Well after a week of doom and gloom threads this was certainly a good week to be in the markets for those of us still accumulating, and those already retired!
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It's even more fun when there's a giddy ride up just before the weekend! Then we have all weekend to enjoy and to hope (however unrealistically) for even more next week.
__________________ "Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harborless immensities." - - H. Melville, 1851
Citigroup (C, Fortune 500) reported a steep quarterly loss and took around $13 billion in writedowns, at least half of which were related to subprime-related exposure. Citi also said it will cut about 9,000 jobs. However, the company's quarterly revenue was higher than analysts were expecting, and shares jumped 4.5%.
What am I smelling optimism in this thread?! You mean the world isnt ending? Bah
They say "What goes up, must come down". Could the opposite be true, as well?
I guess one alternative to markets heading up (as well as down) now and then, is for the Dow to plunge to 0 and then stay firmly at 0 day after day, week after week, year after year, for the infinite future. Now THAT would make CNBC more boring than it already is!
__________________ "Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harborless immensities." - - H. Melville, 1851
Well, we have tested the lows a couple of times this year right...looks like the "credit crisis" has been solved and now on to the "energy and food inflation crisis"... Maybe the market is pricing in an oil bubble...I put a large portion of my annual investment allocation to work in the first quarter...
__________________
- Hurry! to the cliffs of insanity!
Citigroup (C, Fortune 500) reported a steep quarterly loss and took around $13 billion in writedowns, at least half of which were related to subprime-related exposure. Citi also said it will cut about 9,000 jobs. However, the company's quarterly revenue was higher than analysts were expecting, and shares jumped 4.5%.
They're going to cut jobs, cut costs and raise standards. It's obviously what people with money burning holes in their pockets were wanting to hear. This may be what the doctor ordered, but I would be worried that it's more a case of a morning after prayer: "Oh, God, please let me get through this and I swear I'll never act like an idiot ever again." All too often that sort of religion goes away after the scary times pass.
__________________ "If everything is under control, you are going too slow." - Mario Andretti
Last edited by Leonidas; 04-18-2008 at 08:26 PM.
Reason: fixed typo
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 10,537
Quote:
Originally Posted by Leonidas
All too often that sort of religion goes away after the scary times pass.
Definitely. The good thing is that it takes a while for people to forget. Let's see: early 90s debacle, then 1998/2001 bubble pop, now 2008. Looks like it takes 6 to 10 years for people to forget and start doing dumb things again. I'd say that whoever is still in one piece by the end of the year will be set up for a good run. But make a note to buy a pile of puts starting in 2014 or so...
Definitely. The good thing is that it takes a while for people to forget. Let's see: early 90s debacle, then 1998/2001 bubble pop, now 2008. Looks like it takes 6 to 10 years for people to forget and start doing dumb things again. I'd say that whoever is still in one piece by the end of the year will be set up for a good run. But make a note to buy a pile of puts starting in 2014 or so...
Having been a MegaCorp employee for more than 30 years, I don't know if it's so much they forget as there are new people in charge every 6 to 10 years anxious to do dumb things for their first time. The people who were in charge and would know better, departed in shame after the last debacle --- although their golden parachutes made the shame more than worthwhile.
__________________ Retiring May 2010 --- maybe.
You only live once... If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and and never will be. Thomas Jefferson
Having been a MegaCorp employee for more than 30 years, I don't know if it's so much they forget as there are new people in charge every 6 to 10 years anxious to do dumb things for their first time. The people who were in charge and would know better, departed in shame after the last debacle --- although their golden parachutes made the shame more than worthwhile.
I think the 7 year itch applies to investment as much as mortgages.
Personally, I was rooting for a stock sale back in Dec and Jan. By Feb I was getting a bit tired of having buyer regret. So it was nice to see they take the 20% sale signs down this week
They're going to cut jobs, cut costs and raise standards. It's obviously what people with money burning holes in their pockets were wanting to hear. This may be what the doctor ordered, but I would be worried that it's more a case of a morning after prayer: "Oh, God, please let me get through this and I swear I'll never act like an idiot ever again." All too often that sort of religion goes away after the scary times pass.
You are probably right. It's just that I didn't see any good news that would boost the stock almost 5% in one day. Now maybe if it read like this:
Citigroup (C, Fortune 500) reported a steep quarterly gain and took in around $13 billion in new business, at least half of which were related to solid accounts. Citi also said it will add about 9,000 jobs. However, the company's quarterly revenue was even higher than analysts were expecting, and shares jumped 4.5%.
Quote:
:
Maybe the market is pricing in an oil bubble...I put a large portion of my annual investment allocation to work in the first quarter...
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