Less you think we’re just back here making all this stuff up…no, I definitely was not up today. The perma-winning crowds and perma-bears joined forces on Twitter, prancing and gallivanting, declaring super ultimate winship, because the stock market is up 8% from last August. But lesser men lost money today, and damn it, that’s what matters.
I took about 2% in losses personally, which put me back below 10% gains year to date. I’m just resting comfortably at a little over +8% for the year.
But if this gets out of hand, I’ll also know where to slam on the breaks – somewhere before slipping below that +5% mark.
HCLP was routed, down over 7%. I added to the position above $39 but the margin clerks took it at the knees, now down in the $38’s.
Everything was red, save some minor hedging from puts in PGJ and TSLA which, given the execution prices…well, I’m long off from celebrating, how about we keep it at that? And silver held up, but will it retest $30?
Generally, the only thing that’s exceptional about this selloff so far is how long it’s been since we had the last one.
Data out of Europe is awful…(laughter) data out of Europe has been awful every single year since 2009. What do you want?
The major threat is the deflation data; deflation will be combatted to the death. Yellen didn’t get a unanimous board to throw out all former forward looking language just to sit back and do nothing. The big question is, “We all know the global economy is secretly horrible. But can they keep the game afloat?”
Personally I’m not sure what the answer here is. My experience with mathematics tells me what these fools are trying to do is impossible; the unexpected will always triumph. But the other side of me that gets this is all just a numbers game with tie dye pieces of cloth thinks, “why not gamble, what is there to lose, really?”
In summary: suck it up. The market isn’t dead yet. But get your affairs in order and you’d better have some rainy day funds.
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Every 24-34 year old with a degree that I
know has a good job(50-60 g’s).This was not true 2 years ago .I might be wearing rose coloured glasses but I like my picks and see a stable year except
for those momo stocks
It’s true job opportunity has rebounded. But there was five years of raw damage done that needs to be made up for. That’s why I say the global economy sucks.
Look at Spain or Greece, with a quarter of their youth still unemployed. That’s going to reverberate for decades.
50G is a good job? Maybe in the south and northeast but here that’s high school graduate money. Hell, a rig hand can make 80k a year with no degree what-so-ever.