how can the majors AND refiners all be down at the same time?
Must be nice to be able to plow $5000 into the market each day. :-)
Right now, I can only plow money in once a month, every other paycheck goes to the market, and I am already have a margin balance of 8% of my portfolio value, having bought a little here and there on the margin as the market declines, and will pay that off with dividends and as the market recovers and then rebuild a cash balance. Build cash in good times, go into margin in bad times.
As long as my overall portfolio dividend yield (now about 9%) and dividend payments exceeds my margin interest (now 4.75%) and payments by a comfortable margin, I figure I am safe, using dividend payments to cover margin interest with plenty of money left over. And with a margin balance of only 8% of my portfolio, I got plenty of room for safety and not worry about margin calls.
Correction. My margin interest rate is not 4.75% (that was yesterday's rate). It is now 4.25%, I guess Tradeking decided to cut margin rates by 0.5% to join in with the Fed and the other central banks in cutting interest rates. :-)