So far, this is the biggest single day draw down for gold since the taper day. If bonds can get hit too, dare I say, we are setting up for a really rip roaring market here today.
There are some dislocations in the market, due to high margin interest, margin calls and fear. The forced selling will abate, as the market stabilizes, and those with ample cash reserves should fill the vacuum and bid stocks higher–at some point in this bear cycle. Even if you are the biggest, grizzliest bear, you should know, based upon market history, that drawdowns take time. Bear markets extend over a long period of time, torturing longs with small drops, false moves higher, then large gaps to the downside.
Aside from the high growth drawdown, the general market is doing just fine.
The only reason why I stubbornly stick to my bullish thesis is because I am conditioned, via 5 years of uninterrupted stocks market gains, to believe that the stock market is the only thing worth saving in America. There is a lot of liquidity out there and no place to put all of that money.
Argue against it all you like; but buying any dip, no matter the news, has been a winning strategy since 2009. Pray tell me, why is it different this time around?
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Gold and Silver stocks are for losers.
A very general statement, but mostly true.
matt bear how much are you down YTD?
Ripper
How much are you down ytd?
10%
i am not down YTD. However, i was up over 70% end of January and now up only single digits.
Matt, you were up 70% for the 2014 year?
SON OF A BITCH!!! THATS GREAT!!
I have never done that in four months in 20 years of trading,
i was pressing hard while hot. I joked about walking away for the year….wish i did. lol
Shit, I wish you did too. LOL!!
I trade Silver ETF AGQ from both the long and short sides, and I do pretty well. Buy when silver is below $20.00, sell when silver is above $20.50.
What is different? It starts with a Y.
CHARACTER ASSASSINATION!
Bloodmoon duh
Oh and a Grand Cardinal Cross or something! ASTROLOGY ROAR
Why is it different this time? Hopefully it isn’t but at the same time the bearded clam is gone and we haven’t had the typical 20% market correction that happens every 3 years or so.
Whenever the market dipped, the Fed felt it was there job to step in an arrest it. Crazy, but true. So the odds of a 20% dip is not likely. However, as always, I could be wrong.
+1 No bearded clam makes it different. My guess is we see a whipsaw filled grind that takes 10% off the S&P over a few months.
Were back to the new normal where 20% drops in a growing economy require one of the following:
– Oil price spike ($140 would work)
– Natural disaster (7.5 quake in LA)
– Financial institution heart attack
(A weird bank name that no one never heard of “Rabobank” goes belly up)
-Serious foreign policy incident the world is unprepared for
(Someone from Chechnya or Ukraine gets lucky and takes out Putin)
Given that it is broadly accepted that QE is not excempt from diminishing returns why would you expect the result to be the same every time?
ritholz is an old fucker who has absolutely no skin in the game. does not trade, just selling research and ads on his blog. the attack by one fine gentleman of the comment section is 100% justified.
Barry managed plenty of money. What are you talking about?
Barry is a bloated buffoon. And that is his glamour shot.
Cramer managed money and made 100m for himself, does that make him so great? Everyone adds to society in their own unique way, and some take away.
It would be more believable if you said he lost 100 million in the market. I seriously doubt he made any money in the market. He is wrong more often then he is right.
Him making 100m is a fact. And that is exactly my point…
Gold stocks and Emerging market stocks (also down today) have pretty much been in lock step for two years now.
lets start the day with some poems. please
Another bear attack in the neighborhood about half a mile from me.
One tried to get into my pool several weeks ago (still have a pic from 2 years ago of one trying to take a dive).
A Mama bear and two cubs took a stroll through my ground cover last week.
Damn New Jersey is tough these days!!
Forgot to attach a link for same.
http://www.today.com/news/bear-attack-survivor-i-could-hear-teeth-going-through-my-2D79526243?GT1=43001
I agree with buying the dip but only if
they are huge dips with out the probability
of insolvency
Fuck those poems. He’s an asshole
When theres blood in the streets, don’t buy gold?
Play is the pallad. not gold.
Is the front photo “the fly” after meth?
This was FLY at 9:31 this morning: https://www.youtube.com/watch?v=ZPO6dOPxmr8
Thousands of years from now when America is gone and is part of the history books it will be remembered most by its stock market more than anything.
Unfortunately most of the great stories, frauds, and legends remain just that, and are not recorded anywhere for future generations
big bears out there .., look forward to witness them eviscerated
(soros and friends is one of the leader of this turn )
they’re hitting the sell push big time .
and they will eventually be addressed big time
soros was one who wanted ( advertised ) both the euro destroyed , both the dollar into amero .
Very healthy market.
Poof!
I think the next line is “your bullshit rally is gone”
Kudos to OA for nailing the gold sell off. Been short gold to hedge my miner positions.
re gold – see how long it last…Russia and rest of the market smoked on this:
Special operation under way in Kramatorsk – Ukrainian Defense Ministry
Several people wounded in Kramatorsk airport shooting – self-defense representative
putin will be de-cocked
Erections back at half staff?
Must be Crimea. Oil looks like it just got fluffed.
All is not well in Brazil for once. Now THAT is worrisome.
That’s not the only thing getting the knife today.
Momo meltdown back on.
now pain