I Make Money Move
Shout out to Cardi B.
So I woke up this morning and decided I wanted to buy a few more of those beaten-down names from yesterday. Particularly, Manulife (MFC.TO) fell 10% yesterday on an analyst ratings downgrade, and I thought it’d be good to buy some more and lower my cost basis.
And then the market decided today that perhaps they had overdone the selling and everyone suddenly wanted back into the game.
Color me skeptical. This is likely to be a slight breather from the relentless selling that has been happening in the past 4-to 6 weeks. I think many traders are tired and looking for an excuse to keep the party rolling.
Even cryptos are in on the act. After Terra/Luna imploded (that’s a shocking but not surprising story), the market was happy that Tether could keep its stuff together. Theoretically, Tether is backed by mostly dollars, so the people who run it should be able to sell a few T-bills and keep up with redemptions in the market.
I wanted to buy Manulife, but it’s currently 4.5% higher, getting back some of yesterday’s losses.
Manulife still, at this moment, gives a 6% dividend yield, though. It’s still attractive even though it was more attractive before the market opened.
Should I wait for it to fall, or should I get in anyways? Decisions, decisions. I will put in a low bid to see if the stock will return down a few percent before the end of the day.
Vanguard Mega Cap Growth (MGK) is up nicely today. I have a good feeling about the companies inside that (as a whole) are getting some of their value back. I think it’s oversold.
Someone questioned whether it’d be better to invest in QQQ. That’s a good point too. I do own some QQQ-type funds (QQQX). Maybe I can lower my cost basis on those because the Nasdaq 100 contains many great names. I picked up some more QQQX.
I need to control my urge to check the markets every day. It’s too easy to spend hours per day watching each up and downtick, calculating how much I’ve made or lost that day. I went through that phase early in the pandemic.
