Before I go any further, I want to make it clear that I am not bragging about my stock picking skills. I have made some decisions that have turned out well, and some that have not (see Enron below). Moreso than luck, I have been blessed. I thank God for waking me up every morning and blessing my family. It is in thanks for His blessings that I am trying to spread a little knowledge
The market is down today. this is a good time to look for bargains, will do so over the weekend. I define a bargain as a stock that's down +5% today for no apparent reason other than the whole market is down. My theory is if they dro 5% for no reason they'll probably go back up 5% soon. A 5% return over a few days isn't bad at all. If I see something interesting, I'll look for headlines for that company, if they didn't screw up royally in the last few weeks I will assume their drop is a market correction. There's probably very few stocks that will show a drop of 20-30% today that I would want to touch. But if a company has some really bad news that causes that much of a drop, and the bad new is not "company shutting down" level, I'll keep an eye on them. Right now Krispy Kreme (KKD) is down 10%, ended the day down 14.9%. Ouch. Thinking about buying Glaxo Smithkline (
It's 1:40 PM and the Dow is down 146 points (1.3%) and Media Bay (MBAY.PK) is up 262%. It sells at $.0029/share. Yahoo won't even calculate a market cap on the company. I figure it's probably worth about $800. That's a joke.