Black October
November 2nd, 2008
I wonder how the election is priced into the market futures. I’m guessing Monday and Tuesday will see one of two things, either crazy volatility (the norm in these interesting times) or relative stability as everyone holds their pants before shitting bricks on Wednesday morning as panic sets in as the election drags on. You don’t honestly think this is going to be resolved quickly after the last two elections.
And really, in one month the stock market dropped from 2006 levels to 2003 levels - and we’ve heard cries of bottom the whole way down to the 2006 level. I find it astonishing that people still say “wow things are so cheap” without discerning what that ‘cheap’ is relative to. You can spend $100 on a stock that’s selling for a penny a share, and still lose money as that stock dips down below a penny. If you don’t consider carefully your investments, and consider whether you’re trying to make quick money vs. support a company you believe in for the long haul (though if you think about this - 5 years of stock gains, mostly wiped out within a month? ) you might find out just how worthless a stock can be.
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