It said in the Times on Sunday that 1.3 billion was removed from shares as investors moved into safe havens. Try as I might I cannot identify these safe havens. Does anyone know where they might be found. Polyhydrite mining and north sea oil do not seem particularly safe and even the banks and building societies seem a bit forlorn. All I seek at the moment is a quiet life.
The problem with opening a mine is that money is eaten at an alarming rate and during the build sentiment rises and falls. Wolf managed to finish their build and then popped off. All the pre production hype melted away due to problems with the ore which should have been discovered before the event. Here we have a different scenario where once more lots of small shareholders have been convinced to get involved but world economics and brexit have caused a bump in the road. Once more sentiment has changed. The difference here is suddenly a few large players see a way to shaft the Pi's and pick up the pieces. If this happens then the Northern Powerhouse spiel means nothing. Few will trust anything that is said and it will continue to become a laughing stock by the the residents of London. I shall hold my shares and if it all goes pear shaped await the time when the Muppets running our country approach me for support. Revenge will be sweet...
Investing is not for the feint hearted. One relies on a few going up to compensate for the majority going down but that has not happened often this year. I am glad I took the opportunity to remove the winners to the building society account but that is defeatist really. Now with the bottom drawer full up I just have to hope and be patient.. GL luck. SXX is still a good bet. It is too big a scheme to remove it from the northern power house...
KO. The wonderful part about getting older is you tend to have seen it all before. My tendency has always been to sit tight and hold whilst sitting on my hands to resist temptation to mop up bargains. This time there are not many temptations. I think any upturn will not even be seen until October and even then could be snuffed out by a no deal. I think there will be a deal though as the eurozone pain will be worse than ours.
What is depressing is that yesterday I decided to switch off and take Madam Spin shopping. Now she hates shopping and so after a couple of shops we had a difference of opinion on my new Hawaiian shirt I wanted and ended up in a coffee shop. I then had to decide if it was worth reclaiming the Skoda from the car park or just writing it off. All this stress forced me to have an early night and I just could not face seeing how much my portfolio had dropped. Today it seem my bank is reducing the interest rate on my savings account by half from not a lot to sweet FA. My building society has also notified that next week the interest there will be cut by over 50%. A look at my portfolio seems although showing a small rise has dropped by 12% in a week and Brent futures is less than 56 dollars. The radio tells me the Indian economy is is in free fall and there is an article of the Don trying to look mournful in El Paso. Now I was intending to buy myself a new Merc this week but I have just cancelled the test drive. I shall once more buckle under austerity and spend my time avoiding talk of Brexit and sticking pins in effigies of politicians ... Whilst I have been typing this rubbish I see I am once more getting poorer..
Watched SXX at 08.00 fall by 38% as stop losses all triggered and then bounce. back to 25%. A lot of money won and lost today but I am long and not in the mood to day trade. Happy to hold Enquest and relax..
Have been away from screen for the day and probably a good thing. The chickens (Hormone free) are really coming home for the orange man. I will tough this situation out as I feel fairly confident that if there is a large down I have enough now to play the up.. Sadly this current situation is very very hard to read though
I am more and more holding cash although I have so sold anything at a loss. I have no intentions of getting panicky either and continue to hold a large number of these. I have looking for safe places to put the cash. This week I looked at Lloyds Bank but even at its present sp I cannot see it as a good bet. I have abandoned the new car like most of my friends and last week looked at a property. Where I am it is getting cheaper to buy buy to lets everyday. However I do no longer buy in haste and today is poets day. Next week I intend to go sailing so will see where we are on my return. Why die all tensed up my old flying instructor used to say. He also used to say in a crisis fly into a danger zone as no one else will be there!!
When I hear an imbecile say in a speech ' We are going to the tax the hell out of the Chinese' I get angry. Across the world politicians and leaders are letting the people they think they represent down and sooner or later there will be consequences. History always has a habit of repeating itself... Trump is only part of the problem and in ten years time he will have gone and and hopefully a lot less. So will many more of the the current lack lustre leaders.. But then so might I !!