Biggest Market Drop Since 9/11

The stock market suffered the biggest loss today since the terrorist attacks on September 11th 2001.

They were allegedly caused by profit taking in China caused by the governments comments on cracking down on the rampant stock speculation taking place and by Greenspan’s comments on the US facing a mild recession later this year. Even Oil and Gold were down today. So was every other sector!

The only green mark in portfolio was URPIX which was up 7% today, but I didn’t own enough to offset my losses. Still, the losses are to be expected and a 30% cushion still isn’t bad. Hopefully WCI will drop even further and I can actually profit from my remaining puts (which are currently underwater)

I did use the drop in GDX (gold mining ETF) to sell some March puts. If they expire worthless, then I’ll have made some money and if they don’t I’ll own some GDX shares for less than what I sold them during the last options expiration period.

Wonder how long and severe this correction will last?

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