Down goes the Dow

To be fair, the headline about the two cuts next year is what I saw popping up on my smart watch, and searching around the net, I don't see that substantiated. I do see that there was one dissenting vote on the committee (Fed) regarding today's cut, which indicates that there may be some emerging resistance to future cuts.

Markets dropping a bit on the news.

Powell speaking in 5 minutes. I will be listening in via headphones while running a chainsaw, so this should be fun.

huh?

Well I'm not sorry people have to pay capital gains on their magic internet money.

It's not currency. It's an investment. We pay taxes on gains in our investments.

If you don't want to track it all, put it in an IRA and then you won't have to.

So trump wants no taxes on cap gains, no taxes on tips, no taxes on social security....

good god. What a goof.

hoo wee that was a good old fashioned Old Testament dump.

people tossing everything over the side trying to protect their 2024 annual performance.

yikes.

Powell took a chainsaw to the market. Nice gains for SOXS and SMST. Sold some SMST up 35%, and bought FAX on rising dollar, higher yields.

and after hours trump said congress' compromise bill to avoid a shutdown should be rejected.

which could doom speaker johnson, who is for it. And a shutdown is likely coming.

markets falling another half a percent after hours

buckle up

the chaos is arriving for Xmas!

Chaos is an eventuality considering the way the economy is mismanaged.

BTC going down along with the rest of the market just a reminder that it's the biggest financial fraud ever.

The Fed "indicates" something and the market tanks.

Took a few hours to wipe out a few weeks of solid gains.

This is an insane way to run a society.

The whole market tanks and the bitcoin haters call bitcoin a fraud.

A fraud that is worth 2.5 times what it was when the year began

hey newname did you deliberately avoid going to history class? Your view of the world seems to be based on not knowing anything about the past.

anyway, unweighted SP500 now down 7% from its highs. It all goes pretty fast.

I guess at 12% down I have to start buying again.

SOXS is down 63% YTD.

Michael Saylor uses leverage to buy Bitcoin. SMST seems a good bet on the current madness.

My position up 5.48%. I would sell it if I thought my gains were limited.

When did you buy it?

vix up 74% in one day

that's remarkable

wow

at 28 now

elevated, but not high

SOXS has done horribly the last 5 years but you miraculously are the only one who has made money on it.

You seem not very bright at times. My post from 9/19/2024:

“Maximum short leveraged ETFs SOXS and TECS, while EM Bond CEFs at multi-year highs on falling DXY.”

I am not going to read too much into this big downswing of the market today. It's the end of the quarter, and even more importantly, the quarter which locks in the year.

Fund managers may be locking in what has been a fantastic year of returns and finalize their performance numbers. With that as a backdrop, or undercurrent, Powell just gave them a big reason to do so - who wants to see what will be a stellar quater - and year - get gob-smacked by a wonky final week or two of low volume trading (and remember, low volatility of the Holiday week means wild fluctuations).

So, simply put, fund managers don't want to risk losing any of thier sizable yearly gains, so they close their books early, and that explains the dive today.

And to add to that, nobody knows what the hell is going to happen as we approach Jan. 20 and the new administration (as Agip explained), so fund managers took this occasion to lock in the gains.

The only other thing to mention is that, as Powell said, the US economy has been fantastically strong, avoided a recession, and shown great resilience. I think this deserves mentioning, and acknowledging.

I am acknowledging the phony economic growth was bought at a rate of adding $1 Trillion to the deficit every 100 days. That was facilitated by Janet Yellen who on the way out acknowledged the problem.

Don't say you weren't warned.

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My apologies to the late great Peter O'Toole.

Maybe they do ring the bell at the top!

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