will recover and so will the market.

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