LAST EDITED ON Nov-24-08 AT 00:08AM (MST)[p]Eel there are many economists that are looking at 6500-6800 as a possible bottom. I would keep your money exactly where it is for at least the next 2 years if not longer.
At 60, with the thought of retirement coming soon I would stay as conservative and protected as possible. Like so many other markets we may not know bottom until it has already come and passed.
Let me put it this way, the birds flocked up out in the middle are super-spookey, they're rolling at 1,000 yards away. Go hunt the coves til late afternoon and give the birds a couple of hours to settle down. You can try the flock in the middle now but you'll spend all day chasing them.
It's basically the same thing until these huge market fluctuations level off and the rolling 200 day average is back in positive territory there is no reason at all to be in this market. At your age I would imagine you would like to minimize risk so why be in the market at all? Stay safe!
I would highly recommend subscribing or listening to Bob Brinker. This guy has made me, but more importantly saved me a lot when I played the market.
My ignorant opinion is that we will continue to see a market looking for guidance. Expect horrible 4th quarter numbers, with no clear skies in the markets or real estate throughout 2009. Many unknown ills which plague the country will come to the table just days before Obama takes office.
We are seeing a culmination of massive layoffs, property foreclosures, and huge losses across all retail sectors. The loss of equity in property combined with diminished 401k will keep home buyers and business buyers on the sidelines for at least a year maybe two.
We are in for one hell of a horrible ride in the next 24 months. We both might be sculling ducks just for substinance.
