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Author Topic: Wall Street closes out worst week in a decade  (Read 9013 times)

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Offline corbe

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Re: Wall Street closes out worst week in a decade
« Reply #25 on: December 23, 2018, 01:14:49 am »
   I've never seen Mod 7 or 3 so I think it is just 6, but I'm certain that we can keep them busy, especially on Friday and Saturday nights when we drink too much TEA.
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Offline Mod5

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Re: Wall Street closes out worst week in a decade
« Reply #26 on: December 23, 2018, 01:34:05 am »
Quote from: Fishrrman on December 23, 2018, 01:10:35 am
"Mod 5"?
"Mod 8"?

Why does a site as small as this one is, need 8 moderators?  ;)

It's not that small, and while you might think that there were 8 moderators there are really only 6.
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Offline corbe

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Re: Wall Street closes out worst week in a decade
« Reply #27 on: December 23, 2018, 01:42:19 am »
  See, I was correct, for once.
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Offline corbe

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Re: Wall Street closes out worst week in a decade
« Reply #28 on: December 23, 2018, 01:44:27 am »
  Were Mods 3 and 7 once greats that passed on and yall retied their Jerseys or something?  Enquiring minds need to know.
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Offline IsailedawayfromFR

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Re: Wall Street closes out worst week in a decade
« Reply #29 on: December 23, 2018, 01:46:04 am »
Quote from: DB on December 22, 2018, 10:28:56 pm
There hasn't been a budget since Obama was elected. Never mind the constitutional requirement for one. Everything has been a "continuing resolution" since then as far as I know. Nobody has paid a political price for this in your face lawlessness. But lawless is the new normal for our government. It is how empires end.
Before that.  Last budget was in 2006.
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Offline Hoodat

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Re: Wall Street closes out worst week in a decade
« Reply #30 on: December 23, 2018, 02:37:21 am »
Quote from: IsailedawayfromFR on December 23, 2018, 01:46:04 am
Before that.  Last budget was in 2006.

And it was only $160 billion in the red with deficits on the decrease.






But then the Democrats took control of Congress.  Within two years, that $160 billion deficit would become $1.6 trillion.
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Offline jmyrlefuller

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Re: Wall Street closes out worst week in a decade
« Reply #31 on: December 23, 2018, 10:57:13 pm »
Quote from: Fishrrman on December 23, 2018, 01:10:35 am
"Mod 5"?
"Mod 8"?

Why does a site as small as this one is, need 8 moderators?  ;)
To keep us all on our toes.
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Offline berdie

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Re: Wall Street closes out worst week in a decade
« Reply #32 on: December 24, 2018, 12:07:49 am »
Quote from: Applewood on December 21, 2018, 10:43:07 pm
But we are fools for being concerned, according to Trump supporters.  The economy is doing so well.  MAGA!



Just quti looking at your balance @Applewood .  That's what I had to do.  I retired in Oct.   and poof!
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Offline Applewood

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Re: Wall Street closes out worst week in a decade
« Reply #33 on: December 24, 2018, 12:19:12 am »
Quote from: berdie on December 24, 2018, 12:07:49 am


Just quti looking at your balance @Applewood .  That's what I had to do.  I retired in Oct.   and poof!

So sorry.  Trump supporters are too blinded by worship of their god that they don't realize they are going to be wiped out too one of these days.   A big recession is coming.  I don't care what Trump supporters are invested in.  Sooner or later, they are going to be feeling the pain with the rest of us.
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Offline Hoodat

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Re: Wall Street closes out worst week in a decade
« Reply #34 on: December 24, 2018, 07:56:23 am »
The only value a stock has is what it is the day it is sold.  If your the market says your stock is worth $100 and you don't sell it, then it doesn't give you anything.  So just because the DOW was 'valued' at 25K, it didn't mean squat unless you sold it.

Stocks are for the long term.  Always buy for the long term, and never ever ever ever panic when the market turns.  Because you sure as heck weren't breaking out the champagne when it was seriously overvalued.
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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Offline IsailedawayfromFR

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Re: Wall Street closes out worst week in a decade
« Reply #35 on: December 24, 2018, 02:16:36 pm »
Quote from: Hoodat on December 24, 2018, 07:56:23 am
The only value a stock has is what it is the day it is sold.  If your the market says your stock is worth $100 and you don't sell it, then it doesn't give you anything.  So just because the DOW was 'valued' at 25K, it didn't mean squat unless you sold it.

Stocks are for the long term.  Always buy for the long term, and never ever ever ever panic when the market turns.  Because you sure as heck weren't breaking out the champagne when it was seriously overvalued.
That was all well said.  Wish more would read your words.

The other point I would made is that in order to sell, one must find a buyer.  That buyer must believe what he is buying is worth as much or more of the current value.  Otherwise, he would not buy.
« Last Edit: December 24, 2018, 02:17:30 pm by IsailedawayfromFR »
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Offline corbe

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Re: Wall Street closes out worst week in a decade
« Reply #36 on: December 24, 2018, 04:06:30 pm »
Markets plunge following Mnuchin outreach to banks

BY NIV ELIS - 12/24/18 10:27 AM EST   

The Dow Jones industrial average plunged more than 400 points Monday morning, following a weekend attempt by Treasury Secretary Steve Mnuchin to calm the markets.

Mnuchin said Sunday that he spoke with the heads of six major banks -- Bank of America, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo -- and reported that they had "ample liquidity."

He also said he would convene a call with the president's working group on financial markets and a group of key regulators.

But the unusual message may have backfired, with analysts noting that the group Mnuchin was calling together was the same as the "Plunge Protection Team" that met at the height of the 2009 financial crisis.

<..snip..>

https://thehill.com/policy/finance/422730-markets-plunge-following-mnuchin-outreach-to-banks
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Offline Applewood

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Re: Wall Street closes out worst week in a decade
« Reply #37 on: December 24, 2018, 06:11:58 pm »
@corbe  (and anyone else)

Ok, I'll bite.  What does "ample liquidity" mean?  Are the banks just going to take the loot and run? 
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Offline Hoodat

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Re: Wall Street closes out worst week in a decade
« Reply #38 on: December 24, 2018, 06:16:24 pm »
Quote from: Applewood on December 24, 2018, 06:11:58 pm
@corbe  (and anyone else)

Ok, I'll bite.  What does "ample liquidity" mean?  Are the banks just going to take the loot and run?

It means that as of now, the banks do not need the Fed to crank out for them a fresh $700 billion of newly invented money so that fat cat bankers can stay in business even though they made seriously stupid choices.

As for the rest of us who set money aside to handle these rough spots caused by banker stupidity?  The money we saved decreases in value, and that value gets handed over to the banks.  It's kind of like a tax increase that Congress never voted on.
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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Offline Victoria33

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Re: Wall Street closes out worst week in a decade
« Reply #39 on: December 24, 2018, 06:19:36 pm »
@Hoodat
@Applewood

It is now Monday, central time 12:18 pm - stock market has dropped over 600 points.
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Offline Gefn

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Re: Wall Street closes out worst week in a decade
« Reply #40 on: December 24, 2018, 06:24:58 pm »
Quote from: Victoria33 on December 24, 2018, 06:19:36 pm
@Hoodat
@Applewood

It is now Monday, central time 12:18 pm - stock market has dropped over 600 points.

This is very bad.
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Offline Applewood

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Re: Wall Street closes out worst week in a decade
« Reply #41 on: December 24, 2018, 06:35:01 pm »
Dow dives 600 points to below 22,000, S&P 500 enters bear market - worst Christmas Eve ever

Quote
U.S. stocks plunged on Monday in their worst day of Christmas Eve trading ever, as the S&P 500 entered a bear market.

The Dow Jones Industrial Average dropped by 653 points Monday in volatile trading, falling below 22,000. The Dow sank more than 2 percent, then recovered nearly all of the day's losses, before again falling more than 2 percent. The S&P 500 fell 2.7 percent, slipping into a bear market as it fell 20.06 percent from recent highs. Wall Street traditionally considers a drop of 20 percent or more from recent highs to be a bear market. The Nasdaq Composite Index slid 2.2 percent.

…

Trump resumed his attack on the Fed on Monday, tweeting that the central bank is "the only problem" with the U.S. economy.
[/b]

https://www.cnbc.com/2018/12/24/us-stock-futures-fall-slightly-as-the-dow-attempts-to-rebound-from-its-worst-week-in-a-decade.html


Uh...no...Trump.  There are plenty of other problems.  Some are of your own doing.
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Offline Night Hides Not

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Re: Wall Street closes out worst week in a decade
« Reply #42 on: December 25, 2018, 10:37:13 pm »
Quote from: Fishrrman on December 23, 2018, 01:10:35 am
"Mod 5"?
"Mod 8"?

Why does a site as small as this one is, need 8 moderators?  ;)

There are more crazy mofo's on this site than we care to admit. For example, San Francisco had Emperor Norton in the 19th century, while we have our very own "Ambassadors" today.

 :rolling:
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Offline Night Hides Not

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Re: Wall Street closes out worst week in a decade
« Reply #43 on: December 25, 2018, 10:46:32 pm »
Quote from: Applewood on December 24, 2018, 06:11:58 pm
@corbe  (and anyone else)

Ok, I'll bite.  What does "ample liquidity" mean?  Are the banks just going to take the loot and run?

IMO, it means that they aren't nearly as leveraged as they were ten years ago. The FDIC has a division that oversees these mega financial institutions, and routinely conduct stress tests of them. The FDIC is one of the few federal agencies that are trustworthy, not just because I worked there, but for their history over the past 80 plus years.

As I said on another thread, I think Mnuchin's been receiving calls from Trump to "do something", to give the illusion that they're on top of the situation. So Mnuchin calls the heads of the major banks, to show Trump he's "doing something".


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Offline Gefn

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Re: Wall Street closes out worst week in a decade
« Reply #44 on: December 25, 2018, 11:19:26 pm »
Anyone ever hear of a “dead cat bounce” on Wall Street? We might get one soon. Possible. Or not.

https://en.m.wikipedia.org/wiki/Dead_cat_bounce

« Last Edit: December 25, 2018, 11:20:05 pm by Freya »
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Offline thackney

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Re: Wall Street closes out worst week in a decade
« Reply #45 on: December 26, 2018, 05:52:56 pm »
Quote from: Fishrrman on December 21, 2018, 11:44:51 pm
Glad I've been pretty much "all cash" for more than a decade.

How does 18,500 sound for an eventual "bottom number" ...?

If it fell today to 18,500, it would have more than doubled in the past decade (closed $8,515.55 Dec 26, 2008).  How much has your cash grown in the past decade?
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Offline Wingnut

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Re: Wall Street closes out worst week in a decade
« Reply #46 on: December 26, 2018, 06:40:30 pm »
Stocks rally, Dow adds 400 points.  Today.

Quote
December is, in fact, on pace to be one of the worst months for the S&P 500 in history, Dan Suzuki of Richard Bernstein Advisors wrote in a note Wednesday. As of market close Monday, the S&P 500 was down nearly 15% for the month of December. Of the 10 other instances that markets have posted a weaker month, seven occurred during the Great Depression, three took places after the Nazi invasion of France, one occurred during the 1987 market crash and the last happened during the depths of the financial crisis.

“If you think that the current fundamental backdrop has the makings of a depression, World War III or a major financial crisis, then perhaps the magnitude of the market sell-off is reasonable,”

https://finance.yahoo.com/news/stock-futures-rise-christmas-eve-sell-off-134312777.html
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Offline Hoodat

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Re: Wall Street closes out worst week in a decade
« Reply #47 on: December 26, 2018, 09:18:21 pm »
Quote from: thackney on December 26, 2018, 05:52:56 pm
If it fell today to 18,500, it would have more than doubled in the past decade (closed $8,515.55 Dec 26, 2008).

Yep.  The market has been seriously overvalued for a few years now.
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Offline Gefn

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Re: Wall Street closes out worst week in a decade
« Reply #48 on: December 26, 2018, 09:19:56 pm »
It’s up over 1,000 points  :beer:
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Online DCPatriot

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Re: Wall Street closes out worst week in a decade
« Reply #49 on: December 26, 2018, 09:22:43 pm »
Quote from: Freya on December 26, 2018, 09:19:56 pm
It’s up over 1,000 points  :beer:

Said all along that the 'correction' last week, was merely year-end profit taking.

Then...the computer algorithm took over.

The media jumped.  They're pulling all the stops to crash this President's administration.
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