Close to normal 10% correction. Ready to buy.

Weren't you buying last week and the week before also?

rotfl

Yes, and he was also calling buy on RE a year before the crash started!

LMBBAO

SteveF, you're too funny.

SteveF, needs lots of attention.

no aboutready, I was selling, as in selling a studio investment property. Doing some buying right now. hey swe u back for some more thrashing honey?

You want us to thrash you again?
You certainly love the pain, don't you.

BUY HIGH, SELL LOW!

rotlf.

actually, it doesn't even take any effort anymore to thrash steve...

http://streeteasy.com/nyc/talk/discussion/5719-im-sick-of-stocks-its-time-for-real-estate-investing

and here:
http://streeteasy.com/nyc/talk/discussion/6301-stock-money-moving-to-real-estate

rotfl

there is where steve pulled out of the market, and missed the entire runup, putting it into RE! Now that RE tanked, and stocks went up, he's locking in his losses and chasing performance.

essentially, steveF just thrashes himself

steveF, post something else and watch swe respond within minutes. It's like throwing a ball to a retriever. You know he'll go after it each time, but it's still entertaining to watch.

If at first you don't succeed....double...double down.

No, you have to do:

"teachers' union"

Now on a serious note IMHO we are correcting from an 11,200 high on the dow industrials. This is a normal correction. What happens is, fundamentals push the stock market to a correct market value. Around a high of 9800s-10,000. But once this happens the euphoria kicks in and ignorant money pushes the market up past where it s/b fundamentally. Usually on weak volume. That's what happened above 10k so now we are correcting for the overbought market just as we do for the oversold market. That's why I am a buyer at these levels and of course anything lower.

btw, never did i say I was buying stocks last week or prior week whatever. I said I am extremely confident in the ECONOMY. Talk to me in 2 years.

"No, you have to do:
"teachers' union""

Touché.

told you, I can post anything, and bjw will respond!

Farting knocker bluster.

"Hey somewhereelse! Ya mother! hahahaha
here boy, go fetch boy, gooooooooood boooooy! here's your biscuit. "

Hopefully you're better at throwing than investing steveF.

Otherwise, you're going to get thrashed again.

"btw, never did i say I was buying stocks last week or prior week whatever. "
- steve F today

"I am so confident in the economy that I am selling one of my properties to invest in more equities "
- steveF 7 days ago.

oh no, thrashed again, Steve!

> Talk to me in 2 years

Wasn't that what you said 2 years ago?

Whoops.

"bjw...haha....let's see how long swe can hold off :))) ready.....

Hey somewhereelse! Ya mother! hahahaha

here boy, go fetch boy, gooooooooood boooooy! here's your biscuit. "

steve, you seem to have me confused with bjw.
Leg humping is his speciality.

> If at first you don't succeed....double...double down.

Of course, do that as many times as SteveF, and you're out of money

Actually swe, you need to read more carefully. The claim here was that steveF would post something and YOU would respond within minutes. You clocked in at approximately 22 minutes. It's like clockwork, exactly as predicted. With 5 consecutive posts of drivel. Awesome!

Correction - 6.

"told you, I can post anything, and bjw will respond!

Farting knocker bluster."

ROTFL.

called it.

you can always count on bjw to be trailing behind me!

i guess this all means that stevef is good at timing the markets.

One more.

bipper bopper boom. shazaam.

> i guess this all means that stevef is good at timing the markets.

Exactly. He's the perfect contrarian indicator!

if he calls up, look out for a 10% correction.

Have to hand it to you - it's a clever way to try to get me not to post on the same threads as you, but I mean, are you that terrified of my little posts? How much of a wienie are you?

i rest my case.

maybe somewhereelse will go....somehwereelse

dont beck and hannity have blogs? maybe fox?

So, what have we learned today, boys and girls?
Lets thank the the collective genius that has helped us prove the following:

1) That if someone calls someone else (no pun intended) out by name and insults them, they might actually respond!
Amazing, the case has been cracked! Complete fing genius!

2) Bjw will respond to any post I make.

Wow, chalk one up for the wonder twins!

Scoobie doobie do!

it could change its name but the snippy, bitchy nauseating style would remain painfully recognizable

I admit, "told you so" can be quite painful when its right...

(and hillarious when its SteveF trying it)

Wbottom, right on, it has changed it's name, nyc10022, eddie wilson, swe, etc...but this entity keeps coming back in new disguises. Street Easy needs to neutralize this cancer of the message boards.

Hey, steveF, bjw, swe: we really missed youse at the last get-together.

i missed ericho and petrifitz. bjw sometimes promises to attend, but never does. tease.

> Street Easy needs to neutralize this cancer of the message boards.

rotfl. steveF, seriously, time to check yourself.

> Hey, steveF, bjw, swe: we really missed youse at the last get-together

I was the one in the wig.

aboutready, thank you for your civilized debates.

you're welcome stevef, i guess. although earlier this morning someone implied that i lack kindness. i guess it's all one's perspective. i do seriously doubt you post under any other names, however, as your style is one of a kind around here. which is nice. the lack of alternate handles, i mean.

but i have quit yelling at the bulls for the most part. divvie asked me nicely.

aboutready, we can only learn from each other. Many times I disagree with your posts but there are many times where your posts as well as other bears will make me pause and rethink what I've been thinking all along!...... We'll all get there. Peace.

> but i have quit yelling at the bulls for the most part. divvie asked me nicely.

well, most are a whole lot less bullish these days.

i don't know that i'd call ericho less bullish. he's just more of a drive-by poster than a regular presence now.

but you're right. these are not the days of spunky and his manhattan is different crowd. although we had some hints of that yesterday. almost made we weep, oh the nostalgia.

> he's just more of a drive-by poster than a regular presence now.

Right, I should amend... bullish, or run off the board. ;-)

> aboutready, thank you for your civilized debates.

SteveF, you should try some yourself.

"i missed ericho and petrifitz. bjw sometimes promises to attend, but never does. tease."

I know, I know. One of these days, ar. I'm a bit wary of meeting people I only know anonymously online, but have to admit I'm curious how some of these "personalities" translate in person.

"> aboutready, thank you for your civilized debates.
SteveF, you should try some yourself."

Wow, pot, kettle.

bjw, most of us are much better in person.

Speak for yourself, aboutready. You've seen me in the flesh. The cursing and throwing of unicorns was outta control!!!!! ;)

w67th, I picture Bobcat Goldthwait. So have to agree with ar - probably better in person.

Roubini said another 20% from today's levels - that takes us way below 10000 - I'll wait. No rush to buy stocks or RE.

that's funny bjw. w67th we all know how much I enjoy the expletives but you were a bit rough on the unicorns

"Roubini said another 20% from today's levels"

This is from an article from August 2009 - the guy's track record of predicting market movements is abysmal:

While perennial pessimist Nouriel Roubini has been prescient in predicting recent economic woes, investors sticking to his forecasts have suffered dearly since March. That's because he's been warning about continued problems in the economy while stock prices have soared. The New York University professor has been arguing for weeks that the economy is in danger of suffering a double-dip recession. And he hasn't yet recommended that investors plunge into stocks, Bloomberg notes. Yet the Standard & Poor's 500 Index has soared 53 percent from its March low. When the rally began, Roubini called it a "dead-cat bounce," and in May he said the ascent may "fizzle," Bloomberg reports. On March 9, Roubini said the S&P 500 was headed down to 600.

steveF,

How many residences do you have?

bjw2103,

Why did you pollute this thread with your buyers remorse? How's W'Burg R.E. doing these days?

Yo shotblocker.

Aboutready name names, you mean kspeak and 'hold it at 2004 prices!!!!!!' dogma cause itz manhattan? I'm peeing on myself as I text.

Can't buy into this "normal" 10% correction hypothesis. There is a great deal of world currency instability.

I think CC & missus took 2 unicorns home. I have no unicorn.

It's true. We are saving one for you.

So what do you market experts think? I am going to put some more money to work today but leave available cash for Monday. I can't see us going lower than 9800 which would be an oversold correction(happens all the time). Any opinions/ideas out there? What are you people thinking/doing?

it's amazing. I listen to bloomberg and the so called "experts" cannot be further apart. How can these "pros" be on such opposite ends? If they were "all" such experts you would think they would be somewhat close in their predictions. Such a joke. Just buy great companies like Buffet.

Waiting for Tuesday, but then we should know if the recession is over or we're going deep down.

Not recession, CORRECTION.

We might see green today, I think shorts will be taking the profits before the weekend. But Monday could be a big bear day again.

ok darkbird. that's a safe play. I like it. Good Luck. I'm more in than you.

there went 10000.

and it's back. this could be an interesting day.

it's a battle!

CNBC: After the Plunge: Investors Use Selloff as Excuse to Buy

:) it's so funny how the financial media has to ALWAYS try and come up with an explanation for the markets movements. What the heck does that mean(above)????

it means stop watching CNBC if you want to make intelligent investment decisions.

rangersfan...right you are sir.

rf, this morning bloomberg was hilarious. they had their headline explaining why the market was going up, and kept pulling it when it fell back down.

classic. does have entertainment value though. betcha alan was sitting in front with a big smile and a tray of sidecars.

I agree with darkbird. Rally isn't convincing. Shorts are just covering for the weekend after having an excellent week! Nobody had conviction on the way up from 10k to 11k and only boght on momentum. why would they like stocks now at the same levels?

Anyway we broke 10k. Anyone wanna party like its 1999?
http://www.youtube.com/watch?v=pnuijDieOvY

Alan prob wants whatever rangersfan is smoking. A tray of sidecars indeed!

pls enlighten me.

How much time you got?

well, not as much time as you given your handle. but pls indulge.

Oh you think? I'm selling plenty, mostly 5M and higher. Bragging rights!
What means rangersfan anyway? Either you're a wanna-be sports squeeze or a guy with no life or vocal cords. I think its the latter.

Realestated, really? It's like the bentley car salesman who thinks his shit don't stink as compared to a chevy seller. Flmao. Go you!

Flashback
'realestated what do you want to be when you grow up?'

a doctor, a lawyer, an actor , a porn star, a dog walker, a fireman...... And if all else fails! I'll sell re in NYC!!!!

well, you are the successful one aren't you. probably not but what happened to my enlightenment?

Porn star would be mo' better, I completely agree.
Better than Financial services, ugh not an elegant roll off the tongue.
And my shit doesn't stink because I'm a vegetarian. You should try it.
Rangersfan is too far gone for enlightenment I will bet my wheatgrass tray on it. But honey, try to stand in someone else's shoes for a starter. Methinks you must be a classic narcissist. Who me? Never. I'm a nice guy. But really...lovelier thoughts Michael.
And folkd that's it for today cause I got an important appointment with a lovely German. Adios suckas!

sounds like you and your tail between your legs went running for the hills. thanks for trying.

could've sworn wife's poop stank when she went vegan for 6 months.....

realestated.. dont' bother with the weiner... he booked the flight 2 months ago and is too polite to tell you that with the 15% euro depreciation no longer makes him feel like buying the $10MM condo that's been flapping around for 2 yrs and is now priced at $5MM... casue now it's $5.75MM in euro terms....

Oh take him to Halo Berlin.. .nice wieners just for ppl like you and your client. Cheap too... .save your pennies cause the $5MM+ mkt is shrinking faster than your childhood fantasies of a porn star. Add in exponential growth of RE Brokers in NYC over the last 10 yrs and guess what? like cockaroaches eating each other the next few yrs.. .hope you like eating roaches.

Steve,F if it good to see you finally asking for (and maybe taking) advice... rath

just bought a multi-fam in BK.. positive rent role before tax implication.. gotta love hipsters who were priced out of alphabet city/EV.. or their parents at least.

Yahoo Finance: Stocks mostly fall on new worries about Europe

http://finance.yahoo.com/

Another great headline. What does it mean to mostly fall? :) funny stuff

It's Looking a Lot Like a Correction ... or Worse

Just saw this on the WSJ headliner:

haha, what does that mean?...or Worse. So basically you are telling us.....hmmm NOTHING!

http://finance.yahoo.com/banking-budgeting/article/109624/its-looking-a-lot-like-a-correction-or-worse?mod=bb-budgeting&sec=topStories&pos=2&asset=&ccode=

> Another great headline. What does it mean to mostly fall? :) funny stuff

Uh, steve, there are more than 1 stock out there. Some can fall, all can fall, most can fall.

Jeez, steve, when are you going to finally take an economics class?

well, here comes the 9800-9900 level.

Time for some sage advice from the master - in case you need reminding...

October 17, 2008
Op-Ed Contributor
Buy American. I Am.
By WARREN E. BUFFETT
Omaha

THE financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary.

So ... I’ve been buying American stocks. This is my personal account I’m talking about, in which I previously owned nothing but United States government bonds. (This description leaves aside my Berkshire Hathaway holdings, which are all committed to philanthropy.) If prices keep looking attractive, my non-Berkshire net worth will soon be 100 percent in United States equities.

Why?

A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions. But fears regarding the long-term prosperity of the nation’s many sound companies make no sense. These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records 5, 10 and 20 years from now.

Let me be clear on one point: I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as to whether stocks will be higher or lower a month — or a year — from now. What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over.

A little history here: During the Depression, the Dow hit its low, 41, on July 8, 1932. Economic conditions, though, kept deteriorating until Franklin D. Roosevelt took office in March 1933. By that time, the market had already advanced 30 percent. Or think back to the early days of World War II, when things were going badly for the United States in Europe and the Pacific. The market hit bottom in April 1942, well before Allied fortunes turned. Again, in the early 1980s, the time to buy stocks was when inflation raged and the economy was in the tank. In short, bad news is an investor’s best friend. It lets you buy a slice of America’s future at a marked-down price.

Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

You might think it would have been impossible for an investor to lose money during a century marked by such an extraordinary gain. But some investors did. The hapless ones bought stocks only when they felt comfort in doing so and then proceeded to sell when the headlines made them queasy.

Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value. Indeed, the policies that government will follow in its efforts to alleviate the current crisis will probably prove inflationary and therefore accelerate declines in the real value of cash accounts.

Equities will almost certainly outperform cash over the next decade, probably by a substantial degree. Those investors who cling now to cash are betting they can efficiently time their move away from it later. In waiting for the comfort of good news, they are ignoring Wayne Gretzky’s advice: “I skate to where the puck is going to be, not to where it has been.”

I don’t like to opine on the stock market, and again I emphasize that I have no idea what the market will do in the short term. Nevertheless, I’ll follow the lead of a restaurant that opened in an empty bank building and then advertised: “Put your mouth where your money was.” Today my money and my mouth both say equities.

I just sold foreign. Headed toward a 50% return thus far this year. Not too shabby for 5 months.

Unfortunately, when it comes after your 99% loss...
;-)

"Headed toward a 50% return thus far this year"

"headed toward"? Meaning what, exactly? If I am up 5%, am I also "heading toward" 50%? If I am down 3%, am I "headed toward" down 50%? No offense, but your credibility is weak, as you previously claimed it was "easy" to make 2% per day by day trading - this is not a believable statement.

FWIW, nobody achieves 50% returns per year over the long run by buying/selling stocks. If that were possible, you could turn $100K into $43,800,000 in 15 years. Not possible. If you can achieve a 50% up year once in 10 years, you are doing well.

BSex - it means that all I have to do is press the button to make the gain. I got out of some short positions today, have some more, one of which came very close to my price, which it will hit and then I'm out of it. The last one is a minor position I'm not too worried about.

I never said it was easy to make 2% per day "day trading." I don't "day trade."

Fortunately, swe - I didn't have that "99% loss."

Buffett's partnership ran for 12 years, 1957-1969. During that period, his best year was +58.8%. Three other years he was over 40%. His worst year during that period was +10.4%. And this is the best investor in history.

"I don't "day trade.""

What do you call it, then? Sounds like day trading to me [buying & selling frequently].

Bsex, what is "frequently"? I do not fall under the "pattern day trader" definition. I made a few trades today, the prior ones were in March. Is that "frequently" to you?

"headed toward"? Meaning what, exactly? If I am up 5%, am I also "heading toward" 50%? If I am down 3%, am I "headed toward" down 50%? No offense, but your credibility is weak, as you previously claimed it was "easy" to make 2% per day by day trading - this is not a believable statement."

ROTFL.

This is actually the EXACT logic steve used to undo one of his predictions that went horribly wrong (it went about 30% in the other direction). All he means by it is DIRECTION! He literally said he was right saying that we were headed toward something 5000 points away because it changed 50 points!

So, what we're talking about here... Steve probably had a return of .01%...

In his book, thats "HEADED TOWARD 50%"

I love it!

Wow, steve tries so hard to cover up his mistakes.

> "I don't "day trade.""
> What do you call it, then? Sounds like day trading to me [buying & selling frequently].

He week trades.

Whatever he claims (and it changes) he trades an awful lot... and has made some AWFUL decisions.

He actually used to name specific things he bought (like China before it tanked) but he learned and stopped doing that. He only talks generically now.

Not one much for honesty.

"FWIW, nobody achieves 50% returns per year over the long run by buying/selling stocks. If that were possible, you could turn $100K into $43,800,000 in 15 years. Not possible. If you can achieve a 50% up year once in 10 years, you are doing well."

Though somehow Steve's "headed toward 50%" and "made $100k today" all add up to him being... 50% down.
Its the classic mistake of the day trader, ignoring the losses.

Yes, yes, yes SWE! I remember "Ouch 400 points" when the market was up - now it's quite down, my shorts have paid off.

Sorry - I got out of China in January 2008.