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Old 09-03-2020, 12:49 PM   #61
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Dow taking it on the kisser .
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Old 09-03-2020, 01:04 PM   #62
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Below the -4.0% mark, the S&P500.

Got tired of just standing here, and sold INTC Intel and bought SPYD Schwab U.S. Dividend Equity ETF.
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Old 09-03-2020, 01:13 PM   #63
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Originally Posted by razztazz View Post
Anybody seen any news stories explaining this? I saw one way early saying something about a FED statement but I can't find it now. Otherwise there is a conspicuous lack of "emergency financial news articles" telling us what it's happening.

I read this one on CNBC this morning before the big drop -


Quote:
Asset prices could be on the cusp of a sharp collapse known as a “Minsky moment,” and may retest lows last seen in March, according to Ron William, market strategist and founder of RW Advisory.

https://www.cnbc.com/2020/09/03/mark...gist-says.html
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Old 09-03-2020, 01:20 PM   #64
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Anybody seen any news stories explaining this? I saw one way early saying something about a FED statement but I can't find it now. Otherwise there is a conspicuous lack of "emergency financial news articles" telling us what it's happening.
Unemployment claims rising? Maybe the counting method change contributed uncertainty to the manic market?
https://finance.yahoo.com/news/joble...202214668.html
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Old 09-03-2020, 01:24 PM   #65
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Dow taking it on the kisser .
W2R must have Wheeed!
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Old 09-03-2020, 01:24 PM   #66
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Anybody seen any news stories explaining this? I saw one way early saying something about a FED statement but I can't find it now. Otherwise there is a conspicuous lack of "emergency financial news articles" telling us what it's happening.
Profit taking ?
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Old 09-03-2020, 01:34 PM   #67
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September Selling Sets In - now that's alliteration.
https://finance.yahoo.com/news/stock...221514074.html

Profit taking, as frayne says.
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Old 09-03-2020, 01:36 PM   #68
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Unemployment claims rising? Maybe the counting method change contributed uncertainty to the manic market?
https://finance.yahoo.com/news/joble...202214668.html
Jobless claims fell, maybe the market feels that if this trend continues there will not be a need for another $1T stimulus and since this was "baked" into the prices, now the cake is getting unbaked ?

Who knows...
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Old 09-03-2020, 01:37 PM   #69
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There is no rhyme or reason when it comes to the market. None.
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Old 09-03-2020, 01:46 PM   #70
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Old 09-03-2020, 01:59 PM   #71
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Anybody seen any news stories explaining this? I saw one way early saying something about a FED statement but I can't find it now. Otherwise there is a conspicuous lack of "emergency financial news articles" telling us what it's happening.
Why would you think that anyone in the news business could provide an accurate assessment? With billions of shares changing hands, the newsie would have had to interview thousands of traders in order to determine any kind of a consensus. This is impossible. So what we get is whatever the newsie's guess might be and it's approximately as useful as anyone else's guess.

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I read this one on CNBC this morning before the big drop -

"Asset prices could be on the cusp of a sharp collapse known as a “Minsky moment,” and may retest lows last seen in March, according to Ron William, market strategist and founder of RW Advisory. " ...
The thing about the chattering classes is that their number is so huge and the predictions so random that inevitably someone's guess will be right and that monkey will be considered a "genius monkey" until he/she makes a few more predictions.
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Old 09-03-2020, 02:03 PM   #72
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Originally Posted by razztazz View Post
Anybody seen any news stories explaining this? I saw one way early saying something about a FED statement but I can't find it now. Otherwise there is a conspicuous lack of "emergency financial news articles" telling us what it's happening.
Sometimes there is no apparent reason. With unemployment high, bankruptcies rising, stimulus expiring and Covid with us for the long haul, it doesn't come as any surprise to me. The new highs weren't justified by anything I know of. Just another day in the crazy market for long term investors...
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Old 09-03-2020, 02:22 PM   #73
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Profit taking ?
I hear this a lot during these situations, How did all those people manage to coordinate everybody deciding to take profits on the same day? Altho, if they think some sort of disaster if pending then, yeah, I guess they want to take their profits while they still exists.

No, This is some sort of reaction to something highly discomforting. That "Fed statement" thing I mentioned and something about unemployment were mentioned. Altho, Cheese! Like we've had mass unemployment for how long now? What could have changed that much to cause today's action?

And I'll take the opportunity to thank the peeps who answered my question with links to various articles
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Old 09-03-2020, 02:25 PM   #74
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I hear this a lot during these situations, How did all those people manage to coordinate everybody deciding to take profits on the same day? Altho, if they think some sort of disaster if pending then, yeah, I guess they want to take their profits while they still exists.

No, This is some sort of reaction to something highly discomforting. That "Fed statement" thing I mentioned and something about unemployment were mentioned. Altho, Cheese! Like we've had mass unemployment for how long now? What could have changed that much to cause today's action?

And I'll take the opportunity to thank the peeps who answered my question with links to various articles
Heard that the drop was due to Fauci disputing story about vaccine becoming available in November. Interview was on CNN this morning.
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Old 09-03-2020, 02:43 PM   #75
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Dow taking it on the kisser .
The Dow is down merely -2.78%, while the S&P is down -3.51%.

The Nasdaq took it under the belt: -4.96%. Not surprising, as the tech stocks had been going up the most.

Investors have been edgy with the recent runup, and quite anxious. The VIX jumped up on Monday, and kept climbing while Tesla and Apple set new highs after their stock split event, which should have been irrelevant. Of course newcomers to the market did not know that, and kept bidding up these 2 stocks.

Selling is contagious. Once it starts for whatever reason, selling begets more selling.

I have a bunch of out-of-the-money covered call options expiring worthless soon, and I will pocket their premiums, as usual. Rinse and repeat.
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Old 09-03-2020, 02:56 PM   #76
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Old 09-03-2020, 03:24 PM   #77
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Jobless claims fell, maybe the market feels that if this trend continues there will not be a need for another $1T stimulus and since this was "baked" into the prices, now the cake is getting unbaked ?

Who knows...
That thought occurred to me.
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Old 09-03-2020, 03:31 PM   #78
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Jobless claims fell, maybe the market feels that if this trend continues there will not be a need for another $1T stimulus and since this was "baked" into the prices, now the cake is getting unbaked ?

Who knows...
It's slowing, or it's going up, then ADP says less than expected. Try to follow the bouncing ball.
https://www.marketwatch.com/story/us...wed-2020-09-03
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Old 09-03-2020, 03:36 PM   #79
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Wacky. Today kicked our ostensible NW over 6M. Was hoping that rent payments would get us there before quarterlies take their bite, but turns out those deposits today and about an equal amount according to Morningstar today got us well over the hump. Meanwhile our 9 unit apartment sale continues on track, which will add to the stash. If only I didn't feel like our dollars are falling in value faster than the market is rising. Crazy times. We now have a tenant who is working, but not paying rent - and according to the CDC we can't evict till January. She's several months behind now, and does anyone really think she'll pay her back rent? Ever? And we are ordered by the CDC? Wacky. Good to be secure.
I would be soooo angry over this.
Send a bill to the CDC for the rent.
This tenant cannot even pay part of the rent each month
There are other reasons to evict.
That tenant may just live there forever...
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Old 09-03-2020, 04:05 PM   #80
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If days like today bother you.... don't own stock. If it went straight up, then I'd be concerned


Remember that scene in Caddyshack when Rodney Dangerfield is on an ancient cell phone with his broker, he wanted to sell a stock that was tanking and his broker told him everyone is selling. Rodney changed his tune and said "Everyone is selling? Then Buy, Buy, Buy, Buy!


I'm going fishing tomorrow and won't check on the markets til maybe the end of the quarter or even later. My stock isn't for sale right now.


Stocks will do fine without me watching them.
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