Stocks plummeted on global-growth fears for a second straight day Friday in a plunge that dragged the Dow industrials into correction territory.
The Dow industrials lost 530.94 points, or 3.1%, to close at 16459.75, putting it in correction territory, as defined by a 10% decline from a recent high. The S&P 500 dropped 64.84 points, or 3.2%, to close at 1970.89. The Nasdaq Composite fell 3.5%, or 171.45 points, to 4706.04.
U.S. oil prices also briefly dropped below $40 a barrel on Friday, a level not seen since the financial crisis.
Bottom line, things are a mess out there. Not here though.
I hope this weekly note finds everyone on one piece. Upsiderader Premium users actually had one of their best weeks as we started to get net short the market a couple of weeks ago and sold our longs. Thankfully we moved out of our very profitable biotech positions a few weeks ago. It was good timing because the IBB corrected 15%.
Right now we are oversold as all get out, so its a phenomenal time to become a member.
Here is the actual subscriber performance for August here.
As folks were getting decapitated, we were in the right spot and profiting.
Its time to get serious and become a member. My 50% savings ends soon. Prices will rise dramatically too.
Don’t take any wooden Bitcoins. I think we can go up hard shortly, but alas, lower again. Get ready.