U.S. Government Bailout Plan rejected, and the stock market had one of its biggest one-day drop in history

If you have been following the news for the past 24 hours, you know what I’m talking about.

At first, the U.S. Government plan to bailout the banks was a done deal. Things were starting to look rosy again. The next thing you know, wham, the bill was rejected, and it was kicked right smack on its backside.

Last night, the Dow fell 778 points (-7%), S&P 500 fell 107 points (-8.8), and the Nasdaq fell 200 points (-9.3%). That’s one of the biggest fall in history. To put that into perspective, after the September 11 attacks back in 2001, the Dow gave away only 684.81 points. Yeah, it is big folks. Be careful out there.

Indeed, we will see a bloodbath today in Australia and throughout Asia.

In times like these, I’m staying out. Capital preservation is my utmost priority.

P.S. There’s a in-the-money long position that I’m in right now. Will be exiting that at market open. I hope I won’t get screwed that bad.

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About nadlique

This blog is about the journey of a 28-year-old Malaysian towards financial freedom. This blog was started back when the blogger was 21 years old. However, his journey towards financial freedom had begun way before that. Materials such as investing, business, entrepreneurship, equities, and real estate are presented. The author also posts his thoughts and observations on life in general.

Comments

  1. KLSE turun sikit sahaja. 0.8%

  2. haha..me too bro.. keep ur cash! ;p

  3. bila masuk balik says:

    aus masuk sikit sikt?

  4. Ahmad Nasri says:

    Dah rally balik. Though it is still not safe with the consumer stock. Go Gold then. Lol

  5. mula beli balik us d?

  6. dah pas..

    naik ?

  7. Nasri, gold pun tak selamat sgt lah. Skrg pun tgh seesaw mcm nobody’s business.

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