Rough???? Not quite. At least not quite like October 1987.
The market lost almost 25% (yes 25% ....of its value in one day). Today's 3.5% drop is a pimple on an elephant. 25% based on a 29,000 Dow would have been a drop of 7,250 points.
Of course, we hope it doesn't continue, but it wasn't a comparable one day move.
I sold 80% of all stock based investments yesterday 2/24.
I am exiting the market for an at minimum period of 3 to 4 weeks.
I'm thinking we are only at the half way point of the sell off in a best case scenario. Worst case we have another 10% - 15% to go.
This corona virus is going to be a major disruption and we are only seeing the tip of the iceberg. I am waiting to see the effects of a US hot zone before I reenter the market.
I am basing this off the market reactions to previous outbreaks.
I have a few that I am watching, I'd love to jump back in on a bottom but I still think there is too much risk to get in now.
My current plan of action is to see the market response to the first US infections. I think that will be how I determine my next steps. I am expecting this news to hit by Monday next week.
It is almost time to buy back in, My number was a 15% - 20% sell off and we are pretty close. Next week I will probably start getting back in, especially if there is no major outbreak in the US.
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