Market TOP..?
Posted on 12/24/2018 11:43:28 AM PST by reaganaut1
A bruising stock selloff continued, erasing more than 650 points from the Dow Jones Industrial Average as Treasury Secretary Steven Mnuchin tried to instill calm into a jittery market.
Coming off the stock market’s worst week since the 2008 financial crisis, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite fell for a fourth straight session Monday as investors continued to weigh the impact of rising interest rates, slowing U.S. growth, and the ramifications of a government shutdown extending into January.
With the selloff showing little signs of slowing, Mr. Mnuchin attempted to reassure investors, saying he had spoken individually with the chief executives of six large banks to ensure they had sufficient lending capacity.
But Mr. Mnuchin’s public efforts to soothe investors may have had the opposite effect, analysts said, with banks stocks falling along with most other assets Monday.
“We’ve gone through situations before where it’s absolutely normal for the secretary of Treasury to reach out to the private sector,” said Quincy Krosby, a chief market strategist at Prudential Financial, who also served several stints in the government earlier in her career.
“But what’s bad is this made the papers, and says the government is very worried,” said Ms. Krosby, adding that with investors focused on so many issues, “it’s almost as if gravity is pulling this market toward a lower level before it bottoms out.”
Adding to the market’s unease were reports over the weekend that President Trump, angry over monetary policy, has considered removing Federal Reserve Chairman Jerome Powell—a move that would stir even greater volatility and raise questions around political inference at the central bank, analysts said.
White House advisers, including Mr. Mnuchin, sought to ease those concerns as well, saying the president doesn’t have the authority to remove Mr. Powell.
(Excerpt) Read more at wsj.com ...
Election season has already started. That is how the presidential election cycle works. Waiting until 2020 is way too late. They know their timing, have a game plan developed and in motion. This is part of it. They are by not political nitwits.
2019 is when the chess pieces start to be moved interms of players for the next election. A year of bad economic news would so color the landscape in 2020 that outcomes could be unpredictable and unfortunate. The Congress is run by the Dems but the senate is Republican. Total gridlock, nasty mindgames, and a rising volume of blame games will be the order of the year. That’s why they are making their moves now!
I love this guy, but I also know how he operates.
Stocks on sale and I bought some energy today. The dividends are juicy. The big drivers (governments) in energy aren’t going to sit still for oil around $40 for long. I’ll keep buying happily as it goes up, down or sideways from here.
Every one of those shares that has been sold has been bought by someone else. That’s why it’s called trading.
Market TOP..?
The market has been overvalued for sometime. The next shoe to drop is the real estate market.
I know you “keep up”. I found it interesting that Trump gave the fed employees a paid holiday on Christmas Eve before the latest festivities. That could mean he was already planning for what everyone called a “reversal” of his position on the Wall funding. He softened the blow for those employees just a bit.
I see more of a ‘95 flattening period. It’s very hard to crash a real estate market without having a large inventory overhang and we are a long way from that.
“Trump has the right to express his views on monetary policy, but his continued bashing of the Fed is undermining confidence.”
Yeah maybe not a wise move. A few well advertised-in-advance 1/4 point increases didn’t crash the market. There are concerns about the global economy next year and uncertainties on tariffs/trade wars.
If you recall Trump claimed credit for the Stock Market rally after he became President. Definitely a lot of truth to that claim. However by publicly connecting himself to the Stock Market results he also set himself up for the blame on future crashes. Can’t have it both ways.
Today was pretty low - 1.7B shares in the S&P, but Friday's drop had the highest volume in a couple of years - almost 5B shares.
Trump needs to fire the idiot that appointed this Fed chair.
Yep, we are in a rigged game.
Why are you here? Shut up and go away.
If a POTUS take credit for something getting better, they will (and deserve to) be blamed when it goes down (or vice versa with things such as inflation.
NOBODY should ever be able to take credit for the good without equally getting blame for the bad, in particular CEOs, generals or other leaders.
If you don’t want the blame, don’t take the credit.
NO! Market is tanking ITSELF by getting way more over-valued. Before recent correction, market was more over-valued than just before the October 1929 crash which was the start of Depression.
I’ve been buying on the way down.
Keep selling dumbasses!!!
Near historic low for sure. US Steel a good bet now !
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