Shanghai Composite Index down 54.9% from its all-time record high!
Market Alert! 2008.06.19
In case you didn't notice, as of today the Shanghai Composite Index has fallen 54.9% from its all-time record closing high of 6092 as set on 10/16/2007. The index closed today at only 2749! To remind you of how my prediction has been right on target, here is what I proclaimed on 10/15/2007 (just one day before the record high was set!) in my Market Update entitled "Duck Hunting, Anyone?":
"If you did not follow my advice over the past few years and buy Chinese shares when they were dirt cheap, PLEASE DON'T START BUYING NOW! If you did buy, now is a good time to start cashing in on that huge profit you made. You don't have to necessarily sell all at once though."
I now rate China's market a BUY. Beware, we may have more losses ahead, but long term China's market is once again a good deal. I am now accumulating FXI.
Will China's market go up or down from here? We will know more later, until then, Happy Investing!
Gregory
In case you didn't notice, as of today the Shanghai Composite Index has fallen 54.9% from its all-time record closing high of 6092 as set on 10/16/2007. The index closed today at only 2749! To remind you of how my prediction has been right on target, here is what I proclaimed on 10/15/2007 (just one day before the record high was set!) in my Market Update entitled "Duck Hunting, Anyone?":
"If you did not follow my advice over the past few years and buy Chinese shares when they were dirt cheap, PLEASE DON'T START BUYING NOW! If you did buy, now is a good time to start cashing in on that huge profit you made. You don't have to necessarily sell all at once though."
I now rate China's market a BUY. Beware, we may have more losses ahead, but long term China's market is once again a good deal. I am now accumulating FXI.
Will China's market go up or down from here? We will know more later, until then, Happy Investing!
Gregory
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