Nasdaq & Falling Knives

[Baker]

Nasdaq closed at 1843 today. When the Nasdaq was over 5000 about 16 months ago (something we can tell our grandchildren about one day and wide eyed they'll say, "Really, Grandpa"?), how many, be honest thought we'd see 4000 again? Tell the truth. 3000?? 2000??? Lot's of people who had only seen bull markets kept jumping back in along the slide thinking prices couldn't possibly go any lower. (buy the dips, they chant) This isn't a horrific crash, but a slow, deliberate takedown. Maybe more downside.

Maybe sub 1800 and then we start back up for a while but that's just a wild guess. Microsoft (msft)at 60.25 today.

 

[Baker]

Nasdaq now at 1725. Anybody think we'll go lower? Think I'll try to catch that falling knife and buy into some tech funds today. We've fallen too far, too fast the past 5 days or so, so maybe we'll head up from here, at least for a while. But I could be wrong.

 

[Way out West]

I don't know if we are quite done yet. We had some more negative numbers today, causing the market to fall again. Some of the tech stocks in my opinion are still overvalued. I keep saying to myself we must be at a bottom and then it goes lower, I gonna wait and see if we have as many warnings for 3 quarter as we did for second and see what happens from there.

 

[Baker]

NASDAQ 1695. US Markets will probably open Thursday but that's not for sure. Way Out, I couldn't agree more. I never expected the NASDAQ to get this low again, but now I think that last week I jumped the gun and got back in too quick. I am going to look for an opportunity very soon to go back to cash, except for an energy fund I've been holding and I'm considering putting 20% back into my leveraged ndx short fund (RYVNX). Gonna wait to see how the market reacts through this week first. There's still some very pessimistic viewpoints out there. For one look at capitalstool.com (hope it's ok to post this link as it's completely non sports/gambling related). Believe it or not there are some people now calling for a NASDAQ of below 1000.

(Of course, that is impossible as was 4000, 3000, and 2000) Those of you buying the dips because of the "low prices" may be right, but I'm not betting on a rally anytime soon. But again that's just my opinion.

What a horrible day yesterday if you're an American. Let me just say my thanks to all those from Canada, Australia and other countries for your warm comments in the General Forum.