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Actually the bank stocks boomed 4 weeks ago. Some went up as much as 700%. If your in it for the long term, then I would suggest buying a lot of stocks because it is eventually going to turn around and your going to make bank. I would suggest investing in some gold.. With Obama printing all this money for the bailouts/loose spending gold will end up sky-rocketing.
Theres a stock called ProShares Ultra 500 (SSO)...pretty much it takes the S&P 500 and whatever percent it goes up ProShares goes up double that percent so if the S&P went up 5% one day SSO would go up 10%...you could make a ton of cash on this once the market recovers as a whole...There is also a stock that is just the opposite...what ever persent S&P goes down it goes up twice that so if you think the markets gonna take an even bigger dump buy it...called SDS