NASDAQ Is up 2,000 Points in Two Months!
It’s time for a quick review of my call to buy stocks on March 13 and where we go from here.
On that day, the following indices opened at:
Since that call, the Dow is up 15%+, the S&P 500 is up 18%, and the NASDAQ is up a scorching 29%.
I’ve had family and friends recently ask me how I made that call to buy stocks when it looked like the world was coming to an end.
Was it courage… dumb luck… a combination of both?
Well, I bought stocks because everybody else wasn’t.
Market pundits were on television warning of a nuclear winter.
The mainstream media said, “It’s different this time.” They said it “was the end of the world," “We will never recover,” “This will change everything going forward from here.”
When I hear words like that uttered in the national media, my contrarian alarms flash like a strobe light in a haunted house. It's an easy call like:
• Buying Florida real estate after the housing bubble imploded.
• Buying stocks in the summer of 2009.
• A Kennedy nephew at an open bar.
Time to feast.
It really was that easy.
Going forward, I’ll be adding on dips and watching how the states reopen.
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But the rest of the year is uncertain at best. The old market axiom “sell in May and go away” doesn’t apply to 2020. There’s nowhere to go away to when Americans aren’t flying, taking cruises, or going to amusement parks.
One thing is for sure — Americans want to go out. The pent-up demand to do something besides watch the poisonous media is starting to peel back the cap.
My wife and I took a weekend getaway to our Bethany Beach, Delaware house. The beach and boardwalk at both Bethany and Rehoboth remain closed.
However, just south of us is Ocean City, Maryland. OC is the biggest tourist destination in the entire state. It opened its beaches and boardwalk over the weekend; it was crowded.
This was the scene at the famous Thrasher's French Fries:
This weekend, temperatures are supposed to reach the lower to mid-80s. Spring is finally here.
I’ll be watching the crowds for guidance for the rest of the year. Because when it comes to investing, demographics is destiny.
Brian is a founding member and President of Angel Publishing and investment director for the income and dividend newsletter The Wealth Advisory. He writes about general investment strategies for Wealth Daily and Energy & Capital. Known as the "original bull on America," Brian is also the author of the 2008 book, Profit from the Peak: The End of Oil and the Greatest Investment Event of the Century. In addition to writing about the economy, investments and politics, Brian is also a frequent guest on CNBC, Bloomberg, Fox and countless radio shows. For more on Brian, take a look at his editor's page.
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