Lazy Jonathan's Blog

I bought BAC on 9/25/08 @ $28.04, it went down to 27.xx at one point but I could never catch the low. Then the following Monday (9/29/2008) Dow Jones went to 700+ points b/c the House didn't pass the $700 billion plan. I was keeping my finger crossed when BAC went down to $30 and Manbro bought some on that Monday, thanks for sinking the ship.

On Wednesday I talked to Manbro again and he said he would just waited till the government pass the new $700 billion rescue plan before selling the stock. I didn't agree with him so I sent in my stop market order at $38.22. Shortly after I put in my order, internet went out at work so I had no idea if my order went through or not.

Good that my order went through. On Thursday the stock market went down again. So I am a happy camper to make a little money. In fact, don’t buy anything Manbro is buying. :P He sank my BAC ship… luckily I got out before the ship got sunk below the water.

Friday the market went up in the morning as everyone waiting for the new plan announcement. Right at the point when the government announced the new rescue plan, the market went down right away. As of today, the Dow downed for 400+ point and it's below 10,000 for the first time since 2004.

At this point, you can:
1. Take the loss and hold on to your money
2. Take a wait and see approach

I am just going to hold on to my stocks. I don't recommend to buy any "good deal" at this point. Just my 2cents. If you really want to buy some cheap stuffs, I probably will look into energy/oil and gold stocks. People still need to drive their car to work and they can't really cut the energy they consume. Don't come get me if I am wrong!!

p.s. BAC = Bank of America