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bluepanda -> RE: Buddy can you spare a job? 1 million layoffs this year (12/5/2008 6:49:15 PM)
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quote:
ORIGINAL: popeye1250 Mia, I doubt that, unemployment was at what, 33% in 1932? Where are we now 7, 8%? The stock market "should" have been down today but it went up. Stocks are incredably cheap after being pounded into the ground for the last year! Some of them are now yeilding 20-25%! Try getting that in a bank. Tell it, brother! I've been on a buying spree these last couple of weeks. Bought several thousand shares of various stocks this past week - mostly loading up on blue-chippers (3M, Illinois Tool Works, Johnson & Johnson, Coca Cola), but also rounding out the portfolio with some smaller companies that seem to have good futures. Most of them are energy-related issues (Boots and Scoots, for example), because they've just been beaten to a pulp these past few months. By the way, thanks for the tip on NAT; I bought a few hundred shares at 24 bucks a couple of weeks ago, and will probably scoop up a few hundred more next time it dips below 30. If it hadn't been for you mentioning it, I don't know if I would have ever even heard of it. I owe you a beer if you ever get out this way. But anyway, yeah, I think it's time to buy. My gut tells me we're bottoming right now. I think it'll be a long bottoming process, with a lot of alarming bearish plunges between the bullish rallies, but when you consider that almost every day this week we've had economic reports ranging from extremely bad to utterly horrible, and yet the Dow has bounced back to close strong almost every one of those days, I think the market's reached a point where it just refuses to be beaten down any further. I think we're at the point of final capitulation, and there's a lot of money waiting just outside the door for some sign that it's safe to come pouring back in. I'm going to put about 10,000 each into a couple of mutual funds on Monday, and continue to watch for the bearish days to expand my positions in the stocks I like. Yeah, unemployment and other lagging indicators will continue to struggle for many months (maybe another year or more), but the stock market is ready to lead the charge, and I think it's time for us investors to hop back on board.
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