The Market tankage was the greatest thing ever!
I'm a Canadian so its business as usual for me today. I love US holidays because some obsessed Americans make their way to our markets and certain stocks become breeding grounds for daytraders.
One of those today is a small cap zinc stock that I own, Zincore (ZNC on the TSX). Basically when it hit its high of around $1 over a year ago, I was up 40% on the position. It tanked to as low as 2 cents for awhile and I averaged down to 10 cents a share. Today its 14 cents from 5 cents a couple of days ago so now I am up the same 40% (on a greater $ amount) as I was in the heat of the bull market. I've got numerous examples of this, some I have cashed out, others I have not. I probably will cash out of this one by early tomorrow. Let's just say after having experienced about a dozen Memorial and MLK days I have a pretty good feel of what will happen to a stock that's run up on relatively heavy volume on one of these two days. Your Thanksgiving doesn't have the same effect for some reason - maybe the daytrading nuts actually spend time with their families or gambling on NFL games that day.
I'm basically in the same position now as I was last year except for me to have 10 baggers all I need in many cases is for the stocks to return to the same prices they were before. It might take until 2012 for it to happen, but I'm a patient guy. If this extreme bear run had never happened I'd be looking at unrealistic prices of $6-$10 on my penny stocks before I could make routine 10 baggers.
I would like to thank all the mortgage scam artists, the banks. the greedy derivatives writers, the overleveraged hedge funds that went under and the scared sellers that made this all possible. And to all of the deflation nuts out there....I'm probably just one of many people who have built this hidden wealth. We'll be looking to spend our new found gains sooner or later, pulling the economy out of this mess.