February 8, 2018 1:20 eastern

The Dow was down 680 at one point and 518 as I write this.

So, it seems that the days of wild swings and possible big down moves are continuing.

I never know where the market is headed short term. I imagine another day of headlines of losses could turn sentiment more negative and cause more people to sell.

My S&P valuation article has been suggesting for a long time that the market seems over-valued. That article may be too conservative by not taking account of the sudden big rise in earnings expected for 2018 but in any case the P/E on the S&P 500 has definitely been quite a bit higher than historical averages. Still P/Es could stay high if the interest rate increases are modest.

My approach continues to be to add to my higher rates stocks on dips unless I feel already too much exposure. Accordingly I added to Toll Brothers just now at $44.58 and I grabbed a bit more Linamar at $68.50. I also reduced my Boston pizza position somewhat at $20.52. I sold what I bought a few days ago at $19.60 plus an equal amount.

My approach is not to get into a panic or hurry either buying or selling.

For trading it would probably be better if I entered some orders at attractive prices to buy or sell to put some things more on auto pilot.