The Dow is off more than 550 points now, bringing losses to a grand total of 1,700 points since the market top on 1/29/18. I know this isn’t the biggest scare you’ve ever seen, but this is a major shift in the character of the market, blowing out on a standard deviation basis, at the same time keeping normies plugged into the matrix hoping for respite, which is assuredly right around the corner.
One thing to consider is we have a new Fed Chair now, Jerome Powell — a fucking lawyer. In other words, he knows literally nothing about the economy and is merely spitting balling this shit for the benefit of Trump.
Market breadth stands at 27% and Amazon is +6. This has to be the least jittery two day 1,200 sell off of all time. Don’t worry kids, I am sure the Fed is gonna help you out soon enough.
I am telling you right now, this market will not bounce until Bitcoin stops going lower. We’re just stuck in one of those retarded trends that is important to investor psyche now. This too shall pass. But you have to understand, many people got sucked into Bitcoins between $16,000-$20,000, myself included. The euphoria was infectious and it spilled into equities and made people fortunes in crypto proxies. Now all of that has ended and the losses in the crypto space are severe.
According to coinmarketcap.com, the entire crypto space is now worth $320 billion, a loss of nearly $500 billion from the top. That’s like the faggots from FB simply vanishing and going right to zero. How would you live with FB at zero?
Pro-tip: you wouldn’t.
Also, the ramifications of the losses in the cryptos could be more systemic than you know. According to a survey done in early January, 18% of people bought Bitcoins with credit cards. How many of those HODLers will actually pay their bills, now that they’ve been wiped the fuck out?
Just guessing here, but I imagine losses to the banks could be in the billions.
Alas, all we have to do is hold on to dear life and all will be good and just again, no?
If you enjoy the content at iBankCoin, please follow us on Twitter
funny, they Tyler just called a 2% selloff a ‘bloodbath’ … tell that to the crpto space down 15-40% on a daily basis
rofl
“I am telling you right now, this market will not bounce until Bitcoin stops going lower”
Bullshit. There is no way that crypto currencies are driving the market. That would be like claiming that if a passenger in a car jumped from one side to the other, the car would turn.
The stock and bond markets are magnitudes larger than the crypto market. Furthermore, I’m guessing that those losing their shirt in the crypto currecny are mostly retail investors like some Chinese fisherman or a NY cab driver. The stock and bond market give 0 shits about them.
Also, how many people use facebook and how many own crypto currencies? Again, magnitudes of differnece.
C’mon you can do better than this. You seriously think that cryptocurrencies have a bigger effect on the market than the FED telling the largest mortgage issuer to **stop issuing mortgages***?
http://money.cnn.com/2018/02/02/news/companies/wells-fargo-federal-reserve/index.html
As I said last week, the US Treasury slide didn’t make any sense as compared to world rates. Flock to safety in full effect today.
It doesn’t matter what you think, it’s true.
C’mon, bro. Use your judgment. Fly is a satirist who roped you into his ‘attention whore’ narrative. No need to overthink it.
Slip and slide time.
We can only hope that we see the rare full VIX curve backwardation.
Then you go take out a second mortgage and wait for it to go back to contango before dumping it all in short VIX.
Nice goin’ Powell.
Powell is nothing. Just a goy fall guy. PR front for the FED, the communist (((enemy))) of the people:
https://tinyurl.com/cnxflel
Team #HODL?
Like I said last week on the initial drop–no one was worried, so that made me very worried.
I wish you fuckers would quit trying to shake me out.
Never seen govt bond move like this intraday
$UVXY …lol
It’s only lol if you own it :(.
Here comes the flash crash. Hodl
So then don’t buy XIV?
i’m nibbling. somehow caught some bottom grabs. NLY. and the SPY.
FLASH CRASH
Crypto’s are garbage. They’ve been around since the 90’s and they’ve all bombed. I know because I bought them in the 90’s. BitCoin caught the media’s attention and the attention of every moron on earth. They’ll return to their rightful value of $0.00.
I’m guessing PPT.
Hahahaha. Eunuchs.
The market is forward looking.What is it seeing that I am missing.
Is reverse QE really gonna fuck us up that much.
On a side note.Did the Fly really buy and hold ether.
No way -he is bored and fucking with us.
Grandma Yellen is cackling by her fireplace with a nice cup of black Monday tea (extra shuga).
Back in 1998 there was some HUGE firm called “Long Term Capital Management” that was caught the wrong way and blew up the market for a good %. Quite likely there is some other fund or such caught the wrong way and pulling us down. By the end of the week or sooner the rumors will be out on who or what it is.
HODL lol, morons. No asset is going to go up double digits year after year, or month after month, not Bitcoin or the stock market, with a reversion to a normal rate of return unless that asset has explosive return on investment.
Is Bitcoin is an asset? Only in the eyes of the buyer. I don’t know myself as there is no return, no cash flow, no sales, not even a promise of future return, only the promise of maybe a demand by people who don’t really know what it is either except that its blockchain and its changing the world.
If I had a dollar for everytime I was told that over the last year I could prolly almost buy a bitcoin today. By tomorrow for sure.
We can do it the easy way, 4,5,6% a year, trudge on up, with small pullbacks, or we can do it the hard way, 50%, 30%, 40% up, 20% down et al. over longer time periods, but the average will return.
The nation has chosen the hard way since the insane FED interventions, zero rates for almost a decade and out of control deficit spending.
Oh wait, “its different this time.” No its not, we are riding down the same trail we are just forced to sit on a bucking bronco versus a pony.
Housing is next. Listings in some of my target areas have doubled in volume. Bargains to be had next year.