It is now safe to check your brokerage account!

**pico** · 07-17-08, 09:57 AM

geeze, if you avoid checking your account because you're afraid to look at the balance, you should just stick to checking and CD accounts.

**Justin7** · 07-17-08, 10:02 AM

I think most of the market will recover, but some financials will still take a beating. Watch out for companies whose revenue depends on consumer credit. The default rate on credit cards is sky rocketing - you might see an echo of the housing collapse in credit.

GE is getting crushed by this. Half their company is a financial unit, although I don't know exactly how much of their recent losses is due to credit.

**pavyracer** · 07-17-08, 10:02 AM

Unless you see a double bottom then you shouldn't jump back in this market. We are one rocket attack away from a major crash.

**Jen** · 07-17-08, 10:12 AM

Uhhhhhhhhh

**SlickFazzer** · 07-17-08, 10:23 AM

Not out of the woods yet. May be a lot of shorts covering this week.

**SBR_John** · 07-17-08, 10:26 AM

Originally posted by Jen

Uhhhhhhhhh

Sharp post Jen.

I picked up some Royal Bk Scotland Group Plc preferred stock today. (RBSPRS) Pays about 10%. Pretty good rate for a major A rated bank. http://www.marketwatch.com/tools/quo...RS&sid=2765494

**SlickFazzer** · 07-17-08, 10:29 AM

Nice yield.

**FreeFall** · 07-17-08, 11:35 AM

It's not over yet. I will probably buy back in later this year, I don't see the republicans or berkake doing anything productive till a new office gets in.

**SBR Lou** · 07-17-08, 11:38 AM

Originally posted by Jen

Uhhhhhhhhh

That's what I call a 1st post...

Welcome to the SBR forum, Jen...

**Dark Horse** · 07-17-08, 11:41 AM

I've been bargain hunting and selling at nice profits. This is a great market to buy. Lot of dizzy boxers out there, unable to think clearly after the onslaught. When everybody is afraid their dick will fall off next, buy, buy, buy. All you need is a lineup of stocks with low offers, prepared in advance. Fly like a butterfly, sting like a bee.

**Dark Horse** · 07-17-08, 03:34 PM

When a win feels like a loss.

Picked up some E*Trade (ETFC) last week at 2.85. Sold it yesterday for 10+% profit. I was happy to take that because it had tanked in the meantime all the way down to 2.30 before shooting back up. And I expected a pullback after the stock went up 26% in one day yesterday. It closed today at 3.70.

**HedgeHog** · 07-17-08, 03:44 PM

Originally posted by SBR_John

Its been beyond miserable to log into our brokerage accounts the past month or two. Give a couple of posters here credit for calling a market bottom late last week. Anyway, for those of you who were like me and just stopped checking, its safe to check your balances now.

Every time you post a positive report on the market...it tanks! I recall your optimistic thread around New Year's and the market has nose-dived since. Let's not get excited by this dead cat bounce.

**RageWizard** · 07-17-08, 03:48 PM

The last 2 days have been effing great for financials and some tech. If you have been along for the ride then make msure to place some stops in so you don't lose the average 20% gain you got in the last week. Now the hype machine will kick in and people will be buying stocks on the crappy earnings reports that will amazingly beat the estimates by a penny just like they always do, even though a further look into the earnings will show crap. This doesn't matter because it will be the it could have been worse story, and the market will rally although not all at once, so take profits along the way for the next couple of months. Also watch the oil prices, the oil collapse is also helping a rally that is coming. The market is still crap and lately the SEC has been regulating the market so that it is no longer a free martket, so follow the money and take profits along the way because the rally will fail and there will be another pull back and eventually we will see 10,600 on the dow just like I have been saying all year, although i will be around the election when we see it.

**SBR Lou** · 07-17-08, 03:50 PM

Originally posted by RageWizard

The last 2 days have been effing great for financials and some tech. If you have been along for the ride then make msure to place some stops in so you don't lose the average 20% gain you got in the last week. Now the hype machine will kick in and people will be buying stocks on the crappy earnings reports that will amazingly beat the estimates by a penny just like they always do, even though a further look into the earnings will show crap. This doesn't matter because it will be the it could have been worse story, and the market will rally although not all at once, so take profits along the way for the next couple of months. Also watch the oil prices, the oil collapse is also helping a rally that is coming. The market is still crap and lately the SEC has been regulating the market so that it is no longer a free martket, so follow the money and take profits along the way because the rally will fail and there will be another pull back and eventually we will see 10,600 on the dow just like I have been saying all year, although i will be around the election when we see it.

I have no idea what you just said, but I believe every word of it.

**Dark Horse** · 07-17-08, 03:56 PM

Oil price span out of control because the Fed wanted more power, and now that the Fed is indeed getting that power the oil price is coming back down. The same old power grab that has been going on for centuries. But hard to notice in the day-to-day circus.

Greenspan came in and the market crashed in October 1987. Result? The Plunge Protection Team, a way to control the market; supposedly to prevent crashes, but you know what happens when people become dependent...

Bernanke comes in and immediately we run into another crisis. Has anybody noticed the PPT in action lately? What?! Suddenly no safety net? Bernanke does have a 'solution', however: More power to the Fed. And he's getting it. I watched Congress last week when this was discussed, and they're just rolling over.

F*ck.

**HeeeHAWWWW** · 07-17-08, 04:42 PM

Originally posted by Dark Horse

Executive Order 11110 is rescinded by President Lyndon Baines Johnson on Air Force One from Dallas to Washington, the same day JFK was assassinated.

Urrrm, no it wasn't. It was essentially rescinded by Reagan late in his 2nd term, although Congress had neutered it in the early 80s.

**purecarnagge** · 07-17-08, 07:18 PM

Any insurance company right now should be avoided. High gas prices = people canceling policies and supplemental benefits. The financial sector will continue to take a beating overall I think. Especially as the banks continue to have problems like Indymac.

**Dark Horse** · 07-17-08, 07:56 PM

Originally posted by HeeeHAWWWW

Urrrm, no it wasn't. It was essentially rescinded by Reagan late in his 2nd term, although Congress had neutered it in the early 80s.

Thanks. I have to look into that more. There seem to be conflicting stories, including one that the order was never repealed.

Page Not Found

http://hubpages.com/hub/Kennedy_Executive_Order_11110

Kennedy Executive Order 11110

If a U.S. president had utilized Executive Order 11110 the debt would be nowhere near the current level

On June 4, 1963, President John F. Kennedy signed Executive Order No. 11110 [see transcript below] that returned to the U.S. government the power to issue currency, without going through the Federal Reserve (US Central Bank). Mr. Kennedy's order gave the Treasury the power "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This meant that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation.

As a result, more than $4 billion in United States Notes were brought into circulation in $2 and $5 denominations [See photo below]. $10 and $20 United States Notes were never circulated but were being printed by the Treasury Department when Kennedy was assassinated.

Kennedy United States Notes actually circulated shortly

Kennedy's Executive Order was never repealed by any U.S. President

With the stroke of a pen, President Kennedy was on his way to putting the Federal Reserve Bank out of business. If enough of these silver certificates were to come into circulation they would have eliminated the demand for Federal Reserve notes. This is because the silver certificates are backed by silver and the Federal Reserve notes are not backed by anything.

After Mr. Kennedy was assassinated just five months later, no more silver certificates were issued. The Executive Order was never repealed by any U.S. President through an Executive Order and is still valid. Why then has no president utilized it? Virtually all of the nearly $6 trillion in debt has been created since 1963, and if a U.S. president had utilized Executive Order 11110 the debt would be nowhere near the current level.

So the silver-backed notes were being printed and circulated, but that stopped with Kennedy's assassination. The order itself seems to still be in effect.

**SlickFazzer** · 07-17-08, 07:58 PM

Originally posted by purecarnagge

Any insurance company right now should be avoided. High gas prices = people canceling policies and supplemental benefits. The financial sector will continue to take a beating overall I think. Especially as the banks continue to have problems like Indymac.

Interesting point on insurance companies. Yes you are right in that the financials are not out of the woods yet.