Stock markets have terrible day; Dow drops 500 points (I'm sure it's still "Bush's Fault")

msnbc ^ | 8/4/2011 | msnbc

[tobyhill]

Any way you cut it, it was a terrible day for the stock markets.

Worries about the state of the economy in the U.S. and around the world slammed stocks on Thursday, driving the Dow to close down more than 500 points and sending the broader S&P 500 index well into correction territory.

The Dow Jones industrials average ended down more than 4 percent. The broader S&P 500 index was down around 10 percent from its May high. The market's so-called "fear index," the CBOE Volatility Index (VIX), rose above 30 in its biggest daily percentage move since May 2010.

[Freedom_Is_Not_Free]

I pulled out of equities in December 2006. I avoided the market crash of fall 2008 and I’ve been looking to get back in ever since. I’ve never found a good re-entry. Here is is almost 5 solid years later - think about that. 5 solid years since I got out of the market even before the S&P hit 1550 - and I have no regrets about getting back in because all I would have done is lost a little money.

I sleep well at night, my money is safe, and I am STILL looking for a re-entry point to reinvest my money.

I really think the S&P belongs around 750-800 and I keep waiting for it to stabilize down there. We had a brief period in early 2009 when it fell to those levels, but never stabilized. Yes, I could have just jumped on anything back then, but that is not how I work.

All I know is it has been over 4 1/2 years that I have had my money safely out of the market and have saved myself a haircut or two in the meantime.

[Cygnus Rising]

I’m going to. More stock options in the corporation I work for too.

[vpintheak]

Good on ya. I’m doing the same