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 dont have the need. You are a sanctimonious jack a$$. You know how I know?
The fact that you pointed out that I used the word “advise” instead of “advice”
Sometimes words don’t type out to my fingers as old age sits in. And this is complicated by the fact that I either got a Cold, some other virus, or WUHAN yesterday
BUt yet you felt the need to point it out in a sanctimonious way.
Btw, I have an advanced degree. I also Know the difference between the word advice and advise.
But you will see all kinds of typos in my posts. You dont need to point them out in the future. I know they are there.
Well - I trade yen futures - and when you see a big red candle taking up half the page - you tend to notice those things - lol. Just glad I was out of my previous long on it - otherwise I would have been toasted and roasted.
...forex is a whole other margin call in the making even if you know what you are doing trading platform.
God Bless you..not sure I could handle the stress. LOL
You’re welcome!
I am still on the fence about that. They would do ANYTHING to get tariffs lifted on their exports. Anything.
The past two weeks are merely prelude.
Now, as you say, the fundamentals are going to kick in.
This is no longer a short term crisis.
FYI - I'm not in forex. I'm in futures trading. It's a totally different and dangerous animal. For example: When you trade 1 contract of NASDAQ - you are controlling about $160K in money on $9K of margin. I've gone in on 4 contracts before. In oil - right now you are controlling 34K with one contract on $4375 of margin. Back when it was $55 you would be controlling 55K on one contract. I have been in for as much as 10 contracts. It's definitely - "uncomfortable" - but very profitable if you know what you are doing.
This week is make or break week. We will see what 1) The FED does and 2) how the algos respond. I love how all these FReepers think they control the market and will move it by jumping back in. They are guppies for the ALGO-Oscars. If the algos think it is still time to short - they may let all of these retail traders back in for a little bit - then they will short them into oblivion.
This week is the Maginot line.
FTW
former Goldman Sachs guy:
Will Meade
@realwillmeade
·
This is not 2008
This is not the 2000 Dot Com Crash
This is not 1987
Why? Because interest rates and treasury bond yields are at record lows yielding virtually nothing, which means at some point the risk reward in stocks will be too enticing especially dividend stocks.
Exactly. Where else is there to put your money these days.
Real Estate is going to take a hit as well.
..that FTW is suppose to be FWIW..means..for what it’s worth
We’re 70 and 75 ... two weeks ago we switched all but 10% of our IRA funds out of the index funds we were in. We’re way too old to speculate on anything now; we don’t have much in the IRA anyway, no sense in losing it. We were able to put the funds into a guaranteed 4.5% interest fund that we opened back in 1970-something. That’s an amazing rate at this point, so we’re happy.
And stocks won't give dividends if we are pulled into a global meltdown. FYI - the event 201 scenario (look it up on youtube) projected a global gdp decline of 11% for an event such as this. The only way to contain this virus is to take the same exact measures as China and Italy - and that is a fact. The CDC (in private) has said it doesn't expect a significant change due to seasonality. So - think about what the quarantining of American cities or certain portions of America will do to the GDP. The ALGOS won't go long at that point - and they control 90% of all trading.
SO..just curious...do you feel a sense of relief today?
People in different age groups have different considerations.
The older I get the more risk adverse I become..but still have much more risk tolerance than many...CLEARLY ...since I trade options. LOL
Russia didn’t agree to production cuts, so Saudi Arabia is teaching them the lesson that Saudi Arabia can bring them to their knees if they don’t go along.
I havent been keeping up with the Saudi IPO...but at some point they will have to stop what they are doing
your viewpoint makes sense to me. Saudi does do thinks to teach people lessons.
You have any book recommendations for people wanting to learn what you do?
I went on a shopping spree this morning... terrific companies at a 10% discount!
Just bought exxon
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