Can you imagine the unprecented tax losses this year. You wonder why the Canadian government does not want to do anything yet Just wait for the blow out on tax revenue
Let's face it between
(1)margin calls
(2)panick selling
(3)credit crisis/abcp
(4)globlal slow down
(5)derivatives
(6)tax loss selling
(7) etc,etc,etc
We have all had our a$$'s handed to us.
What is going to put a floor in our stock price? who really knows - we are in a free fall
(1)a floor in base metals
(2)inflation/devaluing the US dollar
(3)mine shut downs/supply vs. demand
(4)heaven forbid the trillions of dollars start to kick in
(5)a large number of stocks being bought on the open market
(6) etc, etc, etc
I know we are hurting, My average cost is higher than most. (3.75)
But here is a thought and bear with me this is not as selfish as you think. Every year I get a 3 month defered loan from CIBC for any room I have left in my RSP. I only get what My family can afford and this year I intend this year to use it to:
(1)lower my average cost
(2)add significantly to my position in a portfolio which I don't need to touch for 20 years
(3)sit and wait out this crazy turmoil
It will not take much to get this stock moving in bad times and after seeing the power of this group I know that we will achieve two things:
(1)put a bottom in our stock price
(2) pick up enough cheap shares to to try and keep the retail investors strong before the street gets theirs. ( Correct me if I am wrong but I am sure a number of fund s have sold also and maybe just maybe we could be in a strong position. Maybe even stronger than we were) I am hoping this is not just retail that has been forced to sell.
I look forward to all feedback. and this is not investment advice. Just trying to see what we as a group can do.
Good luck
