After the Fed commentary yesterday, the market is now afraid that they may not have the cushion of rate cuts to fall back on. I don't think we need them at this juncture. We know the big banks have had troubles, and we should let it play out. Look at how Goldman Sachs(GS), which has further shown why they are the best, performed while all its peers faltered.
So stick to the same game plan. In some portfolio news, Manitowoc (MTW) reported today, and the conference call is happening right now. They are continuing to emphasize the strength of the global expansion, and they are making lots of moves to profit from it. The stock has traded down 10%, as the street was looking for perfection. I used the drop to add some more shares.
I'll keep an eye out for more buying opportunities as they arise.
Disclosure: Author personally owns Manitowoc (MTW).