Black Monday in stock exchanges in Europe and Asia

No bloodbath today.

It doesn't mean that the financial markets aren't fundamentally flawed. My two cents: You are going to continue to see bad news unveiled.. this week, next month, etc.

 

Repeat after me: I will not panic.

Don't sell now. When everyone else is selling, that's when you need to be compiling cash. Days or weeks from now, there will be bargains aplenty.

If you're in this for the long term, just stay away from the banner headlines. Don't watch CNBC; don't pick up the WSJ. Forget about your 401k until Labor Day.

 

Paul is not. Too much old baggage, dont'cha know . . .

 

Dow has "rallied" to down only 155.

 

Yeah? Well, that may be true, but Daddy has been molesting his children for some time too.

 

Stockpile canned goods, buy a shortwave radio...

 

Don't forget the guns and the ammo.

 

And duct tape and plastic, per Tom Ridge's instructions...

 

Nobody panic, but the fed has slashed interest rates. 3.5%.

http://news.bbc.co.uk/2/hi/business/7202645.stm

 

Read again hack... cut the rate to 3.5%, a .75% cut.

Dow is down 184 as of 2 p.m.

 

The 3.5% I referred to is the same one. Hence the period in-between the first sentence and the number.

 

Oil is down below $90. That's as important as anything Ben Bernanke and his merry cohorts did this morning.