I have to say the Stock market is a bit surprising me, but in my opinion the balloon has not hit the wall yet. But in reflecting, the uptrend is totally consistent with what I know about the market... it has nothing to do with reality. But still impressive upclimb, or rebound what ever the terminology is. Basically pump and about to dump happening.
Got my Pension Plan statement in the mail..crap I'll be working till I'm 90 !!! Think I'll have to reallocate my funds. Even bonds did better over the past 3 years. I get full control of my pension money in Sept which means I do not have to leave it all in the funds the company I work for tells me I have to use. I'm also trying to pay off my line of credit as quickly as possible. Been thinking of selling the bike and just getting out of biking altogether ..save me alot of money each year. Could use that money for the Line of credit. Also thinking of cancelling and cashing out my three kids (almost adults) insurance policies and putting that money on the line as well. Maybe being too extreme but it sure would be great to get out of debt asap.
The good news ... TD rescinded their increase saying "It should never have happened in your case." Now all my HSBC business is moving over there.
the market has had quite a rally in the last couple months. It will be interesting to see if it will hold. Good opportunity to rebalance where required if the ride down had you in bad shape(both mentally and financially!).
I am still thinking that the TSX is headed into the 3,000. The peak we are seeing will burst very soon, it is not sustainable, it is a pump and dump scenario. People who got a huge hit and did not get a chance to cash out, like those retires will soon cash out at this high point which will trigger the next cycle downward. Jobless numbers are not showing me that this high is sustainable, and I keep hearing add after add about personal bankruptcy solutions and renegotiating your loans (adds are on buses, radio adds etc)... an indication that many people are going under and the situation is not improving (actually this was a huge indicator as well about one/two years ago... the free market warning of the collapse and taking advantage by selling its product, filling a need). My guess is that one of our banks in Canada will become in trouble very soon (maybe CIBC). I don't see the light yet. Who cares ... these are just guesses.
...and others have stated the recession is over...make your own decisions. As I have suggested, have a plan that keeps you in the market comfortably, but ensure you also have a plan that gets you out under certain scenarios, it could be technically based, fundamental, general sector movement, put/call ratios, economic data or many other things. I think the point is, you have to be operating in the present, and looking out for potential pitfalls. To simply say the mkt is going to 3000, maybe this year maybe next....what do you do in the meantime? If you have a plan for all market conditions, then you can "comfortably" operate in the present, which is currently UP. Steve
No recent talk on the old stock market. I'm happy to see it go up and kinda holding steady. Im not sold on the "recession is over" talk. I know alot of people who are out of work or can only find temp jobs. I've been with the same company for 30yrs and just today had to file for "workshare". Layed off one day a week for most likely the rest of the year or more. Ive been having to take off a day a week almost all of 2009 using vacation. Kinda wierd filing for EI for the first time in over 30yrs. Still better than being let go. Might try to get a part-time job for the winter.
I have been on workshare for 9 months. One of the problems is you never know when you are going to be working. They can send you home at any time or call you in if you had been sent home . You have to be available to go in on any day during your regular work week without notice. Failure to show up means they cut your workshare off. On a side note, if you end up wanting to cash in any RRSP's you have to pay work share back. It is classified as income and when on work share you can not have much other income. Same goes for a part time job. Be sure to ask about this.
THe July-Sept quarter is shaping up to be one of the best on record. By many metrics the recession is over. I think that's a little premature to say also. However, the risk of taking out the market lows from March are not likely at all. Stimulus will still remain in place. For anyone active in the market, Oct may lead to a pullback after such an incredible run to the upside, basically since march lows. Hopefully through this whole period, you have been improving the quality of investments you hold and making sure your portfolio asset allocation has been fine tuned, just in case it gets rocky riding again. Steve
I'm told you can earn up to 120 bucks a week without affecting EI..we will see :^o Nothing is free.Your right, never know when your working..pain in the ***. I was told we'd be off this Sunday night so I made plans to go away for the weekend. Now I have to work so I have to get my butt back asap Sunday #-o I left my portfolio as it was in the hope to ride the upturn in the market. Worked so far. [-o<
If you didn't like the ride down though, that is why you would consider rebalancing so a future ride down is less painful.
the DOW hit 10000 today, for the first time in over a year. It is now back to "pre-blow up levels" from the Oct 2008 drop off. What's really bad,is that the DOW was also at 10000 back in 1999. TEN YEARS NO GROWTH. I hope your accounts have done better than that. Steve
About a year has passed now since some activity has been last posted to this thread. I believe something ugly is on the horizon. Nothing has changed Job wise to to make a difference in Ontario. I see the Abyss Monday coming soon. But then again if I am wrong my TSX Stock Market GIC follower (thingy, all these things are thingys invented from thin air mechanisms that are not real but can make real money) is about to break even after about 4 years now. And maybe all those Ontario people who don't have jobs will miraculously find something in a few months. And if they are lucky they will get paid near to what they use to get paid. Are we getting out there to vote in our municipal elections Monday? Maybe that might have an effect on the economy.
As I type this I'm watcing the gumbas running for the Toronto mayoral position. I've never seen such a joke of an election....how many candidate were there??15 or so....and they are down to these last four! Oh man, good luck Toronto! Binzer, lot's of the things mentioned in this thread did materialize and some didn't. If you made shifts in your holdings, and you can sleep at night, then that is a big part of the battle won. Good luck. Steve
I am hoping Ford becomes our Mayor for Toronto. Time to cut and have our city spend what it can afford; which is next to nothing. And it is time to have all levels of Government stop printing money that we will never be able to pay back! If we can't afford stuff now how do they figure we will be able to afford things later? Ah 8-[ the masons
Could it be any more embarrassing than an inappropriate idiot furniture salesman shouting NOBODY on tv and in full page newspaper ads ?
