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Joseph T. Manzo

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Member Since: Sep, 2007

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Featured Book
Alien Man
by Dilip Dahanukar

Twenty years ago we could not have imagined the speed and power of our present day computer processors and their vast memories. Who can say what their state will be twent..  
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Blogs by Joseph T. Manzo

Losers in the Market and in Congress
9/30/2008 7:38:52 AM
"Let the stock market go!"

I started on-line trading last week (anyone can with a minimum $500.00 deposit) and I find it rather exciting. I can buy and sell in real time and when the stocks I bet on start to tank I can cut my losses and dump them. From watching the market the last two weeks I definitely would not invest if I was not able to trade in real time.
I was in the market ten years ago because the union I belonged to forced the members too place money into an investment fund. A year before the market tanked in the last business cycle I wanted to pull my money out of the fund. I was disabled and unable to work, but the government and union created a pact that would not let you take your money out unless you were retired. I watched over the next few years, as the Clinton boom went into the bust mode and I lost over $60,000 dollars from the fund.
Last week I played the market and I invested in all the losers. They didnít disappoint; I lost. However, I didnít lose a lot because when the stocks started to dive I dumped them. One good thing I did was to cash out at the end of the day. Not all business is conducted during business hours, and if I had held on to the losers like Washington Mutual and Wachovia I would have lost the stock overnight. In life if you hang with losers you become a loser and in the stock market if you bet on losers you lose.
After I reevaluated my strategy from last week I started out Monday September 29, 2008 picking two winners. They went up while all the other stocks were taking a dive. I figured all the other stocks would probably go up if the house passed the rescue plan. You got it; I started to bet on the losers again. Good old San Fran Nancy started to shoot her mouth off, and the bill didnít pass; and the rest is business history. A feckless Congress combined with people taking their money out of the market because of the extended Jewish Holidays caused record one day point loses. My modest $200 gain quickly took a dive and I bailed out.
As I finish this letter the stock market is once again on the raise. If only the government would stay out of our lives things would be a lot better.











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More Blogs by Joseph T. Manzo
•  Losers in the Market and in Congress - Tuesday, September 30, 2008  
• Governor Palin's American Family - Thursday, September 04, 2008
• Sarah Palin vs Barack Obama - Sunday, August 31, 2008
• Junior Senator Barack Obama - Sunday, August 24, 2008


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