You're correct. You didn't say you'd cancel the account at 12800. But you did say the above. And the market was around 12850 today. I find that rather hilarious.
...from article via link above ..."Meanwhile, valuations â at least, for U.S. stocks â are compelling. Mr. Majendie noted that the S&P 500 has a price-to-earnings ratio of just 14.7-times its prospective earnings, which is its lowest multiple in 15 years. The S&P/TSX composite index should perform even better, given that it has a better exposure to base metals, precious metals and energy."... PE have gone from 50 to 22, now 14.7.. They can continue to fall to 10, you know, so why try and catch a falling knife. The PE trend is down. Sure under valued, but more under valuations are coming...
I'll have to agree with stocktrad3r on this one. Slow growth is good. Strong growth is good. No growth is good. A strong dollar is good. A weak dollar is good. No dollar is good. Falling stock prices are good. Rising stock prices are good. No stock prices are good. Banks with weak balance sheets are good. Banks with strong balance sheets are good. Banks with no balance sheets are good. Falling corporate profits are good. Rising corporate profits are good. No corporate profits are good. I think it's fair to say that it's all good. Very, very good.
If the past is any indicator we should be due for a huge bounce. The summer 06' sell off, the march 05' sell off, and the july-august 07' sell off were all roughly 8% from the peak. So far, we're about 8% off the last peak. As hard as I try (and I spent a solid 3 minutes trying to think of the worst that could happen), still I see no evidance of any compelling problems that could drag the markets much lower. Young people still logging into myspace and facebook while maxing out credit cards. No one complaning about 'rising gas prices' and 'rising food' no one complaining about the 'housing bubble' or not having enough liquidity or credit No one takin' it too the streets. Because to be frank, there are no serious problems. Web 2.0 stronger than ever. Right now there is a second tech boom in the Silicon Valley. Google and Apple. Facebook and Myspace leading the way for a new generation of connected, comsumerist, smart, informed, young people. Credit card companies continue to mint money due to strong consumer spending and easy credit. Time for wallstreet bonuses and more spending. Overseas growth still strong ,etc.
It's like you're dating that one chick who's not only 50 lb overweight, but ugly too. Stop rationalizing.