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Phillyfed's Account Talk
- Thread starter phillyfed
- Start date
Gumby
Active member
Today is going to be the largest short squeeze in history.
I predict record trading volume today.
phillyfed
Member
Looks like many traders sold-off on the opening. I'd still be happy with a 2% gain accross the board today. We need to let the markets digest this orderly. The whipsawing has been just amazing. I know some people got burned bad with the volatility! Its obvious, fund redemption data were huge in Mondays report.
The TSP board limiting our trades is really hurting our dollar cost averaging abilities and thats a killer in a market like this. We should be allowed to trade in 2-5% increments. Thats obviously not daytrading but investing for the long term in a safe manner. This idea makes too much sense thou.
phillyfed
Member
From my brokerage chief CFA- An excellent read IMO. I apologize about the format coversion.
·
The current market sell-off has been agonizing for investors. But the markets do recover, often in
stronger form, as they always have in the past.
stronger form, as they always have in the past.
·
This crisis is most similar to the Savings & Loan crisis of the late 1980s/early 1990s and the Long-Term
Capital Management/Russian Debt Default crisis of the late 1990s.
Capital Management/Russian Debt Default crisis of the late 1990s.
·
This crisis is unique due to more globally connected markets, the use of highly leveraged, yet opaque
financial products, and the expansion of non-traditional players acting as both lender and investor.
financial products, and the expansion of non-traditional players acting as both lender and investor.
·
We may be nearing an inflection point, making it critical that investors use discipline over emotion in
managing their investment portfolios.
managing their investment portfolios.
A Repeat Performance-Sort Of
The sharp sell-off in stocks this week may have alarmed many investors, but keep in mind our economy and
the US financial markets have been through periods of crisis before. While each time is uniquely painful, these
periods are generally necessary to unwind excesses. And in every case, the markets and our economy have
not only recovered, but tended to emerge stronger. The current crisis is reminiscent of the Savings and Loan
(S&L) debacle of the late 80s and early 90s. At that time, S&Ls used deposits from savings accounts to fund
mortgages. A large number of these institutions became insolvent when rising interest rates pushed their cost
of deposit funding up while their mortgage loan assets were deflating on the backs of a sliding housing market.
The insolvency of a large number of S&Ls ultimately caused the government to establish the Resolution Trust
Corporation which became responsible for systematically taking on and working out the bad S&L assets. And
an RTC-type solution is resurfacing today as a potentially effective way to deal with the current credit crisis.
While most like the S&L debacle, today’s crisis also has similarities to another crisis in late 1998 caused by the
failure of a large hedge fund called Long Term Capital Management. LTCM’s meltdown was prompted by,
among other things, the use of highly leveraged fixed-income and derivative instruments and Russia’s default
on its bonds. That crisis was similarly global in nature, not only causing the U.S stock market to fall nearly
20%, but also taking European markets down by some 35%.
the US financial markets have been through periods of crisis before. While each time is uniquely painful, these
periods are generally necessary to unwind excesses. And in every case, the markets and our economy have
not only recovered, but tended to emerge stronger. The current crisis is reminiscent of the Savings and Loan
(S&L) debacle of the late 80s and early 90s. At that time, S&Ls used deposits from savings accounts to fund
mortgages. A large number of these institutions became insolvent when rising interest rates pushed their cost
of deposit funding up while their mortgage loan assets were deflating on the backs of a sliding housing market.
The insolvency of a large number of S&Ls ultimately caused the government to establish the Resolution Trust
Corporation which became responsible for systematically taking on and working out the bad S&L assets. And
an RTC-type solution is resurfacing today as a potentially effective way to deal with the current credit crisis.
While most like the S&L debacle, today’s crisis also has similarities to another crisis in late 1998 caused by the
failure of a large hedge fund called Long Term Capital Management. LTCM’s meltdown was prompted by,
among other things, the use of highly leveraged fixed-income and derivative instruments and Russia’s default
on its bonds. That crisis was similarly global in nature, not only causing the U.S stock market to fall nearly
20%, but also taking European markets down by some 35%.
Past Financial Crises: S&P 500 Performance
Performance (from trough)
Event
Duration
(months)
Peak-to-Trough
Decline (S&P 500)
12-months
after
18-months
after
Event
Duration
(months)
Peak-to-Trough
Decline (S&P 500)
12-months
after
18-months
after
1987 Stock Market Crash 4 -33.5% 22.8% 43.8%
Savings & Loans Crisis
Savings & Loans Crisis
(1990-91) 3 -19.9% 29.1% 37.4%
LTCM Collapse (1998) 2 -19.3% 37.9% 40.8%
Avg. Past 11 Bear Markets (1945-2002) 13.0 -30.4% 30.0% 36.6%
Current Financial Crisis / Bear Market (2007-08) 11 -26.1% -- --
LTCM Collapse (1998) 2 -19.3% 37.9% 40.8%
Avg. Past 11 Bear Markets (1945-2002) 13.0 -30.4% 30.0% 36.6%
Current Financial Crisis / Bear Market (2007-08) 11 -26.1% -- --
Source: Bloomberg
2
What’s Different Today?
Financial markets today are significantly more globally intertwined, in terms of both lending and investing. The
proliferation of repackaged and leveraged products has resulted in greater complexity and far less
transparency around the underlying collateral value and counterparty risk supporting these activities.
Meanwhile, the pools of capital needed to support lending (via credit markets) and investing (via equity
markets), and ultimately drive economic growth and value-creation, have diffused beyond the traditional U.S.
banks and brokers to become more global and varied in nature. These players now include hedge funds,
private equity companies, and sovereign wealth funds (SWFs), all of whom often play the roles of both lender
and investor. Against that backdrop, the response to woes at Lehman, Merrill and AIG on the heels of a Fannie
and Freddie bailout was an immediate and full blown freeze on any desire by market participants to provide
capital to the system. This in turn reduced short-term dollar liquidity which further exacerbated the situation.
proliferation of repackaged and leveraged products has resulted in greater complexity and far less
transparency around the underlying collateral value and counterparty risk supporting these activities.
Meanwhile, the pools of capital needed to support lending (via credit markets) and investing (via equity
markets), and ultimately drive economic growth and value-creation, have diffused beyond the traditional U.S.
banks and brokers to become more global and varied in nature. These players now include hedge funds,
private equity companies, and sovereign wealth funds (SWFs), all of whom often play the roles of both lender
and investor. Against that backdrop, the response to woes at Lehman, Merrill and AIG on the heels of a Fannie
and Freddie bailout was an immediate and full blown freeze on any desire by market participants to provide
capital to the system. This in turn reduced short-term dollar liquidity which further exacerbated the situation.
Wringing Risk Out of the System
We view the events of this past week as likely representing a key and perhaps near-final "deleveraging" of the
current global financial system. Looking back, we have been through a period since the late 1990s of financial
institutions taking on increasing amounts of risk, without, it would now appear, being adequately compensated
or protected for that risk. And as this realization has become apparent throughout this credit crisis, the
system’s “risk-taking” appetite is being unwound. Recognizing the heightened global inter-dependencies of
financial markets, Central Banks across the U.S., Europe, Canada, and Asia acted quickly, and in concert, to
the growing crisis with a response that pumped $247 billion in U.S. dollar denominated liquidity into the
system. While this move has seemingly calmed markets in the short-term, we think a longer-term solution will
come in the form of increased government regulation of all types of capital providers in an effort to improve
global financial system transparency.
current global financial system. Looking back, we have been through a period since the late 1990s of financial
institutions taking on increasing amounts of risk, without, it would now appear, being adequately compensated
or protected for that risk. And as this realization has become apparent throughout this credit crisis, the
system’s “risk-taking” appetite is being unwound. Recognizing the heightened global inter-dependencies of
financial markets, Central Banks across the U.S., Europe, Canada, and Asia acted quickly, and in concert, to
the growing crisis with a response that pumped $247 billion in U.S. dollar denominated liquidity into the
system. While this move has seemingly calmed markets in the short-term, we think a longer-term solution will
come in the form of increased government regulation of all types of capital providers in an effort to improve
global financial system transparency.
Are We There Yet?
The big question on investors’ minds is how low can financial markets go? The S&P 500 is down about 26%
from its October 2007 high (a bear market is defined as a decline of 20% or more). Past bear markets (as
shown in the previous table) have yielded average declines of about 30%. While painful, there are reasons to
believe this may be an inflection point in terms of approaching a market bottom. We stand firm in our belief that
this crisis will prove to be part of the bottom-forming process and that recovery is likely to take the shape of a
“bumpy” U rather than a V. One key indicator we monitor is a sentiment gauge – the Chicago Board Options
Exchange’s VIX, or volatility, Index – which is showing negative sentiment levels approaching those seen
around other significant turning point events, including the end of the 2002 bear market, the September 11,
2001 terrorist attacks, and the 1998 LTCM crisis. These crises have often coincided with periods of economic
weakness and bear market troughs. And our data shows that 12-18 months after the trough of past bear
markets, the S&P 500 is up 30-36% on average.
from its October 2007 high (a bear market is defined as a decline of 20% or more). Past bear markets (as
shown in the previous table) have yielded average declines of about 30%. While painful, there are reasons to
believe this may be an inflection point in terms of approaching a market bottom. We stand firm in our belief that
this crisis will prove to be part of the bottom-forming process and that recovery is likely to take the shape of a
“bumpy” U rather than a V. One key indicator we monitor is a sentiment gauge – the Chicago Board Options
Exchange’s VIX, or volatility, Index – which is showing negative sentiment levels approaching those seen
around other significant turning point events, including the end of the 2002 bear market, the September 11,
2001 terrorist attacks, and the 1998 LTCM crisis. These crises have often coincided with periods of economic
weakness and bear market troughs. And our data shows that 12-18 months after the trough of past bear
markets, the S&P 500 is up 30-36% on average.
Now What?
We believe the best approach, even in turbulent times, is to take a long-term view and stick to discipline, not
emotion, when making investment decisions. The stock market has a long-term upward bias, despite periods
of extreme market turmoil. So now is a good time to take a fresh look at your portfolio to make sure it is aligned
with your long-term goals. If you are re-evaluating your risk tolerance in the midst of this crisis, we would
advise that the best way to manage risk in portfolios is through diversification. And use this global financial
markets sell-off as an opportunity to build in additional strategic diversification by potentially adding asset
classes that you may not currently have exposure to but which will likely provide improved risk-adjusted
portfolio returns in the future.
Bottom line....A typical bear market correction is 30% from peak to trough. Within 12-18 months afterwards, data shows that 12-18 months after the trough of past bear
markets, the S&P 500 is up 30-36% on average. So recovery is in full back to peak and above. Its risky but you want to be exposed as returns are explosive.
Good luck!
emotion, when making investment decisions. The stock market has a long-term upward bias, despite periods
of extreme market turmoil. So now is a good time to take a fresh look at your portfolio to make sure it is aligned
with your long-term goals. If you are re-evaluating your risk tolerance in the midst of this crisis, we would
advise that the best way to manage risk in portfolios is through diversification. And use this global financial
markets sell-off as an opportunity to build in additional strategic diversification by potentially adding asset
classes that you may not currently have exposure to but which will likely provide improved risk-adjusted
portfolio returns in the future.
Bottom line....A typical bear market correction is 30% from peak to trough. Within 12-18 months afterwards, data shows that 12-18 months after the trough of past bear
markets, the S&P 500 is up 30-36% on average. So recovery is in full back to peak and above. Its risky but you want to be exposed as returns are explosive.
Good luck!
phillyfed
Member
Looks like many traders sold-off on the opening. I'd still be happy with a 2% gain accross the board today. We need to let the markets digest this orderly. The whipsawing has been just amazing. I know some people got burned bad with the volatility! Its obvious, fund redemption data were huge in Mondays report.
The TSP board limiting our trades is really hurting our dollar cost averaging abilities and thats a killer in a market like this. We should be allowed to trade in 2-5% increments. Thats obviously not daytrading but investing for the long term in a safe manner. This idea makes too much sense thou.
I got what I wanted AND MORE. 4% gain, 100% exposed until todays close in the TSP. Im out for the month and safe in G, until next month, I'll take my pennies in G. Im up about 7% YTD in the TSP. I'll let Paulson and the Fed provide the details in the meantime before I go long in the TSP in the coming months. Im still long in some other accounts that I can actually trade without restrictions.
phillyfed
Member
Amazingly, the 700 Bil earmarked for wall st does not address Money market risks by retail investors. Its tough to know whats a safe haven now a days. Like I said, I believe a Money market investment is safe but a Money market fund can go below the dollar thats invested as it has some risks. Somebody correct me if i'm wrong so i'm not giving out bad information.
Also short term rates were up today last I checked. Not a good sign for the Fed that has used nearly all its bullets with Fridays news. We need money flowing between Banks with confidence.
phillyfed
Member
Sounds like BirchTree here. A man with conviction.....
Courtesy of the WSJ. Benjamin Graham was Warren Buffetts mentor BTW.....
So do you feel like quitting yet?
If Monday's 800-point intraday plunge in the Dow Jones Industrial Average made you want to give up and get out of stocks, you're not alone.
Michael Nagle for The Wall Street Journal As the Dow drops: A trader at the New York Stock Exchange on Monday.
I've written column after column advising investors to buy stocks on the way down, and readers are in pain. "You say not to bail," one reader emailed me over the weekend, "but all funds are down. ... This whole stock market has me so upset, [I feel] like a deer in the headlights." Another wrote: "We are, you see, about to enter another Great Depression, just like the last one only much worse. ... It's way too early to be buying stocks. ... Or I could be really nasty and ask you which brokerage house paid you to run this stupid column now."
Right or wrong, I work only for The Wall Street Journal. But what all of us are feeling is the loss of control we sense when we are faced with anything that is frightening, inexplicable and important.
That lack of control not only makes us feel powerless; it also changes the way we view the world. Very small amounts of fragmentary information can suddenly seem to be fraught with meaning: Did something move on "the grassy knoll" the day John F. Kennedy was assassinated? Will one down day in the stock market lead to another and another?
Even the greatest investors have felt the same kind of fear and pain you are probably feeling. For proof, look no further than "Security Analysis," the classic textbook by Benjamin Graham and David Dodd, which has just been reissued in a commemorative edition. Graham was one of the best money managers of the 20th century, a brilliant analyst and market historian, and Warren Buffett's most influential teacher and mentor.
The new book reprints the text of the 1940 printing, in which Graham addressed the market devastation of the previous decade. Just as the roughly 90% fall between 1929 and 1932 had seemed to be fading, the stock market dropped sharply again in the late 1930s. As market historian James Grant puts it, by the time Graham was ready to finish the 1940 edition, "He had had it."
That helps explain one of the great ironies of market commentary. Graham himself stuck largely with stocks in his investment fund. But at the conclusion of his book, he advised the institutional investors among his readers to shun the stock market entirely and invest in bonds. Graham doubted they could stomach "the heavy responsibilities and the recurring uncertainties" stirred up by stocks.
How does the feeling of being overwhelmed affect investors? Research conducted by psychologists Jennifer Whitson of the University of Texas and Adam Galinsky of Northwestern University shows how it changes our perceptions. In one of their experiments, people were first rattled by a computer that gave them unpredictable feedback on their performance at a trivial task, stripping them of their sense of control. These people became much more likely to perceive shapes in a swarm of random dots.
"When you sense that you have a lack of control," says Prof. Whitson, "you're much more likely to try twisting and pretzeling explanations and seeing patterns that aren't even there."
In a related experiment, investors who had been stripped of their sense of control by market volatility were convinced that they had read more negative evidence about a company than they had actually seen -- and were less willing to buy the company's stock.
In other words, when our sense of control is threatened, we feel the natural urge to pretend that whatever information we do have is more complete and reliable than it is. Imagining that we know what's coming next (even if we think it will be bad) gives us a slight feeling of comfort.
As an investor, however, it's absolutely vital to separate what you can truly control from what is beyond your control. The only thing you can know for sure is that stocks are steadily getting cheaper. You cannot control whether or not the market will continue to trash stocks, but you can control how you respond.
If we are not headed into a depression, panic hardly seems justifiable.
What if we are?
Even during the Great Depression, the best investment results were earned not by the people who fled stocks for the safety of bonds and cash, but by those who stepped up and bought stocks and kept buying on the way down. A man named Floyd Odlum made millions of dollars putting his cash into battered stocks. His motto throughout the market nightmare of 1929 to 1932 never changed: "There's a better chance to make money now than ever before."
My thoughts....
**One difference between then in contrast to now is ethics. Many Men had them back then. I question man's modern day ethics. Thats the wildcard here that can tip us over the edge.**
I look at the coming days as an opportunity to make some real money. I just have to be patient and let my cash goto work. Youth is on my side. Im in my mid 30's and I have 5 accounts and the low end of six figures of cash. ( I'm house rich, or atleast I thought I was ). I'm thinking long term. No more "taking the money and running". I have been extremely lucky this year in that respect. (+4.6% YTD in my TSP the rest are RED but not too bad) I just started to Dollar cost average (DCA) after the indices are down 30%+. The C fund is almost back at $10 a share and the .VIX is at an all-time high. Capitulation is confirmed. Either this is a once in a decade time to buy or a once in a lifetime Depression. I see no light at the end of the tunnel but theres alot of cash on the sidelines and just the hint of good news and the DOW bounces 1500-2000 pts in a few trading days.
One thing that is holding up strong is alternative energy ETF's. They got crushed already and are at 52 week lows but are holding up strong the past few days. Im starting my investments there.
Good luck to all of you....
GO PHILLIES!!
Courtesy of the WSJ. Benjamin Graham was Warren Buffetts mentor BTW.....
So do you feel like quitting yet?
If Monday's 800-point intraday plunge in the Dow Jones Industrial Average made you want to give up and get out of stocks, you're not alone.
I've written column after column advising investors to buy stocks on the way down, and readers are in pain. "You say not to bail," one reader emailed me over the weekend, "but all funds are down. ... This whole stock market has me so upset, [I feel] like a deer in the headlights." Another wrote: "We are, you see, about to enter another Great Depression, just like the last one only much worse. ... It's way too early to be buying stocks. ... Or I could be really nasty and ask you which brokerage house paid you to run this stupid column now."
Right or wrong, I work only for The Wall Street Journal. But what all of us are feeling is the loss of control we sense when we are faced with anything that is frightening, inexplicable and important.
That lack of control not only makes us feel powerless; it also changes the way we view the world. Very small amounts of fragmentary information can suddenly seem to be fraught with meaning: Did something move on "the grassy knoll" the day John F. Kennedy was assassinated? Will one down day in the stock market lead to another and another?
Even the greatest investors have felt the same kind of fear and pain you are probably feeling. For proof, look no further than "Security Analysis," the classic textbook by Benjamin Graham and David Dodd, which has just been reissued in a commemorative edition. Graham was one of the best money managers of the 20th century, a brilliant analyst and market historian, and Warren Buffett's most influential teacher and mentor.
The new book reprints the text of the 1940 printing, in which Graham addressed the market devastation of the previous decade. Just as the roughly 90% fall between 1929 and 1932 had seemed to be fading, the stock market dropped sharply again in the late 1930s. As market historian James Grant puts it, by the time Graham was ready to finish the 1940 edition, "He had had it."
That helps explain one of the great ironies of market commentary. Graham himself stuck largely with stocks in his investment fund. But at the conclusion of his book, he advised the institutional investors among his readers to shun the stock market entirely and invest in bonds. Graham doubted they could stomach "the heavy responsibilities and the recurring uncertainties" stirred up by stocks.
How does the feeling of being overwhelmed affect investors? Research conducted by psychologists Jennifer Whitson of the University of Texas and Adam Galinsky of Northwestern University shows how it changes our perceptions. In one of their experiments, people were first rattled by a computer that gave them unpredictable feedback on their performance at a trivial task, stripping them of their sense of control. These people became much more likely to perceive shapes in a swarm of random dots.
"When you sense that you have a lack of control," says Prof. Whitson, "you're much more likely to try twisting and pretzeling explanations and seeing patterns that aren't even there."
In a related experiment, investors who had been stripped of their sense of control by market volatility were convinced that they had read more negative evidence about a company than they had actually seen -- and were less willing to buy the company's stock.
In other words, when our sense of control is threatened, we feel the natural urge to pretend that whatever information we do have is more complete and reliable than it is. Imagining that we know what's coming next (even if we think it will be bad) gives us a slight feeling of comfort.
As an investor, however, it's absolutely vital to separate what you can truly control from what is beyond your control. The only thing you can know for sure is that stocks are steadily getting cheaper. You cannot control whether or not the market will continue to trash stocks, but you can control how you respond.
If we are not headed into a depression, panic hardly seems justifiable.
What if we are?
Even during the Great Depression, the best investment results were earned not by the people who fled stocks for the safety of bonds and cash, but by those who stepped up and bought stocks and kept buying on the way down. A man named Floyd Odlum made millions of dollars putting his cash into battered stocks. His motto throughout the market nightmare of 1929 to 1932 never changed: "There's a better chance to make money now than ever before."
My thoughts....
**One difference between then in contrast to now is ethics. Many Men had them back then. I question man's modern day ethics. Thats the wildcard here that can tip us over the edge.**
I look at the coming days as an opportunity to make some real money. I just have to be patient and let my cash goto work. Youth is on my side. Im in my mid 30's and I have 5 accounts and the low end of six figures of cash. ( I'm house rich, or atleast I thought I was ). I'm thinking long term. No more "taking the money and running". I have been extremely lucky this year in that respect. (+4.6% YTD in my TSP the rest are RED but not too bad) I just started to Dollar cost average (DCA) after the indices are down 30%+. The C fund is almost back at $10 a share and the .VIX is at an all-time high. Capitulation is confirmed. Either this is a once in a decade time to buy or a once in a lifetime Depression. I see no light at the end of the tunnel but theres alot of cash on the sidelines and just the hint of good news and the DOW bounces 1500-2000 pts in a few trading days.
One thing that is holding up strong is alternative energy ETF's. They got crushed already and are at 52 week lows but are holding up strong the past few days. Im starting my investments there.
Good luck to all of you....
GO PHILLIES!!
Last edited:
Gumby
Active member
phillyfed
Member
I made a 30% IFT into stocks at todays close. 20C 5I 5S and 70G..... I think Im in for the long haul from here unless tomorrow I get a 3%+ gain. Then I'll cash out.
It has been confirmed, the late day selling is the retail investor panic selling and the mutual fund manager raising cash for redemptions at the days close. Lots of little fish selling here. There has to be some DCA coming in here.....Come on, the markets are down 40% :blink:
It has been confirmed, the late day selling is the retail investor panic selling and the mutual fund manager raising cash for redemptions at the days close. Lots of little fish selling here. There has to be some DCA coming in here.....Come on, the markets are down 40% :blink:
Birchtree
Well-known member
They can hammer it another 700 points for all I care. I've got a buying list that's longer than my arm and oh boy the money will be working extra hard. I've just been through so many of these foolish things in the past and I'm reminded that the bull wants to take as few people as possible on the upside and will do everything to make sure you don't ride. When no one wants to be in the market we are close to the bottom - anxiety rules and interest rates are being reduced while stocks continue to pay nice dividends and can be increased.
phillyfed
Member
All up 10% from the lows of the day except ARNA and thats a biotech trading at $3.....that is in an FDA phase 3 for a drug with HUGE potential.
Late day selling broke its trend today. A sign that Retail investors are done cashing out like I wrote a few days back. If the G7 does its job this weekend and has the pulse of the market, look for a 10% upside by next Wednesday. This is a coil spring ready to bounce upwards violantly. Its great to have all this money to buy great stocks on the cheap. I still have about 70% cash on the sidelines. I have been patiently waiting for this time
GO PHILS!
phillyfed
Member
Glad I bought on Fri. at the open.
All those stocks (except ARNA) up 20%+ from their lows last Fri. All my sell limit orders are being filled in my Roth. Easy money banked!! I just need QLD TO HIT $39 ( bought at $28 Fri. ) to complete my trades.
Yes, I took profits on the TSP today. Made 7% last month ( 100% IFT in a 3 day trade last month and it looks like another 7% return this month (only on a 30% IFT thou).
Im up about 8-10% on my TSP this year. I have been extremely lucky in my timing as of late.
I'll buy next month probably for good when we test our lows again......We have to verify that the TED spread improves thou. If not the S&P trades in the 700's within a month if the banks keep their crap up and/or earnings are horrendous. There is still so much we dont know. I dont trust this market just yet. STILL A BUNCH OF SNAKES IN THE BUSHES! THIS ISNT YOUR DADDY'S STOCK MARKET!
Last edited:
phillyfed
Member
QLD filled at a 28% gain in a day!.........Shorts are getting crushed. 
I'll stay in G the rest of the year and outerform the S&P by 40% at this point. The days of buy and hold are done. Its a traders market. Its tough for Joe Six pack to make money anymore. Not a good thing for the market in the future IMO.
I'll stay in G the rest of the year and outerform the S&P by 40% at this point. The days of buy and hold are done. Its a traders market. Its tough for Joe Six pack to make money anymore. Not a good thing for the market in the future IMO.
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