Posted on 10/11/2018 11:57:57 AM PDT by BradtotheBone
Stocks fell in volatile trading Thursday, a day after the major indexes suffered steep losses sparked by higher rates and a sell-off in tech shares.
The Dow Jones Industrial Average traded 650 points lower, bringing its two-day losses to more than 1,400 points. The S&P 500 dropped 2.1 percent and was on pace for a six-day losing streak. The broad index also broke below its 200-day moving average for the first time since May. The Nasdaq Composite pulled back 1.5 percent and entered correction territory.
The major indexes fell after some of the major tech names failed to recover from steep losses in the previous session. Netflix fell more than 1.5 percent after briefly trading higher. Apple also declined 0.8 percent, erasing earlier gains.
Tech shares fell more than 4.5 percent on Wednesday, marking their worst day since 2011. The sell-off led to the Dow sinking more than 800 points and the S&P 500 dropping more than 3 percent. It was also the 28th time since 2011 the S&P 500 posted a more than 2 percent decline, according to data from Birinyi Associates.
"It's a momentum correction, not a portfolio correction," said Joe Terranova, chief market strategist at Virtus Investment Partners. "While we have a bias to believe 2008 could happen again, I don't think this is the case."
"Less is more in this environment," Terranova added. "I think you need to be an observer of the guidance you get in earnings."
Stocks tried to rebound earlier in the day after the release of weaker-than-expected inflation data. The U.S. government said the consumer price index rose 0.1 percent in September, well below the expected gain of 0.2 percent.
(Excerpt) Read more at cnbc.com ...
Soros.
The Dow is getting crushed.
Billionaire RATs trying to crash it before the mid-terms.
IF only evidence of it could be found.
Buying today.
Dont panic. Market was due for a correction. It is not a bad idea to take profits before a very big election.
Same playbook as 2008, only this time they can’t break the buck.
Will not turn into a rout due to completely different and better fundamentals.
Be a lot of good deals out there.
Good News for the Dems! They will play it up, you can count on it. Its an October surprise gift.
Rate hikes. In October, surprise surprise.
I fear people will look at yesterdays pattern ans the same thing today. The drop at the end of the day yesterday was massive. I hope people don’t panic and do the same today.
Rush spoke of this on his show today.
Precious metals are on the rise again.
Lower gas prices counteract this. Gas has dropped considerably over the past several days.
Good News for the Dems! They will play it up, you can count on it. Its an October surprise gift.
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I’m not getting worked up over this. I think it’s simply a correction.
While a downdraft was in the cards, I have no doubt this turned into a rout at the behest of the same fascists that have been gunning for Trump from day one.
Earnings reports are right around the corner; the Dow is way, way oversold. Stay long.
No, I am not a stockbroker.
Just a coincidence, I’m sure.
There’s no way the Goldman Sachs cartel along with the other globalists have anything to do with this. /s
For the past few months the financial publications have clearly been setting the stage for this and panting desperately for a downturn.
The stock market has been nothing more than a roulette wheel every since 2007. The valuations have nothing to do with the value of the companies. The prices are only about who is placing bets. This was bound to happen.
IF only evidence of it could be found.
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So far all we know is that the volume hasn’t been that high. The question is: who are the sellers? We’ll probably know in a day or two, after the dust settles.
1. Most indexes are still up over value one year or six months ago.
2. Timing is possibly due to rising interest rates, which is helping nurture higher bond interest rates, which is helping move some money from stocks to bonds.
3. Mortgages are hitting 5%.
All of which was and are inevitable results of the Fed trying to reverse its monetary easing policies post-2008.
One question is whether or not those are ALL the reasons, or if subversive hands behind the scenes are dumping stocks as an “October surprise” for the mid-term elections? That will be hard to discern, as the portfolios of any hidden hands are spread across many market funds and would not be easily detected as a coordinated move, and there is no lack of fundamental reasons for a market correction in what many have been saying for months was an over valued stock market.
Buying today. No “rout” at all. Normal profit-taking.
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