After watching yesterday’s market plunge, followed by the 9.4% selloff in Tokyo last night, I’m thoroughly convinced that the race for the bottom is in on.
In Japan, the benchmark index dropped the most in 21 years as investors were chilled by a report in the Nikkei business daily based on unnamed sources that asserted that Toyota’s profit was likely to fall around 40% in the year to next March on weak sales in the key North American market and slower growth in China–far worse than the automaker’s previous forecast. via Forbes
As I said before, my simulations show a race to 700 for the S&P500. I still have a little bit of cash left to inject into my 401k at that level. If it goes lower I’ll be injecting my capital into new shotgun, spam, and toilet paper.
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