Down goes the Dow

You can, but it won't be completed until the markets open.

New bankers hours wrote:

You can, but it won't be completed until the markets open.

If you place your sell order at 8:00 PM and the markets are tanking, do you not get a better price than someone who sells 4 hours later?

And it is not true that the big institutions buy and sell while the market is closed to the rest of us?

No, you don't get a better price. If you're selling equities, you get the price when the market opens at 9:30 ET. If you're selling mutual funds, you'll get the price at the END of the next day's session.

Oh, I didn't know that. Ok, everybody, you can ignore my earlier post. Mods, please delete.

Igy

Ghost of Igloi wrote:

What I find interesting is how nasty some posters become when you suggest that the market is fundamentally overvalued. To argue against the Bullish view becomes an attack on religion. The Cult of Equity.

Igy

You have a vivid imagination.

New bankers hours wrote:

No, you don't get a better price. If you're selling equities, you get the price when the market opens at 9:30 ET. If you're selling mutual funds, you'll get the price at the END of the next day's session.

1. N/A. I dumped out at 1:30 PM today;

2. That makes little sense (ETFs). System is effed. The market is clearly open to some all day. The price can move dramatically while the market is supposedly closed. So someone is trading during those "off hours". Yet we sell and have to wait for an opening price several hours later.

You got out today? Are you nuts? The market will take a huge jump tomorrow after HRC's win.

Hey, everybody. K5/Igy finally got something right!

Good call. The Trump Crash may bring a sub-10000 Dow back again. Scary times.

Bigly.....

WTF is going on

agip,

I would say the market is radioactive over the next week. The ten year is trading at 1.975%, yet some analysts think the Fed will now be on hold.

I plan to tread water for now.

Best,

Igy

leecorsoofpolitics wrote:

Good call. The Trump Crash may bring a sub-10000 Dow back again. Scary times.

After the Doomday predictions of last night's futures, the market is quite calm.

Ghost of Igloi wrote:

I would say the market is radioactive over the next week.

Apparently not.

agip wrote:

WTF is going on

Your imaginary world has just received a dislocation.

I'm not going to celebrate last night's events, because anything can happen in the future. I find myself satisfied, but not celebratory.

We will see what changes may come. I have worked for this for some time now, and last night represents only one step in the process, albeit an important step.

The hard work is yet to come. Many of you guys will receive a reality check in the form of reduced Keynesianism and other essential swings of the pendulum, but in the end I believe that you will be fine unless you are a complete idiot. Actually, I believe you will be better-off in the long run, despite yourselves.

Time now for a good rest.

Maserati,

Good to hear from you.

Fundamentally the market remains puny. In the past week the market has traded below where we closed December 31, 2014. Corporate earnings remain weak, labor costs are rising, along with interest rates. Central bank policies have reached an end point. Theoretical economic policies lacking common sense will be difficult to unwind. Hard to imagine a benign ending. That would be true regardless of who was elected.

Hope you are well.

Igy

Greetings Igy.

You are quite right about the unwinding difficulty, but the good thing is that money talks but it also listens. Market participants are often quick to respond to changed conditions--in fact, they try to anticipate them as best they can.

I have even heard some say that they don't care what the system is, as long as they know what it is, and that it's not arbitrary. They want stability, and not uncertainty.

There will be some upcoming uncertainty, that is for sure--but if action is swift, decisive, and uncomplicated, markets will be quick to respond.

I don't expect a shift to a market controlled by fundamentals, but again a swinging of the pendulum back to a more balanced state of affairs.

One of the important items on the list is repatriation of foreign profits, which is itself a process that will need to be managed in order to smooth out its effects.

In a way, it is time that people paid a price for their stupidity, their sloth, and their greed. Look at these pensions funds working on 7-8% assumptions going forward. Future beneficiaries were all too eager to accept the projections. Blame lies everywhere, and pain should lie everywhere.

There will be some degree of rationalization, of that I am sure--however, it won't be complete. Reinstatement of Glass-Steagall remains a lofty but worthwhile goal, and may be a bellweather going forward.

A big issue is that there are so many places that need work, and there are all intertwined: tax reform, public-sector pension reform, banking reform, entitlements reform, etc. The system is absolutely huge, and identifying points of attack and future paths is of critical importance.

Much work lies ahead.

Nice to hear you are doing well! I see this thread has really derailed.

Maserati,

Good points of which I agree.

Yes, it has derailed, and for some reason I have become a focus of angst. Some posters feel entitled to slander and defame. I have posted on Let's Run for more than a decade. Many of my friends know my handle and I refuse to change it. I just can't let those comments go unanswered. Fortunately the Moderators have been great about cleaning it up.

Igy

the yield curve is steepening quickly

that's not a bad sign

https://fred.stlouisfed.org/series/T10Y2Y

I'm actually making a fortune today - I'm very long small caps so rock and roll