shanghai's stock index fell 9% overnight. dow down over 200 points so far... i'm hurtin' a bit myself, but i'll come out all right. but i hope none of you, esp. our fans in china, gets hit too hard! even if you do, keep your heads up, tomorrow is another day! there will always be more money to be made!
I don't know about World stock markets but US markets have been down for a few days now. We had a few years of a bull market so this might be a correction. The worst thing that investors could do now is panic.
We had a market correction in the May of last year and ended the year up. I would not be surprised if this is a similar correction. Greenspan says we may have a recession by year's end, but that was everybody's bet since the start of the year and the market has been up so far this year. If the market does take back all of this year's gain and then some, it might be a good time "to buy low" and do a portfolio rebalance.
It's obviously Bush's fault I would worry about the mortgage industry a lot more than the stock market, anyone checkout novastar lately?
no kidding, I read a disturbing report a few weeks ago about how the number of people defaulting on their mortgage was up like 30% or something. Not surprising when you consider the amount of shady practices going on in that sector to get underqualified applicants approval for loans that they hve no business even applying for. on the plus side, looks like a good time for me to buy a house soon.
WOW! i just got done with the trading day insane!! had my best day ever! anyhow...just saw on CNBC that the 200 point drop midday was due to a miscalculation in the DJIA. i don't know how it happen but it was sweet. i have been trading for 3 years and i have never seen anything like this. wow
I'm a professional day trader. Today sucked! I had some positions that I held overnight, which I normally NEVER do.. and came away -20k at the end of the day.
It was triggered by automatic selling computer programs. Could have made a boat load in 10 minutes. BTW, are you trading these leveraged ETFs?
made money long and short. lot's of insane stuff with the new hybrid system that the NYSE uses. prints way out of the money because of how it works. actually almost all of my money was made long buying bounces.
<tt>DJIA..............12,216.24.........down.-416.02(-3.29%) NASDAQ.............2,407.87.........down..-96.65(-3.86%) S&P.500............1,399.04.........down..-50.33(-3.47%) Rus..3000............817.42.........down..-29.18(-3.45%) Wil..5000.........14,252.59.........down.-451.07(-3.07%) Nikk..225.........18,119.92.........down..-95.43(-0.52%).</tt>
ouch that hurts. I ended up around 30k...tripled my best day ever. the best trade I caught was in IGR. I felt bad after the morning too cause I felt like I chumped a lot of trades (eg. TV and EWM) but then the afternoon insanity happened and I didn't feel as bad
What will happen is everybody will come home and read the papers and set an automatic trade for tomorrow. I'm betting that the markets will drop like a rock at open and inch back up all day, and then do the same thing to with smaller magnitude the day after. It might be good to set a limit order with a very low limit for tomorrow, I guess, but I personally would wait a day or two for all the craziness to level out.
