Are you surprised with today’s market drop? Steel prices to drop another 50%
I was worried that people would get in the market rally and get spooked and warned of it. I warned of oil prices and stock prices and the new bubble that you have not seen yet.This is going to get worse with prices of steel that could fall another 50% and the year end selling for the purposes of tax loss. I don’t like this drop, it is not fun but when you inflate the market on a hype, that is what happened. Have you seen the 3 schmuks from auto industry who flew out in private jets begging for money? Wagoner has lost over 80 billions since he became the CEO. Until we get rid of these poor leaders, markets won’t see an upside. Nature has its way to take care of it and you will see that soon for good. Just don’t sell in panic but buy cautiously. And please do not day trade and treat your money with the same value as you do in finding deals at the local grocery store. I am surprised we complain about spending few dollars in mall when we are careless about investing thousands in the market.
Such a good point that we care about saving
every penny but then blow up all of it on the
advice of an advisor who doesn’t have time
to read newspaper and doesn’t know what is
going on. They should just come here (if you
write often?)
Anonymous
November 19, 2008