Nasty Close

The insane volatility is continuing this week. The market was very quiet for the most of the day when suddenly all hell broke loose. This is one tough market to navigate. Buying weakness and selling strength has been the best course of action recently. Speaking of weakness,  I made a late day buy of an oil service stock NOV. Had I waited a few more minutes I would have received a 2% discount instead of a 2% haircut. As Forrest Gump says "Shit happens". Have a good night.

2 comments:

Onlooker said...

The ISEE numbers seem to show that retail is quite sanguine about the nasty close. I would have expected to see the numbers go down more through the afternoon's action.

That portends more downside coming. It seems that we may indeed need another leg down to really scare the crap out of people again and set a more durable bottom of intermediate time frame.

Once again gold held up quite well here, though miners weakened quite a bit with the selling pressure.

Anonymous said...

2 tickers I own...BKCC and PHK. Both pay very nice dividends. They move in sympathy with the market. 20% of my money is in these. I've owned BKCC for about 6 weeks. I've averaged that down to 9.50.

They way I look at it, I'm already up 10%. plus it pays a 12% div. The fund has to go to about 8.5 before I start to lose money and I can/will just buy more.
It's better than getting 0% if i left it in cash.

There are quite a few high dividend funds to trade or invest in.
good luck.