Not a pretty week for the bulls.
The last time crude oil went into a bear market? It began in June 2014. Oil tumbled from around $107 to a low of just above $26 in January 2016.
U.S. equities did not fall as much. But the S&P 500 suffered at least three intermediate corrections of 10% to 15% over that time frame. The S&P 500 eventually hit new highs in July 2016.
Volume on Friday fell sharply vs. Wednesday as Wall Street closed its session at 1 p.m. ET, rather than the usual closing time of 4 p.m. But compared with the turnover at 1 p.m. on Tuesday (roughly 1.4 billion shares) and at 1 p.m. on Wednesday (981 million), Nasdaq turnover also ran lower at that hour.
Index | Nov 16 | Nov 23 | +/- | +/- % |
S&P 500 |
2736.27
|
2632.56
| - 103.71 | - 3.79 |
Nasdaq |
7247.87
|
6838.98
| + 159.03 | - 2.19 |
DOW | 25413.22 |
24285.95
| + 576.08 | - 2.29% |
An interesting point for me this week is that our local ABC affiliate, on their 5 pm news, finally ran a news story (rather than a 30-second "Hey, the market is down") story on the Wednesday broadcast, rather than jut flashing numbers between commercials. After the Dow Jones was down nearly 2,000 points.
My point for you: Turn off the damn mainstream media. Another point is that when these dunderheads start paying attention, it's too late. (Or maybe looking for buying opportunities). Warren Buffet: Sell on greed, buy on fear.
If you're going to put your hard-earned money into markets, learn about markets. Otherwise, find a money market fund.
Most people -- maybe 80 percent or more -- lose money in the market. The first pillar of any successful life is philosophy, which means having the knowledge to make better decisions.
Please note this. Do more than just note it. Write it down. And do it. Phil says "While you're waiting, you're learning, reading, studying, and building your watchlist."
Start with these books:
Recommended reading list (Start with the first and work you way down. Already read them? Read them again.
No comments:
Post a Comment
Thanks for the comment. Will get back to you as soon as convenient, if necessary.