I’ve not been posting here for a while because it’s been all the same for the last month. Credit crunch continues, takes another victim – Lehman. Autos still in doldrums – Auto sales improved last month because automakers are literally giving people cars at cost. I don’t see how the American automakers can continue this for long. Even tech seems to be finally giving in to this slowdown with stocks dropping way off highs. Amongst significant news in tech in the last few months is that Dell plans to sell off its factories. I’m not sure if there are any sectors that are high YTD. Even PRWCX, a fund that has had almost no negative years is down 3.5% YTD
The other major event going on is the American elections – same old ads about what the other person will not do, nothing concrete about what each person will do. McCain picks a seemingly white trash (with pregnant 17yr old daughter and drug addict son) vice president only because she is a woman to combat Obamas not picking Hillary. But it seems to be working out for McCain.
Personally, I’ve been really busy following netbooks on my other blog and making updates to The Internet Book Database, especially in launching a new Adult Book Database because of threats from Google to disable advertising if Adult books are listed on iBookDB.
The only recent stock purchases I made were WB at about $10 and some ADM. I am looking at more ADM when enough money collects in my brokerage account from monthly accumulations. Also we moved cash to Capital One from Emigrant Direct because Emigrant Direct interest rates dropped significantly. Just yesterday I heard that Emigrant opened a new online bank – Dollar Savings Direct with a 3.75% APY. This is completely separate from the Emigrant Direct savings account and money cannot be directly transferred from one to another.
As far as the Indian stock market goes, it has been even more volatile than the US stock market and headed downwards even faster. When the market stabilizes a little bit, I might get back in.
The only good financial news in the last few months has been declining gas prices. IMHO, that trend will continue. People have finally begun to realize that drilling for more oil is only a temporary patch to oil problems. We need more alternative fuels – more energy from Wind, Solar, Natural Gas, Biodiesel etc. and I’m hoping that some day my investment in NBF will pay off. Right now though the stock is looking like a really bad decision for the short term. But if it starts rising I might get some more. Alternative energy seems to be like a good long term bet.