Dow Diary: Just a Little Selloff, No Big Deal

Dear Diary,

I fell into a little slump today. We had some choppy trading, and even though I saw a little time in the sun in the afternoon, I was mainly negative throughout today’s session. I lost just under 23 points — not a horrible performance, but I always hate finishing the day with losses.

Fortunately, it would take a near-unthinkable selloff tomorrow for me to post anything but solid gains for September. I’m still up by more than 8 percent on the month. With winnings like that, I can still look in the mirror and say to myself, “Dow, you’re still up 3.9 percent so far this year. Three more months to go. Just hang in there, buddy.”

Truthfully, it’s hard even for me to predict what’s going to happen on any given day, but there are some unresolved issues that have been nagging at me. Election season’s always a rough time for me. There’s so much uncertainty. Sometimes I wish we didn’t even have elections, so the rules of capitalism would stay the same and the playing field would stay level. But for better or for worse, we don’t live in such a world.

I’m still holding out hope for some more quantitative easing by the Federal Reserve to stimulate investment and give me a boost. But Fed president Dennis Lockhart said that people shouldn’t assume more intervention is a foregone conclusion.

On the other hand, we got some news that the kind of government intervention I hate — state ownership of companies — looks to be winding down. The government looks a lot closer to selling shares in both Citigroup and AIG, and that’s a welcome development.

Anyway, even though I dipped down at the end of the day, I’m not feeling too rotten. Tomorrow I hit the home stretch on what’s been a fine September. Can’t wait to log a solid month in the books.

See you tomorrow,

The Dow Jones Industrial Average

Dow Diary: Just a Little Selloff, No Big Deal