TTWO sold

I sold the other half of my TTWO today. It sold at 13.35.

Half of my ATVI sold

I sold the other half of my Activision ATVI holdings. It was about 15% of my account and sold at 11.86.

TTWO sold

I sold half of my TTWO holdings today. It was still a profit at this point, but everything is suspect in this market. It sold at 13.29.

USG sold

I sold all of my USG holdings today. Warren Buffet can have it as he has enough cash to prop it up. It sold at 19.23.

DRIV sold

I sold half of my Digital River today at 27.03. It was a 4% holding.

Half of Activision Sold

Half of my Activision ATVI sold off because of a stop today. It sold at 10.14.

How low can we go?

All of my positions except for STMP and AMD have sold. I had a sell on the last of my SNE, but it was input incorrectly so it will sell first thing on Monday. I'm not just getting out for no reason at all, I just want to take a breath and look for a bottom. A bottom to me will be when things stabilize and loans start to be issued by Wall street. If Wall street doesn't trust itself to be given a loan between them selves I don't think I should trust them with my investment.

That said, after doing some reading on the 1929 crash a few days ago I again went back and looked at the DJIA chart from max time. This time I held up a pen to see the line that it made if it moved up in a uniform fashion.

Yes, that's my hand holding my pen, taken with my phone. The pen is pointing at 6k. I had previously estimated 7500 so 6k now doesn't look much farther down. Here is a clearer image of the same chart showing the pen replaced by a green line. You should be able to click on it to see it full size.

Not very scientific, but I do think it is reasonable. What do you think? Based on the 29 crash we'll see a few more up days and some more rich people buying stocks to try and stem the red flow, but overall we are going to see a downward trend until the banks start to lend money again. If we start seeing a bunch of bankruptcies in big companies I think it will mean the banks will be even less likely to lend money (since they lost it) and we'll see the next tier of companies failing. Not much different than the housing market drying up. People could no longer refinance their houses and ended up defaulting. Companies will not be able to refinance their payroll and end up defaulting or cutting back. This is not a good place we have come to and I hope I'm wrong!

IBM sold

The IBM stop triggered this morning at 95.34 and sold all my shares.

IBM Sold

I sol my IBM holdings today. This market is going down too steeply for me. It sold at 95.34 and was a 8% holding

Sony Sold

I sold all my Sony, just don't like where this market is going. It sold at 25.23.

Bleeding badly

My account has been bleeding badly as I'm sure yours has to. A few days ago I put a bunch of 3% lowere stops on many of my positions and they have been selling off. I also bought some more gold and silver. My account is in transition from one brokerage to another and I have a more limited view of my account. It has a lot of cash in in now and I'm planning on keeping more "real" assets for the near term.

I wrote an e-mail yesterday to my dad about my thoughts on the current market problems.

So, if this is as bad as everyone is saying which is that it is the worst market conditions since the great depression I decided to do a comparison to then and now and maybe try and figure out where this thing will bottom out? (if it really is that bad?)

http://finance.yahoo.com/echarts?s=^DJI#symbol=^DJI;range=my

October 1, 1929 343.45
April 1, 1932 42.82

A drop of -88%

July 1, 2007 13,895.62
January 1, 2010 1667.47

Let's hope it's not as bad as everyone is making it out to be!

My guess was that it would drop to 7500. 1667 seems inconceivable, but I'm betting it seemed pretty inconceivable back in 1929 as well.

The one thing that really got me thinking about this was seeing Bank Of America stumble yesterday. That set off some alarm bells for me.

I found this to be a good article after I wrote this e-mail.
http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929

Sony news

This is good news on Sony,

Sony says PlayStation 3 sales better than expected
http://news.yahoo.com/s/nm/20081001/tc_nm/us_sony_1

It's not a surprise since I've been saying that the PS3 would start to gain momentum because of the availablity of more games and the BlueRay win.

That said, the price is in the toilet since the market has been hammered so badly and the end of the article talks about possible problems with TV and camera sales. I might be missing the point, but I also might buy some more to lower my cost average. The fact that the price went down even more today after this announcement yesterday has me wanting to hold onto my cash though.

I think I may have sold some of my TTWO yesterday. I put a stop on about half of it a few days ago. I can't look at my account because I'm switching brokerages and there is hold on it, so I can't make any trades for five days or so.