Stock market continues to slide today, erasing almost the entire gains of Monday rally. Major indexes dropped between 8-9% today, shattering the hope of the investors for a near term recovery. Investor confidence is in short supply. Even commodities are trading broadly lower. Crude oil tumbled 5.9% to $74.03, down almost 50% since its peak earlier this year. A slue of bad economic news (retail sales and Fed Beige Book) underpinned today's dramatic sell off. Where is an end to all this?
There are now so many cheap stocks you can pick from. You don't have to buy those risky controversial names. You can now buy solid healthy global franchises at bargain prices. Where are the risk takers in America? I think a few years down the road when we look back, we would appreciate what a tremendous time this is to buy stocks extraordinarily cheap.
Mutual funds and hedge funds are forced to sell their stock holdings because investors are pulling money out in fear. Irrational. Investors are so irrational.
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