The Stock Market?

Two of my grown children and I had dinner with an old friend who is an investor. He was pretty upset with the stock market even though he had positioned himself after something like this happening last year about this time. So, he said that only half of his stocks were affected by this downturn this year. So, it wasn't as bad for him this year. I said, "It's the 10% adjustment right?". He said, "No. not exactly. What is happening in Argentina and in Turkey are more affecting the market." I said, "What about China?" He said, "That was already factored in. The shot out of the blue is Argentina and the reaction in Turkey as a results reverberating around the world now."

That was news to me. I hadn't heard about the Argentina-Turkey reactions yet. My son said he had read about this happening in Argentina in the last year. I was wondering why Google News and Yahoo hadn't been writing more about this and wondered why CNN hadn't been reporting about this too?

So, this is the latest news from someone I know who studies the stock market at least 5 days a week and sometimes more as his business.

The problem of Argentina and Turkey likely is going to affect both Middle Eastern Nations and the problem in Argentina likely will have the most affect on South American and Central American countries the most. However, since the U.S. is on the border of Mexico and Central and South America it will affect the U.S. and Canada to some degree too.

I mentioned to my grown kids and my friend how the default on loans to South America and Mexico had caused the default of the Savings and Loans here in the U.S. and many people lost everything in the 1980s and some killed themselves especially if they were over 50 and couldn't replace their savings nest eggs because they were too old here in the U.S.

That's why there are no Savings and Loans here in the U.S. now. There are only Credit Unions and banks with FDIC insured savings up to $250,000 per account.

I'm not the 5 day or more a week investor that my friend is. But, I'm hoping the bottom for this market is around 15,000 or so, so it can slowly go up to 16,000 and 17,000 and beyond again.