Black Monday v 3.0 Today

[Julio]

Originally Posted by burn_baby_burn

What about BQI?

Oilsands Quest is only listed on a US market, so it's not suffering the way others are today...it went down a bunch on Friday and I'd expect it might tomorrow.
I hold a bit of it, and might buy in if the price is right.

[Nehkara]

TSX down over 500 points. Wow.

[Leeman4Gilmour]

Originally Posted by Mean Mr. Mustard

Along that note I am looking at putting around 10-15 thousand into RRSPs for exactly that - the long run approach but I don't have the slightest clue as to where to start...

At some point, the financial sector will recover. As with everything, figuring out when the slaughter will end is the tricky part. BMO is over $20 off it's 52 wk high.

The energy sector hasn't been hit nearly as hard - yet.

[tvp2003]

Originally Posted by Nehkara

TSX down over 500 points. Wow.

Hmmm... sounds like a good time for an investing amateur like myself to get into the market...

[return to the red]

I have quite a bit in Nexen, still waiting to see how that turns out for me

[Option84]

At least Canadian markets aren't as bad as some of the 6-7% drops in the asian/british markets...

[Option84]

Ouch, the venture index dropped over 8%. Not good for O&G.

[Wookie]

Well the tsx was down 4.73% and the venture was down 7.2% at noon EST. Pretty close to some of the other markets..

[Option84]

tbh, I'm more worried about how the american markets perform tomorrow, and how that will affect Canada the day after...

[Option84]

Also I don't get how Bush's 145 billion tax rebate is going to do anything when Citigroup's market value loss alone was 155 billion.

[Cowperson]

Originally Posted by Option84

Also I don't get how Bush's 145 billion tax rebate is going to do anything when Citigroup's market value loss alone was 155 billion.

It is a drop in the bucket when weighed against the overall economy.

Some unpopular comparisons - the Iraq conflict is costing American taxpayers about 1% of GDP (versus 9% for Vietnam) and the American defence budget at around $650 billion I believe, which is about four times the size of the announced economic package, is around 4% of GDP, maybe a little lower.

So . . . . $155 billion isn't much relative to the size of the economy it's trying to influence.

A good, pragmatic, numbers article in the Wall St. Journal today:

http://online.wsj.com/article/SB1200...s_inside_today

Cowperson

[MoneyGuy]

Originally Posted by Cowboy89

Warning to all shareholders! Don't panic and sell off, you're only increasing the problem and financially you're better off in the long-run holding on.

Correct answer!

Originally Posted by The Goon

This is why I keep all my money in between my mattresses.

Wrong answer! I think you're kidding.

[MoneyGuy]

"Be fearful when others are greedy and greedy when others are fearful."
- Warren Buffett

To the poster who wanted to do an RRSP contribution but doesn't know where to start, I'd suggest building your base first with more diversified, safer stuff like mutual funds. That's not a lot to be buying individual stocks as a newbie, IMO. Build a broadly diversified portfolio, and overweight your foreign content.

[Dan02]

Tomorrow my money is on the US getting pummeled.

[surferguy]

Do vegas odds exist for something like that?

[Cowboy89]

Originally Posted by surferguy

Do vegas odds exist for something like that?

Yeah it's called 10000:9999 odds of that being true considering that the US Market is closed today and tomorrow will have to absorb today's intrinsic loss before traders will start dealing with tomorrow's sentiment. I'd give it a small percentage chance of the day ending up net positive.

[MoneyGuy]

Tomorrow will be negative in the U.S. Probably a big negative. No one knows the bottom, so I'd recommend dollar-cost averaging in. If I had 50K I'd put a quarter of it in right now and divide the balance into six equal amounts and DCA into the market over the next six months.

[Wookie]

Dca?

[FurnaceFace]

Originally Posted by return to the red

Thing that really pisses me off is that I just invested a whole bunch of money about a month ago when there was a pull back in the market. Guess I should have waited another month

Why does this piss you off? Was this a long term or short term investment? If it's long term then who cares, it'll move higher at some point and you'll make money. If it's short term then I would hope you put it into something with lower risk or you put it in there with eyes open you could lose money.

I think the important thing to note is drops like this happen and by staying the course you'll do better. I'm not close to the securities industry anymore however I believe there are a number of checks, balances, and triggers now in place which prevent a 1929 scenario so I'm personally not worried about losing everything.

Best approach I ever learned and am fortunate enough to be able to follow is tossing money in every month. I'm a big believer in dollar cost averaging and a big believer in letting the experts deal with my money. I've found someone I trust and I let him move things around as him and all the experts behind him see fit based on the parameters I'm comfortable with.

Happy buying!

[MoneyGuy]

Originally Posted by Wookie

Dca?

Dollar-cost averaging: The regular and systematic investment of a larger sum of money over longer periods, usually through preauthorized chequing contributions.

Many people make their annual RRSP contributions this way. If you put 10,000 into an RRSP each year, 10,000 divided by 12 = 833.33 per month. This is dollar-cost averaging.