Several days ago, when the market took its biggest bath in a couple of years, I turned to Sheryl and said, “This is a good time to buy stock.” Did I? No. Should I have? Evidently.
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Yes, this is good news.
But I am still worried about the price of oil and the strength of the dollar. It seems like if the words OPEC and fear appear in the same sentence the price of oil goes up about $5 a barrel. And I would like to see the dollar show more strength against the euro.
Did I? No.
Well, I certainly don’t wish to appear smug, but, I did. If you follow Victor Mordecai at all, you know that he’s predicting a major terror attack on American soil this year. If so, that would be an excellent time not to own stock in which case your inaction will turn out to be the better move (how’s that for a bad news/good news scenario).
I, too, would like the dollar to gain strength against the euro, but then I’m trying to get to Italy.
If the DJIA breaches 11,000 then that is a clear break above resistance and the sign of a run-up in progress. You could use 10,900, but 11,000 would be a little safer. Volume is also another important indicator, and I would like to see something a little higher than 1,500,000,000 before I would call the market fully in “rally mode.” Three good days do not a rally make, though we could be at the start of a rather large move.
While I would also like to see a higher dollar, I am going to Turkey in two weeks, the decline in the dollar has been quite orderly and will hopefully remain so. There are very few who would gain from a collapse in the dollar. Now in a few years, if China wanted to disrupt our economy as it prepared to invade Taiwan…
Stocks are just a short term flash in the pan type of thing. What you need to do is put every cent you own into something substantial and longterm…..like oil. We’re not making anymore of it you know! And do I have a deal for you……
[disclaimer: the computer used to type this sage advise was paid for by my oil business]
This is OT, but w/the headline, maybe not.
I stopped reading Pravda-by-the-Lake in 2002. Am surfing Lucianne and someone provided access for an article and I found this:
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Oh, brother. “A conversation among equals?”
Not unless I get to decide what is published, or correct stories.
I hold a Certified Financial Planner license, so I’m just about bombarded with communications from people who are convinced that they can predict stock price movements – they’ll manage money for a fee, or sell me a newsletter, etc. I’ve always wondered why, if they can actually predict stock prices, they need to manage money or sell newsletters for a living. If I could predict stock prices, I’d be making millions of dollars every year by trading puts and calls.
Is Pravda on the Lake the same left-wing newspaper that endorsed Jim Ryan for governor and George W. Bush for president? I’m still amazed their publisher let them give the nod to Barack Obama. The Tribune clings to its identity as a Republican newspaper even though its brand of Republicanism, epitomized by Robert Taft, Dwight D. Eisenhower, Charles Percy and Everett Dirksen, died many, many years ago. Where have you gone, Rockefeller Republicans? To the same political graveyard as the Dixiecrats?
And, on this same topic, I’d wait for a president who can balance a budget before getting back into the stock market. Made a lot of money in 1997, lost in my most recent foray, circa 2003.