Posted on 03/09/2020 6:40:04 AM PDT by BenLurkin
U.S. equity markets were halted Monday morning after the S&P 500 dropped 7 percent, as an oil price war between Saudi Arabia and Russia sent crude prices crashing.
The Dow Jones Industrial Average was lower by more than 1,800 points, or 7 percent, in the opening minutes of trading while the S&P 500 and Nasdaq Composite were down 7 percent and 6.86 percent, respectively. Trading will resume following a 15-minute halt.
The steep slide caused the New York Federal Reserve to increase its daily cash injections into the banking system to $150 billion from $100 billion.
(Excerpt) Read more at foxbusiness.com ...
Ef Putin. He tried to destroy our shale oil industry.
Heck no.
I just know that last night confirmed to me my smart decision to never freaking trade futures for more than a short time lest I lose everything I own in a margin call.
I mostly just do options on futures
Some people going to go bankrupt, for sure.
“so they can get back in”
Get back in? Get back in???? But, massive margin call. Zombies. End of the world.
Oh, wait. I get it. Not end of the world. Better tell everybody else on this thread. Well, almost everybody else.
Btw, for those that didn’t see it...IB stopped their intraday margin level last week.
They got their head handed to them in a Swiss Bank debacle so they are quicker on the draw for this kind of thing
Life Insurance Financials took a bath late last week.
I would rather be one that got out based on his advise than one that is sitting here being massacred in their retirement fund at age 70.
RMDs for this year are based on last year’s end value. Probably will have to withdraw twice as many or more shares than normal this year to acheive the RMD amount. Big hit on retirement accounts, although an opportunity for Roth conversion if one wants to stay in equities.
There will be a point where the Big Guys think enough is enough...and it WILL turn around. But where that point is will make a big difference in a lot of areas as things come crashing down
Those sitting on their high horse thinking this won’t effect them..unless you are in cash...don’t be so sure...ESPECIALLY if your funds are in a pension plan or mutal fund or something else where someone is controlling the decisions.
You’re already out. You mentioned getting “back in,” and I responded to “getting back in.” (Am I in the Twilight Zone?)
And it’s “advice,” not “advise.”
Wouldn’t it be great if gasoline companies put out gas without alcohol during this free-fall of prices?
WTF???
I thought you were an expert on Coronavirus?
Now, you’re a financial expert?
Comrade, the fight isn’t on keyboards.
You must pick up a mop and head to a nursing home.
There is where you can make a difference.
The battlefield is on the toilet!
Go there and fight!
Were you SMART enough to get out? I was. I have repeatedly said I was flat...except for an overnight Tsla position i was in and then got out at the open last week.
Or are you one poo pooing and now having to wait for it to go back up?
I was the smart one....yes, I missed a lot of opportunity while it gyrated...but I took Will’s advice.
And now I can go shopping with it all. Really not sure yet when I will get in to anything. I most certainly will miss the bottom.
So stop being so sanctimonious.
“cheap gas will definitely help growth rebound”
Interesting timing then.
btw, AMZN getting a nice bounce. We will see if it is a dead cat
Can someone summarize the “oil price war” story?
cripes...I got all out into cash...got back in for the greedy dead cat bounce and am stuck til tomorrow.
back in 08-09 I saw it coming and waited 3 weeks before i got out. lost a little not a lot.
This time it’s a tad different.
What’s missing from the DOW and other indexes, as reported in the news, is the number of dollars that changed hands or didn’t. The total volume of money that is involved. That would be a meaningful number.
The number they give us now is the weighted average of the price of specific stocks at the close or opening of business. That doesn’t tell us if 1 share was bought/sold or 1 million.
Always remember, you only lose when you sell.
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