It’s hard to find anything of serious substance that’s new that caused yesterday’s heavy nearly-200 point sell-off.
No obvious things like subprime mortgage problems, the financial system collapsing or another 9/11. Or even Washington doing something stupid, again.
Some stuff I owned actually went up — Apple, gold (SGOL), NLY, STWD, TCRD, QCOM, WWAV and PF.
I was a bit depressed about the four percent hits APO and BX took yesterday. I searched for a reason. I couldn’t find any. I’m keeping an eye on them.
My remaining Berkshire are now showing a loss. There’s something strange going on. Whatever it is, I don’t like it. I will dump my remaining two. Otherwise, I’m not in sell-off mode. I’m guessing yesterday (and probably today) will be temporary blips.
Don’t feel bad for yesterday’s pull-back. Google “new highs stocks list.” There are a number of web sites, including the Wall Street Journal, that give you a fine list. Here’s the beginning of the Journal’s NYSE new highs for yesterday:
You can see the rest of the chart on the WSJ site. . They also have it for NASDAQ and other markets. Click here.
Thank you JPMorgan Chase. The two wires I sent through you via your online site actually arrived. They got the money. Thank you. Mr Dimon. You deserve your $20 million salary plus bonus plus plus.
Harry Newton who shouldn’t get up at 3:30 AM to watch a tennis match — especially since it will be replayed a million times in the next few days. But he did. And the match between Nadal and Federer wasn’t that good.
I think my wretched cold is getting better. Being sick gives boredom a whole new meaning. It’s ten degrees in New York City. Not pleasant for walking Rosie in the middle of the night. Fortunately, she doesn’t like the cold either and is motivated to perform quickly. I am thankful for small mercies.
Markets down another 318 points today after yesterday’s drop. Maybe the market is finally getting rational, which could also explain why Buffett dumps a bunch of his stock and even his fund is down. Or does Congress and the top dogs on Wall Street, which includes Omaha, know something we don’t yet know? Tune in Monday for the next chapter.
What, no comics?
Harry,
You recently had Microsoft on ur short list. It’s up 2% today on a great earnings report.
So you think Buffett has lost it and it is time to bail on Berkshire? You know, his track track over the long-term is generally favorable.