Get ready for a BLACK TUESDAY open

[poskid]

I'm 100% not joking. There are some very good parts to market corrections. Not everyone loses their shirts. In fact some people come out of them quite well.

The sub prime market doesnt worry me...That term is being thrown around by the media on both sides trying to spin it. The thing is that the sub prime market is a very small portion of the market. The portion of the market that makes up the sub prime is typically made up of real estate speculators and families of lower income. While I have no love lost for the for the losses incurred by the speculators (they took a chance to try to make money and lost) I will admit that I do feel somewhat sorry for the families that arelosing their homes. But the problem is that they signed contracts and they must honor those contracts to the fullest and should not be bailed out of their unfortunate mistake. Get out...start over.

As for the actual stock market...values of the stocks are going down. As the volatility of the market eases it will someday eventually go back up. I will state that while we are in a current unfortunate downswing these are the times when people can make great strides towards personal wealth because it is much easier to blow up a balloon when it isnt fully inflated.

Sorry guys I just dont share your pessimism

PK

[Watchtower76]

It's pretty sad that MGI even got into the game, nice 1Y chart Moneygram, thinking the morgage buisness is good for everyone, so many damn idiots out there running companies

[BettorsChat]

and POSKID if you saying a strong buy should be now, then got out and buy CFC, supposly Bank of America on January 11th has bought out CFC for 4 billion dollars or $7.16. And it's trading $4.97 hummm something seems very fishy here, yea BofA is buying this company probably to hide more of there problems and blame it on the purchase of CFC. This market is F'd

I think there buying CFC because they put $2 billion in them last year which is basically worthless now. And CFC was a $40 + billion $ company so it could be a great long term deal for BAC.

[poskid]

I never advocated a strong buy. I said this could be a good time to buy. You need to make your own decision (which you will find is a common theme in many of my posts.)

Risk = reward. If you dont keep your eyes open and your head on a swivel every opportunity could pass you by with your head down complaining about all the missed opportunities of 5 years ago.

PK

[Watchtower76]

I'm 100% not joking. There are some very good parts to market corrections. Not everyone loses their shirts. In fact some people come out of them quite well.


PK

I will say the consumer is what drives the markets, this will be a great time to buy in another 1-2 years, but with everyone losing there jobs, homes and confidence, this market hasn't even seen what's to come.

all i'm saying is this time of crisis, it's alright to play defense and get into a money market, instead of holding your mutual funds, stocks etc. then in 2 years when the dow is at 10,000 you dabble back in

[robby_morini]

Agree Monte,

Fed comes out and cuts out of fear 1/4 or 1/2 this market will even dive deeper and the european markets will take a deeper hit. No one has money and the fed pumped up everyone's own idea that you can max out your house, but your house value will always rise and now your house decreases in value and you have a house payment of 100k more then what your house now is worth.

I have a buddy who bought a house in minneapolis for 720k 2 years ago, well his neighbor has his house for sale for 575k and has no one looking at it. It's going to take a while to get out of this hole,

and to find out every company is at there 52 week low and there safe stocks "mutual funds" have lost 5-10% even since Jan1st"...

Add the fact that many homeowners have mortgages that exceed the value of their home. Another concern is consumer debt. Banks have made it way too easy to borrow.

There comes a time when you have to pay the piper, and I am afraid that time is now. How long will it be before $3.50 a gallon gas impacts distribution costs? Throw in a cold winter, and I am afraid the next president will inherit a mess.

We are a resilient country, and there is no doubt we will bounce back, hopefully sooner than later. If I was a betting guy, my money would be on the good ole USA to rebound by next spring or summer (2009).

[BettorsChat]

I'm 100% not joking. There are some very good parts to market corrections. Not everyone loses their shirts. In fact some people come out of them quite well.

The sub prime market doesnt worry me...That term is being thrown around by the media on both sides trying to spin it. The thing is that the sub prime market is a very small portion of the market. The portion of the market that makes up the sub prime is typically made up of real estate speculators and families of lower income. While I have no love lost for the for the losses incurred by the speculators (they took a chance to try to make money and lost) I will admit that I do feel somewhat sorry for the families that arelosing their homes. But the problem is that they signed contracts and they must honor those contracts to the fullest and should not be bailed out of their unfortunate mistake. Get out...start over.

As for the actual stock market...values of the stocks are going down. As the volatility of the market eases it will someday eventually go back up. I will state that while we are in a current unfortunate downswing these are the times when people can make great strides towards personal wealth because it is much easier to blow up a balloon when it isnt fully inflated.

Sorry guys I just dont share your pessimism

PK

Curious to know what stocks you like right now as a buy

[Watchtower76]

I think there buying CFC because they put $2 billion in them last year which is basically worthless now. And CFC was a $40 + billion $ company so it could be a great long term deal for BAC.

Yes that is the real reason why BofA is buying CFC, but still should be trading around $7 and it's at $4.97...that right there should tell you something. if that doesn't it's a free $2 for everyone if the deal goes through

[BettorsChat]

Add the fact that many homeowners have mortgages that exceed the value of their home. Another concern is consumer debt. Banks have made it way too easy to borrow.

There comes a time when you have to pay the piper, and I am afraid that time is now. How long will it be before $3.50 a gallon gas impacts distribution costs? Throw in a cold winter, and I am afraid the next president will inherit a mess.

We are a resilient country, and there is no doubt we will bounce back, hopefully sooner than later. If I was a betting guy, my money would be on the good ole USA to rebound by next spring or summer (2009).

Credit cards are the next thing that are being defaulted on at higher %'s

[Watchtower76]

Curious to know what stocks you like right now as a buy

I do monte

QID and SDS,,,

please enjoy these two stocks and you will thank me later

[BettorsChat]

Yes that is the real reason why BofA is buying CFC, but still should be trading around $7 and it's at $4.97...that right there should tell you something. if that doesn't it's a free $2 for everyone if the deal goes through

As of Friday it stands at $6.55 a share.

The new report is that BAC might back out of the deal thus pushing CFC price down.

http://online.wsj.com/article/SB1200...oo_hs&ru=yahoo

"Stocks in takeover deals regularly trade below the offer price because of the risks that plans could fall through. The gap, known as the arbitrage spread, is wider than usual in this case, though."

[Watchtower76]

Credit cards are the next thing that are being defaulted on at higher %'s

bam

[BettorsChat]

I do monte

QID and SDS,,,

please enjoy these two stocks and you will thank me later

http://www.thestreet.com/_yahoo/univ...FREE&cm_ite=NA

[robby_morini]

Credit cards are the next thing that are being defaulted on at higher %'s

Look at GRAN, a small bank in NC. They are in the process of being delisted by NASDAQ beacause they didn't properly reserve enough for loan losses. Long story short, they had a couple of commercial deals that went bad. They did not refile their reporst in time.This is a long time community bank with a strong following. The bank will bring tremendous market share to a large bank wanting access to the western NC market.

[Watchtower76]

Credit cards then unemployment, look at these stocks

http://www.fundmymutualfund.com/2008...o-shop-in.html