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Monday, September 20, 2004
Market Recap
Yesterday I mentioned the S&P and NASDAQ charts looked primed for advance and the Dow chart was the worst of the three. Today the Dow was down -79 points while the NASDAQ only lost -2 points and the S&P was down -6 points. It is a good sign that the NASDAQ and S&P are holding up well when the Dow is down so much. The volume on all three indices was above average, indicating that institutions are back trading again after their summer vacations.
With today's market action and the NASDAQ being basically flat, not many charts need to be updated in the comments area. When something of significance happens, I will update the comments on our watch list.
Retirement Options
There have been some pretty robust conversations recently on the message board about retirement options and investment strategies for senior citizens. What do you do when your parents' broker is suggesting some strange investment choices?
A key point to consider as you approach retirement age is how to allocate your money. It is also something we can do for our parents now in order to set them up for their golden years. This is about solid financial planning strategies and holding onto as much of your money and assets as you can. (I have to point out here that we are not a qualified financial planning service. If something sparks your interest, please seek out an investment professional.)
Investment professionals should not necessarily mean hitting up your broker for some ideas. They will undoubtedly come back with suggestions that will offer them the highest commissions. No broker will suggest that you trade for yourself or that you seek out anyone else's advice. They are in it for the commissions you give to them and the extent of their “sound” advice will be limited to options that pay them the most. Our message board moderator Joe mentioned this sound advice the other day: if you are seeking unbiased financial advice, seek out a CFP (Certified Financial Planner). These folks have no affiliation to a brokerage, they do not receive commissions on anything you buy, and they can offer you a wide range of investment choices. http://www.cfp.net/default.asp
There is a lot of fear and lack of trust in the older generations, particularly those who grew up during the depression era. Many of our parents and grandparents may fit this description. They are likely to buy a stock because they have worked for the company, or because they buy their products. Often they will buy a stock and hold onto it forever, they do not trust the internet, and they do not like the thought of having to make any decisions on their own. They need the so called expert to guide them and that expert can not be younger in age than they are, there is just something about taking advice from youngsters. They are prime candidates for an overzealous broker to “manage” their money for them. Some will turn away sound advice, because their broker has probably conditioned them against it. It can actually be pretty hard to convince a relative that they could be doing far better than what their broker is doing for them, believe me; I have been through this with my parents as well.
There are so many options to invest in. Young or old, we need to remember to keep those decisions close to home. It is fine to seek advice, but make sure it is unbiased advice that you receive. Maybe some of these seniors will open their minds to start trading with us. We may be younger but I am sure we are making more money with our trading style then they are with their index funds.
OTC BB Watch List
ANTR - Still looks good tonight
TKER - From last night, up 50% today at one point.
FNGC - From last night, a super volume move today.
AOGI
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