As I mentioned on Facebook yesterday after Wednesday's (NZ time - Tuesday on the DOW))deadcat bounce we are likely to see a fall on markets Thursday or Friday.
What do we have this morning on the DOW?
Well, it is down and had not been positive at all. The DOW closed down 519 points or 4.42% wiping out all of yesterday's gains and then some. This is on news that several French banks could be close to collapse.
What will happen now?
Well, tomorrow is likely to be another down day and after that all bets are off except to say markets will still be choppy and ultra-sensitive to any bad news for the next few weeks.
It is always hard to time the markets but I am looking to buy at some stage but it is just picking the right moment. I am after 10000 or so Fisher & Paykel Healthcare Ltd [FPH.NZX] shares to add to the Share Investor Portfolio and may look at other stocks if I am game.
My portfolio has been up and down (mostly down of course) like a cheap K' Rd hooker over the last 4 trading days and was down by around 10% over Monday and Tuesday after a 4% fall on Friday but up nearly 5 % yesterday. Down is the only way today.
My buy orders for FPH have mirrored the market. A first bid at $2.20, then down to $1.99, then another down to $1.80. I raised the bid to $2.15 for yesterday but will re-bid a few minutes from now back down to $1.99.
Even I am feeling the pressure and have to steal myself sometimes to remain calm and focus on fundamentals (based on business as usual with the larger financial macro theme at play of course) rather than my state of mind.
This bumpy economic ride and the consequent market volatility has more to play out yet and there will be more opportunities in the months and years ahead but the money I am using to pay for the FPH shares is getting about 2.5% in the bank and inflation is running at twice that.
Yep, greed and fear, greed and fear!
FPH is paying over 7.5% gross based on the current share price of $2.34.
Watch the market and be patient, like me....?
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Darren,
ReplyDeletethese are very exciting times. Could be some great potential bargains, but we will watch and see could be more downside yet.
Yes, I am positively apoplectic with joy and agree that there is going to be more downside to come. I see the ACC snapped up another 1% odd of PPL the other day for under a buck a share.
ReplyDeleteI am trying not to jump on the first bargain because I know there will be more to come. Will not be buying any retail stocks, much worse is yet to come for some of them.