Posted on 26 May, 2010 | 61 Comments
Last week, the Nasdaq dropped convincingly below the Common Sense buying threshold, which is a 10% decline from the most recent high reached on April 23. The S&P 500 also dropped more than 10% from its peak, putting both major averages into an official correction, the first since the bull market began its rise on March 10, 2009. The Dow Jones Industrial Average dropped below the 10% correction threshold Thursday, returned above the line Friday and fell back below it again Monday. The Common Sense approach calls for buying on corrections of 10%, and selling after rallies of 25%.
Just two weeks ago I fretted that a buying opportunity had come and gone so fast. The $1 trillion rescue plan unveiled by the European Union and the International Monetary Fund had triggered a huge rally, and it looked like the bull market was back. I needn’t have worried. European sovereign worries have returned with a vengeance. Not only did the market’s plunge renew a buying opportunity, but indexes fell so rapidly last week that the Nasdaq Composite was well below the 10% threshold on Thursday.
This is yet another reminder to remain focused on the long term and not get caught up in the minute-by-minute or even daily gyrations of the stock market.
As usual, I’m making no short-term predictions about the direction of the market. My goal is simply to be prepared when opportunities present themselves, as they did last week.
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