It was another sorrowful day for my portfolio. Unfortunately, due to an overnight Black Friday shopping excursion with my family, I missed today's trading session. Seriously, my shopaholism is hereditary!
But what better deal is there than the stock market - with so many stocks trading at nearly 70% off their annual highs?
This is not last season's merchandise and we've even got some high-end, beautifully crafted balance sheets at fire sale prices here. JPM is trading at just 62% of its book value and with just another 15% decline, we're going to get it at a P/S level below 1.0. But I still insist $24.99 is the level to watch on JPM - and we may not even get there, fellow bargain hunters!
My feeling is that the rebound is imminent for several key reasons:
1. the GOLs managed to push FTSE to end the day above the 50% daily Fib level
2. the Tall European Men pushed Eurofirst to end the day above 900, ending the day above the 50% daily Fib
3. Nikkei ended the day with a -0.06% loss that is only symbolically in the red, meaning the bears have very little power left to push further
4. Italian bond yields are already at 8%... By comparison, Corporate AAA bonds are only yielding 4.99%... Municipals A bonds are only yielding 7.86%. If I had a bunch of moola, I wouldn't mind investing in some Italian debt right now - and neither would my Dad.
True, the Belgium downgrade occurred after the GOLs closed the day, but I'm quite sure all the savvy European traders had already heard rumours from all their market buddies before the announcement and had already taken action beforehand accordingly.
I say the First Amendment Rights People have gotten out of control. I can't wait for the day the Eurozone leaders finally step up and serve them a EUR-denominated bailout fund big enough to whip their pips into submission. They don't even deserve to be tied with Hermes scarves either, but Death by A Thousand Slices, another severe form of Ancient Chinese capital punishment? Perhaps.
Let's see how the Japanese Housewives react to this news, though. It'll be our first indicator as to just how much more bearishness is ahead since they're usually fraidier than fraidy.
-1.00% SBA
+0.40% Roth IRA
-0.23% DJIA
-0.75% Nasdaq
-0.27% S&P
+0.72% FTSE
+0.94% Eurofirst
+1.20% WTI Crude
-1.06% Brent Crude
-0.24% Gold
-0.11% Copper
-1.32% Corn
-0.04% EUR/USD
0.00% GBP/USD (further indication that even if the GOLs are spooked, the bears may be wielding a very small sword now)
P.S. My sister's turkey sure was good!
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