I dont know if ALL the margined folks have been panned out, but certainly alot have been. So yes, we may see some more carnage early in the week, and with it being a short week, it could be tough for all 4 days. However, we have come down far and fast.....we could go lower, but how much lower? Do we hit 2000 on Naz? Maybe, but I tell you what, at 3000 you may have a serious panic, but at the same time, dont fool yourself into thinking people wont be buying, or wont be ready to buy when it looks like a bottom has been hit.
I am a typical investor...whacked hard, and harder due to margin. My thoughts are that we have been whacked pretty bad....we may get whacked more....but cmgi at $50....c'mon!! Seriously, that is what I think, and many must think just like me. Hesitant because we dont know what monday and the rest of the month will bring, but excited in a way because there is cmgi staring me in the face at $50. Do I buy at $50, and watch it got to $35 if we continue to tank....maybe, but one year from now do I think cmgi will be at $30, or even $50...or $100, or $200. So, I think many sit like I am pondering.....At this point with everything getting whacked by 2/3, do I want to sell now or hold on and wait for the bottom. I mean $hit, I didn't sell cmgi at $160, or $130, or $110, or $90.....do I really want to sell it now when the most it could go down is from $50 to ZERO? Heck, I just went thru a couple of 50 point drops on cmgi all the way down to $50.....so do I sell now? Do I buy more now or at the bottom ?
Anyway, anything can happen, but in the end, quality will win out. I screwed up and didnt sell at 4000 thinking the worst was over...maybe I am screwing up again thinking the worst will be over at 3000, but the bottom line is if I feel these stocks will be higher one year or more from now, I will not sell them now unless I am forced to. I was heavy in margin...as of monday, after a transfer hits my trading account, I will be less then $10k on margin and will not have to worry about being forced to sell, and may even be able to pick up a few bargains at the same time.
So, my advice is everybody needs to do what is best for them. Me, I am going to ride this out, then ride the quality stocks back up to some nice profits.
Great weekend to all |
