What a Day!!!!! The markets opened lower, a result of the disappointing earnings from Apple, TI, and Wachovia. All these stock were down and out at the open. Apple and Wachovia plunged 10% at the open and so did some of the other financial stocks. But it all turned for the better as oil continued its downward spiral. At one time, it was down $5/barrel. Wachovia was in the green as the day ended based mostly on the fact that the CEO announced they will not be selling more stock and will be cutting their dividend. This news buoyed the entire financial sector, which ended up 3.5% on the day. Freddie Mac was the surprise winner. The stock, which had been down 13% at one time, rallied to finish up 10%.
One other major news was that the ruling coalition proved their majority in the Indian parliament and hence would stay in power for the time being. Look for a major upswing in the Sensex tomorrow. EPI, an ETF based on Indian shares rose 5% today.
Today was another good example of the fact that it is pretty hard to time the market. Stocks which were down 5 or 10% ended the session in the green or pared most of their losses. It doesnt pay to sit at the sidelines for long and trying to find a time to "enter" the market. You should be in it for the long term and not get anxious by the daily swings. This "noise" will be there always and is something that gives us the opportunity to make $$$$$$$$$!!!!!
Cheers!!!
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