Alright folks, I'm out:) I was hoping for a strong rally till we got to the 200 day MA, but looks like that's a dream. I think one rule that applies is - sell when you get such an email from your financial advisor (even if you don't pay him):
About three weeks have passed since I last wrote to you about the economic turmoil affecting world markets. In that time, U.S. and worldwide stock markets have continued to gyrate and go down. We recognize that many of you have concerns and questions about how to respond to these events. Here are some important points to keep in mind.
We expect markets to recover. Of course, we don't know how soon, or how long it will take to make up for the recent losses. But markets are very resilient. The U.S. stock market has weathered a number of extreme events in our history—a Great Depression, world wars, oil embargos, and market crashes big and small. And despite these setbacks, the market has continued to grow over time.
This means that a broadly diversified portfolio is as important as ever—the kind of portfolio Financial Engines recommends through the Personal Online Advisor service. Just as market declines can happen in a single day or week, rebounds can be equally sudden and unpredictable. Missing those days by having your money out of the stock market can be very costly in the long run. Your best opportunity for success is keeping to a consistent investment strategy, not trying to time the ups and downs of the market.
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That's the key - when he tells you that you might miss out on a big up day - is the time to run:)
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