gfp: By the time you read this it will be too late for inverse stock funds. The carnage today will be a once in a decade, perhaps a once in a lifetime, event. The e-mini S&P Futures were limit down all night. Oil dropped to $27 and change. Markets are imploding all over the globe. The Fed has already begun its bailout with the overnight futures limit down for the longest period in market history. The Fed already announced it would increase overnight Repos to at least $150 Billion PER NIGHT. Two week Repos will be at least $45 Billion. So on a daily basis the Fed will pump more than they did on a monthly basis during QE3. Overnight Gold was up $27 an ounce and has since drifted down as investors who need to raise cash are liquidating everything. This is only temporary. The ECB, FED, BOJ, and all the other Central Banks are going to unleash unprecedented liquidity. After the initial shock of today sinks in to the collective minds of shell shocked investors gold and silver are going to catch a bid and they willl be off to the races. The Fed is likely to drop interest rates to Zero today or tomorrow. So NOW is the time to shed any bond funds you might have left. Use ALL of that money to buy gold. I can't emphasize that enough. Once bonds are zero bound there is no other avenue left but to eventually lose money. As for HDGE I still own a good amount, and my wife has a position in the inverse QQQ ETF (PSQ). By the time the market opens it will be too late to buy either one. Depending how far the Nasdaq dips today I might sell the PSQ late and buy a 3X Gold ETF with the money. For you it might be a good time to establish a position in the oil sector ETF you mentioned. Oil will trade with a $27 handle today...how much lower can it go? The yield might be over 10% by the middle of the trading day. You have some time to see that recover. For your Dad its gold, gold, gold. Preserve purchasing power. Helicopter money is coming. The Dollar is going much, much lower. Gold is safer than cash at this point. I have been expecting a down market for years now. But I expected it to be a slower, stair-step downward drop. Instead we are getting a deep, fasr implosion...even faster than the last financial crisis. By the end of today we will have just seen the steepest drop over a 2 week period in market history. People were starting to get a little nervous this past week with all the volatility. Today is when reality hits them and panic ensues. Watch for unsophisticated 401K investors to start hitting the panic button which will make the situation worse. Bob Rinear expects some type of market recovery, either heading into the close or over the next couple days as the Fed unleashes all it's QE powers to levitate the market. He suggests using the temporary to recovery to exit the major index stocks. He says we are going much lower eventually, which echos my personal sentiments.
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