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Feb 2, 2009 9:54 pm

My Anecdotal Client Freak-Out Index is showing signs of ticking over from moderate to highly freaked-out.  I'm really looking forward to those January statements hitting in a week or so.  Don't know about you guys, but that'll put the next downward leg in place as far as my borderline clients are concerned.

Feb 2, 2009 10:11 pm

There was an article today on MSN about not putting all your money into your 401k so you could open a brokerage account for access to bear funds and short ETFs.  Last week, they had an article about shorting for beginners.  Bottom or close to it is probably in.

Feb 3, 2009 11:16 am

Seeing the same thing. Had a client bail on his mutual funds yesterday. All that's keeping most people in the market now a) intertia and b) 3 pct CD rates. .... If interest rates go up, then I  think you'll see more liquidation.

Feb 3, 2009 1:18 pm

Yep, starting to see some more bailing out.  News media having a field day with the doom and gloom.  More layoffs, more failures, economy going to be bad for long time, we haven't hit bottom, market will get worse and be bad for long time.  I have some clients that I am amazed are still in it.  My guess is if we go lower that's all they'll be able to take and will be out.

Feb 3, 2009 1:52 pm
Sam Houston:

There was an article today on MSN about not putting all your money into your 401k so you could open a brokerage account for access to bear funds and short ETFs.  Last week, they had an article about shorting for beginners.  Bottom or close to it is probably in.

 
10 years ago it was dot-com rage.  Today it will be shorting techniques.  Personally, I think shorting and leveraged ETF's (2x, 3x longs and shorts) are not good for DIY'ers.  These have the potential to blow up what is remaining in people's accounts.  Because at some point this market will come roaring back (albeit no time soon), and all the doomsayer DIY'ers holding 3x Ultra-short SPY ETF's will be left with a fraction of what they started with.
People do some dumb things.
Feb 3, 2009 3:40 pm
iceco1d:
B24:
Sam Houston:

There was an article today on MSN about not putting all your money into your 401k so you could open a brokerage account for access to bear funds and short ETFs.  Last week, they had an article about shorting for beginners.  Bottom or close to it is probably in.

 
10 years ago it was dot-com rage.  Today it will be shorting techniques.  Personally, I think shorting and leveraged ETF's (2x, 3x longs and shorts) are not good for DIY'ers.  These have the potential to blow up what is remaining in people's accounts.  Because at some point this market will come roaring back (albeit no time soon), and all the doomsayer DIY'ers holding 3x Ultra-short SPY ETF's will be left with a fraction of what they started with.
People do some dumb things.
 
Tough shit for them.  I love seeing DIY morons blow themselves up (yeah, I can be a dick).  Sorry, I have no pity for someone that guides their financial future on what their "brother-in-law's, friend's, sister's dad" told them to do 5 years ago. 
 
If I need serious legal help - I pay for it.  If I need serious tax help - I pay for it.  If I need serious medical help - I pay for it.  I have no pity for those that don't out of their own stupidity, arrogance, or ignorance. 



I love it when dumb people are separated from their money.

Feb 3, 2009 8:44 pm
Hank Moody:


I love it when dumb people are separated from their money.





Of course you do...how else would you sell all of those Equity Index Annuities?



How did those oil and gas partnerships work out from last summer?

Feb 3, 2009 9:50 pm

I'm glad to know I'm not the only one seeing the ACFOI tick up over the last week.  Mr. Market sure is good about getting every last chicken out of the market before allowing THE rally to start. 

Feb 4, 2009 2:09 pm

I am fully convinced it will be a long, long time before things really improve.  I feel the proverbial swimming pool of wealth has been reduced by a 1/3 or 1/2 and it is the new "level playing field".

 
I feel a little stupid for always having the perma bull attitude I developed in the wirehouse.   
Feb 10, 2009 9:45 pm

It's Tuesday evening and I'm laughing my ass off watching Scrubs, while wiping away tears from watching the evening news and surfing the net, reading about the market and the bailout.  I am wondering what my day will be like tomorrow.  I believe those that were barely clinging on will definately decide to get out.  9% in January, 4-5% today.  SHIT! 


 
Feb 11, 2009 1:57 am

I doubt it will ever happen, but I can't help to think that the market would rally rather smartly if ALL of the idiots in D.C. would just STFU for a couple of weeks.

Feb 11, 2009 10:44 am

You mean the market rallying or the idiots in DC shutting up? 





 
I've made similar comments like that to my clients.  If the media weren't so hell bent on making the capitalists out to be the bad guys and making the socialists (by that I mean the dems) out to be the good guys this thing would be headed back up as we speak.  If they can't figure out with the drop yesterday that the general public is now voting with their money and they're saying that the plan isn't a good one, then they all need to be fired and we need to start over. 
Feb 11, 2009 12:30 pm
Spaceman Spiff:




 
then they all need to be fired and we need to start over. 
 
"The Tree of Liberty must be refreshed from time to time with the blood of patriots and tyrants."
Thomas Jefferson
Feb 11, 2009 12:49 pm

Beemer,

 
Nice Quote!
 
Spiff, I don't believe that yesterday was a vote of the general public.  It was the vote of institutions that didn't like it.  The general public was not sitting there watching the rollout news conference by Geitner and then when it was over immediately called their broker and said that they didn't like the way the stimulus is packaged so they want to get out.  Institutions made that decision.
Feb 11, 2009 2:48 pm

You may be right.  It was more than likely a combination of the two.  It would be interesting to see how much money left someplace like Vanguard 500 or Fidelity Contrafund yesterday.  I know the 15 new people I talked with yesterday morning weren't all that thrill with the info they got from the administration. 

 
beemer - so if I don't agree with the way the current administration is handling this mess, does that make me a patriot or a tyrant?  I guess it would depend if you are watching CNN or Fox news.
Feb 11, 2009 3:25 pm
2wheeledbeemer:
Spaceman Spiff:




 
then they all need to be fired and we need to start over. 
 
"The Tree of Liberty must be refreshed from time to time with the blood of patriots and tyrants."
Thomas Jefferson
 
"That's as good as money sir, those are IOU's. Go ahead and add it up, every cent is accounted for. Look, see, that's a car, $275 thousand. You might want to hang on to that one."
 
Harry Dunne
Feb 11, 2009 3:33 pm
SometimesNowhere:
2wheeledbeemer:
Spaceman Spiff:




 
then they all need to be fired and we need to start over. 
 
"The Tree of Liberty must be refreshed from time to time with the blood of patriots and tyrants."
Thomas Jefferson
 
"That's as good as money sir, those are IOU's. Go ahead and add it up, every cent is accounted for. Look, see, that's a car, $275 thousand. You might want to hang on to that one."
 
Harry Dunne
 

Just watched that a couple of weeks ago.  Funny movie!!
Feb 11, 2009 3:35 pm
Spaceman Spiff:
 
beemer - so if I don't agree with the way the current administration is handling this mess, does that make me a patriot or a tyrant?  I guess it would depend if you are watching CNN or Fox news.
 
Or maybe it's this: Does your disgust with the situation make you get out your Lee Progressive Reloader and dust off your .223 plates, or does it make you more concerned that maybe your gardener is getting out his Lee Pro 1000 and dusting off his .223 die plates. 
 
On a separate note: Does anyone else want to draft Ron Paul to take on Timothy Geithner in knife fight for the Treas. post?
Feb 11, 2009 3:50 pm

Funny.  I heard Ron Paul's name, along with Ross Perot, yesterday.  Isn't Geithner a math guy?  Shouldn't I have seen some sort of chart on my TV screen by now? 

 
It makes me glad that while I don't have any guns in my own house, my father and brother both do.  While my dad's are only black powder, shotguns, and .22's, my brother's are Uncle Sam issued.  Both of them live out in the boonies where you can grow some crops, hunt some deer, and live off the land if necessary.  Me, I live in the burbs.  I can throw rocks at squirrels and rabbits all day long.  If I did have guns in my house, they'd be cleaned and loaded right now. 
Feb 11, 2009 4:06 pm
SometimesNowhere:
2wheeledbeemer:
Spaceman Spiff:




 
then they all need to be fired and we need to start over. 
 
"The Tree of Liberty must be refreshed from time to time with the blood of patriots and tyrants."
Thomas Jefferson
 
"That's as good as money sir, those are IOU's. Go ahead and add it up, every cent is accounted for. Look, see, that's a car, $275 thousand. You might want to hang on to that one."
 
Harry Dunne
 
One of my favorites...
 
http://www.youtube.com/watch?v=7GSXbgfKFWg
 
I think that's the California plan.