- Yes, indeed. That did get fugly into the close today. Things that didn't matter last week (subprimes) suddenly are the culprit. I guess nobody knew about the subprimes last week? Or is this just the historical seasonal swoon playing out? Last half of July tends to be weak. August and September tend to be weak. Etc. Just last week we made new highs in the market!
- No big deal here in Muckland as I'm conservatively positioned. Still have the cash. The low-beta stocks actually got hammered a bit today. And I'm mostly out of the mo-mo stocks, but the ones I have did get spanked.
- Bill Gross said today that he is looking for a 5-10% correction in stocks. Gee, the SP500 is already down 3%. Heck, Bill! It means the correction is almost over if your lower limit (5%) is the end target! Thanks, buddy. You might have said something about this last week when the SP500 set a new high. Are you still looking for DOW 5000?
- Look, calling market turns is about as easy as predicting which NBA games are fixed. Er, check that. It's about as easy... well, nevermind. It's not easy. Nobody but Tim Donaghy has a crystal ball that works. (Okay, working too hard to get that NBA crooked official joke in here.)
- No need to panic today. The market has had a tremendous run from the bottom in Sept 2002 and there are tons of gains out there. Even if we're 3% off the top, we're a whole bunch % from the bottom in Sept 2002!
- Muck note: Debating on getting DirecTV. Your thoughts? Anyone have the HD and HD-DVR with DirecTV?
