Now panic?

[javasaurus]

Dow closes down more than 600 points, ending less than 8700. It was at about 14000 one year ago.

GM is at 1950s levels (down more than 30% today).

Cedar Faire (they own Cedar Point, King's Island, King's Dominion, Knottsberry Farm, etc.) is down more than 20% for the day.

Edit: Dow closed down nearly 700 points, ending less than 8600.

Comments

[javasaurus.livejournal.com]

The dot-com bust and 9/11 both fed into the slow decline between early 2000 and late 2002 of about 40% overall, similar to what we've seen in the last twelve months.

Some people are panicking. I'm just wishing I had about $10k sitting around collecting dust so I could take advantage of this buying opportunity.

[bellev.livejournal.com]

Yeah, I was thinking the same thing. After doing some research, I discovered this is how some people get rich. When the market bottoms they buy up a ton with their liquid funds so not only does it start to increase the market value and confidence in investors, but those persons suddenly own large shares of stocks that are climbing.

If only the lottery would pan out for me...

[dawntreader]

but what would you buy up?

[javasaurus.livejournal.com]

Disney (DIS), SunTrust(STI), Apple(AAPL), Visa (V)
I'd probably put some into stocks that seem riskier right now: Six Flags (SIX), Sirius/XM (SIRI).

[bellev.livejournal.com]

Suntrust, really? I can see Disney and Apple (and already have some investment in both). Visa is a great choice. Not sure about the Six Flags and Sirius investments. Suntrust? I was thinking BoA.

[blueeowyn.livejournal.com]

We already have an interest in Suntrust doing well. My grandfather was one of the founding investors when it started. I used to be a BoA customer but their lack of clue and lack of customer service convinced me to jump to my current bank several years ago (I had originally been at a bank that was bought then BoA bought that bank. I briefly had checks for a bank that was two before the current owner (I had to buy new checks because they wouldn't honor the old ones).

Hmmm, I wonder what happened to my savings account from when I was a child. I never got to do much with it but I remember having a book and going to the mall with my Mom to get $. I think I got up to around $20 in it at one point (HUGE amount of money for me on my $.25/week allowance) but some of that was birthday/holiday $. I don't remember dealing with it at all once I was around 10. I guess maybe we closed it and moved it to something else.

[javasaurus.livejournal.com]

Suntrust is still an up-and-coming bank, still spreading.

They have great dividends.

Unless I'm greatly mistaken, they aren't as affected as other banks by the mortgage fiasco -- they were more careful in making loans, etc. Their price is being dragged down by the banking sector, not their internal problems.

BoA may also be good, and I'm sure there are other fine companies I didn't list. Because of my job, there are certain sectors I should not invest in, so I didn't mention anything from those.

[wilhelmina-d.livejournal.com]

I know what you mean! It's why Himself and I are looking to buy that property and why I am so terrified at the same time.