DOW 23,000+ today?

[Ludachris]

i have a feeling we all have it in some way now and in a couple months we’ll all be over it.

That's my hope. But a couple months is a LONG time.

 

[Ludachris]

i have a feeling we all have it in some way now and in a couple months we’ll all be over it.

You'd think the US would be way ahead the curve on the test kits, being the world leader we are. It would be nice to get everyone tested to see how many are truly infected.

one of my employee’s dads works for union pacific and was sent a letter asking for volunteers to work in case of marshall law.....thats kind of spooky

That is spooky.

 

[TymeSlayer]

They did shut down the NYSE floor trading just after the close today. All trading will be done electronically.

 

[Fat Boss]

You'd think the US would be way ahead the curve on the test kits, being the world leader we are. It would be nice to get everyone tested to see how many are truly infected.

That is spooky.

I got a cold over the weekend, and am just getting over it. Was it a cold? Or was it COVID-19? It would be VERY beneficial to know. If I've had it, I'm immune going forward and could potentially be very helpful caring for those who are suffering.

As far as the markets, you can't shut them down. They'll lose all credibility. They'll collapse. I agree with Grant that you're better off bleeding a bit every day, rather than getting bludgeoned in one.

FWIW, I started dollar cost averaging back into the S&P yesterday. My plan is to put 5% back in every week.

 

[TMSBOSS]

this was the same way in 2008 when people were buying up ammo like crazy and you could trade an ar-15 for a motorhome.

I missed all the fun at home in 2008. I worked in two war zones where all I had to worry about was folks trying to kill me. The up side is they were predictable. I knew who they were, where they were and the likely course of action they would employ. The current issues, people not so much. Now no one lets me shoot back now. I prefer the war zones.

 

[Grant 302]

Not sure I agree with keeping the markets open.

The Virus is affecting us in two ways, medically and through Panic. We lost more people in the twin towers than what this virus has taken. Why all the problems?? Panic seems to be that answer. I am all about reducing the panic.

Now, how do we get Washington on the phone??

Just think of it like another market...a grocery store. Close it for some undetermined amount of tyme.

Are people more or less panicked?

 

[Ludachris]

Was it a cold? Or was it COVID-19? It would be VERY beneficial to know. If I've had it, I'm immune going forward...

That's not necessarily guaranteed to be true yet with this virus. There have been conflicting reports from epidemiologists on that when I read about it Monday - a few of them saying that you can get it again after recovering. Do some research on it though. I need to go look for the latest on it myself.

 

[Tonymustang302]

no one knows the true capabilities of this disease......i just hope silver goesto 200/oz like peter schiff ws fear mongering years ago

 

[Grant 302]

Today is ‘proof’ (at least so far) that markets should stay open. It’s been the most stable opening since the last week of Feb.

I’m still not calling a bottom, but much less likely to wonder why anybody would buy or start buying.

One good sign is that there are big shorts out there that are claiming they aren’t short anything or anything US right now. But keep in mind that doesn’t really mean much, as I can say the exact same thing...while I am still carrying large put positions as a hedge.

 

[TymeSlayer]

no one knows the true capabilities of this disease......i just hope silver goesto 200/oz like peter schiff ws fear mongering years ago

That would certainly be nice for me as I own a bunch of silver. Just don't see it happening. At least not right now.

 

[VoodooBoss]

I think it’s healthier to leave it open. Just opinion though. After any long close like that would suffer at the re-opening. And it would be violent. I’d take the slide as it’s happening over that scenario.

I agree. It’s better to have complete transparency into the markets. Closing the markets takes away the transparency and only prolongs the inevitable. Closing the markets will not change the drop in economic output and profitability which is what stock prices are based on in normal times. We will be (already are) in a recession but this is not the end of the world.

I’ve been doing a little buying into the market but we are not at the bottom yet. Look for a large multinational company to declare bankruptcy which could signal that we are getting towards the bottom and could create some panic selling. Keep some of your powder dry.

 

[VoodooBoss]

This just in. So everyone can get seriously ill not just the over 60 crowd.

My wife works for the largest HC provider here in NorCal and they are very worried about having enough respirators for the critically ill.

 

[TMSBOSS]

Applying logic to a panic scenario. Not a big believer of this being successful. Panic is emotional.

 

[Grant 302]

And that's just the beginning...of the next leg down.

Right now ~19k wouldn't surprise me. And there are a few spots in between that are good candidates. One of interest above that is between 22/23k. Mentioned that to some friends over breakfast on Sat. I don't think I posted that specifically here.

Notice how we’re right back in this range...

This. I haven’t ‘bought’ anything yet. And will still wait for a confirmation move before I do. Besides, I gotta dump the rest of the hedge positions and figure out my tax liability before I do. This is all unexpected income that I can’t avoid now.

Vix is still expanding. There’s a good chance of another leg down next week. And I’m somewhat expecting things to slide down for the rest of the day.

Patience...

And there it is. Was preparing for it up until the closing minutes last Friday. Sales from long side option purchases will fund purchases from the wash-sale operations and tax management strategery.

....

I’m thinking/hoping everyone is a little less panicked about what’s been happening (financially) as the rest of it is hard enough to deal with.

 

[Dave_W]

one of my employee’s dads works for union pacific and was sent a letter asking for volunteers to work in case of marshall law.....thats kind of spooky

And now for something on the lighter side, it's Know Your Spelling, lesson #14.

Martial Law:


Marshall Wall:

 

[Fat Boss]

Loading up on oil stocks over the past couple weeks is starting to pay off.

 

[TymeSlayer]

You just know it can't stick around $25 a barrel.

 

[Fat Boss]

Well, we'll see how high this dead cat bounces. For now, every position I've taken in the past few weeks is up. (Knock on wood..)

 

[302BOB]

Another Dow Jones tidbit..........."Today in history 1991....The Dow Jones average closed above 3,000 for the first time, ending the day at 3,004.46, up 17.58."

 

[Fat Boss]

Well, I'm about a month into my buying- and I'm about 40% into my dollar cost averaging. I was planning on buying 5% a week, but I just can't restrain myself at these prices.

My oil stocks I've bought in the past month, and I still think they're likely to go lower before higher.

BP down 4.99%
CLR up 24.87%
SLB up 2.55%
VLO up 2.80%
OXY up 0.90%
XOM up 4.18%

Other, mostly tech stocks I've bought in the past month

Facebook up 11.93%
Fidelity SP500 Index up 9.85%
Netflix up 11.05%
Tesla up 60.03%
Apple down 1.25%
IShares Gold Trust up 4.17%
MGM Resorts up 67.26%
NVidia up 41.74%
IShares Silver Trust up 5.27%

I'm pretty happy about the strategy so far. Also my Lam Research LRCX stock is up about fifty percent over the same time frame. That's by far my biggest single holding.