Now the baby and the bath water are gone, maybe it’s time to “Buy The Dip”?
Maybe not. This is among my worst days ever in the market. If I thought this might end soon or intelligently, I might be inclined to do some nibbling… But…count me a skeptic.
It’s spreading. Iran has hit Amazon’s AWS data centers in Bahrain, Saudi’s Ras Tanur Refinery shut down. Qatar’s Ras Laffran LNG production stopped. Kuwait’s Mina Al Ahmadi and the UAE Jebel Ali port disrupted. Zillions of stranded travelers in Dubai and around the region. Undoubtedly others I (and Gemini) don’t know about.
The pundits point out the obvious: The war is spreading. Countries like Saudi and Kuwait can make significant mischief and mess.
This is long brewing — Shiite (Iran and Iraq) against their Sunni neighbors (Saudi, UAE, Egypt, Jordan, Kuwait, and Qatar). Think Protestants versus the Catholics. Fortunately, that stopped a while back. This one is only getting worse.
If I were to buy the dip, I’d look at Nvdia (just upgraded by Morgan Stanley to their top pick in semis), and then I’d go for gold, silver, uranium and copper. Maybe nibble at LNG which is one of the few stocks today that’s actually up.
Eyeing today’s drops in my portfolio today, I’d say pick your favorites and nibble.
Do Not panic. Do not sell. You cannot time this insanity.
But you do know that eventually it will come back, and more. Eve.n Donald Trump has no idea when (or how) it will end.
As I write this, the stock rout is easing a little.
I visited Tehran in 1969
It was a gorgeous place. This picture is more recent. Tehran sits at the bottom of the Elburz mountains. The peak is Mount Damavand, 18,500 feet There’s plenty of skiing in Iran– some 45 miles or so from the city.
However, I think I’ll put off my next vacation trip to Iran, maybe go to Sydney, Melbourne or Perth, where some of the planes are still running. Australia is a wonderfully long way from anywhere. Didn’t they make a movie about that a long time ago?
The seeing eye dog
Two men enter a fancy French restaurant, each with a dog — one a German shepherd and the other a chihuahua.
Told dogs aren’t allowed, the man with the shepherd says, “This is my seeing-eye dog.”
The maitre d’ apologizes and seats the man and his dog.
When the man with the chihuahua is told no dogs allowed, he says, “But this is my seeing-eye dog.“
The maitre d’ says, “Monsieur, in my 30 years on this job, I have never seen a seeing-eye dog that is a chihuahua.”
The man exclaims, “THEY GAVE ME A CHIHUAHUA?”
See you tomorrow. — Harry Newton
