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eggwardsIt's minutes from the opening of the stock market and all of the futures, all of the other world markets results overnight point to a large drop for the market today.
I'm tired of this. I'm sick of talking about the market and telling people how much of their savings they have lost, especially retirees who are counting on this. People are looking to me for guidance, but I can only give them a "wait it out." It's maddening. Where the hell is the bottom of this decline?
I'm also tired of pictures of stock brokers looking dismayed every single day.
We have a set up that people can get more specific advice, but they have to wait for an appointment. The advice specialists only tell them to diversify and wait it out. I have stopped referring people to the advice councilors because they don't tell them anything new, or anything that would belay their fears right now.
I so hate my job right now. Folks, I don't know when things will be better. I can change you out of certain investments, but I can't change the investments themselves, and yes I know some of them have lost 40% or more. It's awful. And from the looks of it, it's here to stay a while.
It took decades for the market to get to it's high, which was about this time last year. It may take a very long time to see your savings get back to where they were.
Aren't you happy that we've all left pensions behind and were told to save in our 401(k)s for retirement. Yeah, that was a great move.
Well, the Dow opened at 250 points down...we'll see where it goes from here.
EDIT: well, now it's down nearly 500 - in just minutes, and if it falls more than 1,100 points - as some have suggested, we'll see a halt in trading for the day. This could be a really fucked up day.
ANOTHER EDIT - 3:00CT: Well, it looks like we've staved off total market meltdown, closing down a little over 300 points. Given the predictions this morning, it's a little surprising, but that's the way it goes. I've learned never to make predictions when it comes to finances.
I'm tired of this. I'm sick of talking about the market and telling people how much of their savings they have lost, especially retirees who are counting on this. People are looking to me for guidance, but I can only give them a "wait it out." It's maddening. Where the hell is the bottom of this decline?
I'm also tired of pictures of stock brokers looking dismayed every single day.
We have a set up that people can get more specific advice, but they have to wait for an appointment. The advice specialists only tell them to diversify and wait it out. I have stopped referring people to the advice councilors because they don't tell them anything new, or anything that would belay their fears right now.
I so hate my job right now. Folks, I don't know when things will be better. I can change you out of certain investments, but I can't change the investments themselves, and yes I know some of them have lost 40% or more. It's awful. And from the looks of it, it's here to stay a while.
It took decades for the market to get to it's high, which was about this time last year. It may take a very long time to see your savings get back to where they were.
Aren't you happy that we've all left pensions behind and were told to save in our 401(k)s for retirement. Yeah, that was a great move.
Well, the Dow opened at 250 points down...we'll see where it goes from here.
EDIT: well, now it's down nearly 500 - in just minutes, and if it falls more than 1,100 points - as some have suggested, we'll see a halt in trading for the day. This could be a really fucked up day.
ANOTHER EDIT - 3:00CT: Well, it looks like we've staved off total market meltdown, closing down a little over 300 points. Given the predictions this morning, it's a little surprising, but that's the way it goes. I've learned never to make predictions when it comes to finances.
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no subject
Date: 2008-10-24 02:47 pm (UTC)I have picked up some very good values in the stock market like my favorite Carnival and Royal Caribbean cruise lines.
no subject
Date: 2008-10-24 08:07 pm (UTC)You can't keep looking at your portfolio, even if you are very active with your investments. For retirement, buy and hold is usually best. Most day traders tend to move too often and end up consting themselves a lot of money.
You are right about the real and immediate loss. While we may sink further during the short term, it's very unlikely that we will be at this point in a couple of years, but people need to be patient.