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Could That Have Been the Bottom? Cramer says, "Get Out"

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posted on Oct, 6 2008 @ 07:37 PM
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Could That Have Been the Bottom? Cramer says, "Get Out"


latimesblogs.latimes.com

Did CNBC’s Jim Cramer call the stock market bottom -- by telling investors to get out today?

The Dow Jones industrial average was off as much as 800 points at its low just before noon PDT, then staged a powerful rally that cut the day’s loss to 369.88 points, or 3.6%, to 9,955.50. The broader market also rebounded from the worst levels of the day.

The massive sell-off for much of the session had everyone on Wall Street looking for signs of capitulation -- the moment, or moments, when the market feels utterly hopeless.

(visit the link for the full news article)




posted on Oct, 6 2008 @ 07:37 PM
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I was kinda interested if others feel tomorrow will be THE DAY we have all been predicting, fearing??

The beginning of the first Great Global Depression of the 21st Century!!

My stomach says yes...the pundits say no. A recession for sure but depression...no way. Something about safeguards in place since 1929.

I will be watching the Asian and Euro markets tonite with great interest.

Hope I am wrong...whadya think??

latimesblogs.latimes.com
(visit the link for the full news article)



posted on Oct, 6 2008 @ 07:45 PM
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Hmmm, seems very strange the timing of the blanket bailout and now even Cramer telling everyone to get out. I think the time is right to start wondering just why the president was pushing so hard for the bailout, and why it grew from 4 pages to over 450 pages. Could something be hiding in it I wonder? Hmmm, maybe something in the bill will cause greater panic than ever before, could THIS THREAD spell it out any easier. I checked, and everything it says is true.



posted on Oct, 6 2008 @ 07:48 PM
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My gut tells me... I'll be around on the 8th.
WE are in for one bumpy ride, that's, for sure!


The great fall may be the 7th, we'll just have to be patient. No jumping the gun, literally.



posted on Oct, 6 2008 @ 07:51 PM
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I hear ya, my stomach's been screamin at me all day. Because of a seven-month employment drought I'm without a 401(k)...so what little money I do have I'm very worried about. (Been temping for just over 2 months) I know I probably jumped the gun a bit, but I yanked the majority of it this afternoon. Hearing the words "deposit freeze", "fund inaccessiblility", etc made me a little too nervous. I left enough to keep my accounts open should this thing blow over, but with all the speculation about what's supposed to go down tomorrow...I'd really rather be wrong on this one.

Money's safe under the matress, so I won't be losing sleep tonight! We'll see how it goes tomorrow!



posted on Oct, 6 2008 @ 08:00 PM
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I believe we will see the market take a dive then rebound tomorrow.

I liquidated all my stock in March. It was my retirement. If I had not done so I would be in the poor house now.

Please remember that going into a depression is not the end of the world. It will certainly be the end of living on easy street for many. But we will survive.



posted on Oct, 6 2008 @ 08:09 PM
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If it really was the bottom, wouldn't he be saying 'BUY!'?

[oops, sorry about 1 liner...but it's a pretty straight forward question I thought]

[edit on 2008/10/6 by juniperberry]



posted on Oct, 6 2008 @ 08:16 PM
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I watch him 3 or 4 times a week. I never buy a stock based on what he says, I listen to his general financial advice.

I did the same thing the poster did with his retirement about 3 weeks ago. I listened to him and said gotta get out.I am so glad I did, We are a little older and don't have 20 years to back up and regroup.

I listened to him today and thought how bad is this going to get when he is telling people to get out and last week he was telling people do not panic, sit on your hands and do nothing right now.

Gotta wonder what tomorrow will hold. I will be real happy when tomorrow is done, no matter what it holds, at least we will know.



posted on Oct, 6 2008 @ 08:17 PM
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He didn't say "get out" he said raise some cash if you need it in the near term.
I think we are nearing a market bottom, but it's not here yet, we need a near sudden crash, not a buyer strike like we have now...what we have now is a slow bleed, we need a swoon, then I'll be ready to buy. If you watched his show he was pretty pissed off about this article because he was taken out of context. He said unless you are retiring in the next 5 years, don't touch your 401K etc. Cramer isn't the best stock picker, but he's pretty smart about the overall economy. I'd probably listen to him, if I were the "average" investor.



posted on Oct, 6 2008 @ 08:20 PM
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reply to post by juniperberry
 


What Cramer said on the Today Show was:




Warning that the global credit crunch could drive the market down another 20%, Cramer advised: "Whatever money you may need for the next five years, please take it out of the stock market. Right now. This week. I do not believe that you should risk those assets in the stock market."

"I thought about this all weekend," he said. "I do not want to say these things on TV."



posted on Oct, 6 2008 @ 08:26 PM
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I think tomorrow is going to be bad only because of all these predictions and theories, we're ALLOWING ourselves to be manipulated. Stomach acting up? Go grab some taco bell, think outside the bun while thinking outside of theories.

Here's my prediction, no mother ship, no insane meteorite incident, no black hole out of no where, no start of greater depression, just a another slump. US will rise triumphantly once the elections pass and and this whole downfall is just to make the current administration look bad (especially Bush) and the next President look like the Savior of our Great Nation for reviving her from her death bed. All will be well without the new prez doing anything, we'll be on the top once again, invade Venezuela, high tail out of Iraq when the secret oil deals are done and all hands have been shaked.

We'll be fine, Cramer is just doing his job



posted on Oct, 6 2008 @ 08:28 PM
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I don't know if the big "D" is on its way, but for a while it didn't look too good today.

Frankly, this mess is likely to get much worse. How much worse? I don't think anyone knows...

But everywhere you look, the market seems VERY broken.



posted on Oct, 6 2008 @ 08:36 PM
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Originally posted by yellowcard
He didn't say "get out" he said raise some cash if you need it in the near term.


Actually I just watched it on YT and he said take out as much money as you would need for FIVE YEARS.. that's a bit longer than 'short term'.

In my little world, if I had anything in there, that would mean 'get out'.



posted on Oct, 6 2008 @ 08:38 PM
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Cramer is a moron. Why would you watch your portfolio drop like it has and get out now. That is the dumbest thing anyone can do. No is the time to BUY. Eventually you will cost average and in 10 years youll be happy you did. Dont listen to Cramer he is a goof.



posted on Oct, 6 2008 @ 08:43 PM
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reply to post by mybigunit
 

So you see this as a buying opportunity? Or do we have a ways to go yet?
Today I felt we were a hairs breadth away from the bottom dropping out.

How do you think the Asian and Euro markets will fair tonite?



posted on Oct, 6 2008 @ 08:44 PM
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reply to post by mybigunit
 


Buying only works if you think you're close to bottom.

At best, I'd hold.



posted on Oct, 6 2008 @ 10:35 PM
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Looks like the Nikkei is down about 3.10 % @ 8:35 pm PST.
Nothing too dramatic...will have to wait some more.



posted on Oct, 6 2008 @ 10:42 PM
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It would be tough having lots of money and not being able to spend it on anything because there was nothing.

*that wasnt me talking that was my twin
Actually, she may have something there.....



posted on Oct, 6 2008 @ 10:46 PM
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I think it would be worse to have money and all sorts of stuff to buy, but to find out your money is worthless. That would suck.



Originally posted by dgtempe
It would be tough having lots of money and not being able to spend it on anything because there was nothing.

*that wasnt me talking that was my twin
Actually, she may have something there.....



posted on Oct, 6 2008 @ 10:50 PM
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If you sell now, you will just lock in the losses you've already suffered. The only benefit that might get you is a tax write-off. Best to just ride it out at this point, unless you need money now to live on.



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