Senate Passes BAILOUT, Stock Market Awaits the House Vote
October 2, 2008
This bailout will not help the current situation, throwing money at junk will only return you junk. The United States Government is rewarding bad behavior but a behavior they STARTED (see Community Reinvestment Act).
I had a great email from a newcommer to the market. The email was asking what should he/she do…simply put study, study, and more study. This is not time to be messing with stocks, the odds are against you in this type of environment and will only lead to failure.
There isn’t much else to say but cash is king and will remain king for the time being. Our former leaders have not pulled back enough to warrant any type of real bottom. New Lows continue to pound New Highs and the quality of growth out there is pathetic. Although boring and with no “action” cash is simply the best place to be. I will wait patiently for my opportunities and not waste time and energy on low probability trades.
Best of luck out there.
Market Speculator
No Positions
Senate Passes BAILOUT, Stock Market Awaits the House Vote
Comments
Got something to say?
You must be logged in to post a comment.
Reuters Business- Alcoa to slash 13,500 jobs and cut productionNEW YORK (Reuters) - Aluminum producer Alcoa Inc said on Tuesday it will curtail metal production by about 18 percent and cut some 15,200 jobs to save cash and reduce costs as it seeks to counter the impact of the global economic downturn.
- Stocks rise on stimulus plan hopesNEW YORK (Reuters) - Stocks gained on Tuesday on the increased likelihood of a government stimulus package after the release of minutes from the last Federal Reserve policy meeting painted a dismal picture of the U.S. economy.
- Home sales tumble to 7-year lowWASHINGTON (Reuters) - Pending sales of existing U.S. homes dropped to a seven-year low in November, data showed on Tuesday, as rising job losses and a deepening economic recession kept potential house buyers on the sidelines.
- Alcoa to slash 13,500 jobs and cut production
- Market Watch
- After Hours: Alcoa shares slump in wake of cost-cutting plan; F5 surgesShares of Alcoa Inc. drop as the aluminum giant outlines aggressive cost-cutting plans that will include job losses for more than 13,000 workers.
- Financial Stocks: Morgan Stanley, American Capital among big gainers in financialsShares of Morgan Stanley continue their strong start to the year as U.S. financial stocks reverse the previous session's losses.
- Airline Stocks: Airlines rise on broad market gains, cheaper oil pricesBroad market gains and a drop in oil prices lifted airline stocks Tuesday, with further support coming from higher revenue last month at Continental Airlines despite lower travel demand.
- Apple makes final appearance at MacworldApple Inc. begins its swan song at the Macworld Expo with the absence of Chief Executive Steve Jobs hanging over the proceedings, as the company unveils changes in pricing and copy protections for songs available through its iTunes store.
- Democrats introduce bill to let judges adjust bankruptcy termsA Democratic plan to change bankruptcy law so judges could adjust the terms of mortgages is officially back.
- After Hours: Alcoa shares slump in wake of cost-cutting plan; F5 surges