I posted last week at "Good News for Intel Stock"that I bought some Intel for $25.
During the mini "Flash Crash" on August 24, 2015 I got some shares of Intel for $25.00 using a "Buy Limit Order" I had placed some time ago just for for this sort of event. At $28.41 today, Intel is up 14% already.
Today we had some nice "follow through" with the S&P500 (see 2 minute chart below) that makes me think anyone who was waiting for a "test of the lows" to pick up cheap stocks is out of luck.
I'm sure happy with my purchase of Intel that is up almost 20% already! This could be good news with semiconductors and semiconductor capital equipment stocks taking the leadership roll after this correction.
During the downturn, I added to several semiconductors and semiconductor capital equipment stock positions in my Newsletter Explore Portfolio. Some are up considerably while others are just up a fraction thus I BELIEVE it is not too late to buy.
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Bob Brinker is still constructive on the stock market. Although the primary catalyst for the current correction is concern related to the slowdown in economic grow in China, he does not see indications that a recession is on the horizon in the US. In the absence of a recession outlook he does not anticipate a bear market decline of 20% or more.
ReplyDeleteThe initial stage of the current major correction (more than a 10% decline) has taken the S&P 500 Index into the 1800s range. Now that the initial correction stage is completed, Bob expects the S&P to stage a short-term rally which will run out of steam and roll over into a test of the initial bottom area. The establishment of an initial area of a correction bottom, followed by a successful test of the bottom area, is a pattern of market behavior that has occurred many times and has led the market higher going forward.