What did I say?
Last Saturday, with momentum stocks such as Twitter and Netflix being given a right bollocking in the US, this is what I said: “I’m not panicking. I’m waiting for some lower lows next week and watching stocks I want to hold that pay dividends, which could be dumped by short-term players, who can provide opportunities for longer term investors.”
And I wasn’t alone, with smart investors in the US playing the same game. So, believe it or not, the S&P 500 index actually had its best week since July last year!
The index was up 2.7%, the Dow up 2.4% and even the Nasdaq put on 2.4%, showing the index is not all tech-stocks. Tech stocks might be significant in the index but the majority isn’t hi-tech.