It looks like the buying opportunity has started! Today we saw the streets running red with Wall Street blood! An 8%drop taking the S&P to a good retesting of the Sep 17 low on much lower trading volume! I believe the current bear market is in it’s death-throes. We may still see some lower lows before the election, so I just began the process of buying in again for the 1st time since last fall at the bottom of the prev. correction. This, however is a bear market and the 2 good things about bear markets is that 1) the all end and 2) it’s the opportunity to buy more shares at fire-sale prices! I believe this one is almost over!
Quote (Vanguard news story):
“According to Thomson Reuters weekly 14-day relative strength chart data, the broader market — as measured by the S&P 500 — will start Tuesday’s trading at its most oversold level since July 2002, right before the start of the last bull market.”
Though it has and will cost me, I would prefer that Congress reject this massive bailout (Xfer of wealth from the people who work, pay their bills, and play by the rules to the wealthy and poor who don’t! This is what Democrats always do and Bush is one of them in a Repub. suit. (Have you noticed that the millionares are Republican, but the billionares are DEMOCRAT!) It’s both ends against the middle in Socialism! Socialist societies do NOT have a middle class, only a few wealty elite and everyone else dirt poor and dependent on the government).
Congress, Clinton, and Paulson caused this by forcing banks to make loans to people they knew could not pay them back all in the name of “fairness” and “equality”. Then Paulson forced all banks / investment houses to switch to “Mark-To-Market” accounting which caused mortgage pools with 4% non-performing loans to be devalued to zero (as if ALL the loans were non-performing) thus forcing the banks to “fail” on paper. Now they are standing there ready to socialize/nationalize the banking industry! I hate socialism more than losing money!