Important FYI on economy

[IRockNvegas]

Not one to spread doom/gloom but a very reliable financial source has announced that we will slip into another recession beginning of 2012.

Please adjust accordingly

[Universal]

I've had people tell me the same thing but my question is when did the current recession end?

[IRockNvegas]

Ahhh very true. The recession never ended for Americans , but did end for the banks and wall street from the trillions that were pumped into it through the treasury, tarp, stimulus, QE1 , QE2. that free meal ticket has ended. Now it's just a matter how the wall street will react. I moved my 401 out of Vfinx last week before the worst week this year on dow, snp.

Repetitive patterns are great reliable sources on charts when trading stocks . The "cup and handle" on the Dow was shown for the first time since 2007. Oct 2007 was the all time high on the snp 500. We all know what happen after the all time high.

Also GDP was revised down from 1.7 to .4 . Bad.

Just sharing what I find out and the information I am given from certain people I follow.

[RoxieCris]

ummmm when did it end...i work at a financial institution and it seems better but at the same time some stuff seems worse...(crazy fees, turnovers and terrible interest rates) but i guess im glad ive been getting my partying on now

[IRockNvegas]

ISM manufacturers reading today @ 530 am was the lowest in 2 years

[Rescuediver]

So its a good thing i blow all my money in vegas and dont have to worry??? wait, maybe not, thanks for the heads up

[livingvicariously]

3rd year of bull markets are always really choppy (what we're currently in from March 2009 low). So not really surprised (and not really concerned) at that announcement, but they mystery question is how long the "recession" will last.

If I remember from 2009 though, didn't that bring a lot of cheap air fare and hotel prices to vegas? not ALL bad haha

[IRockNvegas]

Today's consumer confidence reading lowest in 20 months

[kidvegas]

I have chosen not to take part in the recession.

[IRockNvegas]

Markets down 1k points so far. I shared this thinking some of you may have 401k and may possibly want to move money around/save .

But yes party on!!!! Get yo spend on.

[livingvicariously]

I made my previous comment saying I wasn't really concerned, but non-401k portfolio has gone to full cash haha.

[Sidekicknicholas]

I'm loving the the economy these days... I'm young (not too invested yet) so now my 401k contributions are going much much further. It sucks for those really in the market, but a guy like me it is awesome.

Everything is that way too, if you've got $1 today it goes a lot further than $1 in 2007. I'm about to write an offer on a house that I could have never bought 4 years ago. It was up for sale like 4/5 years ago for $400k and I'm writing my offer at 175k (shitty taxes because its waterfront though)... where I live is a lot of vacation homes, so people start feeling the squeeze and unload the "extras" like 2nd homes, sports cars, etc etc and I'm there to low ball them.

In the last 2 years I've gotten a super nice car at about 50% what I should have paid and a new boat for about 60% of what I should have paid.

Sorry for some of you who are getting hit hard, but there are some winners in this situation

[livingvicariously]

found an interesting chart on one of the cnbc news shows (does that destroy my credibility of this argument instantly? idk, hope not, lol).

if you take the s&p 500 technicals back to the mar 2008 low, and then more recently the july 2010 low, there's a solid channel of support for the market uptrend, which would seem to include the recent drop of the past couple weeks.

If you believe that a double dip recession won't happen, this could be a nice buying opportunity. (I'm mixed on that opinion personally, because, although there's been a lot of bad news out there, it doesn't "feel" to me like people are fully in panic mode like previous bottoms)

Will be interesting to see how everyone reacts to the formal "announcement" of credit downgrade tomorrow morning.

[IRockNvegas]

There's your reaction , s/p down 40 today. what's your support 1170? has it been broken? u think QE3 tomorrow? Maybe a hint. Italy next to go in the EU? Systematic selling always comes before panic selling.

[IRockNvegas]

Now your panic selling is starting .Party on !!

[ame]http://www.youtube.com/watch?v=F2jLuXOYIIQ&feature=youtube_gdata_player[/ame]