I was buying today. Higher than normal securities with 4+% sell offs today. Hard to argue with the Blue Light Specials....
The Dim One would have you sell into a sell off....the way of most traders who have lost most of their portfolios... sell on the lows...uh, huh...;-)
Unlike a SPO, there wasn't a clear indication as to the cause of the diversion from the norm, so I set tight.
About 80% retraced so far. Whatever it was, it's gone now.
The only things not coming all the way back are metals, which I haven't held for decades. Gold especially is a load of old tulip bulbs, and not done giving back its premium.
I agree, I sold my gold miner shares months ago. I was 10% down and decided to stop the bleeding. The problem with gold was that there was too much money in the world available to buy it and not enough gold to own. However, it seems that the number of people who want to own it is finally declining. It was bought by people as a hedge against currency devaluation but it isn't working. Currencies are devaluing and gold is going down as well. The reason seems to be that some counties may have to sell gold to pay their debt which would increase supply of it and the smart money wants to be the first out the door.
People keep talking about going back to a gold backed currency but I don't think that there is enough gold in the world to do that anymore. Not at least at its current price. World economies have grown more than the supply and value of gold has grown. The value of all the gold in the world is about $8.5 trillion dollars. I believe that this might not be enough as the GDP of the entire world is $70 trillion.
Hope the surgery went MUCH better than my buys today!
Unfortunately, I did most of my shopping late this morning. I managed to get some FSC as well as several dozen LINE May 36 and 37 calls plus some AGNC Jun 31 calls. I suspect most will turn out OK but I definitely missed out on this afternoon's fire sale prices.
Best wishes for a speedy recovery!
On calls- 80 call contracts Jan 2015 28 strike BE is at 32.45. I even held my nose and went long on some MT stock (french steel of all things).
doc- hope surgery went well. I am in the midst of a potential job change at work but will be traveling and will try to get my GLAD spreadsheet going. Question- what is the best place for tables containing the data needed- yahoo?
Robert - I have found a pretty easy source on Scottrade. (the only place I've looked). If you open a chart, for the time period you want to study, click on events/dividend, the x dates show up. Hover over them and they show actual dates. Also, there's a download to excel option that will give you open, close, high and low for every day of the period you have selected in an excel spread sheet.
I think that's everything you need.
I'll bet most online trading/research platforms have similar.
Hey Doc, what a great buying opportunity FSC was today :). I sold all my PSEC at a slight loss and loaded up on FSC at 10.36 and in the 10.50s. Just couldn't resist the great sale prices.
Good luck to all longs