Things happen in much shorter timeframes these days. Bull markets take only a week, as we saw the market go up 20% from Friday to Friday. Now, we have nearly a 50% fibonacci retracement in just one day. You blink, you miss it. It's like the stock market recorded on a DVR. You just fast-forward through all the flat days and get to the really big moves.
Yeesh. Only kidding I think. But how fugly was today? And it's December 1st, for those who faithfully, patiently, and steadfastily dollar-cost average into their 401(k) plans. That money should be piling into the market. But, are folks still doing that? Has everyone come to grips with the thought that they just may have to work forever and all this "saving for retirement" and "saving for college" was just a big smoke screen?
Says a lot for "carpe diem." Imagine if, instead of "saving for whatever," you had gone on a cruise, went to Norway, paid cash for a Porshe, spent it all on strippers, or all of the above? Would that have been better than watching your shares of $GOOG drop 50%? Where was the fun in THAT?
Getting back to the topic of cutting back and spending less, the consensus from callers to the Tom Leykis show was that land-line phone services were vulnerable (call waiting, 3-way calling, call-forwarding, etc.) Also vulnerable to elimination? Satellite radio, extra channels and premium channels on cable and satellite TV, newspaper and magazine subscriptions, and coffee drinks from coffee stores. I thought of switching from the large garbage can to the small garbage can; that's another $5 a month in savings. Another big saver is ordering a water instead of soda when eating out. In addition, don't drink bottled water. Put a filter in the refridgerator or faucet at home.
Jacksonville at Houston tonight.