Curious3GTL

Oil is at $31.75, I wonder how low it goes?

YeuEmMaiMai

if it hits $10 it will be sub 1980's price.... might reach $25....

Mizouse

I still ain't seeing this cheap sub $2/gallon gas. Shit over here is around $3 a gallon

Rapture

Not sure if the frequent hits on my 401k could be offset by lower gas prices...

doopstr

Soon the large SUVs will take over the streets again and then gas will go to $4.

03SSMTL-S

$1.79 here, been that way for weeks, with my Kroger Discount i can get it less than $1

Mizouse

Fuck Kalifornia

Mizouse

Fuck oil

AZuser

Regular at Exxon Mobil 1 month ago was $2.79 ($2.69 cash) when WTI was $38.10. WTI is at $30.21 today and regular at the same Exxon Mobil is $3.05 ($2.95 cash) today.

Mizouse

Wow

Dan

Reason? Because we can!

imj0257

iTrader: (1)

Fuck.

YeuEmMaiMai

dow down nearly 370 more points.....

LaCostaRacer

Dow: 16,151.4
Gold 1093.30
Dow/Gold: 14.77
USD: 98.98

This was a day when the premarket levels were up 100+ points and things appeared good for a follow through from Tuesday's change in direction. Before the first 2 hours of trading occurred the Dow and other indices were down for the rest of the day and closed near session lows to lose all the gains made on Monday & Tuesday and more.


The Dow is just above a significant support level of 15,950. If that breaks, I think we could see another leg down to 15,400. The SP500 broke down past a 1900 support level that has held somewhat well in the past year. The next support level for SP500 is near at 1870 and it's currently 1890- all it takes is 1/2 of today's damage to break past that level.

Even today, there was lots of talk on CNBC about the possible RECESSION- you usually don't hear the R word there- it's more often 'buy the dip'.

The Transports took another hit with even lower oil prices from my previous post- now only 10% of the companies are in bullish chart patterns which means 90% are bearish.

Mizouse

yea this has me worried.

Mizouse

Wow, DOW was down 400points

NBP04TL4ME

It's Friday - either profit taking or running scared.........

LaCostaRacer

The economic data was not good today and it's a 3 day weekend.

Mizouse

I know I'm scared... Been saying to my money

AZuser

If you don't want to be saying to your money, don't sell anything because . . .

Mizouse

DOW down 477.19 (2.91%)
NASDICK down 177.76 (3.87%)

imj0257

iTrader: (1)

Fcuk

AZuser

"Be fearful when others are greedy and greedy when others are fearful"

doopstr

On the bright side today is my bi-monthly day to buy a few bucks worth in my 401k.

screaminz28

iTrader: (1)

Wow, oil settled at 28.94. Below 30, how much further can it go? Will we get back to Clinton era pricing of 15 bucks a barrel and below? We're already close to it in inflation adjusted dollars. The low average was 11.91 in 1998 money. If Saudi keeps pumping long enough to put all the shale producers out of business for good, we might see $10 barrels. For a short time before they get it back to $150...

nfnsquared

Oil would have to drop to below $10/barrel before they'll quit pumping shale in ND. Can't speak for the other shale states/fields. I expect oil will to continue to drop due to the Obamination deal with the Iranians. How low is anyone's guess...

YeuEmMaiMai

and they layoffs have begun at our company 6 sales people let go today...

LaCostaRacer

Dow: 15,988.1
Gold 1088.60
Dow/Gold: 14.68
USD: 99.02

I took a peak at yesterday's earnings and today's and what I found is that the big banks and financial institutions earnings estimates are getting trimmed big time from last quarter. For example JPM's estimate is down 23% from previous quarters numbers. OZRK is one of the few banks that has a increase in estimated earnings.

If these estimates are accurate, this points to a significant slowdown in earnings in an environment with rock bottom (effective) interest rates. If you buy into the Fed actually raising more this year, then that will place more drags on banks earnings. Most of the industries are in bearish patterns with only the Dow30, Consumer Staples, and Info Technology about 30% bullish or 70% bearish.

It doesn't seem to be enough fear in the market to think this is a good time to buy. I would like to see a few more FCUK's on this thread and in the media. What I can say is once people are so pissed off about the market and start going to Gold, Silver and other non-stock investments- then a bottom might be near or even passed.

I made money today with my short positions doing their job. I like my SKF position the best but DXD and QID did pretty well too.

LaCostaRacer

Sorry to hear. I heard driving into work that Walmart is going to close a 100+ stores- so much for increasing the minimum wage for the workers. Now they will be out of jobs. We're going to see more of this in states that increased the minimum wage this year.

YeuEmMaiMai

I came across this today

Since the market peak on May 21, 2015, the market has declined 11.7%.

source: USA today....

there is one of 2 ways this is going to end

1. People pull their heads out of their rectums

or

2. They keep trying to delay the inevitable and we continue to sink ever so deeper into the pit.

YeuEmMaiMai

BDI (Baltic Dry Index is 394 lowest point in history. in 2K8 when the DJIA crashed it was at 1222...

Global Economy

YeuEmMaiMai

Iran sanctions: Middle East stock crash wipes £27bn off markets as Tehran enters oil war - Telegraph

yeah it's going to get very nasty....

Middle Eastern Stock Markets lost £27bn as Iran pumps 500K barrels a day into the oil market.....

Thanks Obama, you really screwed everyone over.... hope you all got some lube....

nist7

As a Boglehead/Buffetian- I totally agree.

As a young investor, just started my career/accumulation phase in 07/2013 (I know right...wish I had been able to buy in 2008/2009) this is WONDERFUL news.

Please, I am eagerly awaiting for more drop as it simply means lower priced securities for me to buy up and ride for the long term!!!

The behavioral economists have already discovered time and time again that fear during a market downturn is very damaging to actual returns and our brain is working against us:

Plenty of books/articles and journalists wrote on this topic:
If you're close to retirment you should'nt be bothered at all...because at age 60 you shouldn't be in 80-90% equities anyway. (Of course you hear stories of that time to time....a work sponsored financial seminar I attended years ago had the presenter tell a story of a lady who lost 50% of her retirement at age 60 during 2008....was quite unfortunate)

Also everyone knows to: "Buy low, sell high." But when the markets actually go low...everyone wants to sell....

We'll see if this is a true bear market as the next weeks come on.....tomorrow will be very interesting when markets open again...

Mizouse

I started working in 2009 and started investing then. Man I've had a great run since then.

screaminz28

iTrader: (1)

I took a 60% hit in 2008 when the market tanked, bought a house in 2006 near the peak. Still stuck with that turd...

imj0257

iTrader: (1)

Yahoo finance just had the DOW futures up 1008 points. I . It's fixed now lol.

Mizouse

China is up 3.25%
oil is up 1.09%
US pre-markets are up like 1.5%

tomorrow may be a good day

YeuEmMaiMai

that pretty much as been erased. Nasaq just went negative for today... djia +30

LaCostaRacer

Dow: 16,016
Gold 1087.30
Dow/Gold: 14.73
USD: 99.19

With the Dow up +27.9, this was still an ugly day in the market. The Dow futures were 200+ points up before the market opened. I notice that now the Dow futures are very negative for tomorrow's opening at -247 for a 15,666 open. The gold miners got clobbered today as did some technology companies with the Nasdaq being down -11.47. Usually the Nasdaq is a good indication of future direction in the Dow and SP500 which were up much less in % than the Nasdaq was down in %.

There's a report that the Italian big banks are having financial stress- we might have a dramatic week if this rumor is true.

YeuEmMaiMai

-400 and trending down...