Things Got Nasty In A Hurry

Could we be getting a second round of panic in the financials?  Perhaps.  I believe we’ll still see the strong ones (relatively speaking) separated from the weak ones at the end of the day.  But, the weak economic data I referred to in an earlier post today set the stage and the financials got beaten along with everything else.  The only area that was up today and it was up strong was the semiconductor area.  It’s been showing some relative strength but in this market don’t jump the gun and buy those just yet.  But, they are starting to look really good as a group.  Everyone is focusing on financials & commodities, but not technology.

This is still very difficult.  Anything I’ve bought in the past few days has fallen.  Move slowly and keep your portfolio beta down.  That means on down days like today, you don’t lose much and on up days you don’t make much.  Volatility may stay high in here.

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