Just when I thought the stock market was recovering well the whole market collapsed again. High oil prices, inflation and troubles in the financial sector are pushing the whole market down. There’s a lot of panic and lots of shares are getting dumped at low prices but few are buying as many people think we’ll go even lower. Especially the financial sector is hit pretty bad, shares of two major banks (Fortis and Dexia) here in Belgium have dropped more than 20% since the start of the month.
One stock I own dropped 14% since mid-May and NVIDIA (NVDA) dropped from around $25 a couple of weeks ago to $19.76 on Friday.
Perhaps I should have sold most of my stock at $25 so I could buy back ~20% more shares at around $20 but it’s too late to sell now. It’s frustrating to see a chunk of your money go up in smoke but I think this firm will do pretty well over the next couple of years. NVIDIA has growing steady, trying to get into several new markets with lots of growth opportunities, they have good margins and no debt at all. Unless something drastic happens I think NVDA will be trading over $50 per share within a year or two.