Not only is it dreary and rainy outside, the markets are down by over 3.5% so far today. Honestly, I've got nothin'...there's really no specific reason that I can pin point as to why the markets are down as much as they are, because truth be told we KNOW how bad things are in Europe, we KNOW that our economy is struggling, we KNOW that the housing market still stinks, and we KNOW that unemployment is too high. So as I sit here, I'm asking myself why?? One of the most frustrating things about investing in the stock market is that sometimes there is no rhyme or reason as to why stocks go up or down on any given day. It's sort of like why a husband or wife might "wake up on the wrong side of the bed".
Now I've never been one to harp on the negatives, but to put it bluntly, there is really no where to make money right now in the market. Very few stocks, (if any!) are up today, gold is down (which is usually a safe haven), utilities are down (which is also a safe haven), dividend stocks are down, growth stocks are down, Europe of course is down. Ugly Ugly Ugly. I don't know what to say other than "buy at the sound of cannons, and sell at the sound of trumpets"...basically put, there are soo many stocks out there that are too cheap not to own; the problem with buying stocks right now is that if you don't have a 6-12 month investment timeline, then you will probably get as sick watching the day to day market moves as you would if you were deep sea fishing in 8 foot seas (this actually happened to me/my father/brother in law/sister while in Mexico).
Ok so enough of the doom and gloom, what am I and the other money managers that I work with and know doing?? Buying buying buying. Like I said if you've got the time and patience, then there is a ton of money to be made over the next 6-12 months. Today I'm buying A LOT of the following stocks:
KKR Financial (KKR) at $7.73/share
Citigroup (C) at $24.20/share
Etrade (ETFC) at 9.65/share
SunTrust Bank (STI) at $16.83/share
Sallie Mae (SLM) at $12.32/share
Clorox (CLX) at $66.45/share
Please understand that buying stocks right now is not for the faint of heart, BUT if you have the ability and the time to be patient, then there is a TON of money to be made now. As I type, I'm aggressively buying stock in all of the companies I've mentioned above..while I'm not saying that they are done going down in price( as no one can really forecast that), I am saying that these stocks are too cheap for me to pass up.
Remember, buy low sell high (and take medication for stomach ulcers and high blood pressure)! Call me crazy, but I'm buying stocks!
