By accessing this website, you acknowledge that Edmunds and its third party business partners may use cookies, pixels, and similar technologies to collect information about you and your interactions with the website as described in our
Privacy Statement, and you agree that your use of the website is subject to our
Visitor Agreement.
Comments
Yes, the Streaming Quotes platform is also very good... no doubt about it.
BTW, CHK is a GREAT stock to own. I truly believe this stock will double in a couple of years and you will be so glad you own it. I personally own 3000 shares of CHK, and I would not own that much if I didn't believe in the company. This is a MAJOR energy company with new discoveries that are massive and will transform our energy supply here in the US, and the CEO is brilliant.
I sold out of my GLD shares last week, and never bought any back, as I now wish I had, of course. I don't know how that 12K relates to your overall account from a percentage basis, but that doesn't sound all that bad given the size of the market's slide. Currently, I am only holding BIDU, AAPL and CHK.
I am focused on Friday's jobs report, which has the potential to send this market into a tailspin. To be frank, I actually think that would be a good thing, because the market needs to hit bottom. But, it may have already hit it today... so, if Friday's report is bad, and if the market doesn't slide below this morning's lows, then we've probably hit the bottom. When the market makes a bottom, we can buy like crazy! The market might bounce on that bottom more than one time, but it's important, IMO, that we can identify what the bottom actually is. So, Friday is really important. If the report is good, then we would probably see the market rally, but I'm not counting on the report being good. I just don't think it's going to be a good report. We'll see. Tomorrow's trading will mostly be about anticipating Friday's report, so it's hard to predict tomorrow, other than to guess it will be trading in a tighter trading range than it's been trading in lately.
I don't have the cajones to play the game as you do. But I like hearing about it.
Ha... glad you give me credit for having the cajones... but, it's probably more like a lack of common sense... lol. I do hope you liked my story about today's screw up. I figured I might as well offer it as entertainment value to all of you guys. It was either I do that, or cry.
Anyway... be patient, and watch out for Friday's report. If it's VERY bad, than you probably don't want to own too many equities on Friday, except for AAPL, BIDU and CHK, of course! And IBM!
TM
I think the market may very well tank today.
Why?... For starters, because the S&P is going to decline under a key support level.
Also, J. P. Morgan has forecast some anemic GDP numbers, and we will see jobless claims this morning as well. So... "Look out below!"
I hope I am wrong, but I do NOT have the same optimism I had even hours ago. Unless that jobs number is good, or there is some sort of good news, I'm probably going to get out... and then I would likely invest in fixed securities for a while. But, I first might want to see if the market establishes a bottom, as I previously posted. Hard to say for sure, because I don't trust this market or the investors that are shorting it.
I hope Charlie's optimism is correct... but, unless there is something very positive that happens, I no longer share that optimism.
Today's market behavior could change my mind yet again if it shows amazing strength in spite of all the bad information. I do not expect that, but we've all been surprised before by this market's strength.
Good luck to all today. I will stay in touch.
EDIT: As I posted this the jobless claims report came out... IT'S BAD! And the previous report was revised to be worse. I expect the stock market could more easily turn into a DISASTER today.
EDIT 2: GM doubles profits and Kraft raises guidance. But although GM's numbers are awesome and might help boost the market... I view that information through the rear view mirror. Crazy day ahead!
TM
The Jobs may not negatively impact the market. We seem to be in a pattern of over 400k new claims each week, for 17 weeks straight. I think it is a good indicator on the reality of our weak economy. Just does not reflect how much money corporate America is making.
Looks like about 70,000 more will be added next week with all the construction at airports halted. Another Congressional mess caused by Obama's push toward Card Check type Union elections. This is why the GOP are not signing onto the FAA extension.
In a big boost to union activists, the White House on Wednesday night threatened to veto a major Federal Aviation Administration reauthorization bill should it include a provision that would alter the way rail or aviation workers can unionize.
In a statement of administration policy offered by the Office of Management in Budget, the White House made clear its opposition to an amendment that would revert the law back to its previous language, making it so that if an eligible voter fails to vote for union representation, he or she would be tallied against representation.
Under election rules established less than a year ago, in the dark of night by two pro-union National Mediation Board members (both of whom are former union bosses themselves), 75 years worth of precedent on how union election ballot counts are conducted were thrown out the window.
Unfortunately, now, with President Obama threatening to veto the legislation to cater to his union cronies, its future is far less than certain.
So Congress goes on vacation and there is no money for the projects and the 4000 FAA employees involved in those projects.
Yeah... Elite platform is deep.
Hey, just to let you know... I sold CHK, and bought 500 shares of AAPL. I'm sticking with AAPL. I am keeping my BIDU shares as well.
I still like CHK, but I am weighing it all out, and AAPL looks better to me as we move forward from this mess.
So Congress goes on vacation and there is no money for the projects and the 4000 FAA employees involved in those projects.
Another reason to have confidence?
EDIT: Just bought 1000 additional shares of AAPL at $387.19 :surprise:
EDIT 2: Flipped those AAPL shares for a small gain... don't like the looks of things.
TM
The talking heads are now saying this is a buying opportunity, and that worries me. They are usually sooooo wrong about everything.
I'm going to invest in fixed securities, and be done with stocks for a while.
This time... it's my FINAL ANSWER! :shades:
So, I guess I won't have any more crazy stock market stories for a while, but I'll still post, of course.
EDIT: If I had kept those AAPL shares, I would have lost thousands of dollars within minutes. Wow.
TM
And Regis would say, is that your "Final Answer"?
I have not calculated how much I have lost in my IRA. My gold is up $2400 so maybe it will be a wash. I can always hope for the best. Though I am not optimistic about our economy.
Well... I want to see a genuine bottom before I would even think to change my mind.
I am totally out now.
TM
This time... it's my FINAL ANSWER!
I'll give you no more than 2 days before you change your mind and start buying stocks again
That makes two of us that are totally shocked.
Maybe (some think it's not a maybe) I'm nuts, but I still believe that much better days lie ahead in the not too distant future. This does not look like 2008 to me.
lol.
Well, I just made a noble attempt to buy fixed securities, and I made a phone call to a buddy of mine that knows about them. I discovered that they pay next to NOTHING!! :surprise:
Turns out you are right. I am wrong about fixed securities... they are a joke right now... unless I've missed something.
So, I guess I am back to looking for a bottom to the market in order to buy equities when I am comfortable to do so.
:confuse:
TM
Guess things could have been a whole lot worse.
TM
Looks like I am down about 10 grand so far today.
2013 LX 570 2016 LS 460
Then I decided to go with fixed securities, until I found out they offer NOTHING in returns.
So, after Len's and Charlie's posts, I am now reconsidering/repurchasing equities, and picking up some AAPL. I didn't hit the exact lows, but I got some at $383.9775. I hope that turns out to be a good thing. I am going to try to pick up a little more if the price drops significantly.
Looks like my "final answer" (that I would not buy equities again) lasted less than a day. Obviously, I cannot be trusted... lol
Actually, the truth is, I listen to (and learn from) my buddies here on this forum!
I thank all of you because I'm having a hard time with this situation.
EDIT: I am already in the red on AAPL.
EDIT 2: I sold the shares a a loss... really nothing major, but after I sold, the price seemed to COLLAPSE!
TM
2013 LX 570 2016 LS 460
REUTERS — 50 MINUTES AGO
NEW YORK (Reuters) - Bank of New York Mellon Corp said it is being overwhelmed with deposits from investors fleeing risky markets, and said it will begin charging for above-average deposits.
The bank said this week it is unable to invest the "sudden significant" deposit increases because of their "transient nature," but it is concerned the deposits will weaken its capital ratios and raise its deposit insurance premiums.
If customers' balances are more than 10 percent above their averages in June, BNY Mellon said it will pass along some of its costs by charging the fee.
The fee reflects how global economic uncertainty spurred investors to pull assets from risky assets, creating difficulty in some stock and bond markets.
Traders said demand for U.S. Treasury bills soared on Thursday, as depositors drew down their balances and bought government securities. One-month T-bill rates dipped below zero.
Maybe a jar in your backyard is a better place to put your money. :sick:
At this rate, I think some folks are going to park a little more than their dough at this funeral home and cemetary. I think they may park THEMSELVES!
Man, I am as dizzy as I've ever been with this market.
I just remembered a post I made to Gary this morning... real early, before the market opened... and I just knew that the market was going to collapse today. I am glad I sold early this morning, and I am disappointed that I discovered that there are no genuine fixed securities that pay anything, leaving me with no really good place to invest.
I sure hope this isn't going to be another huge meltdown. Some guys were on CNBC today saying that we'll be LUCKY if it's ONLY a recession. What kind of talk is THAT? Since when is a recession lucky? I guess when compared to a total meltdown.
It's OBAMA's fault!!! Honestly. I'm not kidding here. For the most part, it truly is. He had a great chance to really set our economy into gear, and instead he choked it. And this whole recent debt crisis fiasco was the last straw, and it broke the market's back.
I don't care if he meant well or not, or if he's a nice guy and he really had good intentions, and all that crap. Truth is, he has been destroying our economy, and if by God's grace, it's not too late, I would pray that he wakes up and does the right thing! (And you and I know that isn't going to happen without a miracle).
TM
2013 LX 570 2016 LS 460
TM
We have been sitting on a quite a lot of cash from selling our other home here and our property in Hawaii. It is making a feeble 3/10th of a percent. Yet nothing has looked good to us. We do have a couple first mortgages that pay 5% and 7%. We keep watching for buys in real estate. Still too high for me to consider. So don't feel like the lone ranger with cash that is being devalued by Obama politics faster than it is gaining in the bank. Sounds like a lot of people with a whole lot more cash than I have may have to pay fees to store their money in the bank. :confuse:
What right thing are you hoping for?
Along with the mess from the last couple of weeks, whom I blame all of them, I would imaging we all have lost a bit of confidence in the leaders, and now unfortunately the Europeans are in liquidation mode...Five hundred points is like a few years ago...No fun as far as I am concerned, and if it does another five hundred, then no matter what I`l have to review the holdings that are `investment`...just review...
Too bad we don`t have someone with the stature of a `J P Morgan` --the individual--to step up with some words of knowledge---trustworthy---and as far as I am concerned Mr Buffett has `self serving` words of wisdom....They don`t work for me anymore
They don't offer much in losses either.
My bond funds for the year are up ~6%, which I realize is chickenfeed in this board's world, but it's certainly not a loss.
TM
Tony, I apologize for the long post, but I hope you will take the time to read it.
I've listed numerous times the things that are essential to bringing this economy around. And by that, I don't just mean the stock market. The stock market isn't the problem with this economy. Heck, for a while, it had been a bright spot in a sick economy.
The problem is the insanely high unemployment and the pathetic housing crisis along with the wreckless spending and overly-complicated unfair tax policies, along with out-of-whack entitlements.
So, by no means is this a recent problem associated with the debt crisis, although I think that recent fiasco has been a tipping point.
Clearly, the corporate world has been expressing "uncertainty" that surrounds this administration for quite some time. They been crying it loudly. That uncertainty has held many companies back from hiring. The upcoming unknown expenses and beaurocracy associated with Obamacare, for example, is frightening to say the least.
Tony, the problems are massive and deep. This president could have done the right things, and instead his policies have PROVEN already that they didn't/don't work. How much more feedback does a person need to finally know that something isn't working? It's all so obvious!
This president should NEVER have made his health care package his first agenda. He should have immediately tackled the jobs issue by reducing burdens upon businesses and encouraging corporate establishment and growth in the USA. The IMMEDIATE result would have been more jobs, and therefore more consumers with income to spend, and more revenues to the government from those paychecks. After that, he could spend some time on healthcare, but jobs should have come FIRST!
Tony 70% of our economy depends upon the consumer!!!!!!!!!!!!!!!!
It is imperative to employ as many as possible. Again, the tax revenues would go up substantially, and the consumer spending would increase. In addition, the entitlements such as unemployment payments would go DOWN.
You don't create jobs and stimulate business expansion by placing burdens upon business, and threatening even more burdens.
Spending wrecklessly and always groping for more taxes is NOT the right thing to do even in a healthy economy, but it is nearly fatal in an economy that is limping along.
Truly, truly, Obama is blind as a bat or something. I just can't for the life of me understand how he could be in that Oval Office, and not take drastic measures to put folks back to work by implementing policies that are ultra beneficial to the expansion of business here in this country.
His policies are dead WRONG.
He should have done the right thing, and he didn't. The damage is done, and now we are here in this place, all of us, and he needs to face himself squarely in the mirror and know that he blew it, and that his policies are misguided and that he made a tragic mistake and that although he meant well, he must reverse his position before it's too late, although it is largely already too late.
He won't. He is stubborn. And he STILL thinks he is right. He would watch the ship go down, still thinking he did the right thing. According to one guy on CNBC, the definition of insanity is doing the same thing over and over and expecting a different result. Well, Obama keeps doing the same poilicy over and over expecting the result to work, but it doesn't work and it won't work, and it can't work.
Obama is insane!
TM
Hmmm . . . I guess I'll choose to accept the compliment as if it were meant seriously, but it sounds way overstated. I am probably the laziest guy on the forum, however.
Either way, I'm still ~47% in equities, mostly funds in the "buy and hold" mode, with occasional rebalancing to let the winners pay the losers.
Considering there are 2MM homes for sale and 2MM homes in foreclosure, it was estimated housing has 5 years to wash out the over-indebtedness in the USA. Europe has handled their debt crisis like the bankers in the USA and now is the time for bullet biting. Just "do it should" be the mantra.
Jobs will be the next issue on the agenda for the USA but after 2MMMM stimulation, no dice! QE3 is a non-starter, afaic. The debt-ceiling agreement process will be like driving a Lincoln in Quick-Sand!
I am going to LOVE the tax-raising debate now that reality bites! Taxes only work during EXPANSION, you ID...S!! Therefore, you don't have to raise them as the tax revenue increases as GDP GROWS! How did these officials get where they are without getting this fundamental? :confuse:
Regards,
OW
The tax code is , and has been , really unfair to the general population....Imagine companies like ge not paying any tax...and further individuals having the `carry` trade where they only pay fifteen percent on accumulated billion dollar profits...If I have to pay a minimum tax then the huge corporations should also, and the billionaire the full load just like me..
I have always been under the opinion that if a person pays for something out of their own pocket they are entitled to the return they ultimately get...Social Security is paid for ....I personally do not mind if some of my benefits are altered, but not if the altered amount is used to further spend on `hand outs` like deficit spending....
I think Obama is a fine `person` but I am fast loosing my respect for the lack of really taking the `bull by the horns` and challenging the nation and both parties to lead ...No one seems to be leading in these times...The media is not taking any responsibility to report in depth ...and as I see it they (media) don`t know how to report in depth....A shame
All that said---I believe in the USA, and these situations will change---
Tony
Of course I meant it.
If I could lock in a decent return in a fixed security, I would take it NOW! I just don't know of one.
TM
OW, thank you...
As I have admitted repeatedly, I lost my way after April 29th... the DAY I wanted to get out of the market and my broker twisted me the other way.
As it turns out now, that EXACT DAY was the best position for equities for this calendar year... so far.
I haven't had my rhythm totally in sync since that time, although I think I did correctly anticipate the correction we had couple of months ago... and I have had appropriate jitters about this recent debt crisis, and the "reality check" I posted about definitely happened, even worse than I thought.
But, I am not prepared to buy on this decline yet, and here's the reason why........
We must know that a bottom is formed, and we do not know that yet. Also, once it's formed, it is NOT essential to buy at the exact bottom, especially since this bottom is soooooo deep from where we were. There's PLENTY of room to get in and still be in shape to make the gains that will ultimately be ahead. Problem is, we don't know yet when the market will make an honest rebound, and not a false fally.
Given the economic situation right now, and the global issues, I personally believe it is best to stay on the sidelines, and that's where I am. And, to be perfectly frank, you guys all know that no matter what I rant, I will gladly invest in equities when the market is favorable, but the market hasn't really been all that favorable for equities for quite some time now. In fact, not in a really good way since APRIL 29!!!... that day I personally won't forget.
Tony once told me I have a good sense of the market and to stay true to my gut feelings. Terrific words from a terrific guy. That's what I'm trying to do through this whole mess.
Again thanks.
TM
Now tell me, really, you didn't see this coming based on his past, his voting record of "present," his associates like Ayers and Wright, his glib narcissism, and the campaign slogans that were so promising of nothing?
I voted for Hillary.
The down market doesn't surprise me, however the depth has surprised me and is a little frightening.
2014 Malibu 2LT, 2015 Cruze 2LT,
They do NOT know what is going on. It's amazing.
TM
Although I am always skeptical , I hoped the programs and leadership issues would be forthcoming ....Hoped is a key word there....I am fast loosing the `hoped` part, but still believe he could possibly step forth and become the leader we all need....Tony
Tony...
... it's just the opposite for me.
In the very beginning, I "believed" that he could possibly step forth and become the leader we all need.
Not any more.
I am only left with "hope"... lots of "hope" that he will do the right thing. but I don't "believe" he will.
TM
I understand your suggestion that there should be a party "balance" between the Congress and the President... but after witnessing what happened during the debt ceiling crisis, I think gridlock is a dangerous thing for this country. We need more progress than gridlock provides.
At this point, I think this country truly needs a moderate Republican president and a moderate Republican majority Congress.
TM
When the little things came up that the MSM quelched by reporting them briefly with an introduction "Republicans claim..." as a way of mitigating any meaningful reality to negatives about BO. My feelings based on his body language during the debates with Hillary were very bad about him. His backstepping now on "Hope" as in "we didn't say when Hope would change anything" and backstepping on "shovel ready" as a joke when it was the cruelest delay and pork tactic either party has effected is bad for our country.
My uneducated guess about one part of the markets' downturn is that he was not a leader during the long negotiations: he stayed the politician the whole time. He did a campaign speech from the White House on Monday night. I think the markets look at the Republican presidential potentials and don't see anyone to step in with the authority and control that our country needs. Instead we see more wrangling from opposite corners of the ring rather than groups in the middle of each (all three) parties talking.
I see the committee going very badly and problems by November with lots of cuts in spending on the military. That too will affect the markets with what little is left of industry in our country.
The unemployment rolls are going up with more people from government-related jobs being laid off in many states, and states where the state governments have had to actually balance a budget, a novelty in Washington, are laying off people. Those people were spending money helping keep the economies in those states going better.
I'm looking for the good news for our markets other than companies who have reported have been above estimates. How's that working for the jobs numbers though? It ain't.
2014 Malibu 2LT, 2015 Cruze 2LT,
You would see awesome legislation fly through Congress. You would see the repeal of Obummer-care and you would see tax reform and a reduction in entitlement spending... just for starters. You would see policies that encourage more energy development and less labor unions that destroy jobs and manufacturing growth here in America. You would see business incentives instead of business burdens, and although the environment is important, you would see more common sense and less environmental restrictions and regulations that are way too radical.
In other words, REAL change and REAL improvement. Jobs, jobs, jobs, and more revenues to the government and state budgets would get balanced, and the consumer would spend money and the economy would flourish... as would the stock market.
TM
I agree with you. You get a nut like Obama that promises to Veto any legislation not to his liking and you end up with 74,000 people out of work on airport projects that were already started. And it is all over his executive order that is very Card Check like. He wants it so the Union thugs can intimidate anyone that does not vote to go union. So those 4000 FAA people off the job and 70,000 construction workers all can thank Obama for killing their jobs. At least until Congress resumes in the fall.
I agree with you. Apple making gazillions of dollars does not put a single person to work here in the USA. China will do good. If they build that huge complex it will stimulate the construction industry for a bit.
I am not optimistic about jobs. I know too many people working at menial jobs. Two with PHDs. One is working in a chocolate factory for crying out loud and living in his vehicle. He is a computer software scientist.. That is just crazy. Though I think he is a bit crazy also.
The last time the Dow Jones Industrial Average DJIA -4.31% did that, in fact, was Feb. 22, 1978, when Jimmy Carter was president and the country was struggling to come to grips with a period of anemic economic growth and high inflation.
Isn’t it comforting to know that we’ve made such progress over the last three decades?
http://www.marketwatch.com/story/dows-losing-streak-now-in-ninth-day-2011-08-03
I love to watch CNBC on days like yesterday! That's Reality TV at it's best!
Regards,
OW
Regards,
OW