Fox News Goes After Jim Cramer
Fox Business Network just put out an ad going after the track record of Jim Cramer. The ad is so true, except I agree with Cramer about keeping investments out of the stock market for the next several years. Cramer said keep money out of the market for five years, and I think it is more like three years.
I traded stocks for years, and I’m watching the last support level on the Dow Jones today, which could signal a much bigger drop if it is breached today or next week. Everyone wants the market bottom to come soon, but it only proves how little those who trade stocks, and analyze them really know. The last support level for the Dow Jones is 7,592, which ocurred on July 1, 2002. If the Dow Jones breaks that level it could go below 4,000. The 1929 stock market drop took 3 years to hit bottom, and that was with no government intervention.
Besides the credit crisis, lack of credit, and mortgage meltdown caused by bad loans given to those that couldn’t afford those mortgages, Barack Hussein Obama has said he will eliminate capital gain tax breaks due to expire soon. The capital gain tax breaks were implemented by George W. Bush, and were put in place to encourage people to buy long term stocks with little or no capital gains tax if they sold those stocks after holding them for at least 12 months. Those tax breaks helped the Dow Jones reach a record high during Bush’s term. Obama said he will eliminate those tax breaks, which has most certainly encouraged an even bigger sell off, since the polls show Obama could be elected.
Although the 1929 stock market took 3 years to hit bottom, that process could occur much faster today because of the volume, and ease of stock trading in today’s stock market. The negative effects of the stock market crash will take some time to be felt, and our government is hoping their trillion dollar package will help ease the pain, but eventually that money has to be paid for, so the pain will still be felt by latter generations.
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4 Responses to “Fox News Goes After Jim Cramer”
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Don’t know how far back you review these blogs, but did you see waht happened in the market today, 936 up, I think the buyers are driving it back. I know this is only a one day change, but I am making good on purchases in past week do to the UP.
***HG says***
It may have been a technical bounce, since it was so close to a support level I pointed out in another article. What’s amazing is that market action back in 1929 which took 3 years to shakeout, could take less time since our markets are electronic, and very liquid. This is going to be interesting. Especially if we break the Dow Jones support level, and it sells off to the 4,000 level. If it does, I’ll be wishing I’d written a book.
Thanks Cilla, you want to be going in gradually as the market goes down to be in it when it starts back up, and it will. The biggest way to reap the benefits of a bear market is to be there before it starts going bear. Just do not invest money you need for living expenses. Stay in you 401k or IRA’s and make sure they are in broad spectrum mutual funds.
This just in!!! the buyers brought the market back up to from the open. I firmly believe the message should be buy, buy, buy. But with only money you do not need in the next ten years. I think getting people that can afford to buy in and hold out for the next ten years will help the market more than any government bailout.
***HG says***
We’ve got 3 bad years to go before anyone should even think about investing in stocks. Most people need that money to live on. I also don’t recommend gambling at a Casino right now, because the odds there are also against the gambler.
I’m sorry, but I would suggest anybody in their 20’s,30’s or 40’s to invest in their 401k or Roth ira’s with in a good widespread mutual fund. Doing it this way they spreed out what they invest and will be able to get the big advantage when the market does rebound. I strongly believe they should not put any money that they will not need for the next ten years in the market.