Posted on 09/23/2022 7:39:57 AM PDT by Presbyterian Reporter
The S&P 500 fell as much as 1.9% on Friday, bringing its rout in the week past 4.5%. The index already closed below the closely watched level of 3,800 this week, leaving the June bear-market low of 3,666 as the next line of support on technical charts.
The UK government unveiled a sweeping tax-cut plan that crashed the pound and the nation’s bonds as investors fretted over the stimulative effects with inflation running rampant. That soured an already tart mood for risk assets around the world. The S&P 500 plunged 1.7% as of 10:09 a.m. in New York, and traders who watch charts for signs of where the drop might ease are bracing for the worst.
“The technicals have fallen out of bed,” Art Hogan, chief market strategist at B. Riley, said in a phone call. “Losing 3,800 now brings the June lows into line of sight, so that has people waiting for that to happen.”
(Excerpt) Read more at yahoo.com ...
Since then, the Fed has taken to investing in the markets directly, so no need to bother with a presidential anything anymore.
Retirees, especially those forced to sell funds to pay their RMDs and/or for their living expenses are hardest hit
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Yep, falling markets and rising inflation, terrible combo for retirees. Better start seriously trimming expenses.
Even the stalwart dividend payers will start moderating or delaying increases due to decreasing profitability as the economic mess worsens.
I am willing to endure a lot of short term pain if a bear market tilts the mid-terms our way.
Biden was twisting himself in knots to avoid the recession word, it is a lot harder when we are in a world of hurt.
Good mid-terms will lift the economy.
> a sweeping tax-cut plan that crashed the pound and the nation’s bonds as investors fretted over the stimulative effects with inflation running rampant.
fer sure! couldn’t be any other reason! It’s the tax cuts at the root of economic gloom and despair.
That warning from Germany was about the 24th wasn’t it?
Yes its hard to make money in a market like this. I had bought something with the intent to sell on the bear market rally but waited too long to sell so now its back at cost.
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