Now, the punch has gone flat. It makes me feel that a good number of people are either sidelined temporarily or out of the game altogether. At the worst of the declines, I was very close to selling all of my stock holdings. I have witnessed declines such as this before and honestly believe that we were dangerously close to some sort of panic. When you see bids on the New York Stock Exchange shares first drop, then decline in size, and then disappear, you begin to reflect on where we might be going.
Many people fear market declines.
I welcome them. The early part of a market decline can often be very profitable for a trader. It's at this point that people are still buying the dip and looking for bargains. I made 30 points in less than two hours. Had I retrieved my mail from the mailman before selling, I would have seen a Newsweek cover story on the human genome mentioning PE Celera and made an additional 50 points by holding the stock overnight.