Well, today the stock market tested the bottom of the recent trading range of 11,700 and found it wanting. Today’s stock market plunge of 358 points saw the dow hit a low of 11,453, a level we haven’t seen since 2006.
Are we officially in bear country? (A bear stock market is defined as one that is 20 percent below its high.) If we’re not there yet, we soon will be. Am I sorry I bought in at 12,200? Yes and no. Sure, I’d have rather scooped up stocks today, but I still have some cash and over the next 30 years, I hope this won’t make a difference.
June 26, 2008.