W2R
Moderator Emeritus
GET A GRIP, folks. We're supposed to be in a market meltdown, a credit collapse, a financial Armageddon. Right?
Uh, not exactly. Just five weeks ago stocks were at all-time historic highs. And now, as of Thursday's close, they're about 6% off those highs.
Meltdown? This hardly qualifies as a correction. Even at the worst of it last week, the S&P 500 never closed even 10% below its highs. If this market move has you freaked out, then you need to find something else to do with your money other than investing in stocks. Ever consider taking up stamp collecting?
Everyone's saying that the financial system is "broken" thanks to losses in subprime mortgages, and the collapse of exotic loan securitization structures like collateralized debt obligations, or CDOs. So how come the financial sector of the S&P 500 has performed better than the overall market during this alleged meltdown?
Guys and gals, take a stress pill and count to 10. This is nothing. At least for most investors.
The section above is quoted from the following URL. I thought it was very encouraging (even reminded me of CFB's "blue light special" comments).
Stock Pullback Is Buying Opportunity, Not Meltdown (Goldman Sachs, Bank of America, Countrywide Financial) | SmartMoney.com
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