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Dow Jones Average closes down 2.93% on 22 March 2018

Discussion in 'General Topics' started by Michael Barris, Mar 22, 2018.

  1. Michael Barris

    Michael Barris Well-Known Member

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    Dow
    23960.10 at close
    -722.21 below open
    -2.93% drop below open

    New York Times, 22 March 2018, 4:03 pm.
     
  2. Scott Blahnik

    Scott Blahnik ODwire.org Supporting Member

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    I was seeing patients. Did I miss my buying opportunity?
     
  3. h.c. jang

    h.c. jang Well-Known Member

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    O My Goht!
     
  4. Steve Silberberg

    Steve Silberberg ODwire.org Supporting Member

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    don't catch a falling knife
     
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  5. Scott Blahnik

    Scott Blahnik ODwire.org Supporting Member

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    So, watch for futures in am?
     
  6. Scott Blahnik

    Scott Blahnik ODwire.org Supporting Member

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    It might be a good time to get aboard with some of those dividend Aristocrats?...MMM on sale
     
  7. Larry Bickford O.D.

    Larry Bickford O.D. ODwire.org Supporting Member

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    Got an alert that one of my stop-limit orders triggered.

    Headline said it looks like panic selling. Cool. Let's drain the swamp.

    And so I went shopping! 20 min before close. Decent, possibly one-day sale. Might get up early tomorrow (Pacific Time Zone sucks sometimes) and see if there might be any good deals left.
     
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  8. h.c. jang

    h.c. jang Well-Known Member

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    There is no future. This is the end.
     
  9. Peter Charron

    Peter Charron Well-Known Member

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    24000 for the Dow looks like it is becoming a strong level of support. It closed right around here on Feb 8th and February 5th.

    Now what do with that information?

    A) You could argue that we are now in a sideways range (bottom of range Being 24000 and top of range being roughly 26000ish). The Dow could very well just futz around this range for a long while (several months, possibly years). If in a sideways range, you want to Buy low (ie buy tomorrow morning) and sell some at 25500 or so). Rinse and repeat.

    B) you could also argue we are still in a bull trend, in which you just buy every dip you come across.

    C). You could argue the market is now (finally) becoming bearish and the credit cycle is starting to turn. The evidence for this is overwhelming in my opinion. Powell seems to be a bit of a hawk. Markets don’t by like that. Particularly markets that are propped up on cheap debt.
    In this case, you want to wait. Wait till the Dow breaks below 24000 support (once it does, it will likely go back up to it. If that occurs and then the price
     
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  10. #10 Mar 22, 2018
    Last edited: Mar 22, 2018
    James D. Williams O.D.

    James D. Williams O.D. Well-Known Member

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    All noise. Won't matter in 10 years.
     
  11. Peter Charron

    Peter Charron Well-Known Member

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    Call me a greedy pig but if I am going to play the stock market, I don’t want to wait ten years to get a profit on the cash I risked.
     
  12. Larry Bickford O.D.

    Larry Bickford O.D. ODwire.org Supporting Member

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    Wont matter next month.
     
  13. James D. Williams O.D.

    James D. Williams O.D. Well-Known Member

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    Chances are "playing the market" will give you far less profit than buying, holding, and ignoring the noise.
     
  14. Larry Bickford O.D.

    Larry Bickford O.D. ODwire.org Supporting Member

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    Call me greedy, but I'm not hanging around the blackjack table if I have wait all night to cash in my chips at a profit.

    What's the different between The Stock Market and a Las Vegas Casino?

    None. A few players win big, most just play, make a little and loose a little, but the House/Brokerage always wins.
     
  15. h.c. jang

    h.c. jang Well-Known Member

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    So 3? o_O
     
  16. Peter Charron

    Peter Charron Well-Known Member

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    Whoops. Yes, so if it breaks below 24000 then quickly goes back up to it and breaks up through 24000 (a good hearty up swing) then don’t sell. But if it breaks down below 24000 and then it slowly meanders/inches it’s way back up to 24000 that’s where I’d think about selling. At that point I would think it’s clearly out of the range. And then. 24000 becomes resistance (instead of support)
     
  17. William R. Hall

    William R. Hall ODwire.org Supporting Member

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    So a couple months ago the hyp was about a..... can't remember the term used.......but implied a hyper surge of the Dow to 30K+. Guess Trump giveth and Trump taketh away.
     
  18. Craig Steinberg OD JD

    Craig Steinberg OD JD ODwire.org Supporting Member

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    I still see a buying opportunity. I follow Stansberry pretty closely. They called this. They said expect 3-5 10% or so drops over the next 12 months. Every "melt up" has had that because of the heightened volatility. Their advice -- have plenty of cash on hand because there are buying opportunities at the bottom of each correction.

    Today I bought CTL. Tomorrow I'm adding CCLP.
     
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  19. Scott Caughell

    Scott Caughell ODwire.org Supporting Member

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    Is this a result of the talk of raising rates and tariffs on China? I was curious if there ever was going to be a response to China continuing to steal hundreds of billion$ in intellectual property
     
  20. Peter Charron

    Peter Charron Well-Known Member

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    99% because of raising rates and 1% because of tariffs. So yes. It’s because of the tariffs.