Stock market takes giant hit for Christmas future

I hope you didn't buy into the stock market last week, because today's giant loss in the financials wiped out everything you gained.

I hate to be right about this trending down. But I get so damn tired of listening to talking heads on CNBC telling people like you and me about how the market is feeling its bottom.

The bottom is not going to come until the Dow falls below 7000. It feel almost 700 points today. I'm still sticking to my prediction of 6300 for the Dow.

That's because the worse is yet to come in the economy. A financial expert on CNBC -- not working on mutual fund commissions -- said giant credit card debt run up by consumers and being held by some of the financial institutions that already have been bailed out is the next shoe to drop.

People will lose their credit card liquidity at the worst time -- when they are losing their jobs and their homes are falling into foreclosure. So consumer spending will dry up even further this holiday season and through at least the first quarter of 2009. Less buying means less manufacturing and supplier jobs.

There still is time to get out of the market and get into cash. And if you've been on the sidelines, stay there. It's still not safe to invest in any securities unless you are a day trader.
Keep your money in cash. And still get out of the market abd put your money in money market funds and wait to get back in financials in March or later.