For three straight days since Monday October 30, Tadawul All Shares Index (TASI) continued its free fall cutting the index by 1,199.38 points or 11.85% as of November 1, 2006, Wednesday’s market close.
Yesterday, most investors could not help but watch their portfolios gone to red every seconds of the trading day. The negative sentiments were so bad that it added more volatility to the already volatile market. The common question yesterday was how low could their stocks go.
The others who were optimistic after Monday’s fall, decided (on Wednesday) to cut short their miseries, took the very bitter pill called “LOSS” in the most courageous but painful act called SELL. I could only guess that they are now scratching their heads as to how much this bitter pill had cost them.
By the time you read this, I will be in Dubai on my way home to the Philippines. I had enough of the Saudi market these last three days so I decided to take a short break to nurse my bruised or hole-ridden pocket (whatever).
Ha ha ha, you now you realized that I was one of those investors who took that very bitter pill. The only difference I have with them is that I know that it is much better for me to spend whatever is left from my account for my happiness rather than continue speculating again comes Saturday and losing more to the market.
Although my stock trading activities did not turn out to be good these last three days, I could proudly say that I did not just fold down and die going against the rampaging flood (???). I fought hard to defend my position to the very end. However, it turned out to be pretty much like this song, “I did my best but my best was not good enough.”
For now, I will take my one step backward and later, I will take my two steps forward.
I will be back.