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The Berkshires online guide to events, news and Berkshire County community information.           
Saturday November 7, 2009
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Election

Barrett Reflects on Accomplishments with Capital News 9
Alcombright's Victory Speech

Which election's more important?
Pittsfield
North Adams
Neither, nothing will change
  
pollcode.com free polls

Trying to remember who won what and why? All the information is right here.

Daily Digest


This is Jake
He's been lost in Pittsfield for weeks but frequently sited. He was last seen heading toward the fire station on Peck's Road. He's tired, dirty and needs seizure medication. He's chipped. If you see him, call Julie at 413-537-5616, the vet 24/7 at 413-499-2820 or animal control at 413-448-9700.
How Much is Heating Oil this Week?
It's breaking $2.50 but still cheaper than gas.
Thanks to Gabriella Bond for sharing her memories of the Quincy Street house torn down last week.
Send press releases and announcements to info@iberkshires.com. Need to contact someone at iBerkshires? Here's how.

Obituaries

Alice R. Filiault, 87
Lucille Burt, 92
More obituaries
Mary M. Hanlon, 82
George F. Sarrouf, 73

Sales Fliers

 
 

 

What's Playing


The popular anime character "Astro Boy" searches for acceptance on the big screen.


'Serious Man':
The Unbearable Lightness of Being Confounded
Movie schedules and times

Bazaars

Nov. 7:

VNA & Hospice, Community Room, North Adams

North Adams Elks
10-4; Nov. 8, 9-2
Crafters, Chinese auction, bake sale
For vendor information, Melanie at 413-743-5562.

Nov. 14

Berkshire Community Church, Richmond
10-4; Crafters, bake sale. Contact Evelyn Goggia at 413-445-5747

Lanesborough Elementary School annual Fall Craft Fair from 10 to 4. Free admission, huge variety of arts and crafts, raffles, food and more. Proceeds go to sixth-grade trip to Cape Cod.

Vendors can contact Deb at 413-738-5349 or debhutton@aol.com or Lori at 413-499-0065 or lorittod@yahoo.com to secure a spot.

Dec. 12-13

North Adams Country Club, crafts 9-4; food from That's a Wrap from 11-2. Contact Sheryl Morehouse at 413-822-3329.

Planning a bazaar this season? Submit information to info@iberkshires.com to have it listed here.

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Sports

Fall Basketball Clinics

Thursday, Nov. 06

Boys' Soccer: State Vocational Championship Game
McCann Tech 3, Keefe Tech 2

Girls' Soccer: State Vocational Championship Game
Blackstone Valley 8, McCann Tech 0

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@theMarket: Are We There Yet?

By Bill Schmick
iBerkshires Columnist
12:08PM / Saturday, November 01, 2008

Bill Schmick
"This has to be the bottom, right?"

"Why?" I ask.

"Well, the market went up 10 percent in one day, that's a record, right?"

"So?"

"I mean the elections are Tuesday. October's over. Shouldn't the market rally?"

And so it goes. Client after client called me this week, flush with cash, sitting on the sidelines, just panting to get in at the "bottom." Three weeks ago the same people were bailing out, absolutely certain that the markets would never come back in their lifetime. A psychologist would label it schizophrenic behavior. I just call it emotional and. over the last couple of decades, I've learned that emotions have no business in the investment process.

Now one can hardly blame the investor, especially those closest to retirement, for wanting to get back some of the money they lost as fast as they can. Yet, in my opinion, that is a sure way of losing even more money. No question the markets offer great values but value does not necessarily equate to instant rewards. I suspect some investors are confusing the two.

Value in the context of fundamental analysis is usually dictated by the price/earnings multiple of the S&P 500 (among other indicators). In other words, how cheap are stocks based on their earnings? Right now the P/E of the market is about 9.7 times earnings compared to a ten year market average P/E of 17.8. So given their earnings, stocks are selling for almost 50 percent less than they have for anytime in the last 10 years. No wonder Warren Buffet says stocks are cheap.

Yet cheap does not mean that investors will rush in to buy stocks or that prices will react immediately. That occurs in bull markets and only when most stocks are relatively expensive. In bear markets, when the economy is in recession as it is now (see Thursday's column "The Economy Reverses"), stocks can remain cheap for an awful long time. So don't expect value to equal a quick buck.

As we close out the month the major averages were down substantially (the worst decline in 21 years) with the S&P 500 declining 17 percent. It was the worst monthly sell-off in 21 years (in October, 1987 the index declined 21.8 percent). Yet, as I predicted the markets were so oversold that a move up was expected. In this last week the major averages all managed to stage strong rallies chalking up an average 10 percent gain overall. It was also the first time all month that the markets managed to stay positive for two consecutive days.

Next Tuesday the presidential elections may spark a further rally, possibly sending the S&P 500 up to around 1050. That would be a gain of about 25 percent from its intraday low of Oct. 10. But I think that would be about it for this bear market rally. After that, I suspect we will re-test the lows and hopefully they will hold. So go out and have a Happy Halloween — you deserve it!

Bill Schmick is a licensed investment adviser representative and portfolio strategist as well as a registered financial planner with Berkshire-based Dion Money Management, which manages more than $500 million for middle-class Americans from coast to coast. Direct your inquires to Bill at 1-877-850-7942, Ext. 146, (toll-free) or e-mail him at wschmick@dionmm.com. You can also visit www.afewdollarsmore.com for more of Bill's insight.
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