Yes, it's true, chicken little is actually right for once. For the time being of course. The sky WILL fall for a bit, Wall Street WILL be running around like chickens without heads for awhile, but as history shows the market WILL return to it's previous levels and WILL increase even further!
So anyway, yesterday, was Martin Luther King Day thus the U.S. stock markets were closed. However, the rest of the world who did NOT have the day off to celebrate MLK's b-day (which they should!) were busy freaking out about the feared U.S. recession.
So by sheer dumb luck I put in orders for Coach (COH) and Southern Copper Corporation (PCU) over the weekend (while I was at home being unsociable and my friends were partying). Well, not so much dumb luck since I felt it was a great time to start positions in both companies.
COH, which my little sister LOVES btw, is now expanding to Asia markets. The buzz is that Asia is sooooo hot right now (like Hansel hot!). So I figured I'd initiate a small position. I should have put in more!!! The market opened at well under 4% (COH at -6%) and rebounded a bit. COH ended up being up 8%! Sorry everyone, I know most of the investors are getting pummeled right now so I should definitely be happy that my oh so very small play did well.
As for PCU, it was just a greed play since their hefty dividend should be released soon. =)
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