If you are an avid reader of this blog you might have noticed that I haven't posted for quite some time. I have been so busy the beginning of this summer I haven't found the time I would like to dedicate to the markets and therefore I don't want to post and supply you with less then substantial information. I am currently on vacation in New Jersey seeing all my friends from highschool. I return to California this Saturday the 12th. That Monday I start Summer school and my internship at Morgan Stanley. Even with such a busy schedule this Summer I believe I will be able to dedicate the time I would like to to following the markets. Anyway here's my opinion on the recent stock market slump...
Dow hit it's lowest poin on March 9th 2009 at 6,547 and rose rapidly to its peak on April 26th 2010 at 11,258. At this moment the Dow is above 10,000 at 10,090. I would watch 8,903 (the halfway point) as a level to signal a further downtrend or a surplus of buying. Personally I think now is the time to buy stocks. You probably wont be buying them at the bottom but if you look at past performance and have any confidence that stocks will reach those levels again then you have tremendous upside. My positions have suffered considerably. When i started summer I decided I would hold my posistions and not sell or buy more and see how I made out. This decline has proven to be very detrimental to my account. I will still hold my positions but I do not expect to make back my losses or make a profit at this. speaking specifically on IMAX this is a shame because there are some serious blockbusters emerging out in the comming months. I hope some of my readers switched to a bearish stance on the market early because everyone knows stocks go down faster then they go up.
This is all thats on my mind at the moment. Take care and hold on to your hat.
