Panic! SELL SELL SELL!

Wow, the markets all took a big hit early and rallied in the afternoon as bargain hunters tookover. I was a little late to the game but as my Bank of Montreal (BMO.T) took a beating all week I kept saying that there is no reason that they should be hurting because of this sub-prime nonsense because they are not affected! Then today, the bounce back - up 4.5%.

The portfolio done nothing, about $600 in inherent losses built up in the portfolio. I think I read somewhere that the markets always go down in August because people move their money to the sidelines. So ideally, I should cash out some savings and dump it in the market now so that when the money comes back off the sidelines in September then I will be ahead of the curve!