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- To: firstname.lastname@example.org, Campen_Kathleen_L_LLD@hq.navsea.navy.mil
- Subject: Taking Stock...
- From: "Greg Gainer (contractor)" <email@example.com>
- Date: Tue, 28 Oct 1997 09:06:06 -0500
Some of you might have heard there was some remarkable market movement in
the last session. The DOW, NYSE, S&P, and NASDAQ all dropped about 7%.
(D'Oh!) While the Dow was down a record number of points (554 and change),
the decrease did not even make the all time biggest corrections 'top ten'
list in terms of percentage.
Some have tried to compare this drop to the crash of 1987 (Black Monday,
October 19). The 1987 crash was about 22%, or three times yesterday's drop.
1987 was also characterized by a lot of panic. Traders interviewed
yesterday said everyone on the floor was quite calm. Many of them lived
through Black Monday (and Terrible Tuesday), watched the market recover,
and start setting record highs after five or six months. As a survivor of
'87, I felt excitement (not dread) watching the market yesterday. I was
trying to figure which stocks to buy and when. (I'll be watching the market
open today, and probably place a buy order or two for myself before noon.
I'm thinking RHI and CSCO).
I'd say Dave Parnigoni got a pretty good bargain. Also Kathe Campen, who
indicated she was sending Matt a check, is probably buying in at the best
time in several years.
-Obvious buying opportunity (bargains everywhere you look)
-No longer have to worry about the 'major market correction' that analysts
have been anticipating for years.
-Al Greenspan will stop griping so much about 'Irrational Exhuberance', and
is more likely to keep interest rates down (which is good for business
-We're long term. This is just another blip (albiet a big one) on a long
bumpy line that ultimately goes up.
-It may not be over yet: Hong Kong's (Hang Seng) stock market fell another
13.5% while we slept. Even if the US markets continue to slide, (I almost
hope they do) there are good things associated with that (see good news).
Enjoy the ride!