Price action looks good today. We are up against the 50 day SMA again, however. That was resistance last time we hit it and volatility appears to be trying to pick back up a bit which for the SPY is never a good thing. A break through the 50 day SMA would confirm a short term head and shoulders pattern but we really need to see a break through the highs on 9/23.
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I talked about this a while back but need some clarification from the retirement plan experts here.

My company was bought out recently, so my existing 401k is being terminated. I've been given several options by some financial adviser that came over with the new company...rollover to a Roth and pay taxes, rollover to a traditional, or leave it where its at and it will automatically roll over to an American Funds IRA and invested into a money market fund.

I asked the guy about just straight cashing it out. I understand the tax implications since 401k's are pre-taxed, but other than tax there should be no other penalties assessed, correct? He strongly discouraged that choice and said there would be penalties on top of the tax.

I thought since the plan is being terminated and that is out of my control the cash-out penalties would be waived? We're not talking about a huge sum of money, this particular 401k has less than $20k.
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I believe you have to pay a 10% penalty on top of any taxes for an early withdrawal.

If it was me, I'd just roll it over, preferably into a Roth IRA. Tax free growth!
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Yeah, there is a penalty, I believe 10%. Between that and the tax, you'll lose close to half.

Don't do it. Talk to whomever the agent is about a Roth, but if there are tax implications, just roll it to a traditional. Don't fuck around and get killed on pulling it out.
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The automatic rollover is probably fine. Once it's rolled over, it's all but certain that you will have control over it and can choose your preferred investments at that point.
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Roll it over to an IRA and have unlimited choices (ask about a ROTH), including individual stocks. Do not take the penalty, that's absolutely pointless for you.
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I guess I got some bad info, thanks guys. I always thought and must have heard somewhere if an employer terminates a 401k you can cash out with only taxes paid and no penalty. Now I know.
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That'd be a really good loophole for somebody who's self-employed or buddies with the boss!
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This.
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You're in good hands here. We're all financial advisors.

Buy moar AMC.
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You're in good hands here. We're all financial advisors.

Buy moar AMC.
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Just watch congress closely and do what they do...
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Destroy America.... No thanx
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When are we selling AMC this time?
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I saw an article the other day about a site that reports the investments of people in congress. They're required to report their transactions regularly, so it's public knowledge. People have started mirroring Nancy Pelosi and are making good money doing it, because somehow Nancy Pelosi is magic at understanding which stocks will do well. I'm kind of intrigued and noted to myself that I should go find that site.

Granted, it's always possible that a phenomenon like this feeds itself. If a bunch of people pile in and buy the same stocks, then those stocks will go up. But I'd be surprised if a specialized site like that could produce that type of volume.
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