Saturday, February 09, 2008
In our second poll, we overwhelmingly (88% of voters) agreed that we expect new lows on the S&P 500 this year. I actually started this poll before that 5.6% decline last week, so since having put it up we have cut the distance to new lows by about half. Nice call so far! I should note however, that the poll closed Tuesday night and I called for readers to vote on Monday after only receiving 15 votes. So at least some of the extremely bearish attitude of the voters can be contributed to the 370 point decline on the dow Tuesday due to the service report that suggested that we have plunged into a recession.
Ok, so why did I put up this poll? Well, you know I have my opinions about the market, stating the obvious here, and yeah I think we are going to make new lows in 2008. In fact, I think we are going to make the recent lows look like a great place to have sold in 2008 (and making selling here even better). I have a number of reasons why I feel this way and I'm sure the readers do to. But sometimes this blog can feel like a one way street and feedback is always good. I have much respect for the readers of this blog and I value your opinions greatly. With the mainstream media spewing all sorts of junk at us about the economy and the stock market at us, I really wonder if people buy it. Its especially encouraging to know that there isn't as much uncertainly in the minds of our readers as there seems to be in the media.
Please in the future feel free to comment regularly. I've seen some really great communities of traders/investors get built out of a blog in the past and I hope that we can achieve something like this here in the future.
Thanks for your participation and I'm glad that we are pretty much on the same page now. Any thoughts?