Delving Down Into A Gaping Black Hole
The gaping black hole that's been this market since November continues, and today's (November 19, 2008) big sell-off is no exception. In fact, we've been delving down into this black hole since June, and despite the best efforts of central banks around the globe to stem the decline, the deluge isn't over yet.
Right now, we are staring down the barrel of 800 on the S&P 500, and if we fall below that psychologically and technically significant barrier -- look out below.
I know I've admonished you all, ad nauseum, to play it safe with your serious money throughout this difficult year. Hopefully, you've followed this advice and largely sidestepped any real damage.
Hey, I realize that it's tough to stay on the sidelines when the market is lower than it has been in many years, but what you have to realize is that the carnage is not likely over yet. We still have to grapple with what almost certainly will be the weakest holiday shopping season in decades, and there is no telling just how pernicious an effect this will have on corporate earnings.
I've said this all year, and I am going to say it again today: When the market is in turmoil, your best strategy for keeping your serious money safe is a healthy dose of the forgotten asset class -- cash.
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