Anyone else glad June is over?
The S&P 500 index shed 120 points, or 9%, in June, finishing the second quarter down 53 points, or 3%, at 1,280. The bad news was almost non-stop: mounting losses in the financial sector, the growing threat of inflation, record oil prices, more layoffs at big companies and a domestic auto industry facing its worse crisis in several decades.
Nine of the 10 core S&P 500 sectors saw losses in June, with the energy group the lone winner. The selling was widespread: only 67 of the index’s 500 constituents managed gains. Financial stocks as a group were the hardest hit, sliding 19% in the month, and loosing 44% in the last 52 weeks.
Hopefully, July will be better. ;-)
I'm hoping July is the same as June. Then I'll be buying even lower.
Posted by: Ryan S | July 01, 2008 at 03:35 PM
I'm in my 20s, so the stock market getting beat up is great news for me. Dividend yields are looking more and more attractive.
Posted by: Matt | July 01, 2008 at 04:08 PM
I think around now is when the market will start to turn, we may see another 4-5 loss but i doubt it, i think the indicators are over sold, plus the average PE is a coupel points below historical averages.
Posted by: john | July 01, 2008 at 04:11 PM
Let’s just hope things go the way we all want!
Posted by: Sara - pension comparison | July 01, 2008 at 04:27 PM
Time to buy at a discount!
Posted by: Stephen | July 01, 2008 at 04:52 PM
I don't know.. copper is still almost $4/lb, silver at $18/oz., gold over $900, Euro at $1.58. While my second quarter wasn't as good as the first, I was still up 2.5% with an averge for the year (so far) at about 5%. Not bad, and not a single index fund or ETF in the portfolio :).
Posted by: Rod Ferguson | July 01, 2008 at 05:39 PM
Last time the market tanked, I got out of stocks and in to something safe. That was a BIG mistake.
What is done is done. Do you think stocks will go up or down in the next year? Odds are, the stocks are on sale right now.
Posted by: Borealis | July 01, 2008 at 07:36 PM
I don't mind it tanking; let's me buy at a discount.
Posted by: Blaine Moore | July 01, 2008 at 09:06 PM
Might not be a good third for other reasonsL
http://www.reuters.com/article/marketsNews/idUSN0130700420080702
Posted by: Rod Ferguson | July 02, 2008 at 07:26 AM
Sorry, but we're no where near the bottom. There's still $500 billion in Option-ARM mortgages that are going to reset.
http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/
You think things are bad now...
Posted by: Jeremy | July 02, 2008 at 08:19 AM
Me too, June was the first time our net worth actually decreased since I started tracking it in 2004. Mostly due to the market decline and a couple big expenses that won't recur...but still a little depressing nonetheless.
Posted by: Kevin | July 02, 2008 at 10:11 AM
If the comments here reflect the general public, there is still too much optimism :-) Bottoms usually occur when most people wish they hadn't ever invested in stocks. The VIX remains suprisingly low, and not yet near the value of the last major bottom in 2002. I expect another 6 months (to maybe a year) of declines before the bottom is reached.
Posted by: Super Saver | July 02, 2008 at 05:35 PM