Fear and panic usually comes across a traders screen with the look of a bloody massacre. Most of the symbols in your quote box are red along with P&L. Today, screens across the world are like something out of a horror film. The fear is that Japan, the world’s third largest economy, is facing a potential nuclear meltdown. Markets across the world have been declining rapidly.
The Nikkei is down 16% and the S&P futures are down nearly 3.5% since Friday. Warren Buffet has said, ” Be fearful when others are greedy and greedy when others are fearful.” Does today bring to us, the buying opportunity we have been awaiting?
The S&P futures have grinded higher over the past 3 months reaching a high of 1344 on Feb. 18and have since come in nearly 7%. Not to dismiss the tragedy in Japan, but has it in turn supplied us with a supreme buying opportunity?
There were some names that have come into great levels to buy today. Names like SLB, which have been beaten up over the past few trading sessions. $82 was a great place to get long. Two other names in were HD and LOW, both came into great levels. For HD, 36.32 was supreme buying level and for LOWS, 26.30 was another great entry level.
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