Stocks and buying them

And the Dow falls below 11,000 for the first time in two years.

http://money.cnn.com/2008/07/11/markets/markets_newyork/index.htm?cnn=yes]http://money.cnn.com/2008/07/11/markets/markets_newyork/index.htm?cnn=yes]http://money.cnn.com/2008/07/11/markets/markets_newyork/index.htm?cnn=yes

 

Wachovia is toast, dude. Check out this ad:
http://www.wachovia.com/misc2/0,,1774,00.html
When banks are offering WAY above market rates for deposits, it means depositors are leaving in droves. IndyMac was offering 4.5% cd's last week, right before they were shut down.

 

Too late.

 

Uh, no.

Wachovia toast, shareholders toast.

 

http://news.yahoo.com/s/ap/20080929/ap_on_bi_ge/wachovia_citigroup

 

WB is trading around 3 and change.

The irony here: my dad had an account at World Savings, which got taken over by Wachovia a year or so ago. Now, they're about to be taken out again.

Meanwhile, I finally dumped my toxic waste dump of a stock: Sirius. And I only lost 5/6 of my investment!

The lesson? Even if you buy in at $3.76, after the stock took a big dump, there's still more room to fail.

I'm starting to believe Jeff Macke, one of the traders on CNBC's "Fast Money," is on to something with his "curling in the fetal position" trading tactic. There's NOTHING doing well right now, save US Treasury bills.

 

If you bought Wachovia on Monday -- and a lot of people did because 385 million shares were traded -- you'd be up about 300 percent over four days.

 

That's fantastic. Except you liked Wachovia at $15.

 

Yes I did. I guess I'm the only one on the planet who's had a stock that they didn't think could go any lower over the last couple of weeks.

 

substitute sportswriter for shoe shiner


Lessons Learnt "1929 Crash, How did Joe Kennedy Predict it"
Chris Farrington
Week 3, 082

The Wall Street Crash of 1929, also known as the Crash of ‘29, was the most devastating stock market crash in the history of the United States. The extent and size of the crash was so large that the Dow Jones Industrial Average didn’t return to pre-1929 levels until 1954, some 25 years later. In 1929 the Wall Street stock market was experiencing the largest bull market in history. This was fuelled by the number of Americans investing in the market, many of them with borrowed money. During this period most investors were extremely optimistic of the market and believed that it could run for many more years, but one man knew better. Joseph Kennedy, a stock market speculator, also known as the father of John F. Kennedy was a prominent stock market trader on Wall Street.

One day Joe Kennedy was having his shoes shined in Grand Central Station. As he was sitting and reading his newspaper, the young man who was shining his shoes told Joe that he had bought some stock for himself, which meant that he now had himself a slice of the American dream. This conversation convinced Joe that the bull market of the 1920’s was over. He reasoned, “if the shoe shine boy is in the market, who is left to buy? If everyone is in the market, there is nowhere for it to go but down.” That same day Joe went into his office and started selling off all his investments, one week later Joe was completely out of the market. It was 2 months after this day that on October 24, 1929 chaos started to take over the markets. It is this crash that makes us aware of the circumstances that can arise when you follow the crowd. As Gordon Gekko quoted to Bud Fox, “You want to know why fund managers can’t beat the S&P 500, its because they are sheep and sheep get slaughtered.” Don’t always follow the crowd, as most of the time it is the crowd that is doing the following

 

I love Gordon Gekko on those insurance commercials. The Steve Irwin wannabe kinda annoys me though.

 

Pssst.

Tribune went private last December.