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 ...
I think I'll wait for at least 14.5..
perhaps you are right dfwgator
but i am thinking we are in for 2 more weeks of ups and downs
I wish all Freepers the best. I hope you do well this year. I don’t know what the future will bring but I hope the virus will subside and economies of the world recover.
that is a good feeling for sure when it is ‘their money’.
No doubt. But I figure even if it drops more over that period, they are still bargains right now. I knew this was going to be the rough month, because we simply don't know where this thing is going. One way or the other, by the end of the month, I hope we will know.
Robinhood is down again. They may get sued into oblivion.
Why would anyone SELL at this point???
I agree. The Sauds opened the spigot...OPEC be damned.
Blind panic. The same blind panic that the MSM managed to gin up over a new strain of the flu.
I was told long ago fear and greed were the emotions that drove a lot of decisions. Right now fear is in ascendancy.
Saw some people that said conservatives should start hammering Bernie’s crowd about their buying TP saying to show them that’s what happens in COmmie countries...run out of toilet paper
BUt for those that laugh at people who were stocking up...I DID...and now I have to self quarantine because of an Asian that was dry coughing all over me . I don’t want to give whatever she gave me to someone else.
So I am damn glad I have supplies.
I started part of my protocol last night but already starting to sneeze and get a headace..so I have to start my lipsomal C. Didnt do it last night..like an idiot.
Margin call
I haven’t been following that saga except to see alot of people can’t get into their accounts.
A lot of people on my twitter timeline are outraged.
Some men you just can't reach.
Dang..you almost called the number. ..and we aren’t done yet.
low 273.50 so far.
very Good call.
I’m glad for you. You keep commenting on something different than what I said.
Keep up the good work. Get back in when the time is right for you.
No expert here, but speculation is that OPEC may be trying to destroy our fracking industry by undercutting, then raising prices after the fracking is kaput. They can play a long game, and have little to lose.
So I heard ...
#1 - don't listen to Trump (sorry). He was just traying to stave off panic. Too many people did when he said "Stock market looking very good to me!" on the 24th. For the record, that was 3900 points ago on the DOW. Well - the market doesn't listen to those sorts of tweets. They obey market forces. In crashes, corrections and dips, they like to return to moving averages. I have found (by listening to people a lot smarter than me) that those levels are the 20, 50 and 200 moving average on the daily, weekly and monthly charts. Right now the weekly 20 and the weekly 50 are sitting right about the same level - around 263-265. I suspect that is the last line of defense for bulls. If we breach that line - we head south for a long time.
And for the record - I actually went bullish this morning for a little while after the first half. I reversed some of my very short term positions. During the halt, the yen futures (/6J) was still trading. Well - about 10 minutes into the halt I noticed they tanked MASSIVELY. I figured that was a sign the FED did SOMETHING and that the market was going to reverse short term at least upon re-opening. SO - I went long on some crude oil contracts from 8:45 - 9. Worked out well to say the least.
Real economic activity is high all around us.
” During the halt, the yen futures (/6J) was still trading. Well - about 10 minutes into the halt I noticed they tanked MASSIVELY. I figured that was a sign the FED did SOMETHING and that the market was going to reverse short term at least upon re-opening. SO - I went long on some crude oil contracts from 8:45 - 9. Worked out well to say the least.”
Really nice observation.
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