So after today, I’m starting to believe this is more than just a market downturn, this is practically a market crash, or at least it feels like one. Monday, March 16, 2020, was the third worst day for the S&P 500, trailing only the Great Crash in 1929 and Black Monday in 1987. To make this day even more eerie, I was sent home this morning from the office and told to work from home for at minimum the next two weeks. Throw in the nonstop rain, the shutdown of bars and restaurants, and the chaotic scenes at places like Costco, Trader Joe’s, and Target. This is starting to feel like the end of the world.
While I’d like to be excited about this market drop, I am somewhat scared. I have never invested in a downturn this drastic and I am avoiding looking at some account balances. Since my last post, I did some selling in my short term brokerage account. I did more buying though, taking money out of my savings and putting it in my Roth IRA. I am still in the market for the long haul and would advise anyone with a long enough horizon to do the same. Honestly, if I was closer to retirement I’d probably be singing a different tune. Given I still have decades, I view this as a cautious buying opportunity.