Hanging in there just fine thanks, W. I'm seeing huge losses in my account this morning, as most people are I'm sure. In all honesty, I'm not even the slightest bit bothered. It's the first time I've seen a drop like this in my account, but I've read enough to know this happens from time to time. The money I have invested is for the long-term. I'm sure I will see drops like this again. When you guys on here panic, I will panic lol Bigger problems over here in the U.K. currently. We are seeing large scale rioting all over the country. Very ugly stuff indeed.
Yep Lori, I saw it on TV this weekend, riots a bit everywhere. As usual political movements fueled by populism offer simple solutions to complex problems, And people tend to buy it.
Hey guys, sorry been away for a minute (or two) Looks like a brutal day at the markets today. A “Black Monday” 2.0? We’ll see. Nothing to worry about (love ya Alfred Newman), whether this downtrend stays or goes away - it’s short term garbage. Let’s face it, we made A TON OF MONEY in the past two years, so let’s not bitch now ok??? This is NORMAL. This is NOTHING. Lori I’ve been following what happens in the UK for awhile now. Sad what happened to these three beautiful souls in Southport. Such a tragedy. praying for England
So sooo sorry to hear that. Please stay strong. We are all praying for England and the world right now quite frankly, so much sadness. Godspeed
I have the same thoughts as everyone else......of course. Not going to do anything over this short term market dip. All in all it appears to be a drop driven by a confluence of negative or perceived negative news items.....the FED, rate cuts, recession talk, Buffett selling Apple, the Nvda chip defect, Hedge Fund and short term trading, nit-picking of earnings, etc, etc. There is simply NOTHING that anyone can do to stop the markets short term. At the same time we basically have the MEDIA cheer-leading the whole thing down. So....get used to it we are in for this to continue all week and to probably linger for the month of August. I will say...so much for Crypto being a safe haven. Any time we have had market drama and falling stocks Crypto just follows right along. The last two to three weeks of market action was the set up for today. The various news items over the weekend were the final nail in the coffin of the short term markets today. It may be panic selling...it may be herd behavior....but it is real and it is going to take a little time to recover from all the fear right now in the markets. This definately reminds me of the BIG market drop in 1987. I was driving in the car to Seattle and listening to the radio as the event happened and escalated. That event lasted till about the end of the year about 2 months. By about late December or January the markets had recovered....if my memory is right. Here is that event: "Its worst single-day rout was a plunge of 3,836 points, or 14.9%, on Oct. 19, 1987, a global markets crash that was dubbed “Black Monday” but proved to be only a temporary setback despite fears it might have augured a worldwide downturn." https://apnews.com/article/stocks-markets-nikkei-economy-c6240977e9482bf7207abc53b2a11e58 Here is much more detail since I assume that most people on here are way too young to know what happened on Black Monday. Black Monday (1987) https://en.wikipedia.org/wiki/Black_Monday_(1987)
Want a real world indicator of the panic that is happening today. I just tried to log into Schwab.....it is impossible. There is a message that they are experiencing "technical difficulties". Obviously their site has SEMI-CRASHED.
There is really no reason to read much today....what is happening is obvious. i will post this just for the....historical record of the thread. Stock market news today: Nasdaq sinks 4%, Dow cascades down as global sell-off intensifies https://finance.yahoo.com/news/stoc...-sinks-4-dow-cascades-down-as-global-sell-off intensifies-133045455.html Magnificent Seven set to shed $1 trillion in value, led by Apple, Nvidia https://finance.yahoo.com/news/magnificent-seven-set-shed-1-121217049.html Online trading platforms down for thousands of users, Downdetector shows https://finance.yahoo.com/news/online-trading-platforms-down-thousands-135815367.html Dow drops 900 points, Nasdaq craters 4% in global market rout: Live updates https://www.cnbc.com/2024/08/04/stock-market-today-live-updates.html
What is actually doing pretty well today is the SP500 Index itself. It is down by about 2.9%. Not bad considering all the big losses in the big cap monster stocks themselves. Just shows that for the average investor that is LONG TERM and wants a......buy it and forget it investment....you cant beat the SP500 Index. Of course.....saying something is doing "pretty well"......with a 2.9% one day drop......seems a little funny to me at the moment.
Pretty Crazy day for sure! To bad I'm all out of extra money to invest! Oh well, guess we will just ride it out. Even with the 35% pullback, NVDA is still up %100 YTD! Not bad. This is just fuel for the next leg up.
Analysts expect the Federal Reserve to cut interest rates by 0.5% after the meeting concludes. In an unprecedented move, the U.S. Federal Reserve (Fed) has reportedly called for an emergency meeting today. This meeting aims to reassess interest rates as global markets experience severe downturns. Moreover, analysts expect a Fed rate cut by 50 basis points (bps) after the meeting.
COURAGE.....PATIENCE......EYE OF THE TIGER.....BREATHE. All is not lost.....this simply a little dip in the long term scheme of things. Many smart people that have cash WILL be buying.....for the long term. LETS PUT THINGS IN PERSPECTIVE.....for all those young people that know nothing of history.......and think everything that happens in their life is THE WORST EVER and all about me, me, me.. RELAX. In the ACTUAL Black Monday.....the markets lost about 23%....in a SINGLE DAY. Not the insignificant 3-4% that we are seeing today. As an OLD PERSON....I was actually alive and fully invested back during the REAL Black Monday. It was so extreme of an event all you could do is laugh at it. I remained invested and did nothing. I evaluated what my options were.....either sell and lock in a 25% LOSS....or simply hold and wait for the inevitable recovery. I held and by year end was back to normal in my account.
I will also say as a reality check....ANYONE that is in a panic today and selling......should consider whether or not they should be investing in stocks. There is no shame in that.....some people simply should not own stocks. For me it was real estate as an investment....I am simply NOT cut out for it. At one time, long ago, a partner and I owned a couple of rental homes. I quickly realized that I was not cut out to be a real estate investor and within about a year we sold both homes and bailed. We did not make money and fortunately did not lose much either. BUT.....it was not for me. I have never done it again....I learned my lesson. Some people need to learn a lesson today.....just stick with a broad index in your 401K and let it go at that.
I note the post above about the FED meeting today. I hope they....DO NOTHING. If they do a cut it will look like.....even they are in a PANIC. It will only make things worse and will destroy what little CREDIBILITY they have.
I'm trying to allocate some cash to grab some discounts, but it's not easy when you're main earner in a family, with two small kids. I've lost around 50% of my gains in this correction, but still in green YTD.
Thought this was interesting story today they blew up The BRICS alliance is attracting new members from all corners who want to join the bloc and ditch the US dollar for trade. The alliance is becoming lucrative for developing countries that want to strengthen their local currencies and native economies. These nations are eager to break free from the clutches of the US dollar and make either their local currencies, CBDCs, or even Bitcoin the legal tender for cross-border transactions.
BREAKING: Joe Biden’s senior economic advisor, Gene Sperling, has resigned after stocks tumbled around the world.
