And the markets go down

[Finner]

TSX down 518 points
Dow Jones down 335 points
Nasdaq down 99 points

Gold up 19.80
Oil down 5.45
CDN dollar down a quarter of a cent.

Anybody else getting killed out there? I averaged into RIM at about $93 bucks and am getting killed. This is why margin accounts are dangerous

I figured there might a be a jump after the bill was passed.

[Bertuzzied]

My average on RIMM is at $104us. I broke my own rule of selling it all off the day before it releases earnings. Guess i'm paying the price now. The only good thing to come from all of this is that i have a short on APPL.

[Nancy]

Ouch:

-- Dow suffers biggest point drop in history, falling nearly 778 points in reaction to House vote rejecting economic rescue.

[Mean Mr. Mustard]

I was looking into investing in RIM at the current time, but the more that I look at the situation the more it scares me into thinking that the worst isn't over by a long shot and it is better to catch the market on an upswing than to try and judge when it has bottomed out.

Fortune favours the bold as is oft stated.

[Phanuthier]

Finner maybe you help me answer this. Now I know Apple got slaughtered today, but for the most part, the high-tech industry is surprisingly resilient to what should be a depression for this industry. How is this possible?

[Wookie]

Originally Posted by Phanuthier

Finner maybe you help me answer this. Now I know Apple got slaughtered today, but for the most part, the high-tech industry is surprisingly resilient to what should be a depression for this industry. How is this possible?

Consumer products. How often does kiddy need a new ipod if daddy can't pay his mortgage? How many people need new iphones/data bundles/expensive macs when they can't pay off their credit cards.

RIM is seriously wondering how many blackberry accounts just went dead in Manhattan

[Phanuthier]

Originally Posted by Wookie

Consumer products. How often does kiddy need a new ipod if daddy can't pay his mortgage? How many people need new iphones/data bundles/expensive macs when they can't pay off their credit cards.

RIM is seriously wondering how many blackberry accounts just went dead in Manhattan

Are you just repeating my question, Wookie?

[Bobblehead]

Originally Posted by Wookie

Consumer products. How often does kiddy need a new ipod if daddy can't pay his mortgage? How many people need new iphones/data bundles/expensive macs when they can't pay off their credit cards.

RIM is seriously wondering how many blackberry accounts just went dead in Manhattan

To expand on that a bit...

The PC market is feeling the weakness in consumer spending, and Morgan Stanley's analysis indicates that growth will shift to the low end of the market, where Apple doesn't really play, Huberty said.

http://money.cnn.com/news/newsfeeds/...969c11c198.htm

[Wookie]

Originally Posted by Phanuthier

Are you just repeating my question, Wookie?

hehe, I don't know. I thought you were asking why apple would suck? and how come they aren't doing well in a recessionary period. But it seemed to obvious a question for someone of your intelligence, so i kinda wondered as I typed it. Now I'm wondering if I'm without said intelligence!

[Bertuzzied]

If you do decide to go long in Apple mark down this date. Oct 22. That is when they release earnings. Its' never pretty no matter how bad they beat the estimates.

[Phanuthier]

Originally Posted by Wookie

hehe, I don't know. I thought you were asking why apple would suck? and how come they aren't doing well in a recessionary period. But it seemed to obvious a question for someone of your intelligence, so i kinda wondered as I typed it. Now I'm wondering if I'm without said intelligence!

lol, I wasn't asking why Apple was sucking when the high-tech is doing ok given the circumstances; I was wondering how the high-tech industry has managed to fair so well this past year given the otherwise chaotic markets we see. Down here in Silicon Valley, every other office building has a for rent sign, but companies are still hiring, pumping out projects, R&D projects seem to still be holding strong and things still seem pretty relaxed and stable from my friends working at IBM, Cisco, Nvidia, Micron etc.

I'm just confused by all of this, confused because there should be more confusion but things seem pretty stable here in the high-tech world.

[atb]

This is why you buy Walmart, where people will be trading in higher end retail to shop. Plus there's always stalwarts like Johnson & Johnson and Procter & Gamble.

[llama64]

Apple is a luxury manufacturer. They will be hit hard by a recession (call a spade a spade...).

I rarely pay attention to day traders. They can squawk all they want about losses and such, but I have no sympathy for people who try to flip houses, flip stocks and other get rich quick schemes.

Apple 5 Years ago (2003): $10.85
Apple today (2008): $105.90

http://finance.yahoo.com/charts?s=AA...urce=undefined

Seems like growth to me.

The people I have sympathy for are those who just retired or draw their income out of a stock heavy retirement fund. They might not have the time to recover their losses...

[Bobblehead]

Originally Posted by llama64

The people I have sympathy for are those who just retired or draw their income out of a stock heavy retirement fund. They might not have the time to recover their losses...

True.

However every retirement planning I've ever seen has asked about when you plan to retire, and the shorter that time frame is, the less risk you accept.

If you are retired and drawing from a high risk portfolio I would think you should fire your financial manager. But I'd imagine that there are a lot of people who are doing just that.

[Phanuthier]

Originally Posted by llama64

Apple is a luxury manufacturer. They will be hit hard by a recession (call a spade a spade...).

I rarely pay attention to day traders. They can squawk all they want about losses and such, but I have no sympathy for people who try to flip houses, flip stocks and other get rich quick schemes.

Apple 5 Years ago (2003): $10.85
Apple today (2008): $105.90

http://finance.yahoo.com/charts?s=AA...urce=undefined

Seems like growth to me.

The people I have sympathy for are those who just retired or draw their income out of a stock heavy retirement fund. They might not have the time to recover their losses...

Well I'm just learning economics of how the stock market and real estate business works, but I tend to agree. This sort of pie in the sky, speculation stuff is really scary for the number of $ being thrown around. I mean its one thing to buy a 649 ticket, but people are gambling with huge $$ which is sort of crazy.

I support the $700B bailout only because credit cannot be frozen or else the economy is done. However, I would like to see the stock market return to smart investing based upon value, and intellect and entreupreneurship being promoted as opposed to this mess of greed the US seems to be flooded in.

[Slava]

Originally Posted by llama64

Apple is a luxury manufacturer. They will be hit hard by a recession (call a spade a spade...).

I rarely pay attention to day traders. They can squawk all they want about losses and such, but I have no sympathy for people who try to flip houses, flip stocks and other get rich quick schemes.

Apple 5 Years ago (2003): $10.85
Apple today (2008): $105.90

http://finance.yahoo.com/charts?s=AA...urce=undefined

Seems like growth to me.

The people I have sympathy for are those who just retired or draw their income out of a stock heavy retirement fund. They might not have the time to recover their losses...

I don't disagree with you here. But for Apple to grow by tenfold again how high do their earnings have to be? Without looking to see, off the top of my head my guess is yearly revenue of $1.5-$2 billion?

[Resolute 14]

Am I reading right that Oil shaved $10 a barrel today?

[BlackArcher101]

Originally Posted by Resolute 14

Am I reading right that Oil shaved $10 a barrel today?

Yep

[BlackEleven]

My company stock is getting killed today... two days before our employee stock plan takes effect. What wonderful timing...

[BlackArcher101]

Originally Posted by BlackEleven

My company stock is getting killed today... two days before our employee stock plan takes effect. What wonderful timing...

Isn't that a good thing?