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Old 11-13-2008, 12:50 PM   #241
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My broker yesterday stated that he doesn't think things could go below 7200---something about the companies being valued exactly at their amount (their assets like buildings). We will see if his MBA in economics results in an accurate prediction!

I was trying to google 7200 and stumbled upon an article from May 5, 1997 that said the Dow set a new record: 7200! What a difference eleven years can make: jubilant at 7200, despondent at 7200.
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Old 11-13-2008, 12:59 PM   #242
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Gotadimple: Thanks, I read the testimony.

The source of his "this time it's different" scenario is the explosion of credit that started decades ago, causing a "super bubble" that by turns engulfed and inflamed all other facets of financial life.

I view this as a somewhat similar argument to the gold and bullets crowd's denouncement of our fall off the gold standard. But there's no going back now, either to gold or to life before credit. We will not be back to "ninja loans" any time in the next 30 years, but we will be back to life as we view as normal one day. Indeed, the Fed is now focused on pumping credit back into consumer hands by any means necessary.
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Old 11-13-2008, 01:03 PM   #243
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Culture, just because everyone is selling a stock and no one is buying, hence the price of the stock goes down, it does not mean that the company is going bankrupt. The health of a company and the price of its stock as traded publicly can be (and often is) entirely disconnected.
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Old 11-13-2008, 01:08 PM   #244
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Culture, just because everyone is selling a stock and no one is buying, hence the price of the stock goes down, it does not mean that the company is going bankrupt. The health of a company and the price of its stock as traded publicly can be (and often is) entirely disconnected.
Grep,

Certainly correct. What I was jokingly referring to is that if the market keeps falling, eventually everyone will go out of business because it takes customers to stay in business.
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Old 11-13-2008, 01:11 PM   #245
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market is up

good chance this was finally the bottom, and i'm dumping one of my idiot newsletters this week
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Old 11-13-2008, 01:25 PM   #246
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I fear it really is different this time

Dow just went under the closing low on Oct. 10
And bounced off of it like a rubber ball.
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Old 11-13-2008, 02:13 PM   #247
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will probably check up on Dow Theory

Dow made a new closing low, but not intraday low. wonder if that's enough based on historical record or if it needs to make a new intraday low
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Old 11-13-2008, 03:02 PM   #248
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So was the bottom today at about 1:45 pm??

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Old 11-13-2008, 03:08 PM   #249
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Up 550 today. Incredible. I'm glad I was out playing golf and didn't see it dip below 8,000.
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Old 11-13-2008, 03:09 PM   #250
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Just means it will go down 600 tomorrow.
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Old 11-13-2008, 03:20 PM   #251
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So was the bottom today at about 1:45 pm??
That was right about when I was buying some BRKB at 3155 and some GE at about 14.70...
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Old 11-13-2008, 03:56 PM   #252
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That was right about when I was buying some BRKB at 3155 and some GE at about 14.70...

OK Ziggy- Next time, you need to tell me when its time to buy!
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Old 11-13-2008, 03:59 PM   #253
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OK Ziggy- Next time, you need to tell me when its time to buy!
Unless he's buying oil........
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Old 11-13-2008, 04:45 PM   #254
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Unless he's buying oil........
Actually, he'd still want to know that -- in order to short it...
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Old 11-13-2008, 05:02 PM   #255
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Gotadimple: Thanks, I read the testimony.

The source of his "this time it's different" scenario is the explosion of credit that started decades ago, causing a "super bubble" that by turns engulfed and inflamed all other facets of financial life.

I view this as a somewhat similar argument to the gold and bullets crowd's denouncement of our fall off the gold standard. But there's no going back now, either to gold or to life before credit. We will not be back to "ninja loans" any time in the next 30 years, but we will be back to life as we view as normal one day. Indeed, the Fed is now focused on pumping credit back into consumer hands by any means necessary.
What is a "ninja loan"?
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Old 11-13-2008, 05:04 PM   #256
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Quote:
Originally Posted by Steve O View Post
I fear it really is different this time

Dow just went under the closing low on Oct. 10
And bounced off of it like a rubber ball.
I for one hope it was a rubber ball, and not a dead cat!
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Old 11-13-2008, 05:12 PM   #257
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What is a "ninja loan"?
from wikipedia
A Ninja Loan is a type of subprime loan issued to borrowers with No Income, No Job, (and) no Assets. The phrase was coined by HCL Finance during the housing bubble of the 2000s but have gained wider notoriety due to the subprime mortgage crisis in July/August 2007 as a prime example of poor lending practices. The term grew in usage during the 2008 financial crisis as the sub prime mortgage crisis was blamed on such loans. It works on two levels - as an acronym; and allusion to the fact that ninja loans are often defaulted on, with the borrower disappearing like a ninja. as a name for one of their finance product.
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Old 11-13-2008, 08:15 PM   #258
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Culture, just because everyone is selling a stock and no one is buying, hence the price of the stock goes down, it does not mean that the company is going bankrupt.
If everyone is selling a stock, and no one is buying, who is everyone selling their stock to?

ha
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Old 11-13-2008, 08:57 PM   #259
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If everyone is selling a stock, and no one is buying, who is everyone selling their stock to?

ha
People on the losing end of short deals?
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Old 11-13-2008, 10:14 PM   #260
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market is up

good chance this was finally the bottom, and i'm dumping one of my idiot newsletters this week
Finally I see an action that will probably result in profit!
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