Buy when there is blood in the streets? That expression has a whole new meaning today... Picked up some CLF and ANR this morning with the turn around as the market was approaching the horizontal support from the January highs... Hows everyone doing today?
Couldn't agree more... if you think this is blood you should be spending your money on a reality check rather than some inflated stocks.
Better have some solid TA on the daily chart before you start bottom fishing. I am just STARTING to unwind longs.
I didn't expect this much of a move from either ANR or CLF... Definitely agree the slope is slippery... I haven't left the desk today. 2 great calls from a buddy of mine. Guess I owe him a beverage for cinco de mayo.
Very good point, in my opinion. So far we only have a pullback. It is very likely that a bit of patience will prove this to be the start of a correction. There are several very obvious support points on the way down. I'll start to think about buying in the 1050-1000 area, but won't be surprised to eventually see 970.
Agree with both of you. Really depends on the time horizon... I'm not looking to hold onto anything and I was eye-ing the 1,155 support area. I do see us going further south.... I think we might see 1,132 (upward sloping support) in the coming sessions...
FWIW, my investment strategy is to buy high dividend paying stocks with less than unity payout that also appear to be undervalued. I suck on the divvies until the stock price recovers, then dump them. The stocks (and similar ETFs) I bought last year are dropping like flies now. So I am taking the profits and not looking back. I see another crisis of confidence in securities of all kinds brewing. A bottomless pit for years. That's my rosy scenario.
I am personally an advocate of that same investment style. I advise anyone building a retirement portfolio to buy nothing but undervalued dividend paying stocks, and to emphasize stocks whose dividends are denominated in currencies from the strongest economies.