Whoa got 2 votes in like 2 Whoa got 2 votes in like 2 seconds!
If possible can you comment on your selections? Which foreign currency? Which bank? If mixed, what are your percentages?
I have equity in my condo (for the time being) but my liquidity is cd’s under FDIC protection. On the surface this seems fine but if I read too much on this forum I begin to think I should fill my mattress with gold (I like a firm mattress) and build a bomb shelter!
Omega Point
September 18, 2008 @
4:42 PM
This week I moved about 70% This week I moved about 70% of my assets into FDIC insured CDs from uninsured money markets. The other 30% are in stocks.
nostradamus
September 18, 2008 @
4:47 PM
I think that’s a good move. I think that’s a good move. I just hope the FDIC holds up!
I was at the dentist this morning and he was on the phone telling his wife to “get everything out of the stock market”. If panic becomes too widespread there’s nothing the fed or anyone else can do.
Will we see a run on the banks? Has anyone ever made a LARGE withdrawal in CASH from a bank? I’m talking $50k or more.
Eugene
September 18, 2008 @
5:06 PM
I was at the dentist this I was at the dentist this morning and he was on the phone telling his wife to “get everything out of the stock market”.
Sounds like a good time get into the stock market to me.
Which foreign currency? Which bank? If mixed, what are your percentages?
50% US dollars (cash and inflation-indexed bonds), 50% mixed foreign currency ETFs and foreign bond funds.
nostradamus
September 18, 2008 @
5:14 PM
esmith wrote:
Sounds like a [quote=esmith]
Sounds like a good time get into the stock market to me.
[/quote]
Normally I would say the same thing but I guess I haven’t got the balls to do anything right now. This market makes me queasy.
[quote=esmith]
50% US dollars (cash and inflation-indexed bonds), 50% mixed foreign currency ETFs and foreign bond funds.
[/quote]
Thanks! I hadn’t thought about foreign bonds. Let me go off and read about those.
peterb
September 18, 2008 @
5:24 PM
US$,Gold and Euro. Equally. US$,Gold and Euro. Equally. Probably increase gold allocation in October.
Future earnings for equities looks bad. Govt just banned shorting in UK and now USA. They are scared for a reason. If a company cant withstand shorting pressure, perhaps we should be scared too?
That is a misunderstanding. I think the reports have it confused with naked shorting.
You can’t ban shorting because that is how positions by financial companies, banks, insurance etc hedge their longs. It was also make Options impossible because you couldn’t buy a call. Banning short selling would put the $500 Trillion Derivatives in total disarray which is what the government has been trying to prevent.
China bans short selling and there markets are off 70%. We ban short selling and our markets would crash after the cover rally because no shorts would be there to take profits.
John
equalizer
September 18, 2008 @
8:30 PM
VIX high, UK (&USA) ban on VIX high, UK (&USA) ban on short selling, RTC type bailout = BUY?
1. VIX has hit 6 year high, rarely goes over 40.
2. UK bans short selling on financial stocks til Jan 09, USA to follow.
3. New Govt entity would “purchase assets at a steep discount from solvent financial institutions and then eventually sell them back into the market” through an auction, the Journal reported.
Three strikes and Violent upside rally in stocks, until the Chaos in three weeks of course.
I was at the dentist this I was at the dentist this morning and he was on the phone telling his wife to “get everything out of the stock market”.
Sounds like a good time get into the stock market to me.
——————–
That’s really funny. Actually, for the first time in years, I am net-neutral. Been heavily short for years and sold off about 90% of my current short postions this morning. I think this short-ban/”RTC”/”throw everything we’ve got at it”-driven rally will rip the legs off the shorts.
Fundamentals be damned, I won’t fight the Fed/Treasury/Congress.
murf2222
September 18, 2008 @
7:39 PM
I have a good one for I have a good one for ya……….
3 months ago I went to my Bank of America branch to withdraw 35K for a car that I bought. To my astonishment I was told that they don’t “have that kind of cash on hand” by the branch manager. I thought I was on candid camera!
I went to another branch and was told the SAME THING. They had to make 5 phone calls to other branches before finding one that had a measily 35 grand in cash.
They explained to me that it is common practice to only carry enough “working cash” to get through a typical bank working day.
Murf2222
jficquette
September 18, 2008 @
7:41 PM
murf2222 wrote:I have a good [quote=murf2222]I have a good one for ya……….
3 months ago I went to my Bank of America branch to withdraw 35K for a car that I bought. To my astonishment I was told that they don’t “have that kind of cash on hand” by the branch manager. I thought I was on candid camera!
I went to another branch and was told the SAME THING. They had to make 5 phone calls to other branches before finding one that had a measily 35 grand in cash.
They explained to me that it is common practice to only carry enough “working cash” to get through a typical bank working day.
Murf2222[/quote]
LOL was the car stolen??? Why not just write a check?
afx114
September 18, 2008 @
7:59 PM
Cash, GLD, SLV, and AAPL.
I Cash, GLD, SLV, and AAPL.
I have everything I need to survive the apocalypse: some paper to keep me warm at night and/or burn, some shiny coins to play with to pass the time, and some red fruit to eat.
stockstradr
September 18, 2008 @
8:18 PM
My portfolio is now 50% gold, My portfolio is now 50% gold, and the rest cash. I manage my wife’s portfolio and she’s 75% gold, and she’s thrilled her portfolio climbed 10% in ten days.
We rent in San Jose, so own no houses in the USA.
We own a large luxury condo (240 sqr meters) in one of China’s major cities. I would have sold that condo a year before the Olympics but my wife wouldn’t agree with that decision. That home had by then doubled in value, and has since stayed flat (or started to fall in value). Clearly, I believe the real estate crisis will hit China beyond the way it has already dropped prices in Shenzhen, Shanghai, and Beijing.
So we have about 25% of our total capital in Yuan denominated assets because it is tied up in that home in China.
flyer
September 18, 2008 @
9:13 PM
STOCKSTRADR
Would really STOCKSTRADR
Would really appreciate you thoughts on how you are holding the gold (whether certificate or actual metal)?
Also, if you have any suggestions for particular funds, I would appreciate that info also.
stockstradr
September 18, 2008 @
10:29 PM
Would really appreciate you Would really appreciate you thoughts on how you are holding the gold (whether certificate or actual metal)?
Also, if you have any suggestions for particular funds, I would appreciate that info also.
Keep in mind I’m an amateur. I’m not a professional stock trader, or licensed in any way to offer financial advice. Consider consulting Rich, who created this web site; he’s licensed to advise, and he’s brilliant.
I can however, share my GUESSES on the market’s direction.
I would prefer to hold real physical gold in my safety deposit box, but my money is in ROTH and 401K, so the only option is buying the ETF “GLD” or a mutual fund/ETF of gold mining stocks. All my gold is purchased through “GLD”
When the market (S&P500) dropped 2% mid-day today then showed resistance, my instincts sensed a short-term bottom. I knew we were close, which is why I dumped all my ProShares “SDS” the day before.
I LOVE the ProShares range of ETF’s that allow you to take either 1X or 2X leverage either long or inverse many market sectors. “SDS” is inverse the S&P500. most importantly, as ETF’s you can trade in/out of them even mid-day, which is REALLY important given the daily fluctuations we are seeing in the indexes!
The only reason I didn’t go 2X LONG the market today with ProShares Ultra S&P500 “SSO” is that I figured, “It is too risky to bet the fool’s rallies in an otherwise BEAR market”
So I believe we are now into a short-term upswing that could bring us back up roughly 8%, 10%, 12%?; your guess is good as mine!
So THE PLAN is to hoard gold and cash and await a new re-entry point at which I’ll load up again on SDS. I expect within the next 12 months we’ll see the S&P500 hit 1,000.
Please keep in mind that 2X ETF’s are VERY RISKY because they are essentially collections of shorts/options, as they are intended to provide 200% correlation to an underlying sector or index. With “SDS” you would have LOST 8% today!
So IF you are a couple decades or more from retirement, and willing to accept significant RISK, you might wait for this fool’s rally to take us back up another 4% or 6% and then put maybe 10% or 25% of your portfolio in either “SDS” (2x inverse) or “SH” (1X inverse)
If I am right about the fool’s rally, then gold will probably fall short-term, which it did today.
I do not believe in doomsday scenarios (sudden collapse of the global financial system, masssive runs on banks..etc) because the US government has already signaled its intention to PRINT MONEY, nationalizing failed institutions and buying worthless securities. So the doomsday scenario is LONG-TERM, where the dollar basically loses say 90% of its value over say five or ten or more years.
One more comment. I do not (like some on this forum) get my stock tips from Jim Cramer’s Mad Money. I get five different newspapers delivered to my house each day. I read the WSJ cover to cover, then I try to get through the rest of the daily stack of newspapers.
barnaby33
September 18, 2008 @
11:13 PM
Um murf there is nothing Um murf there is nothing abnormal about a bank not having 35k cash on hand. They only keep enough on hand to handle normal outflow. I would be surprised if they did as it costs a bank money to keep money on hand.
Josh
DWCAP
September 18, 2008 @
11:20 PM
Why would a bank want to keep Why would a bank want to keep thousands of dollars just sitting around for someone to steal? If you had given them 1 days notice I am sure it wouldn’t have been a problem.
ibjames
September 19, 2008 @
8:54 AM
I have a friend that deals in I have a friend that deals in old bikes.. sometimes he buys a few at a time. He says it’s hard to get 10k-15k much less 35k. You have to call in advance
34f3f3f
September 19, 2008 @
9:09 AM
It’s a pity you can’t make It’s a pity you can’t make more than one selection because most people aren’t going to be entirely in one thing, and choosing ‘mixed’ doesn’t tell you what percentages. For example, you can be 90% cash of which 30% is in another currency, 5% gold and 5% stocks. Sorry to split hairs, but I didn’t know what to put for that reason.
nostradamus
September 19, 2008 @
12:37 PM
qwerty007 wrote:It’s a pity [quote=qwerty007]It’s a pity you can’t make more than one selection because most people aren’t going to be entirely in one thing, and choosing ‘mixed’ doesn’t tell you what percentages. For example, you can be 90% cash of which 30% is in another currency, 5% gold and 5% stocks. Sorry to split hairs, but I didn’t know what to put for that reason.[/quote]
Hi qwerty,
Thanks! You can select mixed then post your percentages…
It’s interesting that the majority so far are in US dollars (like me).
September 18, 2008 @ 4:30 PM
Whoa got 2 votes in like 2
Whoa got 2 votes in like 2 seconds!
If possible can you comment on your selections? Which foreign currency? Which bank? If mixed, what are your percentages?
I have equity in my condo (for the time being) but my liquidity is cd’s under FDIC protection. On the surface this seems fine but if I read too much on this forum I begin to think I should fill my mattress with gold (I like a firm mattress) and build a bomb shelter!
September 18, 2008 @ 4:42 PM
This week I moved about 70%
This week I moved about 70% of my assets into FDIC insured CDs from uninsured money markets. The other 30% are in stocks.
September 18, 2008 @ 4:47 PM
I think that’s a good move.
I think that’s a good move. I just hope the FDIC holds up!
I was at the dentist this morning and he was on the phone telling his wife to “get everything out of the stock market”. If panic becomes too widespread there’s nothing the fed or anyone else can do.
Will we see a run on the banks? Has anyone ever made a LARGE withdrawal in CASH from a bank? I’m talking $50k or more.
September 18, 2008 @ 5:06 PM
I was at the dentist this
I was at the dentist this morning and he was on the phone telling his wife to “get everything out of the stock market”.
Sounds like a good time get into the stock market to me.
Which foreign currency? Which bank? If mixed, what are your percentages?
50% US dollars (cash and inflation-indexed bonds), 50% mixed foreign currency ETFs and foreign bond funds.
September 18, 2008 @ 5:14 PM
esmith wrote:
Sounds like a
[quote=esmith]
Sounds like a good time get into the stock market to me.
[/quote]
Normally I would say the same thing but I guess I haven’t got the balls to do anything right now. This market makes me queasy.
[quote=esmith]
50% US dollars (cash and inflation-indexed bonds), 50% mixed foreign currency ETFs and foreign bond funds.
[/quote]
Thanks! I hadn’t thought about foreign bonds. Let me go off and read about those.
September 18, 2008 @ 5:24 PM
US$,Gold and Euro. Equally.
US$,Gold and Euro. Equally. Probably increase gold allocation in October.
Future earnings for equities looks bad. Govt just banned shorting in UK and now USA. They are scared for a reason. If a company cant withstand shorting pressure, perhaps we should be scared too?
September 18, 2008 @ 5:38 PM
SEC halts shorting.
SEC halts shorting. Incredible.
I am scared.
September 18, 2008 @ 7:30 PM
nostradamus wrote:SEC halts
[quote=nostradamus]SEC halts shorting. Incredible.
I am scared.[/quote]
That is a misunderstanding. I think the reports have it confused with naked shorting.
You can’t ban shorting because that is how positions by financial companies, banks, insurance etc hedge their longs. It was also make Options impossible because you couldn’t buy a call. Banning short selling would put the $500 Trillion Derivatives in total disarray which is what the government has been trying to prevent.
China bans short selling and there markets are off 70%. We ban short selling and our markets would crash after the cover rally because no shorts would be there to take profits.
John
September 18, 2008 @ 8:30 PM
VIX high, UK (&USA) ban on
VIX high, UK (&USA) ban on short selling, RTC type bailout = BUY?
1. VIX has hit 6 year high, rarely goes over 40.
2. UK bans short selling on financial stocks til Jan 09, USA to follow.
3. New Govt entity would “purchase assets at a steep discount from solvent financial institutions and then eventually sell them back into the market” through an auction, the Journal reported.
Three strikes and Violent upside rally in stocks, until the Chaos in three weeks of course.
http://www.marketwatch.com/news/story/us…
http://bigpicture.typepad.com/comments/2…
September 18, 2008 @ 6:59 PM
I was at the dentist this
I was at the dentist this morning and he was on the phone telling his wife to “get everything out of the stock market”.
Sounds like a good time get into the stock market to me.
——————–
That’s really funny. Actually, for the first time in years, I am net-neutral. Been heavily short for years and sold off about 90% of my current short postions this morning. I think this short-ban/”RTC”/”throw everything we’ve got at it”-driven rally will rip the legs off the shorts.
Fundamentals be damned, I won’t fight the Fed/Treasury/Congress.
September 18, 2008 @ 7:39 PM
I have a good one for
I have a good one for ya……….
3 months ago I went to my Bank of America branch to withdraw 35K for a car that I bought. To my astonishment I was told that they don’t “have that kind of cash on hand” by the branch manager. I thought I was on candid camera!
I went to another branch and was told the SAME THING. They had to make 5 phone calls to other branches before finding one that had a measily 35 grand in cash.
They explained to me that it is common practice to only carry enough “working cash” to get through a typical bank working day.
Murf2222
September 18, 2008 @ 7:41 PM
murf2222 wrote:I have a good
[quote=murf2222]I have a good one for ya……….
3 months ago I went to my Bank of America branch to withdraw 35K for a car that I bought. To my astonishment I was told that they don’t “have that kind of cash on hand” by the branch manager. I thought I was on candid camera!
I went to another branch and was told the SAME THING. They had to make 5 phone calls to other branches before finding one that had a measily 35 grand in cash.
They explained to me that it is common practice to only carry enough “working cash” to get through a typical bank working day.
Murf2222[/quote]
LOL was the car stolen??? Why not just write a check?
September 18, 2008 @ 7:59 PM
Cash, GLD, SLV, and AAPL.
I
Cash, GLD, SLV, and AAPL.
I have everything I need to survive the apocalypse: some paper to keep me warm at night and/or burn, some shiny coins to play with to pass the time, and some red fruit to eat.
September 18, 2008 @ 8:18 PM
My portfolio is now 50% gold,
My portfolio is now 50% gold, and the rest cash. I manage my wife’s portfolio and she’s 75% gold, and she’s thrilled her portfolio climbed 10% in ten days.
We rent in San Jose, so own no houses in the USA.
We own a large luxury condo (240 sqr meters) in one of China’s major cities. I would have sold that condo a year before the Olympics but my wife wouldn’t agree with that decision. That home had by then doubled in value, and has since stayed flat (or started to fall in value). Clearly, I believe the real estate crisis will hit China beyond the way it has already dropped prices in Shenzhen, Shanghai, and Beijing.
So we have about 25% of our total capital in Yuan denominated assets because it is tied up in that home in China.
September 18, 2008 @ 9:13 PM
STOCKSTRADR
Would really
STOCKSTRADR
Would really appreciate you thoughts on how you are holding the gold (whether certificate or actual metal)?
Also, if you have any suggestions for particular funds, I would appreciate that info also.
September 18, 2008 @ 10:29 PM
Would really appreciate you
Would really appreciate you thoughts on how you are holding the gold (whether certificate or actual metal)?
Also, if you have any suggestions for particular funds, I would appreciate that info also.
Keep in mind I’m an amateur. I’m not a professional stock trader, or licensed in any way to offer financial advice. Consider consulting Rich, who created this web site; he’s licensed to advise, and he’s brilliant.
I can however, share my GUESSES on the market’s direction.
I would prefer to hold real physical gold in my safety deposit box, but my money is in ROTH and 401K, so the only option is buying the ETF “GLD” or a mutual fund/ETF of gold mining stocks. All my gold is purchased through “GLD”
When the market (S&P500) dropped 2% mid-day today then showed resistance, my instincts sensed a short-term bottom. I knew we were close, which is why I dumped all my ProShares “SDS” the day before.
I LOVE the ProShares range of ETF’s that allow you to take either 1X or 2X leverage either long or inverse many market sectors. “SDS” is inverse the S&P500. most importantly, as ETF’s you can trade in/out of them even mid-day, which is REALLY important given the daily fluctuations we are seeing in the indexes!
The only reason I didn’t go 2X LONG the market today with ProShares Ultra S&P500 “SSO” is that I figured, “It is too risky to bet the fool’s rallies in an otherwise BEAR market”
So I believe we are now into a short-term upswing that could bring us back up roughly 8%, 10%, 12%?; your guess is good as mine!
So THE PLAN is to hoard gold and cash and await a new re-entry point at which I’ll load up again on SDS. I expect within the next 12 months we’ll see the S&P500 hit 1,000.
Please keep in mind that 2X ETF’s are VERY RISKY because they are essentially collections of shorts/options, as they are intended to provide 200% correlation to an underlying sector or index. With “SDS” you would have LOST 8% today!
So IF you are a couple decades or more from retirement, and willing to accept significant RISK, you might wait for this fool’s rally to take us back up another 4% or 6% and then put maybe 10% or 25% of your portfolio in either “SDS” (2x inverse) or “SH” (1X inverse)
If I am right about the fool’s rally, then gold will probably fall short-term, which it did today.
I do not believe in doomsday scenarios (sudden collapse of the global financial system, masssive runs on banks..etc) because the US government has already signaled its intention to PRINT MONEY, nationalizing failed institutions and buying worthless securities. So the doomsday scenario is LONG-TERM, where the dollar basically loses say 90% of its value over say five or ten or more years.
One more comment. I do not (like some on this forum) get my stock tips from Jim Cramer’s Mad Money. I get five different newspapers delivered to my house each day. I read the WSJ cover to cover, then I try to get through the rest of the daily stack of newspapers.
September 18, 2008 @ 11:13 PM
Um murf there is nothing
Um murf there is nothing abnormal about a bank not having 35k cash on hand. They only keep enough on hand to handle normal outflow. I would be surprised if they did as it costs a bank money to keep money on hand.
Josh
September 18, 2008 @ 11:20 PM
Why would a bank want to keep
Why would a bank want to keep thousands of dollars just sitting around for someone to steal? If you had given them 1 days notice I am sure it wouldn’t have been a problem.
September 19, 2008 @ 8:54 AM
I have a friend that deals in
I have a friend that deals in old bikes.. sometimes he buys a few at a time. He says it’s hard to get 10k-15k much less 35k. You have to call in advance
September 19, 2008 @ 9:09 AM
It’s a pity you can’t make
It’s a pity you can’t make more than one selection because most people aren’t going to be entirely in one thing, and choosing ‘mixed’ doesn’t tell you what percentages. For example, you can be 90% cash of which 30% is in another currency, 5% gold and 5% stocks. Sorry to split hairs, but I didn’t know what to put for that reason.
September 19, 2008 @ 12:37 PM
qwerty007 wrote:It’s a pity
[quote=qwerty007]It’s a pity you can’t make more than one selection because most people aren’t going to be entirely in one thing, and choosing ‘mixed’ doesn’t tell you what percentages. For example, you can be 90% cash of which 30% is in another currency, 5% gold and 5% stocks. Sorry to split hairs, but I didn’t know what to put for that reason.[/quote]
Hi qwerty,
Thanks! You can select mixed then post your percentages…
It’s interesting that the majority so far are in US dollars (like me).