row_33 Posted March 13, 2020 Share Posted March 13, 2020 4 hours ago, keepthefaith said: The market will be down by the end of today. We're not near the bottom yet. oops Link to comment Share on other sites More sharing options...
keepthefaith Posted March 13, 2020 Share Posted March 13, 2020 (edited) 15 minutes ago, row_33 said: oops Yes very wrong but a good oops. I thought the President speaking this afternoon would take the air out of the market today. No idea what he said so apparently a positive. I'm wrong half the time or more on the market which is why I have someone else manage my stuff. Edited March 13, 2020 by keepthefaith 1 2 Link to comment Share on other sites More sharing options...
Foxx Posted March 13, 2020 Share Posted March 13, 2020 (edited) in conjunction with Trump's press conference, in the last 40 minutes of the market, the DOW sky rocketed from roughly 21,807 to close at 23,185 a gain of 1,372. it is going to be interesting to see what comes Monday. Edited March 13, 2020 by Foxx 1 Link to comment Share on other sites More sharing options...
Chef Jim Posted March 13, 2020 Share Posted March 13, 2020 4 hours ago, keepthefaith said: The market will be down by the end of today. We're not near the bottom yet. This is why people hire me. 1 1 Link to comment Share on other sites More sharing options...
Deranged Rhino Posted March 13, 2020 Share Posted March 13, 2020 https://mobile.twitter.com/seanmdav/status/1238560092041236484 2 1 Link to comment Share on other sites More sharing options...
keepthefaith Posted March 13, 2020 Share Posted March 13, 2020 5 minutes ago, Chef Jim said: This is why people hire me. That statement, that we are not near the bottom I still believe strongly. Link to comment Share on other sites More sharing options...
OldTimeAFLGuy Posted March 13, 2020 Share Posted March 13, 2020 12 minutes ago, Foxx said: in conjunction with Trump's press conference, in the last 40 minutes of the market, the DOW sky rocketed from roughly 21,807 to close at 23,185 a gain of 1,372. it is going to be interesting to see what comes Monday. ...the plunge may have been mitigated if he had been proactive and declared the national emergency sooner......pure speculation..... Link to comment Share on other sites More sharing options...
row_33 Posted March 13, 2020 Share Posted March 13, 2020 2 minutes ago, keepthefaith said: That statement, that we are not near the bottom I still believe strongly. Oh good, it will rise 2,000 on Monday? 1 Link to comment Share on other sites More sharing options...
Chef Jim Posted March 13, 2020 Share Posted March 13, 2020 42 minutes ago, keepthefaith said: That statement, that we are not near the bottom I still believe strongly. Let me know when the ring the bell ok. Link to comment Share on other sites More sharing options...
B-Man Posted March 14, 2020 Share Posted March 14, 2020 1 Link to comment Share on other sites More sharing options...
Nanker Posted March 14, 2020 Share Posted March 14, 2020 Nobody likes to take the bitter medicine, even if it’s the best course of action. Social distancing is better than ignoring the risk of contagion and going about with normal activities. That’s a key to controlling the spread and hopefully getting this bug to burn itself out. We will have a vaccine by the fall. Be well. This is a black swan event. Link to comment Share on other sites More sharing options...
TPS Posted March 14, 2020 Share Posted March 14, 2020 17 hours ago, Foxx said: in conjunction with Trump's press conference, in the last 40 minutes of the market, the DOW sky rocketed from roughly 21,807 to close at 23,185 a gain of 1,372. it is going to be interesting to see what comes Monday. He and congress (as soon as the bill gets passed) have done some of the things necessary to make investors feel there is a serious response to restraining the virus and funding the immediate related needs. I think I read pelosi said they would take up an economic stimulus later, which is how it should go. The big unknown now is whether or not enough has been done to ensure we don't become Italy. If the number of cases continues to accelerate, that will spook the markets again. So, my view is it won't be about Monday, rather the market reactions will be over the next couple weeks. 1 Link to comment Share on other sites More sharing options...
keepthefaith Posted March 14, 2020 Share Posted March 14, 2020 16 hours ago, Chef Jim said: Let me know when the ring the bell ok. There's no way to know when the absolute bottom is obviously. My belief is that poorer future economic data and further proliferation of the virus will result in the market going lower. Buying on the dips such as Thursday of this week and future dips will likely be rewarded. Of course you know that too. Link to comment Share on other sites More sharing options...
OldTimeAFLGuy Posted March 14, 2020 Share Posted March 14, 2020 12 minutes ago, TPS said: He and congress (as soon as the bill gets passed) have done some of the things necessary to make investors feel there is a serious response to restraining the virus and funding the immediate related needs. I think I read pelosi said they would take up an economic stimulus later, which is how it should go. The big unknown now is whether or not enough has been done to ensure we don't become Italy. If the number of cases continues to accelerate, that will spook the markets again. So, my view is it won't be about Monday, rather the market reactions will be over the next couple weeks. ....should have been more pro-active with this earlier.......not sure if it would have, but it is conceivable it would have stemmed the tide of nationwide panic..... Link to comment Share on other sites More sharing options...
keepthefaith Posted March 14, 2020 Share Posted March 14, 2020 (edited) 3 hours ago, Nanker said: Nobody likes to take the bitter medicine, even if it’s the best course of action. Social distancing is better than ignoring the risk of contagion and going about with normal activities. That’s a key to controlling the spread and hopefully getting this bug to burn itself out. We will have a vaccine by the fall. Be well. This is a black swan event. Agree. My main business employs 12 people and it's a very hands on distribution business. If one of us gets this and we have to make a decision to keep everyone home for a period, we're shut down. Salespeople can work from home to an extent but if we can't prep orders and ship we're done. For this reason we've been cleaning up touch areas multiple times a day and forcing hand washing whenever entering and leaving the building. So far so good. Edited March 14, 2020 by keepthefaith 1 Link to comment Share on other sites More sharing options...
OldTimeAFLGuy Posted March 14, 2020 Share Posted March 14, 2020 15 minutes ago, keepthefaith said: Agree. My main business employs 12 people and it's a very hands on distribution business. If one of us gets this and we have to make a decision to keep everyone home for a period, we're shut down. Salespeople can work from home to an extent but if we can't prep orders and ship we're done. For this reason we've been cleaning up touch areas multiple times a day and forcing hand washing whenever entering and leaving the building. So far so good. ....it is not easy...I have 35 people in administration working in our corporate office, BUT 200 Union electricians working in the field.....I have flexibility with admin people as everyone has been set up for remote access for years....but the field electricians are all susceptible to individual policies set by various customers......how can we establish a "one size fits all" corporate policy for them when everything is contingent upon individual customers, albeit public sector or private sector?...... 1 Link to comment Share on other sites More sharing options...
Chef Jim Posted March 14, 2020 Share Posted March 14, 2020 28 minutes ago, keepthefaith said: There's no way to know when the absolute bottom is obviously. My belief is that poorer future economic data and further proliferation of the virus will result in the market going lower. Buying on the dips such as Thursday of this week and future dips will likely be rewarded. Of course you know that too. You know the easiest way to buy on the dips? Dollar Cost Averaging. Head down and don’t worry about it. Even if you’re near or in retirement. If that’s the case and you’re concerned about this you REALLY need to hire me. ? Link to comment Share on other sites More sharing options...
keepthefaith Posted March 14, 2020 Share Posted March 14, 2020 (edited) 39 minutes ago, Chef Jim said: You know the easiest way to buy on the dips? Dollar Cost Averaging. Head down and don’t worry about it. Even if you’re near or in retirement. If that’s the case and you’re concerned about this you REALLY need to hire me. ? This is probably TMI but I'll put it out there. My wife and I are in late our late 50's. Over the years having had various employers and more recently a couple businesses we've accumulated a bunch of investment accounts all too scattered. Late last year we decided it was time to get most things under one roof if you will and we shopped for a managed account in which to consolidate it. Picked a firm, very well regarded in this area, they have about $10 billion under management so large enough to be of some sophistication and small enough to be somewhat personal. Also they are fiduciaries. During our deliberations and getting things set up which was in December of last year I expressed on multiple occasions my desire to reduce my exposure to the market significantly feeling that the market was overbought and that there was more downside risk than upside. They and my wife felt otherwise so I caved and we continued with a more aggressive approach. Some diversification yes but not to the extent I really wanted. I did, however, sign off on it. Our stuff got transferred and a lot of it sold and re-invested into their recommended mix literally weeks and days before the you know what hit the fan. So the past month has been very (and I mean very!) painful. Yeah it'll come back and we aren't using the money now but had we sold a bunch with the S&P at around 3300 which is where it was at decision time, I'd be feeling a whole lot better and we'd be perfectly positioned to jump back in. Now we'll look for the tax benefits of this debacle but that's a consolation prize. I'm really pissed at our advisors because I feel they didn't listen to me but ultimately it was my decision and I'll have to live with that. This relationship though may not survive another month. I've already contacted what was my plan B late last year. Not happy at all. 45 minutes ago, OldTimeAFLGuy said: ....it is not easy...I have 35 people in administration working in our corporate office, BUT 200 Union electricians working in the field.....I have flexibility with admin people as everyone has been set up for remote access for years....but the field electricians are all susceptible to individual policies set by various customers......how can we establish a "one size fits all" corporate policy for them when everything is contingent upon individual customers, albeit public sector or private sector?...... That could get complicated for sure and that's a sizeable operation to navigate through this. Hope it's not too painful. Best of luck. Edited March 14, 2020 by keepthefaith 2 Link to comment Share on other sites More sharing options...
row_33 Posted March 14, 2020 Share Posted March 14, 2020 I tell those who ask to get out of the market when it has ridden a fortunate climb to a strong peak, put it into cash. a half dozen over the years have done so and thanked me, one estimated he saved $750,000 on his retirement funds. two recently in this market cashed out in November. Link to comment Share on other sites More sharing options...
3rdnlng Posted March 14, 2020 Share Posted March 14, 2020 1 hour ago, OldTimeAFLGuy said: ....should have been more pro-active with this earlier.......not sure if it would have, but it is conceivable it would have stemmed the tide of nationwide panic..... Not so sure if that was even possible. Trump was proactive with shutting down our borders to China and got a bunchofshit from the dems. The dems haven't supported real action (pro- active) until it became the popular thing to do. Now they are trying to take credit for being the catalyst for the actions being taken. There's enough credit and blame to go around but if kept in perspective we are light years ahead of how the swine flu was handled. As far as panic goes, that has been encouraged by asswipes with an agenda. "Never let a crisis go to waste". Link to comment Share on other sites More sharing options...
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