iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,620 Blog Posts

Ignore Everything But This

It appears we are following the path of 2000, after all. But the correction is being masked by the mega caps in the NASDAQ and Dow, which are holding up well because they all pay dividends now. My thesis was very simple: the correction that began in March-April, then halted from May-August, would resume and tear down the share prices that rose during the summer months.

There are roughly about 4,000 relevant stocks that trade in the US markets. I am looking at a screen that states 364 stocks are down 20% over the past month. That’s nearly 10% of all stocks, publicly traded. I call that a correction.

Ground zero for the correction is energy. But there are derivatives of the energy trade who are suffering, such as solar and a slew of alternative energy names.

Here are some notable one month decliners.

PBR -31%

BBD -23%

CLR -21%

MBT -22%

SDRL -32%

QIHU -21%

AEM -22%

CREE -24%

BTU -26%

SLCA -24%

CMCM -32%

NADL -42%

CLF -43%

PDLI -22%

AKS -23%

DRYS -31%

HOS -26%

VHC -64%

TCK -21%

TC -25%

ANR -45%

AU -32%

CMLS -20%

THRX -22%

NPSP -21%

MTOR -20%

The ongoing correction is pervasive, broad based, and is picking up steam. This market is toast and you are a slice of melting butter.

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52 comments

  1. xxxHuggieBearxxx D.P.M
    xxxHuggieBearxxx D.P.M

    Perfect timing…I went full-bore long the US market at the close yesterday,, in time for the meltdown.

    It makes sense that I would miss two years of a bull market, only to jump in just in time for the collapse.

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  2. fifty2weekhi

    QIHU?

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  3. duckkell

    mmmmmmmmmmmmmm…toast

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  4. Bruce Keller

    It’s a blood bath, woooo!

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  5. Mr. President

    People love soda, and will always love soda. Part of the love of soda is having a tasty beverage ready for you with absolutely zero work involved. Hence $SODA was always a bad idea.

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  6. DaLuke

    …So now we are selling. Fly, give me your thoughts on that b!tch ANGI

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  7. the pirate

    What about $CLF which has rammed me up me Arse? Arggghh.

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  8. Lloyd

    Do you see this grind down lasting the rest of month, quarter or worse? Carbs are good when you are suffering mentally.

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  9. 2kto2m

    lol, until OA turns bearish…

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  10. Trent

    It is of utmost importance that those interested in physical fitness and muscle building subscribe to a 60:20:20 ratio of Protein, carbs and healthy fats. I’ve been counting my macros lately as it’s a lot more fun than watching my trading accounts dwindle.

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  11. Billy Cutting

    What the hell is going on in XON

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  12. xxxHuggieBearxxx D.P.M
    xxxHuggieBearxxx D.P.M

    BE PREPARED TO HAVE YOUR FACES RIPPED OFF BY A RAGING REVERSAL.

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  13. Cascadian

    The GPRO calls are masking all my other losses.

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  14. The Wasp

    This market is extremely confusing. It desperately wants to correct, but vested interests are holding it up with sticky tape & string (think Fortune 500’s doing equity buybacks on levered debt). But correct it will. Degenerate readers, do not dare to question me here for I sting.

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  15. xxxHuggieBearxxx D.P.M
    xxxHuggieBearxxx D.P.M

    Market wants higher.

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    • The Profit

      You mean that you want higher……….. Like in poker (and the markets), you can invoke a “one time” every year if you need saving from your predicament.

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      • xxxHuggieBearxxx D.P.M
        xxxHuggieBearxxx D.P.M

        Excuse me while I get jiggy wit it for a moment.

        I am due…there is nothing more complicated than that going on. The Brazilian miracle that occurred pre-market on Monday augurs in a period of peace and plenty for huggiebear, stretching from now until 2018.

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  16. dazedflip

    I’m playing for a bounce in energy stocks. Long NOV right here and stalking some more exposure.

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  17. Maximus

    It’s the Y2K ….14 years later…. beware of number 2000. All our computers will crash and cause problems in stock market.

    Sell now before the NYSE power goes out.

    Ahhhhhhhhhhhhhhhhh

    JK

    Maybe, 🙂

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  18. boyaj

    And we got the logo change!

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