Well, in case you don’t know yet, late yesterday and then all day today the stock market crash fell quite a bit MORE below its November lows (we’re definitely in new territory now) to close at 7365.67. We’re now back at 1997 levels. I’m not sure that that means that 25 years or so of gains are completely gone; we could easily make it back up with all the cash supposedly sitting on the sidelines now.
Anyway, it’s a good thing I was paid yesterday because I was able to jump right in the waterfall today and get what I wanted. The prices might still go down a bit, but I’m happy that I already purchased these at significant discounts.
First I bought TD around $33.00 – just two weeks ago it was still in the $45 range.
Then I bought some CLC.UN around $13.00 – it’s been hovering around here throughout the whole downturn. It’s a great stock anyway but I also like it because it is defensive. If it didn’t fall that much during “the worst recession since the 1930’s” then how bad can it be going forward. Someone is managing the money quite well, I say.
I’m also going to be adding to my dividend reinvestment positions in RioCan, Telus and Suncor. Basically I’m dollar cost averaging on the way down. Telcos are also considered somewhat defensive in this environment, and Telus has a good growth story looking ahead. RioCan is doing fine – I just listened to an interview with the CEO the other day. And Suncor, well, I guess I’m betting that oil is going to come back hard again at some point. We’re not making any instant jump into the 100% Green Economy anytime soon.
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