Ok lets do an update, the US markets tanked today on the biggest headline which was that Ford Motor Company had lost a pile of money that would actually stand about 5 meters high in 100 dollar bills. So how the hell could you "lose" nearly 8 billion dollars in three months?, are they giving cars away or something?
Another group to tank was the financial companies, now they had a great little run up last week and a few talking heads on telly got excited and were saying "maybe the worst is behind us?" As much as i would love that to be true and for the worlds econonomy to recover tomorrow it just isnt going to happen just yet. So our position in the SKF fund came into play today, now rememeber the value of this goes up when the financial sector values go down. It recovered its losses today and moved into profit. Gotta keep a keen eye on this SOB though, it moves up and down faster than those doeramon knickers on Soi Yodsak
The other disapointment today was the fert stocks, they all finished down today even though POT announced it was making 200% more money than this year,than it did at this time the last. It doesnt make sense but as a long term investment there winners. I'll buy back in soon when the wild price moves and sell offs settle down. I'll be more careful with the timing this time.
Dow jones finished at 11,355, 276 points down / -2.4%
S&P500 finished at 1253, 29 points down / -2.2%
Our Freeport (FCX) shares look doomed for a good while yet, I'll wait until folks have finished selling in a few days and buy another 200, this will "average down" the average price paid for each share, this will help us move into profit sooner when commodities recover later in the year.
Not a bad day considering we banked 1600$ early on.
Gonna be intoducing a few other companies over the next couple of weeks, perhaps some stuff from the emerging nations like Brazil, India, China.