Posted on 09/23/2022 7:39:57 AM PDT by Presbyterian Reporter
The S&P 500 fell as much as 1.9% on Friday, bringing its rout in the week past 4.5%. The index already closed below the closely watched level of 3,800 this week, leaving the June bear-market low of 3,666 as the next line of support on technical charts.
The UK government unveiled a sweeping tax-cut plan that crashed the pound and the nation’s bonds as investors fretted over the stimulative effects with inflation running rampant. That soured an already tart mood for risk assets around the world. The S&P 500 plunged 1.7% as of 10:09 a.m. in New York, and traders who watch charts for signs of where the drop might ease are bracing for the worst.
“The technicals have fallen out of bed,” Art Hogan, chief market strategist at B. Riley, said in a phone call. “Losing 3,800 now brings the June lows into line of sight, so that has people waiting for that to happen.”
(Excerpt) Read more at yahoo.com ...
It looks like the stock market indexes may take out the June 2022 lows today.
29,628.46 −448.22 (1.49%)today
We are determined to get into WWIII, so I imagine it can go a lot lower.
Best economy every according to Biden. Threw a party last week on White House lawn with James Taylor singing Fire and Rain...
Yea we are down over 20% in the market this year, and we haven’t even gotten to the bad stuff yet.
2021 was still “Trump’s economy”, and we ended in record territory... 2022 the Biden spending spree, and hyper regulations started kicking in, and the market has been horrible. it didnt have to be this way... but no more mean tweets at least
This is what two years of bad governance at every level gets us. It is entirely at the feet of the Democrat Party.
Today will come to be known as Black Friday 22.
The big players (with Fed backing) can easily manipulate the market any way they want—particularly on a given trading day.
They will decide what happens today by the close—and I have no clue what they will decide.
When Black Friday comes
I’ll collect everything I’m owed
And before my friends find out
I’ll be on the road
When Black Friday falls
You know it’s got to be
Don’t let it fall on me
The financial markets are broken and disconnected from reality. In the past, we were told for bond index mutual funds that a 5% drop in total market and intermediate bond fund NAV was possible. Apparently, Brandon & Co. decided to cripple the bond market so that these funds have dropped close to 15%. Retirees, especially those forced to sell funds to pay their RMDs and/or for their living expenses are hardest hit (in conjunction to current inflation). Crash the whole house of cards.
With nothing to do but feed all the kangaroos.
The Great Depression 2.0 - no with electrolytes!
“Crash the whole house of cards.”
Also called Quantitative Tightening. What the Fed/Treasury giveth they musteth taketh away to protect the value of the dollar (and wealth accumulated by the Asset class). They told us this.
where’s James Taylor when you need him for a performance?
The country was in great shape when Trump was president and we slept well at night knowing the rest of the world was not inclined to test him.
Most people I talk to know that everything is a mess now. The depth of Biden’s destructive policies are so deep and divisive that it will take a very long time to begin to recover, even in the best of circumstances. If Trump should get elected again he will spend four years just cleaning up Biden’s disaster.
where’s James Taylor when you need him for a performance?
***********
Living comfortably in some elite enclave for the rich and famous.
DJIA now below its June 2022 low of 29,653
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