Richard

Yesterday was depressing? Weeellll...

Thursday, 20. November 2008, 21:35:39

S&P 500, stock market

Now the S&P 500 is back at 1997 levels. Makes for two very pretty mole hills in the graph.

Today's Depressing ChartForest Park at lunchtime

Comments

Matthew # 21. November 2008, 01:11

Today surprised em a little. I don't know why, because I don't know enough about economics of finance or the stock market to form opinions.

Supposedly, we've hit the bottom, but I'm not sure. It doesn't seem like a 7% downturn after a bunch of other huge downturns is a bottom.

Richard # 21. November 2008, 02:01

Well, I thought we had reached a bottom a little while ago, but obviously I was wrong. Looking at the graph, it sure looks like we ought to be bottoming but I think we are going to see more volatility for quite a while.

Lots of press suggesting that we are in a unique and unprecedented situation, but that's just more of the 'it's different now' thinking that we've seen over and over to justify all the bubbles. Now it's being used to justify the collapse!

Edward Piercy # 21. November 2008, 02:28

I just saw that GM stock is currently at $2.88/share. I was thinking of maybe buying one or two shares come payday, what do you think?

Richard # 21. November 2008, 03:14

Why not? Although, I think you'd be better off spending the money on a good drink in a good bar!

Edward Piercy # 21. November 2008, 05:54

Hmmm. Yeah, you are probably right!

Martin K # 21. November 2008, 10:34

$2.88... That's about 14 kroner in danish currency. That's a lot of money, Ed.

I can buy

2 Mars Bars or
a 10 pack of cigarettes or
4 beers (lager) or
2 newspapers or
1 pair of socks
etc.

for 14 kroner.

Be carefull about investing. You risk to end up very rich.

Edward Piercy # 21. November 2008, 12:08

10 packs of cigarettes for 14 Kroner? Hell, I'm moving to Denmark.

Matthew # 21. November 2008, 13:01

A ten pack. I think that's half a US pack of cigarettes.

I assume that a bottom will be found by the market bouncing around within a range of highs and lows for a while, and that it will do it relatively quietly - no 500 point losses or gains - and then we'll see the market start to climb. What do I know, though? You find the bottom after a precipitous drop when you jump from a plane

Martin K # 21. November 2008, 14:12

A pack containing ten cigarettes, Ed... Duh!

Yes, Noah, we have 10-packs in Denmark. The most common pack is of 20, of course, it's sort of international standard, I guess. The 10-pack is a distinctly danish brands concept. Used to be common in Ireland as well, but they banned the concept last year. Practical if you're short of cash. Only about 15 years ago you could buy a 10-pack for 10 kroner - a coinoffer.

Edward Piercy # 21. November 2008, 18:20

Well, I guess I'll just stay here then.

Martin K # 21. November 2008, 19:58

No offense, Ed...

By the way, you are welcome to visit Denmark any time you wish for witchever reason. Cigarettes and alcohol is fairly over taxed, though. Don't come here because of those. Women, however...

Well, image speak louder than words. I bring you Helena.

Edward Piercy # 21. November 2008, 20:04

Can I pick her up at one of those convenient Crazy Daisy's establishments?

Martin K # 21. November 2008, 20:19

Perhaps. Helena Christensen is an ex international super model, now owning her own fashion house. I think maybe she'd choose a somewhat more sophisticated place to spend a night, but who knows... Depends on your luck, doesn't it. Like investing.