Two down days now. What comes to mind is that the Fed is watching, and further weakness will make it more likely that they stop raising rates, or at least pause. If the market goes into the tank, the Fed does not want to be blamed for it, especially with a new Fed chief.
That said, this is no time to be a hero. In my experience, one of the most dangerous times to buy is on the first dip. Same will hold true for bullion on the first big dip off these highs. That dip may attract a lot of buyers and they made get trapped.
I will stay patient and not make any quick moves. It is tempting to take a flyer on some speculative stocks. My mind is more focused on what some may think are unexciting stocks such as MCD McDonalds, and EWJ Japan ETF.
TM Toyota announced earnings and the stock went down. I owned TM earlier. Further weakness may provide a decent entry point. Toyata is poised to take market share all around the world. GM General Motors has had a nice rally off the bottom, however there are still some structural disadvantages that are very difficult to overcome over the long haul.
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