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Re: Black Monday? 

By: Zimbler0 in 6TH POPE | Recommend this post (1)
Tue, 06 Aug 24 12:32 AM | 14 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 56303 of 58518
(This msg. is a reply to 56278 by De_Composed)
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It was either Friday or Saturday . . . when I remember seeing an article claiming that the stock market had had its worst day since 2020.

Sunday when I was putting my numbers in my databases, I realized that my individual stocks had collectively gone up - by a healthy amount -and my 401K had taken a dive.

Reminds me of a 'mini version' of the Y2K market collapse. 401K headed for the bottom of the toilet while things like Dominion Resources (electrical utility) all but doubled in value over the year after Y2K got started.

Looks to me like the 'smart money' was trying to 'bail out' of the stuff they knew might be risky . . . and buying into the sort of stodgy slow 'safe' stocks I love so much.

Zim.




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The above is a reply to the following message:
Black Monday?
By: De_Composed in 6TH POPE
Mon, 05 Aug 24 12:06 PM 		Msg. 56278 of 58518

(Note that this is an early Monday morning article, as is my post. How the day unfolds remains to be seen. - De)

August 5, 2024

It's Likely Going to Be a Rough Day on Wall Street Today

by Matt Vespa
Breitbart.com


Wall Street is likely to be a bloodbath today. The first warning signs were on Friday, culminating on Sunday night when all hell broke loose in Asia. The Nikkei had its worst day since 1987, sinking nearly 4,000 points. It suspended trading after sinking nearly eight percent. South Korea’s stock exchange halted all sell orders as a looming wave of brutality is expected to hit Wall Street this morning. We’ll update this post accordingly, but a drubbing on the New York Stock Exchange shouldn’t surprise anyone. Also, don’t look at your 401ks (via CNBC):
U.S. stock futures fell Sunday night following a volatile week for Wall Street, in which the Nasdaq Composite dropped into correction territory.

Wall Street is coming off a brutal week for the major averages. On Friday, the Nasdaq capped a third straight week of losses, bringing the tech-heavy index down more than 10% from a record set last month.

The S&P 500 also posted a third straight losing week, down 2% for the week. Even the Dow Jones Industrial Average, which had been outperforming, snapped a four-week win streak, falling 2%.

Treasury yields tumbled as well. The benchmark 10-year note on Friday yielded 3.79%, down from where it was one week previously at 4.20%.

The recent pullback in stocks was exacerbated Friday when a disappointing jobs report spurred investor fears the Federal Reserve made a mistake last week when it kept interest rates unchanged, and that the economy is headed toward a recession. ”

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http://townhall.com/tipsheet/mattvespa/2024/08/05/black-monday-why-you-shouldnt-be-shocked-about-a-wall-street-drubbing-today-n2642971

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