That Was Ugly
It was just two weeks ago I was all smile when the Dow gained 283 points in one day on its way to the 14,000 mark, which was reached exactly one week ago today. That gain, however, was all but gone as the index lost 527 points in the past 5 sessions. Markets in earning season are always volatile, but today’s 311- point plunge was pretty ugly. It could be much worse had the index closed at its intra-day low of 13,335.
Looking at my investments, many stocks/funds posted more than 3% losses, including
- Taiwan Semiconductor (TSM): 6.24%
- China GreenTech (GRRF): 3.67%
- Nortel Network (NT): 3.57%
- China Life Insurance (LFC): 3.32%
- PowerShares Water ETF (PHO): 3.29%
- Tocqueville Gold Fund (TGLDX): 3.23%
The lone gainer is Black Stone (BX) which added 19 cents, or 0.74%. On paper, today’s decline wiped out $11,000 of market value 
. I did, however, take advantage of the sell off around globe by buying $200 of DODFX as the fund dropped 2.69%.
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my portfolio cried today
Fret not. In thirty years, the recent downturn will be but a blip on the long-term chart. Buy more while it’s down and laugh all the way to the bank when it goes back up!
Volatility is the price we pay for superior long term returns.
volatility is correct, but so is the ugliness of two days worth of declines, wiping away lots of value. now i’m going to have to rethink my TIRA conversion this year if the market continues on its downslide. but i’m confident, things will simmer again. figure alot of the downturn isn’t necessarily jitters in real estate like the news is saying, but lots of people profit taking.
Given the huge run recently (1000 points in less than 3 months), it may be time to take the profits off the table (I am not selling anything). Hopefully, it’s just a short-term correction instead of the signal of “the worst is yet to come.”
I’m glad I do my net worth on the 15th of the month. I won’t even the notice this drop if it rebounds over the next two weeks.
Lazy Man: Way to be positive about this!