Sea Of Red: Shares In The US And UK Appear To Be Falling Again

My portfolio has been tanking this week, over 10% down in total so far and today is another bad day. Not as bad as the FTSE (^FTSE) this morning which is down nearly 2% as I write. The expected September/October correction has been a long time coming.

Shares in the US and UK have moved sideways for 6 weeks and now appear to be falling again. Poor economic news is still everywhere and although companies have beaten expectations on profits, the levels are too low to sustain what has been a huge rally from the March lows.

Noticeably the big gains of State owned Banks RBS (RBS.L) and Lloyds (LLOY.L) are really taking a beating and leading the index down, along with over-bought commodities. Despite the falls, I am not selling out just yet, although stop-losses are in place - here are some of my still hopeful investments:

AST.L - Ascent resources, a small tiddler drilling for oil in Europe, down only a fraction today and lots of good news to come in the next few weeks. I can’t see the price collapsing even in a rout.

EME.L - Very similar position to AST.L, but drilling for gas in the USA.

TLW.L - Tullow, a FTSE 100 major, is going to get a bid in when the sale of its Kosmos field partner in Uganda is completed. The Major oil companies will want a big slice of this success story and this will underpin the price (already up so much from its £6 low to £12).

MNR.L - The property company, one of my favourites, will no doubt announced tenants for its newly completed City offices in the near future and the share price will rocket on the news.

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