Next trading day focus(10/8/2008)

Yesterday was a bloody day. Global credit market was in crash mode. Russia RTS down 19.1%. Not long ago some one said Russian stocks had good value on Bloomberg. UK FTSE100 down 7.9% to 4589, France CAC-40 down 9% to 3712, Japan Nikkei down 4.3% and China Shanghai Comp down 5.2% to 2173. DOW was down 800 intraday and managed to rose sharply to close down 370. Credit market was freeze globally. Especially short term lending or commercial paper got big hit.

BDI was pretty stable for last 2 days, down about 10 each day, but today, it was down 70 to 2922. My dry shipping stocks got another big hit today. AG posted a mild gain. DOW was battling to crash, swing btw 0 to -1% most of the day. My feeling is it would post another big down later.

My IB portfolio, meanwhile, down 15% to 46500 yesterday. Only DGP post a mild gain. Dry shipping post huge 20% loss. AG also had big loss. Today is another down day for IB. I barely want to look at it. I decide to keep the stocks as long term investment and hope the recession is not as bad as many think. Again, it's a good lesson. It shows how important it is to preserv capital. I really should have bought in stock gradually, 10% of capital a day.