Wow... bad day for the market.

tonyb

afterburnt wrote: »

I am trying to spend all of my money while it is still worth something!

Yep....because a year from now hookers and blow will be outrageous.

But.....almost forgot the good news.

Pot is up 14%.

afterburnt

At my age I'd rather have a talking frog.

tonyb

afterburnt wrote: »

At my age I'd rather have a talking frog.

Somehow that correlates with pot being up 14%. lol

kevhed72

If one is not retiring soon, wouldnt it be a good idea to buy stocks or increase the percentage of each paycheck you put to your 401k. Cheaper fund share prices = more shares.....I mean, again, who cares what the prices are unless your are retiring soon? Meh......Go Bears

afterburnt

Sound strategy if we were not on the verge of a total colapse

kevhed72

Remain calm.....all is well. What people forget is that in a market economy, or quasi market economy, market corrections are part of the deal. I would rather have this happen than another bubble and recession.

dee1949

... if you have done your due diligence and researched your stocks, I would "HOLD" and ride it out. If you were speculating and on margin, I would dump and buy back later. Major correction is overdue. Just my thoughts from mid 90's day trading. Day to day will swing. Be careful. Big money in play.

afterburnt

kevhed72 wrote: »

Remain calm.....all is well. What people forget is that in a market economy, or quasi market economy, market corrections are part of the deal. I would rather have this happen than another bubble and recession.

and it is better than getting hit with a coronal mass ejection.

cfrizz

kevhed72 wrote: »

If one is not retiring soon, wouldnt it be a good idea to buy stocks or increase the percentage of each paycheck you put to your 401k. Cheaper fund share prices = more shares.....I mean, again, who cares what the prices are unless your are retiring soon? Meh......Go Bears

Totally makes sense, and what a good FP will advise. But as you can see most on here seem to encourage doom, gloom, negativity, and panic. With a dash of contempt for the Govt., fees, taxes, and logical, calm, thinking in the mix.

Like I said before, misery likes lots of company.

Polkie2009

DYODD, nothing wrong with getting out in May and coming back in later. Some call doom and gloom, others call it getting prepared. Just my 2 cents.

tonyb

cfrizz wrote: »

kevhed72 wrote: »

If one is not retiring soon, wouldnt it be a good idea to buy stocks or increase the percentage of each paycheck you put to your 401k. Cheaper fund share prices = more shares.....I mean, again, who cares what the prices are unless your are retiring soon? Meh......Go Bears

Totally makes sense, and what a good FP will advise. But as you can see most on here seem to encourage doom, gloom, negativity, and panic. With a dash of contempt for the Govt., fees, taxes, and logical, calm, thinking in the mix.

Like I said before, misery likes lots of company.

Cath, everyone has different needs in their investment strategies and any FP worth their salt will advise to those needs. Trick is finding a FP that will pay attention and act accordingly when market conditions change.

We don't encourage doom and gloom, simply preparedness. More so an "expect the worst, hope for the best" type of thinking. If you don't prepare for the worst, then your subject to the conditions that come with it. Assuming it can never happen.....is risky business. Sort of like hedging your bets, every successful investor does so. We call that diversify....not keeping all your eggs in one basket so to speak.

Some like to pull their coin out at the highs, get back in at the lows when the market has these huge corrections. Lots of this thinking is based on the lack of faith in the markets and government in general. Too much manipulation/corruption going on between the 2 for some tastes.

Keep in mind too world events which is a separate issue and can reek havoc on the markets. The world isn't exactly "stable" these days is it ?

Your money is your life blood, your home...your castle, both should be protected like a Momma Bear. There are those who seek to relieve you of both should you not pay attention. Used to be we could easily recognize a thief, now they wear suits and some are even elected officials. Unguarded money is the pie in the sky to these thieves.

mhardy6647

Bloodbath on the Chinese market today -- maybe there really is a big 'correction' looming.

tonyb

mhardy6647 wrote: »

Bloodbath on the Chinese market today -- maybe there really is a big 'correction' looming.

That's gonna make things interesting as they were expecting a bounce up today on the Dow.

afterburnt

down 600+

afterburnt

800+

afterburnt

900+

afterburnt

those are negatives

afterburnt

the dow appears to be in freefall

afterburnt

1000+ this is exciting!

mhardy6647

uffda.

I guess I could jump out the window, but I'd probably only twist an ankle, which would hack me off more than the DJI in free-fall

;- )

nooshinjohn

I am reminded of something a wise computer once said... "The only way to win is not to play".

All of our money is in real estate... We own 7 condos that are held free and clear, plus our house that is now over 300k in equity. In the spring, we will be selling the condos to buy an apartment building in the 18 to 25 unit range. By the time I retire, rents will likely be in the 2k a month range, and if half of the rent goes to expenses, I think I could live well on 20k a month.

It also will provide some security for my kids and grandkids...

BlueFox

While it might hurt a bit, I am glad to see China getting whacked. Their theft of IP, counterfeiting, selling poisoned baby powder, lack of environmental regulations, slave labor, trampling of freedom, military adventurism, and space program needs to be stopped.

tonyb

BlueFox wrote: »

While it might hurt a bit, I am glad to see China getting whacked. Their theft of IP, counterfeiting, selling poisoned baby powder, lack of environmental regulations, slave labor, trampling of freedom, military adventurism, and space program needs to be stopped.

You forgot their military build up, expansion in the south China sea, manipulation of their currency.

kevhed72

BlueFox wrote: »

While it might hurt a bit, I am glad to see China getting whacked. Their theft of IP, counterfeiting, selling poisoned baby powder, lack of environmental regulations, slave labor, trampling of freedom, military adventurism, and space program needs to be stopped.

I saw a documentary on LInk TV on EVERYTHING is counterfeited in China....its almost a normal thing there. So, I agree with you on some level.
I think I am going to bump my 401k % up a point or two today...

tonyb

nooshinjohn wrote: »

I am reminded of something a wise computer once said... "The only way to win is not to play".

All of our money is in real estate... We own 7 condos that are held free and clear, plus our house that is now over 300k in equity. In the spring, we will be selling the condos to buy an apartment building in the 18 to 25 unit range. By the time I retire, rents will likely be in the 2k a month range, and if half of the rent goes to expenses, I think I could live well on 20k a month.

It also will provide some security for my kids and grandkids...

Good man....

Hopefully those condo's aren't here....
http://www.foxnews.com/science/2015/08/24/california-sinking-faster-than-thought-aquifers-could-permanently-shrink/?intcmp=hpbt3


Then again, maybe you'll be in for some unexpected beach front property. lol

Toolfan66

cfrizz wrote: »

Yes Tony, my 401k probably took a hit, but since I'm not going to be touching it for at least 7 years, checking it every day to see where it's at is simply going to drive me crazy why would I do that to myself?

As for the rest, I can't do anything about it, so again why drive myself crazy.

All I can do is make sure I'm contributing to my 401k, make sure that all my investments are well diversified, check in with my FP once a year, live within my means and ignore everything else that alludes to un-necessary drama that would just raise my blood pressure.

I agree, and the damage will already be done anyway, so I'm not going to drive my self crazy thinking about it..

Moose68Bash

China has been operating a "centrally planned economy" since the country opened itself up for "free" trade with the West at the end of the last century.

Like all previous attempts to have a small number of "brilliant" politicians and academics manage a large, complex economy, their efforts began to fail in recent years.

They successfully masked these failures until recently, when relentless pressure of the free market began to overpower their attempts to continue managing their economy -- especially, the value of their currency -- and hiding severe problems.

Now, the curtain has been pulled back, and their misinformation about the real growth of their economy and the value of their currency has been exposed.

How it will affect the US economy remains to be seen. Today's "panic," as well as last week's, is only a symptom of what is to come.

I don't trust anybody to predict what will happen. The free market, which is now asserting itself, will decide. That outcome relies on decisions by millions of independent individuals acting in what they consider their own interests over a period of time that is itself unpredictable.

Yes, there will be a few prognosticators today and in the near term, whose prognostications will turn out to have been correct, but their accuracy is as much a matter of chance as it is expertise.

At this point it is a bit late to act prudently, accept to sit tight -- that is, assuming you haven't been speculating in the market. If you have, I wish you good luck; you may be a big winner in the casino.

kevhed72

http://mobile.quotacle.com/mwatch.php?id=53e650d5ce

Moose68Bash

^^^
@kevhed72,

The link didn't work.

kevhed72

Darnitt.....try to copy and paste. Very appropriate for today.
It worked on my ipad(?)