Monday, November 12, 2007

Scary Days

Wow, what a Monday. I didn't have to work today. I was paying thanks to those who fought for this country by not working. Seems wrong, I know. But I work at a credit union. What? Like I am going to force them to let me in.

But I did get to see a day where everything, and I mean everything was under selling pressure. Oil, gold, big techs, financials, foreign companies, the list went on and on. I guess it was not as bad as I make it sound. Companies like Johnson & Johnson, Proctor & Gamble, and others on the Dow, S&P, and Nasdaq. For the most part it was really split, but it seemed more gloomy than the numbers show.

Apple, Google, Rio Tinto, Citigroup, ExxonMobile, and I could keep going, all pushed lower. It just seems to me, that right now, we have already slipped off the ledge and we are holding on by our fingertips. I don't even remember seeing a cliff there!

Everything that had been keeping the market going forward, has reversed course, quickly. I have a bad feeling that tomorrow it will not be a sunshiny type day.

E-Trade (ETFC), lost 60% of it's value. A Citigroup analyst put their chances of being forced into Bankruptcy at 15%. The company rushed to dispute the rumor and said they are well capitalized. Who knows. E-Trade screwed up getting their nose into where it didn't belong, as discussed in this space before.

Scary, scary stuff. Where to put your money now. I mentioned two above JNJ and PG. I will throw in Colgate-Palmolive (CL), and keep with other companies such as PepsiCo, Coca-Cola, and McDonalds. We will see how the rest of this week shakes out. I may need to start making some changes to my portfolio if this continues.

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