Friday, September 30, 2011

End of a terrible quarter and a buy

Dow dropped 240 points to end the 3rd quarter to close at 10,913.

Worst quarter since the dark days at the end of 2008.

For the quarter, the Dow dropped 1,501 points (12.1%) and the S&P dropped 14.3%.

All is not negative though. At the very end of the day, I picked up 50 shares of PM at $62.65. I have been waiting for a drop in PM over the past 6 months.

This buy represents an initial yield of 4.92% and will pay me $154 in dividends over the next 12 months.

If PM drops from here (I am hoping it does), I will buy on the way down.

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