Sunday, I decided I should put more money in the stock market, since it is on sale. Buy low (i.e. when you’re depressed) and sell high (when you are strung out on cold medicine and prescription drugs–Suburban Destiny is against narcotics.)
This morning, the papers talk about how the super-duper massive bail out, or mega-shareholder subsidy was supposed to be a done deal. Knowing full well that ruin-the-country and raise taxes Republicans would have to raise taxes to cover this, I figured it would be most prudent to have one hand out for a bailout in preparation for the other hand being hoovered of it’s cash.
By mid-day, the deal to drown Republican lobbyists with enough cash to suffocate them was off and the market fell 7%. In one day! That is as much motion as you normally see in the market in a whole year!
So I was very worried that I had just bought hours before the largest one day drop in my memory. Fortunately, eTrade, who drags their ass when you ask them to make a trade, didn’t finish my trade until after the 7% drop. Phew.
This story will warm my heart when the market drops the next 7%.