The wall street had another big down day today. The Dow lost 360 points, or 2.64%. If Dow is not a reliable indicator of market, S&P 500 lost 44.65, or 2.94%. This is after last Thursday big sell off. The obvious reason, is the continuing deteriating of the US credit market (mortgage banks, commerical banks, investor banks); and the weakening of dolloar.
Chinese IPOs such as Agria (NYSE:GRO) can not come to US at worse time, following last week’s Giant Interactive (NYSE:GA). Long term, this may presents oppertunities, if we can differentiate good companies from pretenders. As I recall, when Shanda Interactive (SNDA) came to Nasdaq in Spring 2004, the market was also not doing well. Later on when market recovered, and more importantly, Shanda delivered a few good quarters, its stock price sky rocketed. Similar things can be said for Google (GOOG) and MasterCard (MA) IPO in August 2004, and May 2006, respectively.
In a day like this, it’s better to turn off the monitor. But if we have to work before computer (as most of us do for a living), I found Wang Shi’s blog to be fun. Nice pictures…