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Tue Sep 8, 2020, 03:04 PM

Another ugly day for stocks, as Nasdaq tumbles

Source: CNN Business

It's another rough day on Wall Street, as the tech-heavy Nasdaq Composite is tumbling once again.

The market rout that started last week and included the worst day for stocks since June is clearly not over.

Several factors are weighing on investors' appetite for risky bets: worries about a resurgence of Covid-19 infections in the cooler winter months and the knock-on effect of the economic recovery, uncertainty surrounding the November presidential election and renewed US-China tensions. President Donald Trump said Monday that he wasn't "happy at all" with China and spoke about an economic "decoupling."

All three major stock indexes are sharply in the red at the start of the shortened Labor Day trading week, but they have bounced back from their session lows.

Read more: https://www.msn.com/en-us/money/markets/another-ugly-day-for-stocks-as-nasdaq-tumbles/ar-BB18ONem?li=BBnbfcN



Sep-Oct are typically when market crashes occur. Not quite sure if this is the start of a crashing market or if it is just a correction..

As of this post..

Dow down 560

Nasdaq down 408

Nasdaq is getting battered as tech seems to be in a free fall.

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Response to Imallin4Joe (Original post)

Tue Sep 8, 2020, 03:10 PM

1. Some mentioned the Apple & Tesla stock splits

and I think that plus the usual "profit-taking", is what is driving it. They bubbled it up to find a "high" and are now selling. And selling begets more selling, afterwhich you will have the "bargain hunters" come in and "buy low".

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Response to BumRushDaShow (Reply #1)

Tue Sep 8, 2020, 03:14 PM

5. Remember when it was said the DJIA was on sale at just 29,000.

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Response to empedocles (Reply #5)

Tue Sep 8, 2020, 03:22 PM

6. I remember when a former co-worker had predicted

that the Dow would hit 4000 (back when it was in the 2000s). I thought he had lost his mind.

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Response to Imallin4Joe (Original post)

Tue Sep 8, 2020, 03:10 PM

2. https://www.nytimes.com/

S&P 500
-2.24%
Dow
-1.89%
Nasdaq
-3.10%

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Response to Imallin4Joe (Original post)

Tue Sep 8, 2020, 03:12 PM

3. Top 5 techs have been trading at bizarre levels. The main justification for their

exponentially high prices, is that they went up the day before, and the day before that. Week to week, it seemed that they could not go down. That huge bubble can deflate a lot more. As noted here, and on Wall St commentaries, some of the top 5 rush was powered by newbies, some of whom used their gov. checks to try and make a quick buck - worked for awhile. Be interesting to learn if newbies are getting out in time.

Nasdaq gains has been luring other stocks and averages up.

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Response to Imallin4Joe (Original post)

Tue Sep 8, 2020, 03:12 PM

4. Just a matter of time....and boom

The ruling class has received yet another tax cut, lets us peons with a small 401 take the biggest hit.


Peace

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Response to Imallin4Joe (Original post)

Tue Sep 8, 2020, 03:31 PM

7. Charts on the Heavenly Tech Giants were vertical for days

I've read investment books all my life. Here are there you remember some guru saying something that made sense. Technical analysis works perfectly - except at the all time highs and all time bottoms - because that's where technicals tell you the trend can't end.

It's April 1930, Ray D'Alio said this summer. Now we settle into the Greatest Depression. People aren't paying their bills because they have no cash flow and reduced jobs. Corporations pay their bills from government loans and Fed purchases of debt. We're driving far less. I read yesterday there are 104 oil rigs operating in Texas. Last December there were more than 400.

Financial gurus are abuzz with currency reset - and the Fed is pushing major changes through Congress that allow for more control over bank accounts, ends the use of cash, involuntary conversion of bank accounts to bank stock in a crisis, and fees for holding cash in banks. Negative interest rates in other words.

Hide in essential goods and services, and tech that enables home gigs.It's a barebones world going forward. Hopefully it will improve when a vaccine puts the pandemic to bed.

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Response to Imallin4Joe (Original post)

Tue Sep 8, 2020, 03:41 PM

8. S&P is also taking a big hit

but the air is being let out of both bubbles fairly slowly at this point.

It had to go, the market was incredibly overheated, especially the NASDAQ. People were throwing money at tech companies that should have gone under last spring since they have never turned a profit, but there was fast money to be made and their stocks just kept getting pumped up into the stratosphere.

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Response to Warpy (Reply #8)

Tue Sep 8, 2020, 03:51 PM

9. Yes, true. Nasdaq is on pace for its worst start to Sept, ever. nt

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Response to Warpy (Reply #8)

Tue Sep 8, 2020, 04:03 PM

11. Miniature tech bubble like the late 90's.

We never learn, do we?

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Response to paleotn (Reply #11)

Tue Sep 8, 2020, 04:23 PM

13. Not while there's fast and easy money to be made

and latecomers think it will last forever.

I remember hearing fellow nurses giving each other hot tips on tech IPOs in 1999. I told them to GET OUT NOW. One listened.. The rest regretted it.

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Response to Imallin4Joe (Original post)

Tue Sep 8, 2020, 03:56 PM

10. Donnie learned a new word..."decoupling"

Yea, you try decoupling the US economy from China's. Let me know how that works out for ya.

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Response to Imallin4Joe (Original post)

Tue Sep 8, 2020, 04:17 PM

12. DJIA Down 2.25%. S&P Down 2.78%

That NASDAQ loss is 4.11%.
Went up until 10:30am, but then just sloped down the rest of the day. Closing soon.

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Response to Imallin4Joe (Original post)

Tue Sep 8, 2020, 05:22 PM

14. with out Fed bail out of $10 trillion dollars or more, where do ya think the market be now?

 

its ready to pop down again

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Response to beachbumbob (Reply #14)

Tue Sep 8, 2020, 06:14 PM

16. The House Of Cards Is Ready To Collapse

  • Bullish enthusiasm has gone on a parabolic trajectory in the month of August, guaranteeing a volatile election season for the stock market.

  • Economic indicators no longer paint an optimistic picture now, they are showing a deceleration in the recovery, coinciding with a deterioration in sentiment.

  • Investors relying on the Fed to "stimulate" the markets with loose policy are being roped into a trap.

  • https://seekingalpha.com/article/4372994-house-of-cards-is-ready-to-collapse

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    Response to Imallin4Joe (Original post)

    Tue Sep 8, 2020, 06:10 PM

    15. This 'Mini-Crash' Is Likely Only The Beginning

    This will very likely be an extremely crucial week for markets in general. The SPX and stocks can either recover or they may have quite a bit of downside from here. I suspect that the SPX will go down by at least another 5% or so due to much worsening technical momentum and mounting uncertainties on the fundamental front. So, a buying opportunity is coming. I'm watching for SPX 3,200, which is a major technical support level and marks roughly a 10% correction from the S&P 500's ATH top.

    https://seekingalpha.com/article/4372960-this-mini-crash-is-likely-only-beginning

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    Response to Imallin4Joe (Original post)

    Tue Sep 8, 2020, 06:53 PM

    17. We ain't seen nothin' yet... nt

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