It’s nice to have the luxury of cash when there’s blood running in the highways and byways. I spent time selectively buying into this shitstorm, all day long. Not shooting the wad, but selectively allocating dollars here and there.
I also picked up, going into the close, 3M Company [[MMM]] @$57.41(it’s cheap), Transocean Inc. [[RIG]] @$67.15, and [[XLE]] @$42.93.
Though I did take some hits today, my mustache is still intact. I remain hedged and confident that I made some good buys here. The weak hands were shaken out today, no doubt.
We will bounce strongly sometime between now and mid December, in my opinion. The credit markets will be the key. If the market doesn’t rally, current equity prices are attractive at these levels, and can be held for profit if you’re patient enough. We are not Japan, and this is not the Depression.
When it seems most scary, sometimes it’s the best time to invest. You know, “Costanza” and all that shit.If you enjoy the content at iBankCoin, please follow us on Twitter