Over done...periodWell I saw the possibility of 9300 for the TSX (a few posts back) and hoped some sanity would prevail that would stop the slide to that level... but I guess the market has to go to that level before it's happy ...hit 9449.63 today very near the 38% retracement Eilliot Wave theory suggests.
And it's painfully obvious that company valuations and stock prices have taken a holiday ...panic over reaching reason. Just makes adding to my Bank positions later that much easier . AND NO I didn't sell today !!! I'll be damned if I'll lock in a loss here... when the TSX will see 12000 in 12 months and a 30% pop is coming...!
And I don't see much more down side to the DOW now that it has hit 8579 which = a 39.4 % drop again fitting the Elliot wave theory of retracement.
Jeff Rubin from CIBC has some thoughts worth looking at.
And I feel for those that had to sell today and lock in those losses...sometimes the market is No fun at all. This will be my third market slide since I started investing. And yes they do end... And yes they do recover. Time line is the biggest factor...But Canadian Banks are still the most sound of all the WORLD BANKS!
Sit tight you will get through this.
Cheers