Aluminum, steel and a sundry of construction names sold off with vigor this afternoon, after rumors spread by AP that Trump’s stimulus bill would be delayed until next year, in order to literally give democrats election wins this fall (anyone believe that yarn?). This is all part of the process of walking back a rally. Stocks never climb, uninterrupted. They’re instead stammered by periods of consolidation, swift pullbacks, and hair raising routs — before making it to their inevitable destination: higher.
Today’s collapse in $X, $CLF, $KALU and others is par for the course, an unfortunate tonic for an otherwise sick and twisted, even ribaldly hedonistic, spoiled rotten investor public.
On the upside were utilities and REITs, places of traditional safety and security.
When I first started the business in 1998, I was greeted with unending sell offs, panics, margin call liquidations, and utter misery, before getting to enjoy the grandeur of the dot com bubble. History doesn’t record the true nature of the dot com craze, a period in American history that will forever be remembered as the ‘Father of Stupidity’, bidding up worthless companies into the tens of billions. But there were disastrous collapses along the way. It wasn’t unusual to see your stock down 35% in a week, based off ‘profit taking’ or some fucked up rumor posted in the Yahoo message boards.
Getting off topic here for a second, one of the craziest trades we used to make was gaming CNBC Joe Kernan’s late afternoon internet stock segment, where he’d mention some dot com breaking out and why. For hours in advance of that teevee report, we’d be on the Bloomberg looking at the biggest winners for the day — buying up option contracts and taking heavily margined equity positions ahead of his report. I kid you not, after his report, the stocks mentioned would fucking explode to the upside, often doubling in a matter of minutes. Back then, merely changing your name from Fucktard Inc. to Fucktard.com meant your stock price would scream higher — because you were entering the wondrous world of the internet.
In many ways, this market reminds me of then. For the past 3 years, I’ve disliked the market. It felt fake, rigged, and definitely unsafe. At least now, like Trump or not, we’re talking about growth and not transcribing the speeches of the Fed heads, hoping to find something remotely dovish to give purpose to our bullish ways.
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I remember the Internet Investor segment with Steve Frank and David Faber too. Good times.
Your boys sitting at his desk talking Nucs again..
NUKES*****
That autocorrect is a bitch that won’t quit! Keep an eye on her!
Dow and S&P don’t give a F.
og
Does the circumstantial evidence not support what I said 4 years ago, forced programming indexes
Because you’re wrong. Dow and S&P wanted down, wanted to go down today, gains were forced, drifting was negated
Like a hundred times the last 12 months
Humor me.. Why? Why would they buoy the market. And if that way the case, by whom?
It became so cliche that they were holding up or surging up the market for Barack Obama, that everyone’s forgot it. You yourself may not know or have experienced the very clear rigging that occured in 2012/2013 and since. (Prior to that it was clouded by QE and POMO) The stock market being rigged was already a cliche, then logical conclusions (turning into cliches) that it was to aid and support status quo power and their agendas with Obama as clearly one of the spokes in the wheel.
Since summer 2016 it’s gone hyper
Dec, Jan, Feb manipulation is building on 3 or 4 years of blatant central hub level control of stocks
At least you’re asking&being skeptical
I could give you 10 other logical arguments
Ask yourself who reversed the -750 Dow Futures on election night, Before the open
Some of you guys are so clueless even though I’m the one who gets labeled “Fanciful”
Just run-of-the-mill manipulation to get a better entry point.
My portfolio got its ass kicked today. But I took it like a vegan- namaste.
Added more $UEC at the close @ $1.54.
I have some pot stocks that got destroyed an hour before the close. DOJ going after legal weed growers. Laughin my ass off. Talk about a land mine.
That’s Jefferson Beauregard Sessions III for you. He knows pot is a gateway drug.
Closest store to my house in WA in a weed store…
Earlier than that was Dan Dorfman on FNN (Financial News Network) and then CNBC who would move the markets based on his 2-3 minute stock promotion.
This market is not much different. Traders happy about the drop in nvda Tsla etc and going to get rammed in the ass when dip buyers step in tomorrow or Monday. Buy every dip