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Started By
Message
Dow futures tumble 1,000 points as all-out oil price war adds to coronavirus stress
Posted on 3/8/20 at 7:01 pm
Posted on 3/8/20 at 7:01 pm
quote:
Stock futures tumbled in overnight trading Sunday as investors continued to brace for the economic fallout from the spreading coronavirus, while a shocking all-out oil price war added to the anxiety.
Futures on the Dow Jones Industrial Average plunged about 1,078 points, pointed to a more than 1,000-point loss at Monday's open. The S&P 500 futures indicated a 4% drop at the open. The sharp declines in the futures market signaled more turbulence ahead after a roller-coaster week that saw the S&P 500 swing up or down more than 2.5% for four days straight.
Saudi Arabia on Saturday slashed official crude selling prices for April, in a sudden U-turn from previous attempts to support the oil market as the coronavirus hammers global demand. The move came after OPEC talks collapsed Friday, prompting some strategists to see oil prices crater to $20 this year.
"Crude has become a bigger problem for markets than the coronavirus," Adam Crisafulli, founder of Vital Knowledge, said Sunday. "It will be virtually impossible for the [S&P 500] to sustainably bounce if Brent continues to crater," he added.
LINK
Posted on 3/8/20 at 7:11 pm to Street Hawk
Not touching any funds, I’ll ride it out to $0. Yolo
Posted on 3/8/20 at 7:26 pm to Street Hawk
quote:
"Crude has become a bigger problem for markets than the coronavirus," Adam Crisafulli, founder of Vital Knowledge..."It will be virtually impossible for the [S&P 500] to sustainably bounce if Brent continues to crater,"
This is the kind of incoherent mumbo jumbo that has become accepted as wisdom from our Wall Street sages. Cheap energy would never be a problem for our economy or our markets, if the energy was actually cheap and if market prices represented reality. The issue is that the marginal producers (fracking companies) for the last decade can't make money at anything close to this price. They've been steadily losing money while sustained by virtually interest free borrowing, which is where the real problem began.
Central banks have distorted market price signals (including the price of borrowing money, which is the most important of all) until they are meaningless, and that leaves economies sailing without a rudder and idiots at the helm. It's not impossible for the S&P to bounce; it could rise or fall a thousand points tomorrow and neither move would yield a single useful data point about our economy. But if some fool wants to pay me to borrow their money this week, I'm down for that.
This post was edited on 3/8/20 at 7:59 pm
Posted on 3/8/20 at 7:37 pm to Street Hawk
does anyone remember oil falling this far in day before?
Posted on 3/8/20 at 7:38 pm to Street Hawk
Will this affect the used car and truck markets
Posted on 3/8/20 at 7:52 pm to bulldog95
Last time price of oil went South don't remember consumer prices doing likewise - less the filling station. Some mumbo jumbo about price points set far in advance - how convenient.
P.S. Yes sir, but we'll add a 'fuel charge' to the invoice when the price increases.
P.S. Yes sir, but we'll add a 'fuel charge' to the invoice when the price increases.
This post was edited on 3/8/20 at 7:55 pm
Posted on 3/8/20 at 8:05 pm to wdhalgren
That's all well and good, but after the Saudis put all the small timers out of business and eliminate competition, do you think they are going to keep production (prices) low?
If your answer is yes, you're wrong.
If your answer is yes, you're wrong.
Posted on 3/8/20 at 8:14 pm to deeprig9
They aren’t going to put everyone out of business the small guys are the ones that drive the market.
Posted on 3/8/20 at 8:14 pm to deeprig9
what would be the best oil stocks to buy in the next few days?XOM , BP ? we all know this oil war will not last long.
Posted on 3/8/20 at 8:15 pm to Street Hawk
In anyone else annoyed by the near constant hyperbole and sensationalism in news headlines?
Crashing
Tumbled
Plunged
All out war
Drowning in oil
Cratered
Nose-dived
Went belly up
and my all time favorite headline that I saw back in 2016-2017, I think some oil expert Dennis Gartman said, "Oil will never again be above $40 in our lifetime" - took all of 2 weeks for him to be proven wrong
Crashing
Tumbled
Plunged
All out war
Drowning in oil
Cratered
Nose-dived
Went belly up
and my all time favorite headline that I saw back in 2016-2017, I think some oil expert Dennis Gartman said, "Oil will never again be above $40 in our lifetime" - took all of 2 weeks for him to be proven wrong
This post was edited on 3/8/20 at 8:16 pm
Posted on 3/8/20 at 8:19 pm to Boring
Fear is the real contagion. Going to stick it out and try not to look at my statements.
Posted on 3/8/20 at 10:01 pm to Street Hawk
Circuit breaker triggered. Game over for the night.
Tomorrow, I wonder if we hit the 7% breaker.
*ETA - we can still trade up from here, just not lower until opening bell.
Tomorrow, I wonder if we hit the 7% breaker.
*ETA - we can still trade up from here, just not lower until opening bell.
This post was edited on 3/8/20 at 10:03 pm
Posted on 3/8/20 at 10:14 pm to TigerDeBaiter
Gonna be a fun day tomorrow
Posted on 3/8/20 at 10:18 pm to TigerDeBaiter
I just need to decide what to buy. Probably buy a few names I already own to dollar cost average. VTI at top of my list.
Posted on 3/8/20 at 10:41 pm to bulldog95
I shorted truck nut manufacturers
Posted on 3/8/20 at 11:40 pm to CP3LSU25
I’m not worried about my things — worried about 529 plan. Had just enough except for the last semester. She’s ending her first year in May and we were good for five more semesters. Not now.
Posted on 3/8/20 at 11:57 pm to Street Hawk
Setting my alarm for 2:58 am, to be awake to buy SQQQ at 3am as soon as the premarkets open.
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