Well now, I guess Thursday's good fortunes couldn't be followed up by an even better Friday. In fact, quite the opposite happened, the market plummeted. The DOW dropped almost 400 points, The NASDAQ dropped 75 points and S&P dropped over 40 points.
I too was a big loser. My portfolio dropped about $8 in one day. AGG was my only winning stock, gaining about $0.56 per share and is my only ETF that is above my initial investment.
Now why did the market do so bad you may be asking, it was oil! Not only does filling our tanks have us pinching our pennies, but it's stealing our money in the market as well. The cost of a barrel of oil jumped over $10 in a single day, the most ever! The cost of a barrel of oil was almost $140 and the national average for gasoline is now over $4.00 (I hope you filled up your tanks before the price spike!).
Anyways, it looks like the cost of oil is going down some. The market just opened and its already down a couple dollars. Hopefully what we all lost Friday will be returned to us.
Just another useful thing to know what effects the market. I'm glad I figured it all out when I only have a few hundred dollars invested, not thousands. Oh and as a side note, Exxon Mobile (XOM) dropped about 2 points on Friday, so even the worlds largest Gasoline company can't win when gas prices go up.
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4 comments:
Hey! Wow can you believe that price shock affect on our markets... sheesh! Even with that slight down @137, the market still looking slight ly weak in my opinion. You think Inverse EFT's might be an option? Perhaps not since I take it you are in regular growth EFT's.
Tony Tovar
www.moolahblog.com
Hey Tony, I looked into a couple Inverse ETFs (DXD and QID) and might consider putting $100 into each by the end of the month.
I almost feel as though I'd be coming out even though at this time. I usually come out ahead in most cases when the DOW and the NASDAQ are up with my current portfolio and I lose when both take a dive.
I guess it couldn't hurt to have some insurance of sorts in these rough times, but like I said, I feel like I might as well just keep my money in a checking account because in both cases I won't see any real gain in my opinion.
Careful, Inverse EFT's do exactly the opposite and go down when market is up. At this point though, I would probably think about what IEFTs i would go into. I think the market for in general is not going to see brighter days yet. I'm waiting till quarter reports to see who GDP grew or how Consumer reports affect the market again. If the news is negative I'm going into IEFTS for a month or so and then we can go from there. :D
Tony
Now this is the kind of blog I can start reading. I like it. 298 to 303! I mean it's old school money making on a scale that's digestible.
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