Exciting day today. I still have some SPY puts but if the initial reaction later is to collapse the markets, I like $365 as a place to dip the toes in and buy calls and maybe sell those remaining puts. I doubt the market really takes a dump here for the next week or so and still think we will have a rally situation by Friday if not earlier. I'm staying loose and nibble however to change my mind if needed before I lose my capital.
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Tell us you're a clown without saying youre a clownWith every Biden failure the stock market and crypto will continue to get hit.
The Green New Deal push isn't working. We need energy independence again like we had under the Trump presidency. Can't print and give out free money to try and win Democratic votes either as that triggers inflation and interest rate hikes.
Recession coming.. Brace yourselves!
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Anyone pre-ordering the Amazon crypto token?Comment -
Chico you use to be a smart and reasonable thinking man as I remember, a rhino Republican but still a Republican by nature. That stroke focked you up pal as you woke back up being a rainbow liberal woke fool now.
Take your meds and take a lap buddy. Get those old neurons firing back up again in your damaged brain!Comment -
Dude never would be a liberal. But when you narced on me sort of soured me on you. So when you tell some to take their meds just shows what an inconsiderate piece of shit you are. By the way I am as Republican as I have always been. But I color in the lines. When someone is a p.o.s no matter their voting status I tell it like it is.Comment -
Jumping all over the place after announcement, but up for now.Comment -
I can't imagine anyone would have an ARM but I'm sure they're out there. There are more people that will have a harder time paying off that $35K on all their Kredit Kards at what used to be 20% interest.
OK so we didn't have a sell off yet when the FED came out and decided to raise rates 3/4%. Of course the last few times have seen the day after the FED as the sell off day. Today I bought some CALLS but held onto the PUTS I have. Tomorrow, lets see if they can hold the gains and continue up the mountain, and if they can that will be the start of the big squeeze I've been touting all week.
Gold was able to bounce at $168.30 yesterday and not get flattened with the FED rate hike today. So the $168.50 level is holding again in the GLD. Actually it is a trendline that started when the Kung Pow fever hit the markets in March of 2020. The dollar retreated today which no doubt caused the gold price to raise. Hopefully that is a start of a new trend here.Comment -
You also have to consider home owners taking out equity lines of Kredit when the rates were low, those equity line loans are mostly set with adjustable rates. Those will sting home owners also as the rates continue to climb.
We're headed to a recession I believe and I wish I was wrong.
Gold maybe not a bad investment, I really don't know at this point? I think acquiring gold coins rather then gold bars just for trading if shit really hits the fan one day myself is the call.
I'm gun shy to invest large in Gold and Silver. Gold and Silver could still dip. I don't know though? Not my field of investing expertise.
Last edited by JIBBBY; 06-15-22, 06:41 PM.Comment -
Waking (and baking) up this morning to the day after the Fed sell off. Looking to see if recent lows hold or if not we can expect a visit to 365 on the SPY sooner than later before it takes back off northbound.Comment -
Stock market tanking again today. Dipping under 30k now. Fed raising interest rates again today is the culprit.
Bitcoin holding steady at 21k still. Whew...Comment -
Sold out-of-the-money puts on stocks I'd like to own. Collected pretty decent premium. If the market keeps going lower I'll let them execute and will be happy to buy them. Otherwise I'll pocket the premium and look to do it again next month.Comment -
Already did, sub-3,640. I believe I said quite awhile back that I thought we'd see a return to the pre-pandemic *high*, in the 3300's. Might see that within a week. I understand recency bias, but it's weird how people think this is such a crazy drop when we're still, for now, substantially above the pre-pandemic high and way above the pandemic lows.
I don't even think retail investors have panic sold yet, so there's a ways to fall yet.Comment -
OK here comes the moment of truth if I'm right and we have a move back up the charts, the $365 the SPY reached and actually spiked to $364 briefly before coming back and getting above will hold here. Its a tough job trying to decide when and where the market turns, and I think I get about 50% of them reasonably near the spot which has been very profitable for me, but it still is nerve racking.
I think it may be a holiday weekend too although I'm not sure in reality, if so, it is a into the holiday situation which means the markets generally move up into and coming out of the holiday, so let me be the first to wish you all a Happy Juneteenth. I'll do a little more studying but I think it has something to do with a bunch of black investors who got the shit kicked out of them with some deaths too way back like in 1920 or something. I don't really know so I go on YouTube of something and watch some more stuff on it.
I noticed how GLD took the bounce off of $168.30, I touted $168.50, again not too bad for a slurry pumping fool like me. Anyway the better part is that it bounced pretty good so far and this morning it is going to open above $172. Lets hope that continues because this is one security that I pretty much never sell and always accumulate.Last edited by Slurry Pumper; 06-17-22, 08:14 AM.Comment -
I was multitasking (which I don't do as well nowadays
) But Diana Oleck just compared 2007 to 2022 and I saw that there are currently 2.8% ARM loans outstanding. Also, homeowners have 11 or 14 Trillion in equity, not including the 20% down.
So, less mass unemployment, not much to see here.Comment -
45 years ago I just had to have the biggest baddest big screen tv. I think it was almost 6K. All or most on a CC. I learned a lifelong invaluable lesson. I lived on PB&J for a year and paid $500 a month for a year and paid it off. In the following 45 years I never paid a penny in CC interest. If I couldn't pay it off at the due date, I didn't buy it.
The only value of carrying interest is if you can invest in something that appreciates above the interest rate. Otherwise evil!!!Comment -
Greetings This morning from Santiago Chile where since it is the dead of winter, there is a chill in the Chilean air and the temp is like 3 C whatever that is. Anyway the markets are finally starting to get that bounce I was looking for last week. The $365 held on the SPY and this morning they are hanging around $371. That's a start so it would be great to see it hold onto that for a day or so before Powell goes into congress for a couple of days. I kind of expect one of those days to be a beat down due to the testimony. My crystal ballz tell me that some members of congress will be unloading on Powell and using him as the scape goat. I can't say that it isn't well deserved, but at the same time the members of congress have just as much if not more blame for the crappy economy.
Anyway, take it easy as for me like Alice in Chains, I have a date to be Down in a hole in about 2 hours so I won't be able to trade today.Comment -
Hey Slurry, stay safe in Chile! Hope you are right on the bounce. We could use a rebound for a while.Comment -
i think it's the worst drop i've seen in my 48 years, only because of 3 things
1) bonds/preferreds/other fixed income have been absolutely destroyed
2) so many stocks are down 80-90% in a short amount of time... in 2000-2002 a lot of internet stocks became worthless but it wasn't hundreds and hundreds of big names like now... shop/cvna/pton/snap/nflx/dkng, retailers, etc... yes a lot of those high fliers went way up but that doesn't mean there hasn't been real pain
3) while many have lost 30% overall in stocks/bonds, inflation has been running 10%+, so the real wealth destruction (for people like me with no income) is even worse... and even if you're sitting on cash you're losing big time to inflationComment -
So far the 08/09 is worse and the 1987 is the living memory all time worst. Although 1987 is more of a real quick drop that was more freaky. This time around, I see Milwaukee's point with the underlying affects. I also think there is a way to go for this downturn and it will also take a long time to run the coarse. This is just the 1st wave folks. Its like watching a train wreck in slow motion video. Things will play out at such a snails pace that we will actually be playing the is the downturn over game for a year or more. Remember there was no capitulation so that means we will be back to and lower than the $365 level. That means I'll have to look for another level lower here in the coming weeks or months. As for now we have a bear market rally on our hands starting either today or later this week where things will probably run up to about 400 on the SPY before the hype machine gets going. It may even be shooting for the $415ish area before they get the "everything is good" call to hop back on board the easy money express train before blasting that rail bridge to success in a giant derailment.
This took a good 20 years to build and a few months ain't going to unwind the system. I think things eventually go allot lower and it will be painful to all who don't play the downside, or those who hang on to stocks forever. If the market doesn't make it to the all time highs in the next few months, it will be a decade before seeing that $480 on the SPY again.Comment -
- 2008/2009 bear market was over the course of more than a year, we're just getting started here
- i think during that stretch my net worth declined about 15% and inflation was 0... now my net worth is down over 30% and inflation is 10%... so in terms of wealth destruction this has already been more than twice as bad on a % basis and 5x as bad in real terms (to me)... others of course might have different results
if you're talking the s&p 500 total drop, then yes, that was worse on a % basis... but between stocks/bonds/crypto/interest rates/inflation, i'm pretty sure 2022 has already put a lot of people in a worse financial situation than those prior crashes did, just based on myself and the people i talk to
we'll agree to disagree on which was "scarier"... i think it's pretty scary to average people to see shortages of everything, and not being able to afford food or gas, i mean we couldn't even get helium for crying out loudComment -
Now is the time when '' CASH IS KING ''. Buy low and reap the rewards of fruition...Comment -
Total smoke screen today on wall street. It will guaranteed drop 1000 in the next 3 days. This economy is in pure sh## right now.Comment -
yeah anyone who thinks things are going to get better is pretty naive... these interest rates will probably kill real estate prices eventually
just think of who is running the show, from the president on down to the local school boards, these are corrupt incompetent morons, who in many cases were only hired because they are female and/or minority
- president is a senile fool, with a crackhead son, and a first wife that hated him so much she tried to kill the whole family - suicide by truck
- vice-president is another moron, slept her way to the top and can't even speak an intelligent thought without laughing
- the "expert" in charge of our health is an obese, mentally ill, tranny
- the "experts" in charge of our financial system say they didn't think printing trillions of dollars would cause inflation, and then when it did, it was transitory, and then when it wasn't transitory it was putin's fault
- the media is nothing more than a mouthpiece for population reduction, who only care about medical freedom and body autonomy when it involves being allowed to kill other humans inside your body... they show protest after protest where 10 people want abortion rights, while ignoring protest after protest where millions of people wanted no vaccine mandatesComment
