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Dow Up 936 Points Yesterday

Erik Folgate

That was a nice little rebound from last week. Maybe my 401k will recover a little bit. What are you speculations for today? Do you think it will go up, do nothing, or go back down? I think it will continue to go up, but it will be about a 150 point gain, rather than an astronomical 936 point gain. We shall see.

Categories: Stocks

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college. Another one of Erik's projects is the site, Stuff We Google.

Learn more - including co-founders Andrew Schrage and Gyutae Park.

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Comments

  • ekrabs

    Oops! A little late to this party, but basically, the rally is due to government intervention, and the stop of panic selling.

    HOWEVER, recessionary climate is still here with us. And thus, the rally didn’t last. I don’t like trying to predict the future, but if I had to bet money on something, it is that we will indeed qualify the conditions for recessions.

    This is not something I would like to say, because like everyone else, my portfolio is suffering. However, this is what I believe is the true. It’s going to get worse before it gets better.

  • Erik

    Ekrabs, you are probably right that it will get worse before it gets better and we’re definitely going into a recession. Not by definition yet, but definitely in terms of economic decline over the past 6 months.

    However, what I am trying to convey to you all that this can be a time for opportunity, rather than a time to sulk and feel sorry for ourselves. If you look at it as a time for opportunity to make more money, you will come out far ahead than many other individuals.

  • ekrabs

    Hehe, and that I fully agree!

    I’m also trade stocks on the side, and I went in before the rally when the panic buying was going on. Since the rally, my last trade made a gain of 34%, putting my overall trading portfolio at 67% gain for the year.

    I know it sounds like I’m bragging, which of course, is very amateurish so I apologize. However, the point is to prove that, it is as you say, a time of great opportunity.

    Just be careful of the risks out there. Even for general investors, it can be dangerous right now. But that’s why we all try to become better informed eh?

  • ekrabs

    Oops! I meant panic selling. My bad.

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