I completely divested my portfolio from the equities market, and now it is in my best interest that the stock market tank like never before. The more it goes down, the better off I will be once it hits such rock bottom prices that I will get back into equities at bargain bin prices.
Thank you, ABC anchor David Muir. Thank you Chuck Todd, and thank you Wolf Blitzer. You guys are driving home the panic about this Wuhan virus that can guarantee that the stock market tanks like 1929, like 2008. Yes, and you are hoping that it also tanks Donald Trump's likelihood of getting re-elected in 2020.
I like rooting for America. I have been long in stocks for many decades, but now I find myself rooting for destruction and desolation with the rampage of this Chinese weaponized virus (as long as I keep to myself, I'm 65 and of prime target to this insidious scourge).
What a state of affairs. Ask me if I value Donald Trump's re-election over the value of my portfolio. Go ahead, ask me.
I know that answer. The Donald better have some real moving and shaking on those teleprompters tonight. I gotta say that I am with me, and not with him, if forced to choose.
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21 comments:
First time that I've ever been disappointed in one of your blogs, but you're right about the stocks. Idiots are selling. Smart people will soon be buying.
67 here Fredd. And a prime target given medical data. Well, dang I was fortunate to have been inspired to move the 401k from the equity funds to the money market fund on Feb-14 which was very near the top. The last 2 days, I've moved 10% each day from the money market fund back to the equity fund(s).
"Buy when your knees are knocking, it'll be fun they said". So that's what I'm doing. Still 80% left to deploy back into the equity fund(s).
I'm not going to catch the bottom, no how, no way, but I'm happy to have gotten a discount from this bruhaha-dealywhopper.
My expectations:
-we haven't seen the bottom
-earnings at many companies will drive prices lower
-market recovery is a ways off imo
-it's gonna be a while before the market makes new highs and no doubt requires DJT being re-elected
-I'd like to see the market continue lower so I can continue buying back at lower prices
-The last 2 bear markets lasted 3 years each, also the 1929 bust turned back up in 1932
-I have a brokerage account with $ to play daily moves at extremes
-If I have redeployed all the MM $ back into equities and they continue down?, I'm good widdit, I sold equities (Fidelity Contra-Fund) at 14.77 and am buying back at 12.80 and lower and hopefully lower still.
Gorges: yes, it's a sad day when I am on the same side as Joe Scarborough and Scott Pelle, and the rest of the lefties popping the champagne corks at the mess that our economy is facing in hopes that a pinko commie wins the White House in November. If The Donald can pull this out, great. If not, he's not the savvy business guy everybody thought he was.
I'm a bull at heart, but a realist in the end. I rode the stock market all the way to the bottom in 2008, and I learned my lesson: cut your losses early, and let everybody else lose while I sit on the sidelines and keep my money.
I'm not doing that again.
Kid: nope, not investing a dime in equities until I see signs of this pandemic subsiding. Then I will hop back on, but not a moment before then. And even then, I will enter slowly with stop losses at even a 1.5% slide.
I learned my lesson the hard way in 2008, when I went all the way down with the market. It was awful.
Own hard assets. Stocks, money markets, etc. are funny money. Bravo for you who can compete in the rodeo. It is not for me.
Looks like the ChiCom bioweapon has a 3 month burst.
Buy low, sell high.
What's your take on Trump's liquidity pep talk this evening?
I think that I might have beaten you to the divestment by this much, and then moved a bit into inverse positions, which have worked out very well.
Ah, well. No good crisis goes to waste.
Fool: yes, equity markets are not for the timid. Unlike real estate, right? But 'hard' assets are equally funny at times. Remember the salad days of gold? $1900/ounce, then it tanked to $1200 in a month. And real estate prices tanked after Barney Frank and his buddies soiled that market.
It's ALL funny money.
Padre: wasn't impressed with The Donald last night. Neither was the market (current futures down 1200 points on the Dow).
I wonder what a Biden administration will look like.
LL: yes, I got dinged some. Now I find myself cheering for losses, just doesn't seem right to me. But the farther the market tanks, the better off you and I are. Rahm Emanuel was right: never let a good crisis go to waste.
It tanked well today, and I made a bundle.
President Trump is considering declaring a National Emergency and closing the markets in much the way that they were post-9/11. We need to watch that closely because of the potential moves when they open.
agree, Agree, Agree, and Agree some more. But I have to disagree on the dunno care about Trump. If the democrats take the political majority, you can really kiss your stock market goodbye.
Kid: I can hope and wish and cross my fingers and say a prayer for The Donald's re-election, but I only have one vote, versus the approx 65,000,000 additional votes he needs.
I only worry about what I can effectively change or influence, and do not waste my precious state of mind on stuff that I can't do a damn thing about, such as convincing millions of stupid dolts that it is in their best interest to re-elect The Donald. Also convincing these dumb bastards that Bernie can promise all of them the moon, but he can't deliver on jack squat; that's a fool's errand. They will be dumb as hell to their dying day.
LL: yes, watching the market like a hawk. I sold my positions when the Dow was approx 24,200. I will put buy orders in on all of those sold stocks when the market reaches 23,500 or so, and hopefully it will not roar past that before I can write up the orders (takes me about 45 minutes to enter approx 30 orders).
With all of the closing of commerce, I don't see the market reaching 23,500 for perhaps another 3 months, maybe longer. I see a bottom of 16,000, give or take a few thousand points. No Disneyland, no track meets, no basketball games, no baseball games, no cruises, no public school, no college classes, no meetings here in IL of over 250 people. The stock market will not move higher, there's no way in hell until we see a vaccine or something positive on this Wuhan virus stuff.
Fredd, Futures are screaming right now - Futures
Shorts taking profits or something else?
Who knows. The market never hands you anything.
Oh hell, forget that last comment Fredd. Friday's close on the S&P was 2711, and the
"screaming futures" show the S&P at 2684. Gonna have to wait for Sunday after 8 to get a bead.
Feel free to delete this comment and the prior one and I'd appreciate it if you did.
Kid: consider those iffy comments deleted. Looks like a day for all those bears out there to celebrate. I am not a bear, I'm merely out of my equity positions until things turn around. Whenever that is. Picking the bottom requires a cyrstal ball, and mine is in the shop...
Agree sir. I lean your direction at this point, meaning the market goes lower. There is certainly no reason for it to rise. That's Ok. I take little trades around it, such as shorting the S&P using the 3X SPXS etf today for a little change in the pocket. (SPXL is the 3X long bet)
Like you I am not committed to any position. The market Will recover and my 401 will have greater value 3-4 years from now. Very fortunate to have jumped ship within 3 days from the top. I'm good widdat - don't need to catch "the bottom".
Kid: I jumped ship when the Dow hit around 24,200. Yes, I took a ding, but I am not riding this market all the way down to the bottom and back up like I did in 2008/2009 - that was awful.
I'm afraid I don't even bother. I'll work until I'm not able to work, and then I'll die. With existing health conditions, I'll be extremely lucky to live long enough not to work due to old age. Oh, well. Same with wife, and since she got involuntarily neutered less than a year into our marriage, there aren't any kids or grandkids to worry about. My only concern is that my wife has enough, since I'm older and she'll outlive me. And that nieces, nephews, and their children inherit a decent country, but thanks to our public school system, their idea of a decent country tends more towards the Bernie Sanders vision (am I bad for sometimes hoping they get what they wish -- but after I pass away, so I'm not involuntarily euthanized (oops, I mean, 'Social Security triaged') before I'm quite ready?
Look at you, Larry. I'm just waiting for you to break into song, with maybe a few stanzas of that little ditty in Monty Python's "The Life of Brian": the Sunny Side of Life.
Come on, you know the words....
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