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Not a Pretty Day

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I mean the stock market. Dow lost more than 400 points. My brokage account lost about 10% of its value today. The biggest decliners are Home Inns (HMIN) and Mindray (MR); but Crocs (CROX) and Heelys (HLYS) are not helping either 🙁

Now the question is: is this a healthy correction? Or the beginning of (dare I say) bear market? I don’t have the answer. Personally I feel the market needs some sort of correction, especially in China, where the reality did not support the hefty stock prices. But do I think US consumers and business suddenly hit the break on everything? Probablly not. Same thing can be said else where.

4 replies on “Not a Pretty Day”

I met my friend today – an AVP @ Morgan Stanley. And we both agreed it would be a temporary thing. He actually bought quite a few shares today because the prices were so low.

I agreed. But it seems the market will be sideways for a while, at least for Chinese ADRs. So I will be cautious optimistic.

Another thing I heard from Cramer (Mad Money) is they got some machine problem at the exchange, very strange. I know one stock (Mindray) was sold at $16 at one point, which I would love to buy.

I agree with you regarding the Chinese domestic stock markets: too much excitement, and optimism, without a good fundamental support.

That being said, there are some bright spots, and I think there may be some oppertunities in B Shares.

Patience, more patience…

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