Trading halted on NYSE

[vito]

As if the drops in value of securities over the last two weeks was not enough, now the rift between Saudi Arabia and Russia have triggered a massive drop in the stock markets, enough to halt trading. When I was younger, and working for the government as a member of the Army, I never thought much about the stock market one way or another. I had no money to invest, and my future pension was unaffected by how the market did. But the bulk of my savings after leaving the Army was in my 401k investments, and up until about 10 days ago I was doing just fine. I knew that a "correction" was due or even overdue, but the amount the market is down from just a few weeks back is stunning. And although I do not draw on that account right now for daily living, I would do so for things like when we remodeled our kitchen, or bought a camping trailer. I was thinking about buying a new Sig 365 although I certainly don't NEED it, and I was hoping to add a small bike to my garage to give me an alternative to riding the big Goldwing, something like a Triumph Street Twin, but now all of those "wants" are on hold. I told my wife that this coming summer may not be one where we can plan a long vacation, even like the ones we did for the last three summers with our small camping trailer where we traveled the country for anywhere from 5 to 8 weeks. On top of the hysteria (I still believe it is not justified, at all) regarding Covid-19, and we could all be in for some hard times ahead. My biggest worry is that a major down turn in the economy will result in one or more of my kids to lose their jobs, and possibly panicked people electing whatever Democrat promises them help as an alternative to Donald Trump.

 

[Pat-inCO]

 

[RoninPA]

What will happen is that the lame street media will blow this completely out of proportion, just like the coronavirus that is going to wipe out mankind (just like all the other viruses were going to do in the last 20 years).

 

[vito]

I'm surprised how little comment this thread generated. Maybe some folks are oblivious to the implications of a major down turn in the stock markets. Not only will their 401k funds be decimated, but their pensions as well (other than government pensions). The loss of equity values will cause companies to reconsider expansion, and possibly will cause some to cut back or shut down, with the resulting job losses. Maybe their boss that thought business was good, and his investments booming, who had considered giving larger pay raises, or bonuses to his employees will decide that overall things are too unstable right now to do that.

Of course the media will try to blow this out of proportion, but that will just add to the pessimism that our economy cannot afford to suffer. Some in the media surely think that this is the way, finally, to turn Trump's supporters against him. Maybe, or maybe not, but in the meantime, trillions of dollars in wealth have just evaporated into nothing, wealth that ordinary people could have used to improve their lives.

Maybe folks that frequent a firearm related forum just aren't into watching or thinking about the news very much.

 

[Dave P.]

Only people who were too lazy to either pick up a phone or log into their accounts will have
seen their 401s decimated.
Dave

 

[Captain America]

Yup

 

[DeletedMember275]

Vito, I agree that the world economy is currently taking a major hit, and the situation is going to get significantly worse before it improves. And I feel that the media is largely to blame. Too many people are buying into the Armageddon theory that the media is pushing. Airlines and other travel industries are going to take a major, major hit - we're already seeing that. The oil industry is currently in free fall. The trickle-down effect of all of this is going to hurt everyone. Folks just don't realize it yet.

 

[OVERLOADDED]

I watch the market daily. I will be waiting for the rebound. My TSP has suffered but not to extreme, as it is mostly in interest earning mode. At my age I m seeking safety, not risk. Overloadded

 

[Wyandot Jim]

"I'm surprised how little comment this thread generated. Maybe some folks are oblivious to the implications of a major down turn in the stock markets. Not only will their 401k funds be decimated, but their pensions as well (other than government pensions)."

Well since our investment went down about 30K today and 70K since the first of the year I am a LITTLE pissed off. Who knows how long it will take to recover. I only have so much time left.
Here again it seems that we are controlled by the MSM, Sh!t Hole China, and Saudi who controls the price of oil. You might think the oil price going down is good. Well it sure as Sh!t isn't. It needs to be stable.

 

[Cholo]

It would bother me if I let it, but I'm not going to let it. My life savings are tied up in the stock market and I have no pension. If I worry about it then I allow it to affect my quality of life. I'm simply not going to let it ruin a single day because none of us can ever get that day back. It's out of my control, and worrying about it would only make me unable to enjoy the moment. Also, it's not going to last forever. The market will sort itself out, sooner than later--I hope.

The Chinese philosopher, Lao Tzu, once said: If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

In the meantime I'm going to live in the present. I have a family who loves me as much as I love them, I have my motorcycles and guns. I have a roof over my head and a bed to sleep in, and my entire family and myself have our health. Tomorrow I'm visiting my daughter and 2 youngest grandkids who adore me as much as I do them. Then I'm off to buy some motorcycle parts. I'll worry about 5 years from now in 5 years.

Cholo the Philosopher

 

[tunnug]

I'm hoping my investments will only be decimated, which by the word means drawn down by one tenth (10%), the last correction in '08 with the housing bubble burst I lost close to 20% on my investments, gained it back plus some, here we go again.

 

[Kevin]

I’ve watched the market today as well. No I’m not happy either. But I’m not going to make any changes. Last week I bought more.

But! It’s Spring Break and we are driving to the beach tomorrow. I can’t afford to lose any money, but thankfully, our account is needed to live day to day.

I’m sure many, many people will change their plans for the summer or put off buying a house for a while longer. I do think by Christmas 2020, the market will be back up. If you look at last week. Those two positive days, the whole market really rallied. It will only take a couple good weeks to get back.

No one likes to lose money. I just have a hard time buying into the conspiracy theory that a group of people are causing this downturn just to get back at our President.
Plus, a large scale conspiracy of that scale would be hard to organize in secret. So as far as I’m concerned, that is just garbage talk.

 

[57springer]

Now is time to buy in , I am !

 

[Kevin]

I also want to add. I was listening to the radio a month ago or so, and they mentioned, when the stock market is down, people don’t look at their account as often as when the market is up. People just don’t like bad news.

I know I haven’t logged into my account since last week sometime. Like Jim said, double digit losses aren’t well received.

 

[Xsales]

Few years back sold everything out of the market and moved the balance into additional land parcels of which had many already

Over 30 years have taken 6 figure gains and had 6 figure losses
Stock as well as put/call options in large volume

My take from doing it: The extreme manipulation of many other people and unless you are privy to insider trading you on the outside, a no one & hoping for the best, throwing a dart in the wind blind folded

There is no/little real control - The CEO farted, Co. missed earnings by 2 cents, news over Covid19, some other fake news and 1,000 others bogus factors cause a gain or loss based on the real market makers/money movers desires not yours to control the price all the while you try your hand of luck

I no longer have disgust/hatred over watching these countless factors affect the account balance with no control of your own
Very freeing to have no concern if the markets fall to 1,000 - don't care

Yes, I know the stories of good money made by a few lucky people
The vast majority are pissing in the wind hoping there may be some money in the account when the chips fall - sleepless nights anguishing over their retirement savings dwindling not worth the stress

Land treats us well, Unless the world ends (wouldn't care then anyhow) no one is going to take it away, no major collapse in price ever, areas can gain quickly, certainly no one is making any more thus more demand & less supply = increased value, very cheap to keep, monthly income payments of land buyers to us or cash in hand on outright sales...…

Everything is paid, spare cash in safe, no concerns
Sleep well

Your mileage may vary
One persons view point
Am sticking to it

 

[kramden]

I'd like to see the media decimated!!

 

[Selena]

No worries, my buy orders were processed. Talk about bargains!

 

[vito]

Do you still feel like you got a bargain as the market continues to collapse? Right now I live on my military pension and my SS check, and what I have invested is really for the future when I know I will need to draw on that modest investment portfolio. Seeing what I worked for all those years rapidly disappearing in the last two weeks is more than distressful to me. My wife and I had promised our children that we would get them through college without college debt (schooling after that was on them) and we succeeded. We have always been here as the "safety net" should one of our kids lose a job, or has happened to one son, he lost his job, and then his wife sued him for divorce, cleaning out whatever he had saved until then. Part of the reason that we could help our kids in an emergency was that investment fund that I could draw on when needed. With the economy on the verge of a major downturn, it would not surprise me if one or more of my grown kids ended up out of a job, just at the same time my savings are being wiped out. This is not the "golden years" that I was looking forward to during my working years. I feel downright depressed right now, and adding to that my hip just gave out on me two days ago and I have been forced to rely on a cane. Being down and truly feeling like an old man is a bad combination.

 

[Dan in MI]

Vito, It sounds to me like you are fairly new to investing in the market. You have to be able to ride the waves and troughs.

I have been playing for 30 years. I was able to save enough to retire relatively young. I am very content with a high level of risk and it has cost me in the past, but it also always made up for it. Yes, the current drop is a little painful. I rearranged my portfolio when I retired. Luckily listened and put about 1/2 of my saving into 'safer" areas so I could sleep and eat knowing a big hit had time to recover. Yes, it's scary, but you have plan and invest based on your risk adversity level or it will drive you nuts.

 

[Selena]

Vito, I guess the difference is your outlook on the time frame. Keep in mind my view is that of someone that can absorb quite a bit of loss and still make it up in the long run through earnings. As a result I can afford to speculate a bit on companies I feel are going to be stable. Someone on a pension wouldn't have that luxury.

 

[Dan in MI]

Someone on a pension wouldn't have that luxury.

Selena, Don't say that, you're killin' me. I don't have a pension or SS. It's all on me and barring something stupid, I have along way to go.

 

[xtratoy]

In order to have a stock sell off, someone has to be buying. Who has the money to to keep buying when the trend is that the value of sticks continue to fall? It seems to me that if everyone just stepped back and let thr market calm down things would stabilize. I admit I put money into my 401 but that is about as knowledgeable about the stock market I get. Why would people buy stocks today knowing that the value will probably decline tomorrow?

 

[Rancher Will]

This is a repeat of what I have previously mentioned:

This Democrat Political Market Scam is the greatest opportunity since the HillaryCare scam in the early Clinton Administration weeks. Careful investments while the opportunity exists will make magnificent profits in the very near future.

 

[bogus bill]

I just checked. Since this started a couple weeks ago I lost the price of my luxurious dream truck. Actually I thought it would be worse.

 

[protoolman]

It's time to buy. I'm going to invest all my spare cash ASAP!