Last month I commented on the volatility that struck the market. I stated that “this recent blip will look just like any other, meaningless in the long term.” I stand by that remark. Today we closed at 1529 on the S&P, just 1.7% off the high reached in mid-July.
If you had the clairvoyance to sell at 1555, and buy back in at the bottom of the August dip, you are either a liar, or one of the few people who can do this. Truth is, few people can get it right twice, selling, and then buying back at a lower price. It’s a sucker’s game I choose to avoid.