Skip to comments.Dow, Nasdaq plunge 3% into correction
Posted on 08/21/2015 1:18:44 PM PDT by SkyPilot
U.S. stocks closed deep in the red on Friday as global growth concerns accelerated selling pressure to push the Dow into correction territory.
The Dow Jones industrial average closed at session lows, off 531 points and in correction territory for the first time since 2011 as all blue chips declined. The last time the index closed more than 500 points lower was on Aug. 10, 2011. In the last five years, the index has only had four instances with closing losses of more than 400 points.
"For investors the momentum and the drive of the market is now lower (than) it used to be because there's no place to hide," said Lance Roberts, general partner at STA Wealth Management. "Every time we hit the major technical points we kept selling."
A traders noted that investors stopped looking at techincals and were plowing through them.
"It's an expiration day and it looks like they're to have for sale on the close maybe as much as a billion dollars," said Art Cashin, director of floor trading for UBS.
(Excerpt) Read more at cnbc.com ...
The Wall Street trader interviewed on CNBC said: "They're scared there's no place to make money. If the Stock Market isn't going to make you money, where do you make it now?"
These guys have been "making money" not on a real economy, but on imaginary "money" pumped into the system, to the tune of about $4.5 Trillion in the last 6 years.
The Stock Market is a mirage of Central Bank pumped hot air, and has been for quite some time.
There is no price discovery because of Fed manipulation. No price discovery, no free market.
I realize its not your headline. But its hilarious watching the media call a 3% drop a “correction”.
And that is the results with the Treasury pumping 40% of the money into the stock market.
What, no doom and gloom thread of hundreds of comments? I logged on to see how this was playing out, and things are way to calm and rational here
The thing is that there are a LOT of speculators that are still sitting on the sidelines because they are waiting for a major correction before jumping in as bargain hunters. Indeed, if DJIA drops under 14,000, the bargain hunters will snap up stocks so quick that we may never see the DJIA drop under 12,000.
Years of outright COMMUNISM being practiced in Washington has come to a head. Expect the market to go down another 5,000 to 7,500 points next week.
The fact that Jade Helm 15 has put troops on American streets is no accident. Stuff is going to go down.
I agree. Its more like a crash. It's not as high percentage wise as other major crashes in recent history, but its up there.
If Ronald Reagan was in office today, I guarantee you that is what they would call it in the headlines.
Drudge's headline I screen captured and posted is much more accurate.
This game is rigged. They’ll push it down until Joe Schmoe investor gets panicked and dumps his 401k. Then it will snap back up 1000 points. Thanks for playing Joe!
No one knows. Even the experts. Why?
The market has been so manipulated, and so pumped up in recent years, that no one really knows what is the real value of anything in stocks.
If we had a real free market, it would find its own low. But, years of this QE garbage has thrown us down the rabbit hole.
The headline says INTO correction. The 3% drop completes a 10% drop from the latest high, and that is called a “correction”.
I’ll never forget reading a market report when Bush was president saying the market had crashed upward through the 14000 barrier.
When do they stop calling it a ‘correction’ and call it a crash?
Or they will just seize Joe's 401K after the EBT riots.
80% of the IRA/401K earnings go the top 20% of earners. It is time we face the music and understand we are not "Obama's People."
Not while Obama is in office.
They will say: "Leftover greed from the Reagan/Bush era caused this."
Newsweek, from 1987 after that crash:
There is another thread about it, including preppers there.
The stock market has been following Hillary Clinton's approval numbers down (Wall Street is Clinton's biggest donor -- by far).
How far can Hillary Clinton's approval fall?
That more like it?
Did the money printing machine stop printing money to prop inflated assets?
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