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Posted by Senan
I wrote a few months back about the volatile nature of the stock market at the time. Well, it seems that it's back. On Wednesday it tanked. Allied Irish Bank and Bank of Ireland nursed huge losses. On Thursday many companies made up much of the previous day’s losses. And now today (Friday), the whole thing is capitulating again.
All in the same week that the U.S. officially exited recession.
Some will put this down to profit taking. Fact is the appetite for risk has dissipated again. Economies are now is a more stable state, however they are still depressed. Metrics such as consumer confidence still struggles.
I invested some money this month. I bought into the growing consensus that despite certain indicators, the economic environment was again all rosy. Needless to say, looking back now, I don't know what I was thinking. I'm sitting on a loss of about 10% currently, but I will be holding on for the long-term, so not immediately concerned. I normally stick by the mantra: Buy on weakness (in other words, wait for a dip); in this case I didn't and now I'm down. Lesson hopefully learnt!
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