Thursday, November 1, 2007

Dow down 362 points!

The Dow closed down 362 points
NASDAQ closed down 64 points
S&P 500 closed down 40 points

Today was a blood shed, with financials and anything related to housing spilling the most. Everything in my portfolio ended in the red but Dreamworks (DWA) which for some reason has been moving against the market. I guess Wall Street had a sugar hangover today and decided to take some risk off the table. I have been staying away from financials and housing stocks so today mainly hurt my mutual funds (I am afraid to look at how much) but my speculative investments were not damaged to bad. I know I am completely insane for looking at this stock, but Countrywide is looking really cheap right now. I am going to hold off for now, but if it drops another 10-20% I may pick up a few shares and forget about them for a year. Countrywide is not going anywhere, so it is likely a safe bet (especially with Buffet buying at $18).

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