I went to the dentist this morning (pictured... I wish). The cleaning appointment went fine, and the deeper pockets are gone. But I had two chipped teeth in the back and one small cavity, so the dentist said, "Hey, want to get it done now?" So I did. Drill here, drill now. No novacaine! Pretty shallow work, so didn't feel much anyways.
More pain in the portfolio today, though. Can I get a novacaine shot for that?
I started out today thinking that I'd do a write-up of yesterday's action, and basically say that I was looking for a follow-through day to confirm that some sort of bear market bottom was in and that we were in a rally. Basic IBD stuff, right?
Pffft. The End of the World was only postponed by yesterday's price action.
So, besides the Democratic Congress, what caused investor panic today? Lets look around the horn...
- SP500 officially in bear market.
- Yahoo Finance has the usual standby gem on financial sector today: ...selling intensified as traders became disappointed that the sector was unable to maintain its previous gains. So it went down because it was going down.
- Marketwatch blames Cisco. Also, they note that Iran tested missles and folks, who missed the latest tame PCE numbers, continue to be worried about inflation.
From da blogs...
- No Need to Fear the Bottom by Dr. Fallon. Why sweat a bottom? If you have money to invest, simply split it up into 3-5 lots and buy your favorite stock or index ETF piecemeal at regular intervals over the coming months or weeks. Down the road, your average buy-in should reap dividends.
- So Much for Yesterday's Bottom from Adam Warner.
- The Dividend Cut Flood from Disciplined Investing.