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captpackratAnother horrible day on the stock market. The Dow Jones Industrial average was down 1.54%, the NASDAQ down 1.43%, and the S&P 500 was down 1.6%.
I was hoping things would improve today, which is why I purchased several ETF's near the close yesterday, and indeed, the Dow was up 37 points within the first hour. But then things just went to hell in a handbasket. By noon most of the trailing stop orders had already triggered, though I still took a small loss on them. My shares of Apple sold off just after noon as they started falling. Unfortunately, because of Federal regulations, I can't spend money from the sale of a stock unless it is more than 3 days after I purchased it, so I could only use the remaining cash in my account to buy new stocks. On the hopes that they would bounce back, I issued a limit buy order on Apple and snagged a few more shares on a downtick, and it looked like I could turn a small profit on it, but the stock just crashed out in the last few minutes of trading, soinstead I lost a few hundred.
All in all, I lost over $1300 today. I'm still doing far better for the past 4 months than I would have had I kept the money in the bank, but this stock craziness is not doing much to help my stress levels.
After the stop orders went through, I now have only 1 stock, Apple, and 1 ETF, Diamonds (DIA) and two mutual funds, the Buffalo Science and Technology Fund (which I can't sell without a penalty until September) and the Matthews China Fund (which I can't sell for another week).
I'm going to be a lot more cautious next week. This whole credit crunch and subprime crap is really hurting not just the US markets, but overseas as well.
I was hoping things would improve today, which is why I purchased several ETF's near the close yesterday, and indeed, the Dow was up 37 points within the first hour. But then things just went to hell in a handbasket. By noon most of the trailing stop orders had already triggered, though I still took a small loss on them. My shares of Apple sold off just after noon as they started falling. Unfortunately, because of Federal regulations, I can't spend money from the sale of a stock unless it is more than 3 days after I purchased it, so I could only use the remaining cash in my account to buy new stocks. On the hopes that they would bounce back, I issued a limit buy order on Apple and snagged a few more shares on a downtick, and it looked like I could turn a small profit on it, but the stock just crashed out in the last few minutes of trading, soinstead I lost a few hundred.
All in all, I lost over $1300 today. I'm still doing far better for the past 4 months than I would have had I kept the money in the bank, but this stock craziness is not doing much to help my stress levels.
After the stop orders went through, I now have only 1 stock, Apple, and 1 ETF, Diamonds (DIA) and two mutual funds, the Buffalo Science and Technology Fund (which I can't sell without a penalty until September) and the Matthews China Fund (which I can't sell for another week).
I'm going to be a lot more cautious next week. This whole credit crunch and subprime crap is really hurting not just the US markets, but overseas as well.
