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take a break
And I Thought Last August Was Bad...
Last week the TSX lost over 5% of its value and so far in 2008 (to the close on January 18) the TSX has lost over 7.5% of its value. The financial sector seems to be taking the brunt of these market conditions, the iUnits Financial Index ETF is down over 8% in 2008 (again up to the close on January 18).
Today the US markets are closed and that may turn out to be a good thing. The TSX has started the morning off in a foul mood, dropping more than 500 points or 4% in the first 10-15 minutes of trading.
To me it looks like there are a lot of bargains out there right now but I have a feeling that there will be better bargains in the coming weeks. I don't see this downward pressure letting up any time soon.
The really nice thing about the state of the market is that it is going to allow me to test my income strategy. I am hoping to see about a 30% increase in the income from our portfolio in 2008. I think that we are going to have an opportunity to see what adverse market and economic conditions do to an income-oriented portfolio.
All in all this looks like it is going to be a wild ride.