Gif and market comment: -
Ron thanks for the "dump" really needed a laugh today.
market comment. today was HEALTHY PANIC. I think we will have a down opening and a snapback rally tomorrow afternoon. We will also start seeing massive stock buy backs. Boeing announced a 15% repurchase today, many more will follow.
Investing has often been described as a battle between fear and greed. Today, panic set in, the "GET ME OUT NO MATTER WHAT!, plus margin calls, plus expect to see more fund liquidations. The public has bot on dips, but if they've been trying here, they've been wiped out by the massive institutional selling.
Most of the money coming out of mutual funds has gone into money market funds tied into the fund family. There is a mountain of cash waiting to buy great stocks at greatly reduced prices. This should happen soon.
Advice: be nimble, lighten up some more, even at these level, sell the stocks that are down the most, not the ones you still have profits in, and look at stocks that have good PEs, earning potential, fundamentals. forget charting right now, at times like this, support really doesnt mean much. I like PNC, S, at these levels. NSCP at 18 is a bargain, even if it goes to 15, DELL will probably test 90 before it goes back to 120, COF dropped HUGELY today, is great stock. Luck all. larry.
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