Word: nasdaq
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Dates: during 2000-2009
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...Monday, the NASDAQ dropped more than 6 percent and found a low - 1923 - not seen since December 1998; the mind-blowing 15-month rally that pushed the tech-heavy index to beyond 5000 on March 10 of last year is now utterly erased. The Dow dropped, er, only 4.1 percent (a measly 436 points) as each and every one of the index's 30 stocks lost ground. And the S&P 500 finally slipped into official "bear market" territory, now 23 percent off its highs and tasting those same December 1998 depths as the NASDAQ...
...never mind how many times you've heard this before (the "bottom" talk's been circulating for at least 1000 points on the NASDAQ by now), the end of the carnage does look to be near. A day as bad as Monday can be good news in itself - they call it "capitulation," when the trading floor is wet with tears - and some analysts hold that it's a must before any turnaround rally can really take hold...
...bear may be on the books by the time you read this. But it really doesn't matter because the torture started 14 months ago when the Dow (down 10.7%) peaked, and it began in earnest with last spring's meltdown of the NASDAQ (down 58.1%), taking with it the Internet mystique and those cocksure techies and blowhard analysts...
Myth number one: Now is not a good time to invest. We're not in a recession, but if everyone is acting as if we are, that opens up great opportunities in the stockmarket. With the NASDAQ trading at just over 2000 right now, bargains abound. In fact, buying growth stocks at the bottom of an economic cycle is one of the best time-tested methods for beating the market. The legendary investor Warren Buffett, speaking to Fortune magazine during the deep recession of 1974, told stunned interviewers that he was buying every solid company in sight. "I feel like...
When it comes to reading about the economy and your money, it pays not to believe the hype that you read in the press. Everyone has their own interest in mind, and the same person who's trashing tech stocks on CNBC has probably shorted the NASDAQ behind the scenes. What we have now is a small correction, and anyone who says otherwise either knows more than Alan Greenspan--who remains cautiously optimistic-- or has got a horse to sell...