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Service Down. The three major U.S. stock market indexes fell as investors continued to worry about the coronavirus, and the Markit Services purchasing manager index unexpectedly came in below 50, the dividing line between economic expansion and contraction.

Economists had been expecting a reading of 53.4, so the reading of 49.4 represented a big miss.

The price of oil slumped 0.7% as investors revised their views on economic growth. Haven investments rose, sending yields on 30-year Treasury debt hit a record low, and lifting gold by more than 1%.

The Dow Jones Industrial Average dropped 207 points, or 0.7%. The S&P 500 lost 0.9% and the Nasdaq Composite fell 1.3%.

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Okay, is it time to divest?

Posted (edited)
  On 2/24/2020 at 12:08 AM, Anastasis said:

Future markets look fun. 

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giphy (4).gif

 

I'm not selling stocks, but I have a growing assortment of short term options that should do well if the market takes a shit over the next several weeks months. 

Edited by Blotto
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Posted
  On 2/24/2020 at 12:32 AM, Blotto said:

 

giphy (4).gif

 

I'm not selling stocks, but I have a growing assortment of short term options that should do well if the market takes a shit over the next several weeks months. 

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Yeah, I have some long-term SPY puts that are a hedge on my portfolio; but just last week I bought some 10-30 puts that will be in the money .... now the game to be played is how long to hold, before theta eats my lunch???

  • Like 1
Posted
  On 2/24/2020 at 12:32 AM, Blotto said:

 

giphy (4).gif

 

I'm not selling stocks, but I have a growing assortment of short term options that should do well if the market takes a shit over the next several weeks months. 

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Yeah. I am net long but have some options that will pay I. The short term if the market takes a dump. 

Posted (edited)
  On 2/24/2020 at 3:17 AM, workswithseed said:

Anyone in the mask making biz is making a killing.

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And apparently smaller stores are really jacking the prices way up.   3M even mentions they can’t stop price gouging in their press release

https://news.3m.com/blog/3m-stories/3m-responds-2019-novel-coronavirus

Edited by atomheartbevo
Posted
  On 2/20/2020 at 5:00 PM, atomheartbevo said:

And Iran.  They are freaking out.   If it gets going in the ME, it will be hard to contain.  

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Viruses tend to stop spreading in the heat.  If coronavirus is spreading in 80+ degree heat we are in some deep shit especially for the short term as a vaccine is developed.  

Posted (edited)
  On 2/21/2020 at 7:41 PM, 4thgenhorn said:

I’ve liquidated a bit more today...highest percent in cash I’ve ever had in my life. Also rebalanced 401k to 15% bonds from 5%. 
 

My timing is almost always terrible, so feel free to take the other side of the trade. I don’t have any quantitative reasons other than things have been outstanding last 4 months...by taking some off I can let the rest ride. 
 

Also today is second down day in increasing volume...sometimes that’s start of a correction...sometimes it’s a buying opportunity. Flip a coin. The correct decision for today will be obvious in six months. 

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Since you seem new, maybe you have not been hazed about trying to time the market.  Unless you’re into your 50’s it’s honestly not very smart.  
 

There are people who missed most of the last 14 months ready for that big pullback.  Ouch

 

Still riding.  Actually have a decent chunk of bonds that also did well with equities over the past year - if we get that correction those bonds will really pop and I’ll shift that money into equities.  That’s not really aggressive at 40.  I’m finally a fucking man, might as well invest like it.  

Edited by ChiTownDoc
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Posted
  On 2/24/2020 at 3:22 AM, ChiTownDoc said:

Viruses tend to stop spreading in the heat.  If coronavirus is spreading in 80+ degree heat we are in some deep shit especially for the short term as a vaccine is developed.  

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Hopefully that’s the case here.   Now that everybody has seen shit go down over the weekend in Iran, South Korea, and Italy, it’ll be interesting to see how things play out tomorrow in the markets.

Posted
  On 2/24/2020 at 3:26 AM, ChiTownDoc said:

There are people who missed most of the last 14 months ready for that big pullback.  Ouch

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I have seen the market give up a year’s worth of gains in a couple of weeks so they may get a second chance. Problem is, if they missed out on the run up they will probably miss out on getting back in as well. 
 

#teambuyandhold

Posted (edited)

Friday before last I pulled all of my "fun" money (the piece of our retirement that I don't just set and forget) out which was primarily SPY at $336.7. I just dumped 1/3 of that back in at 325, so yay, some free SPY stocks for me.  Weighing what to do next with the other 2/3. No idea what next, this market just doesn't make any sense to me these days.

Edited by BradInATX
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Posted (edited)

Sat at home waiting for the market to open and immediately dumped the SPY puts (expiring today) and UVXY calls (this week). Bought those SPY contracts (331 strike) for .49  about 5 minutes before the market closed Friday , and sold them for $6.6 first thing this morning. Held the options for less than 10  minutes of market trading time. Like Vegas on crack. WIll probably give most of it back as I try to recreate the magic this week. 

Have a bunch of company specific plays i'm holding onto as they have a couple of months to trend lower (looking at you AAPL). 

Edited by Blotto
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Posted

Bought some Disney puts last week even though I whiffed on their Q3 earnings last year.  Hong Kong and Shanghai Disneyland aren't reopening anytime soon and Tokyo Disneyland will probably have to go down at some point. 

Posted
  On 2/24/2020 at 3:26 AM, ChiTownDoc said:

Since you seem new, maybe you have not been hazed about trying to time the market.  Unless you’re into your 50’s it’s honestly not very smart.  
 

There are people who missed most of the last 14 months ready for that big pullback.  Ouch

 

Still riding.  Actually have a decent chunk of bonds that also did well with equities over the past year - if we get that correction those bonds will really pop and I’ll shift that money into equities.  That’s not really aggressive at 40.  I’m finally a fucking man, might as well invest like it.  

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Correct. See: OMG trade war. I’m pulling out/going conservative. 

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