Huge stock market correction!

Hold on to your hats ladies and gentlemen, the markets are in total free-fall at the moment. This is the first major drop we’ve seen in years, and I’m having bittersweet feelings about it all. On one hand…FINALLY!! The US stock markets have been doing nothing but climbing for the past 3-4 years without any significant correction or selloff, and we are finally getting the one we’ve been waiting for. The DOW is down over 1,500 points since last week and it’s down another 500+ right at this moment. Woo-hoo!

On the other hand, I still had a handful of UCO shares (2X oil ETF) from several months ago that I’m getting killed on right now. I’m not suffering the kinds of losses that I took last January, but I’m hurting a bit again and I’ve got to tell you that it sucks. I’m sick and tired of bleeding money!! I’ve lost a lot of cash trading oil since this time last year, and I’m thoroughly sick of it. Just a continuous stream of losses, and I’m to the point now were I’m not even looking at my portfolio anymore. I’ve lost so much money since last year that it almost makes me angry just thinking about it.

oil price selloff august 2015

If there is a silver lining to all this, it’s that the price of crude oil is at the lowest levels since…well….2009 at least. $38/bbl. Can you believe that? Oil had been trading over $100/bbl for years and look where we are now. Simply amazing. There are buying opportunities abound, but I’m not buying yet. I need to see a solid reversal before I throw any more money into the stock market.

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