Anyone planning to cash out (what's left of) 401k before Jan. 20? [vanity]

self | 1/13/09 | NewJerseyJoe

[Rick_Michael]

Anyone know where to buy gold at market value....but physically...?

[weef]

"Just got a note from my nephew who is running a hedge fund. he says they think things are gonna get really bad."

Anything specific?

A few weeks ago my UBS financial adviser told me his technical analyst guys are thinking the S&P500 can go down into the 600's. Of course this is the group of financial wizards that didn't see the financial debacle coming at all so take that with a grain of salt. I did read an independent source also make those claims though.

[steve86]

It's growing at the proper rate and I have not lost a dime of it.

Scared me to read this from your comment the other day.

Madoff's investors would have said the same thing a while back.

You need to study long and hard what a "fixed guaranteed interest product" really means and what happens when the company has solvency issues.

[steve86]

A few weeks ago my UBS financial adviser told me his technical analyst guys are thinking the S&P500 can go down into the 600's.

I have followed several technical analysts for some time (years in a couple cases), sometimes day-to-day, and know the good ones. Every one to a man (and one well-known lady) has a scenario where S&P500 dips into the 600s. They consider these to be the relatively high likelihood scenarios. The more radical charts hit on 300 or lower. One particular one, which is also dependent on the fundamental factors of earnings crashing and catastrophic deflation, shows 100 on a "3 of 3 wave". If I had to pick a number I would say around 500.

[jetxnet]

To me it makes sense.

I always thought it was Obama and Soros plan to destroy US businesses, albeit what will be the international “bailed-out” and thus partially government owned ones.

By nearly doubling the capital gains tax, you are telling investors to go to he||. The S&P is the backbone of US business .. many will collapse.

Soros and Buffet will bail out those (or replenish their stocks) to keep them afloat, but they will haven’t government ties.

You can also bet that Soros and Buffet are not subjected to the Capital Gains tax - they will be excluded from that by the Treasury department.

[blam]

"A few weeks ago my UBS financial adviser told me his technical analyst guys are thinking the S&P500 can go down into the 600's. Of course this is the group of financial wizards that didn't see the financial debacle coming at all so take that with a grain of salt. I did read an independent source also make those claims though."

Thanks.

[Sunshine Sister]

I understand your concerns, but I don't think New York Life has any solvency issues at this time. They have been around for a long time. My investment makes more than the guaranteed amount when the market is up. I'm delighted that it keeps going up even when the market loses money.

I didn't have a lot of choice about where my money went because it is all pre tax. To do anything differently would have been crazy. My IRA and my other investments have really taken a hit. I just hope that eventually the market will come back (it always has) and that my money will return to it's former amounts.

[steve86]

Just in case you don’t know — one has a lot of flexibility with IRA funds, if you place them with the right broker or mutual fund family. For example, mine were in a bear fund, now in a currency/gold fund. Could even be in a long or short exchange traded fund (ETF). I’m not recommending these exact choices for anyone else, but there are actually few very restrictions other than margin or short brokerage accounts (I think).