Bull Market officially over!! Year heading negative.

[Levelfive]

sigh.

"With Dow in Bear Market"


again in order for it to be an BEAR MARKET all three index's need to close below 20% of their highs. You are confusing index with market.

we only had 1 of 3 do that today.


we've had other index's also off 20% in the last 11 years...but without all 3 you can't call an end to the bull market....yet....

The S&P's at 19, but ok, I apologize for not specifying Dow is in a bear market.

[Zan15]

The S&P's at 19, but ok, I apologize for not specifying Dow is in a bear market.

how dare you!! 19...pffft.

:P :P :P


SP500 hit 21.5% a few years back.



its going to come down to the Nasdaq. the most manipulated index of the bunch. knowing them they will prob kick someone out soon to prop up the index

[Hobb]

sigh.

"With Dow in Bear Market"


again in order for it to be an BEAR MARKET all three index's need to close below 20% of their highs. You are confusing index with market.

we only had 1 of 3 do that today.


we've had other index's also off 20% in the last 11 years...but without all 3 you can't call an end to the bull market....yet....

- - - Updated - - -



one of the three bears have shown up looking for their porage!!

the other two are in the doorway outside

Ok, Zan15 describing what a bear market is using the 3 bears made me chuckle.

Good way to end the day, thank you

[Zan15]

The New York Federal Reserve promised Wednesday to inject tens of billions of additional dollars into the financial system in hopes of easing coronavirus pressures rocking Wall Street.

The announcement, made minutes after the Dow plunged into bear market territory, signals the Fed's willingness to support teetering financial markets.

It marks the second ramp-up by the NY Fed in the past three days.

The NY Fed said it will now offer at least $175 billion in its daily overnight repo operations. That's up from at least $150 billion that was announced Monday and at least $100 billion before that.

And the NY Fed will now offer one-month repo operations of at least $50 billion.

Officials cited the coronavirus pandemic, which has hit Wall Street firms and forced some employees to work remotely.
The moves should "help smooth functioning of funding markets as market participants implement business resiliency plans in response to the coronavirus," the NY Fed said in a statement.

Translation: the Fed doesn't want borrowing costs to spike during the ongoing market mayhem. That's what happened last fall, setting off alarm bells on Wall Street.

[Breccia]

According to it, it was around 18,332 when Trump took office, we hit that and it wipes out everything since Trump took office

Valid, but not quite the point.

Yes, that would be devastating to everyone involved. But that's not really the target number.

Series I savings bonds will earn a composite rate of 2.22%. That means 20,034 is what you would have, if you had just purchased bonds instead of stocks. And even that interest is low, you probably could get more, that 2.22% is down from previous years.

The stock market going flat or negative is humiliating. I would say "emasculating" but we all know Russia beat us to the punch there. But slow growth is also bad. The stock market isn't 100% secure, but it's suppose to offer higher rates because of that. So far, it still is. Using that 18,332 from Jan 20 to now, Trump's DOW is giving 7.9%. That's below the historical average of 10.29%, but it's not crippling or anything. Just poor results, 42nd percentile.

Now let's recompute after another 1,000 drop. 6.5% that time. That's the 37th percentile.

And one more, 5.1% annualized interest, 32nd percentile.

Bad, remarkably below average. Not crippling -- it's not like you'll get 5% interest in a savings account, not since the 1980's. But nowhere near what the economy Trump promised was supposed to provide.

- - - Updated - - -

https://www.nytimes.com/2020/03/11/b...ket-today.html

/eyeroll

Steep sell-off highlights fears that Washington’s response won’t be enough.

Stocks plunged on Wednesday, with the Dow Jones industrial average falling into a bear market, in a drop that reflected investors’ fear that Washington won’t be able to muster a response to the economic crisis triggered by the spreading coronavirus.

A bear market begins when stocks have fallen 20 percent from their high. Though it’s a somewhat arbitrary threshold, in financial markets the designation acknowledges what many investors are surely feeling — that fear-based trading in the stock market may not end soon.

The last time stocks in the United States were in a bear market was during the height of the financial crisis, more than a decade ago.

The S&P 500 fell nearly 5 percent on Wednesday, while the Dow dropped nearly 6 percent. From its February high, the S&P 500 is down 19 percent, while the Dow is down 20 percent.

Stocks have whipsawed this week as investors vacillated between the threat that the coronavirus poses to the global economy and the hopes that governments around the world will unveil a series of measures to help businesses. On Wednesday, World Health Organization officials officially designated the spread of the coronavirus as a global pandemic.

President Trump has signaled he would consider ways to stimulate the economy, and lawmakers and administration officials spent the day Wednesday outlining their possible steps. Options include cutting payroll taxes and extending the American tax filing deadline past April 15.
But so far, the White House has not announced any specific measures, and most experts say a payroll tax cut is not an effective way to combat the problems facing the economy.

“What we’ve seen over the past 36 hours is hope for something from a fiscal policy perspective and then this sense that it’s not going to come, or it’s not thought out, so I think that’s the disappointment right now,” said William Delwiche, an investment strategist at Baird, an investment banking and money-management firm based in Milwaukee.

That the virus is unlikely to prove fatal to the vast majority of people who get it offers little comfort to financial markets. Rather, the worry is that efforts to contain the spread of the illness caused by the virus are certain to slow the global economy and corporate profits.

In a note to clients on Wednesday, strategists at Goldman Sachs predicted that S&P 500 would fall to about 2,450 over the next three months — a further drop of about 11 percent from where the index stood on Wednesday afternoon, as corporate profits tumble.

These stocks are the hardest hit.

The worst-performing stocks on Wednesday cut across industries, reflecting how broad the concern among investors was.

With oil falling again, energy stocks like Apache Corporation and Occidental Petroleum led the slide in the S&P 500. Apache fell about 24 percent, while Occidental fell 18 percent.

Boeing bla bla bla bla bla.

And companies dependent on travel and tourism continued to fall. Norwegian Cruise Line fell 27 percent and MGM Resorts fell 13 percent. Earlier Wednesday, the Global Business Travel Association said the coronavirus epidemic stood to wipe out more than $820 billion in spending on global business travel.

Mnuchin says a tax delay for ‘virtually all’ Americans would pump $200 billion into the economy.

Treasury Secretary Steven Mnuchin told lawmakers on Wednesday that he would recommend to the president that the Internal Revenue Service allow a delay of tax payments without penalty or interest that would apply to “virtually all Americans other than the superrich.”

He noted that all individuals are allowed to request tax payment extensions online but that this would be a special provision meant to help small and medium-size businesses and “hardworking individuals.”

Mr. Mnuchin said that this would not apply to large corporations or the wealthiest Americans, but did not elaborate on what the threshold will be. “That will have the impact of putting over $200 billion back into the economy and that will create a very big stimulus,” he said.

"How?"

I have no idea. It sounds completely made up. I suppose he could be suggesting a lot of people owe taxes, and not paying them right away would keep that money in the economy. But you'd have to pay it eventually. If you spend the money, you can't pay your taxes. And, if he's talking about the interest payments, I don't see any way that's $200 billion. Let's say half of all federal income is individual taxes. That's $1.5 trillion. Let's say they charge 3.5% interest based on the latest Fed cut. Let's say they put it off three months. That's eleven billion.

Am I missing something? How does a tax delay put that much money in the economy?

Democrats have a plan, and it doesn’t include a payroll tax cut.

Senate Democrats prepared to release a new fiscal response plan to the coronavirus outbreak, featuring paid sick leave for affected workers as well as breaks on federal student loans and mortgages, block grants to help communities and assistance to help public transit systems stay in operation.

House Democrats were preparing to release a wide-ranging plan of their own on Wednesday, including proposals for government paid sick leave and increased safety net spending on programs like food stamps and unemployment insurance. House Speaker Nancy Pelosi was aiming for a possible House vote on Thursday before lawmakers are scheduled to leave Washington for a weeklong recess.

Notably absent from either the Senate or House proposals is a payroll tax cut, which President Trump has pushed for.

The coronavirus is hitting consumer confidence.

The spread of the coronavirus, along with the tumult it is stirring in financial markets, has begun to drag on consumer confidence, according to a nationwide poll conducted by the online research firm SurveyMonkey for The New York Times.

The poll found the largest single-month drop in confidence since President Trump took office, driven by rising concern about the nation’s economic outlook. The decline was evident among Republicans, Democrats and independent voters alike.

Still, more people (39 percent) expected very good or somewhat good business conditions in the coming year than those who expected very bad or somewhat bad conditions (22 percent).

The polling was begun last week and completed on Sunday, so it does not reflect any further impact from this week’s market upheaval.

High consumer confidence has buoyed Mr. Trump’s presidency. But Mr. Trump’s performance rating in the survey slipped this month, with 51 percent of respondents registering disapproval — including 40 percent who disapproved strongly of how he was handling the job.

Another interruption: Trump's strongest marks have always been handling the economy. He's negative in his strongest category. That's like being out-DPSed by both tanks and one of the healers.

Here’s what else is happening.

• Two CBS News employees have tested positive for coronavirus, the news division president Susan Zirinsky said on Wednesday. Both employees were based in Manhattan, she said, and the news division is requesting staffers work “remotely for the next two days while the buildings are cleaned and disinfected.” CBS News shows that are shot in New York will “continue to go on,” she said, but in an “alternative location.”

• Trump administration officials met on Wednesday with Facebook, Google, Amazon, Twitter and others about how they could help the efforts to stem the spread of the coronavirus. Officials told the companies that the government would soon launch a research database and asked them to develop tools that could help researchers delve into the data.

• The Bank of England made an emergency cut to its key borrowing rate by half a percentage point, saying that it was intended “to support business and consumer confidence at a difficult time.”

• The Federal Aviation Administration said on Wednesday that it would allow airlines to run fewer flights without running the risk of losing their coveted slots at some busy airports.

• President Trump plans to meet with top officials from the nation’s banks at the White House Wednesday afternoon to discuss the coronavirus outbreak that has roiled markets and threatened economic growth.

• In what appears to be more jousting with Russia, Saudi Aramco said Wednesday that it had been directed by the country’s ministry of energy to increase its oil output capacity to 13 million barrels a day from the current 12 million barrels a day.

And that's how you quote a NYTimes article.

(mousedrop)

[Levelfive]

/eyeroll

And that's how you quote a NYTimes article.

(mousedrop)

LOL. Fair. I bow to the master!

[kaelleria]

The first rounds of Coronavirus related layoffs are here... I don't think Wall Street is going to like that much.

https://www.washingtonpost.com/busin...s-coronavirus/

[Shadowferal]

BREAKING NEWS: NCAA announces all basketball tournaments, including March Madness, will not allow spectators due to coronavirus outbreak concerns. Story to come.

Wonder how this will affect markets tomorrow...

[jeezusisacasual]

For those looking at job losses this is the premier site to use as i had no idea about it until i started my current job which is a fantastic resource.

https://www.dailyjobcuts.com/

- - - Updated - - -

BREAKING NEWS: NCAA announces all basketball tournaments, including March Madness, will not allow spectators due to coronavirus outbreak concerns. Story to come.

Wonder how this will affect markets tomorrow...

This sucks in all honesty.

[Omega10]

BREAKING NEWS: NCAA announces all basketball tournaments, including March Madness, will not allow spectators due to coronavirus outbreak concerns. Story to come.

Wonder how this will affect markets tomorrow...

This was the right call by the NCAA

It still sucks though. San Francisco is also not allowing spectators at any sports events as well.

Once again, this is the right call

[Low Hanging Fruit]

For those looking at job losses this is the premier site to use as i had no idea about it until i started my current job which is a fantastic resource.

https://www.dailyjobcuts.com/

- - - Updated - - -



This sucks in all honesty.

Dude I saw Taco Bell was hiring. Amazing job was created because the stoner kid didn't show up yesterday! Trump!! TRUMP!! /s

[Omega10]

From the mega NY Times post:

• In what appears to be more jousting with Russia, Saudi Aramco said Wednesday that it had been directed by the country’s ministry of energy to increase its oil output capacity to 13 million barrels a day from the current 12 million barrels a day.

13 million barrels a day. This is more than 12.5, the old highest number given for their capacity. They are really going all out on this.

[Zan15]

well seems I was off by a few scheckles on the closing numbers needed for -20%



S&P 500 — 2,708.92
Nasdaq 7,853.74

- - - Updated - - -

The first rounds of Coronavirus related layoffs are here... I don't think Wall Street is going to like that much.

https://www.washingtonpost.com/busin...s-coronavirus/

this is how it snowballed in 2008-2009.

they ran out of options to prop up short term stock prices.
execs panic'ed in fear of their jobs and options.
they started announcing tens of thousands of layoffs each just to get a stock pop

then for every 1 they laid off downstream saw 10-100-1000 more laid off.

then every exec felt they had to layoff to appease the stock market.

with that many people out of jobs and just about everyone fearing their jobs even CEO's...… spending grinded to a halt.. panic grew.

snowball became an avalanche.



hopefully execs have learned that mass layoffs also means mass customers they lose when they have no money to buy their products.

[Breccia]

This was the right call

It still sucks

The mantra of the next couple of months, I'm afraid.

Also, the S&P 500 posted no new 52-week highs. Ouch.

[Zan15]

Late night shows will go without audiences because of coronavirus

well there goes the, umm....economy!!

:P

[D Luniz]

It's Bear-ish?

smarter than the average bear..

but the president still isnt going to like this yogi

[Breccia]

Obviously things are up in the air, but here's what a Dead Cat Bounce looks like:



Twelve. Fucking twelve.

[Low Hanging Fruit]

I am on a hunch but Dump is coming on TV from the Oval tonight. My guess is he is going to make the market think he is going to make it rain on thier rich buddies that make cause an over night spike. But only a short term bounce.

Also, even if your not an NBA fan you might want to check out a game going on the next few days. A lot of them are going to be empty arenas while a game is going on (California for sure) and not something you may ever see again.

[Shadowferal]

The market doesn't trust Chump...they showed that today.
That dead cat is out of bounce.

[Breccia]

The market doesn't trust Chump...they showed that today.
That dead cat is out of bounce.

We'll find out after the speech he introduces and other people give. They might actually have a plan, like the bills on the floor of the House and Senate.