Tuesday, October 07, 2008

There's nothing like a steady hand at the tiller during a major economic crisis

Nothing Like a Steady Hand at the Tiller During an Economic Crisis
Wish we had one.


Dr Bud Diablo, Market Maven said...

Be of good cheer, MadGuy. The market "rallied" today to finish only 100-odd points down. This development was widely hailed as a sign that the markets are "stabilizing."

It really is amazing what's starting to count as glad tidings. I've enjoyed some "good" "luck" on the personal front too. I converted my 401-K long positions to cash before the latest 20% drop, so I feel like the cock-o'-the-walk. True, I'm still down a (mere) 15% from the start of the year, but in today's investing environment, that's a sort of "gain." And I picked up an extra grand this week shorting one thing and another, although I got caught leaning the wrong way today when the market "surged."

I predict Dow a Dow below 5000 before the smoke clears. MadGuy, could you repost one of your warnings about $200 oil and soaring commodities due to insatiable Asians guzzling and gobbling all producers can deliver? I miss those days.

"Shorty" Diablo, Profiting from global calamity said...

I was busy tinkering with my Fantasy Football lineups in preparation for some crucial showdowns this weekend, so I just now learned that the Government will be buying equity stakes in wobbly banks. Woot! The good news just keeps coming. Why, I wouldn't be surprised if the Dow "rallied" on Monday to close just 40-50 points lower. And after the financials experience a short-lived uptick on the news, I can short them and get back another few hundred bucks of my vanished retirement savings.