The sky is falling!!

[mrmarket]

Right after noon, 42.66. We may have a better opportunity if troubles persist overseas, flight to quality stuff. Art Cashin, the CNBC guru, mentioned something about Saudi Arabia possibly heading for financial problems. He said they are "going thru reserves like crazy" and recently floated some bonds to raise cash. Who would have thunk they could get into trouble and I wonder what it would mean.

They kind of missed the boat on their fear of losing market share to the US shale production. At the end of the day, their Minister of Finance should have revisited his economics ==> Revenue = price x volume. It's not Revenue = Volume. Dummy.

[Lucavia123]

Wow... look at those futures. The sky really is falling today.

[mrmarket]

It's ugly...there is no way around it. But....the most important thing to remember is...we have seen this before!

[billyjoe]

My biggest mistake was selling all my funds (that's all I had then) after Black Monday of Oct. 1987. It seems like a small amount of $$ now but those few thousand dollars was all I had. Had I held, when the market recovered I'm sure it made the difference of 100's of thousands of dollars that never came my way. The one day drop was equal to 22.61% of the DOW.

----------------billy

[Louetta]

The sand is a great place to bury one's head. The only green on my screen is SPXU, an ultra-short of S&P 500 I bot yesterday, up 5.69%. Wish I had thousands of shares instead of a couple hundred. It's bloody out there.

Good call. On another note there is TBX, a Proshares short 7-10 year bond ETF, down 10%. What gives with that? Our interest rate stuff is barely down.

[mimo_100]

VIXY triple top breakout today at 15 - high was 18.80 - just bot some at 14.50 for some downside protection. Also have an order in to buy SH at 21.51 - theory is to hedge my port and not sell holdings outright - these are very short term positions

[jiesen]

Well, we can't say Louetta didn't warn us. At least LBMH is bucking the trend. Old folks still gonna need their catheters at any rate.

wow, LBMH is actually UP today!

[Lucavia123]

Where's the beef?

Volume is low on this little bounce. Downside may not be over.

[riverbabe]

Short term bot some SPXL and XIV yesterday with hope of a short(!) term bounce. Today up 7.19% and 6.56%, respectively. Also took 23%+ out of SPXU yesterday. It's little bits, but it's at least something. More downturn coming. Will keep hedging appropriately on daily basis.

Edit: Just sold SPXL and XIV to protect gains.

[Lucavia123]

Wow... what whiplash. This market is crazy. I knew the rally was weak but to end down 200 points.

Today is shaping up to be another wild ride.

[riverbabe]

Short term bot some SPXL and XIV yesterday with hope of a short(!) term bounce. Today up 7.19% and 6.56%, respectively. Also took 23%+ out of SPXU yesterday. It's little bits, but it's at least something. More downturn coming. Will keep hedging appropriately on daily basis.

Edit: Just sold SPXL and XIV to protect gains.

Back into SPXU at 3:00 PM yesterday. Roller coaster. What fun!

[riverbabe]

The Standard & Poor's 500-stock index slid 58.33 points, or 2.96 percent on Tuesday. Only three stocks in the S.&P. 500 rose, suggesting that the market could have further to drop, Peter Eavis and David Jolly write in DealBook.

[riverbabe]

As Paul Samuelson famously quipped in the late 1960s: “The stock market has called nine of the last five recessions.”

[riverbabe]

Back into SPXU at 3:00 PM yesterday. Roller coaster. What fun!

The above from 8/26. Yesterday, SPXU +3.18%, SDOW +8.74%. Judging by the lower PM bids and asks, the market might get a short term boost at the open. Did not sell these yesterday. They are still small insurance policies against another big drop. Thinking about some SQQQ today.

[Lucavia123]

Ouch! That hurts!