Originally Posted by RollChiefsRoll:
Jesus Christ, the market is ass today.
Er mer gerd!!!!
I could have told you a week ago we were heading for a down swing. Let me help paint a picture for you as understanding why the market is really down makes it better to sit through and take advantage of:
1. Hong Kong is bad. Really, really bad.
2. It's August. Summer trading is volatile and sucks!
3. It's August. Traders coming back from vacation add to the volatility
4. It's August. Traders will run shit down to get shit cheap going into the 4th Q.
5. Trade tensions are overblown but playing a part
6. Global rates are coming down because the rest of the world half-ass embraces capitalism
7. People are emotional and scared creatures that suck ass and can't see past the nose of their face
Now let me help make that all better:
1. It's only August and that's a volatile time in general
2. Rates are going down which will force people into the stock market to find yield. Much the same as during the Obama era
3. Fed is going to cut rates some more making #2 even more powerful
4. The trade tensions will be dealt with. China will come to the table or watch their economy tank
5. Europe is going to have to eventually shit or get off the pot regarding China and their economies
6. Earnings are and will remain strong
7. Consumer spending is strong
8. Jobs are still in good shape
9. Housing market is in good shape [Reply]
Originally Posted by wutamess:
Anyone been looking at ROKU? I know it's high rn but I've been thinking of dumping a boatload of money in it for short gains within my Roth.
Originally Posted by Buehler445:
Goddamned sisterfucking USDA.
Fucking corn down the buttfucking limit 2 minutes after the report today.
Giant portion of the cornbelt got planted late. Conventional knowledge says planting delays in the cornbelt cost yield. Unless it's 6 weeks late, then there is super high yields according to USDA.
So either every delayed planting weather rally there has ever been ever, not to mention a forest of paper worth of university research is flat wrong, or this yield number the USDA puked out is wrong.
Goddamned sisterfuckers.
/rant
tl;dr If you were short corn at 10:59 AM, you've made money.
The Tyson plant burning/shutdown news hit the market today as well.
Originally Posted by Hog's Gone Fishin:
I used to manage a Nucleus farm for Tyson Foods.
This one was a beef plant. Somewhere around ~6000hd/day capacity and generally ran around 5k/day I believe. Probably a couple thousand employees, which sucks, but if the market doesn't shrug it off it'll probably serve a good fucking to me in the short term. [Reply]
Originally Posted by MahiMike:
Good time to repost this...
People have said we have hit a bubble since 2017! Timing the market correctly, while dumping that cash to gold isn't really a good plan for anyone. Unless you have that crystal ball on timing the market............ [Reply]
Originally Posted by Hog's Gone Fishin:
They take their $100 bills and tell everybody their worth $90
To take that a bit further, China is weird because they don't have a free economy, so they can literally determine what the currency's value is. They do it because it makes pretty much everything they export cheaper to outsiders. [Reply]
Originally Posted by DaFace:
To take that a bit further, China is weird because they don't have a free economy, so they can literally determine what the currency's value is. They do it because it makes pretty much everything they export cheaper to outsiders.
The dirty secret is Chine NEEDS US $'s. They are hurting and companies are moving out of there for places like Vietnam. Talking heads that think they know everything say China is just waiting out Trump when in reality a Democrat like Elizabeth Warren would probably be even harder on China. China's only hope in that scenario is Joe Biden and that's unlikely.
If China would just agree to quit stealing our IP things would probably go back to the way they were for the most part. [Reply]
Originally Posted by displacedinMN:
Please explain to me what it meant when China devalued their currency.
Given the trade war and worries about a Chinese slowdown, there are people who want to pull their money out of CNY (the Chinese currency) and put it into other currencies. Chinese manages a semi-pegged currency regime, so in order for the CNY not to depreciate relative to other currencies, the Chinese central bank (PBOC) has been buying CNY to prop it up. The USD/CNY level of 7 was thought to be particularly important as we hadn't crossed that since 2008.
Last week, because Trump decided to threaten 10% tariffs on a further 300bn of important (nb: these are the *really* important consumer goods that will be felt much more by all of us), China basically said, "Look, we're gonna be relaxed about where the CNY ends up fixing. We no longer view 7 as a line in the sand and will no longer buy CNY to keep it below that level." So, they allowed it to cross 7. This has two important implications: 1/ It's clearly an escalation on their side in response to Trump's actions. If one had been hoping for a calming of tensions, this pushed in the opposite direction. 2/ In simple economics terms, China becomes more competitive and exports deflation globally.