Doesn't it feel like 2009 all over again...?
DOW up 148 points, Travel Centers (TA) up 105%, Silicon Motion (SIMO) up 34%, Manitowoc (MTW) up 27%, ...
I don't know how many of you remember my post from October 12, 2010 Why this market keeps going higher (+ think May 2009), and what I said in that post about the market going forward from that point on.
Actually, I'm pretty sure not anyone remembers any of it.
So, to refresh your memory, here is the last part of that post (even though I suggest you click on the link above to see the whole post):
One more thing.
I'm very excited about the market and the future, which does scare me a little bit.
I think the correction that we had in May-August, gave us a chance to scoop up bargains not seen since April of 2009.
In other words, buying stocks in September of 2010 was like buying stocks in April of 2009 - you could buy a piece of crap on a stick and it would be up 50+% a month later.
Right now, I'd say prices are comparable to May of 2009. There are still plenty of bargains left (a lot of stocks 30-40% off their 52W highs), but everyone buying now is a month late (which doesn't mean too late, just that one has to be more careful and have more reasonable expectations).
And that would be it for this post, Fools.
Sit back and enjoy the ride to DOW 12,900... or so... :)
I also just wanted to give you an update on the three tickers I picked as related tickers for that post: CPE, BYD, and AGM.
Here is what I said about these 3 stocks in the comment #7 of that same post:#7)
On October 12, 2010 at 8:36 PM, dragonLZ (99.65)
I already see the bargains begin to disappear... (by zloj)
zloj, I think there are still many left.
For example, the 3 stocks / ticker symbols in this post.
I can't believe BYD, AGM, and CPE are still so cheap. All three 40% off their 52W highs... (but they did start to move)...
On Oct. 12 (less than 4 months ago), CPE was at $5.08, today at $9.22 (81.5% return), BYD was at $8.54, today at $11.24 (31.6% return), and AGM was at $13.43, today at $15.96 (18.8% return).
I don't know about you, but I think that's pretty good (even for 2009 :) ).
Good Luck Everybody, and as always, don't forget to have fun when investing.
Disclaimer: Past performance is no indication of future results. Sometimes.