Stock market on fire

[RicInOR]

Tech giants lost more than $1 trillion in value in the last three trading days – CNBC

 

[bolus]

doom and gloom.

funny statement. Not only is your fate sealed with a horrible outcome it is also overcast and slightly foggy. Why not doom and partly sunny?

 

[bolus]

There goes Tether. Remember tether is supposed to be 1:1 backed by USD. But its not. probably at least 50% of more is held up with company paper and that company paper may well be chinese like Evergrande which is worthless since they defaulted on bond payments like 50 times and no one will bankrupt them because they hold too much debt. Tether used used to buy bitcoin. Bitcoin is taking a similar back gainer into the dumpster fire. The paper that was holding up tether is holding up a bunch of other overleveraged crap. Its why no one wants to bankrupt Evergrande.

 

[bolus]

If you have any crypto sitting in an exchange you better move it to a wallet like yesterday. Coinbase is having coins drained as people are moving them to wallets since they released a new customer service agreement that says if they go bankrupt they will be liquidating your coins to pay off debt.

When kraken runs out of USD for all the tether that is being sold right now they are toast. Just like a said there is no way they are keeping enough USD to cash out all the tether. If they go down that's going to panic everyone in every exchange.

tether just hit $0.92 briefly as I was typing.

 

[USMC1911]

S&P $385 incoming. Might see a bounce here into next week. Got my powder dry!

 

[bolus]

"I am confident that people will reach the other side of this pandemic with the foundations of their lives intact... But the recovery is far from complete, so, at the Fed, we will continue to provide the economy the support that it needs for as long as it takes... Our best view is that the effect on inflation will be neither particularly large nor persistent."

• Jerome Powell March 23rd, 2021.
• February 2021 inflation rate: 1.68%

"We want inflation to run a little bit higher than its been averaging in the last quarter century. We want to average 2%, not 1.7%... However, these one-time increases in prices are likely to have only transitory effects on inflation."

• Jerome Powell April 28th, 2021.
• March 2021 inflation rate: 2.62%

"Those who have historically been left behind stand the best chance of prospering in a strong economy... We will only reach our full potential when everyone can contribute to, and share in, the benefits of prosperity."

• Jerome Powell May 3rd, 2021.
• April 2021 inflation rate: 4.16%

"As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal, and the median inflation projection falls from 3.4% this year to 2.1% next year... Our new framework for monetary policy emphasizes the importance of having well-anchored inflation expectations."

• Jerome Powell June 16th, 2021.
• May 2021 inflation rate: 4.99%

"These bottleneck effects have been larger than anticipated, but as these transitory supply effects abate, inflation is expected to drop back toward our longer run goal."

• Jerome Powell July 28, 2021.
• June 2021 inflation rate: 5.39%

"Many find it counterintuitive that the Fed would want to push up inflation... However, inflation that is persistently too low can pose serious risks to the economy."

• Jerome Powell August 27, 2021.
• July 2021 inflation rate: 5.37%

"So there are many, many different inflation measures, of course, and thats why we have this thing called the CIE, which is an index of market based measures... if we did see them moving up in a troubling way and running persistently above levels that are really consistent with out mandate, then we would certainly react to that."

• Jerome Powell September 22, 2021.
• August 2021 inflation rate: 5.25%

"I don't think it's time to taper. I don't think it's time to raise rates. Our policy is well positioned to manage a range of plausible outcomes."

• Jerome Powell October 22, 2021.
• September 2021 inflation rate: 5.39%

"We understand the difficulties that high inflation poses for individuals and families... Let me say that whats happened, is that inflation is coming higher than expected. We see that just like everyone else does, and we see that they're now on track to persist well into next year... I do think it would be premature to raise rates today."

• Jerome Powell November 3, 2021.
• October 2021 inflation rate: 6.22%

"The word 'transitory' has different meanings to different people. Its a confusing word that needs to be retired."

• Jerome Powell November 30th, 2021.
• October 2021 inflation rate: 6.22%

"We're always just going to do what we think is right for the economy and for the people we serve."

• Jerome Powell December 15th, 2021.
• November 2021 inflation rate: 6.81%

"The old system was in place for decades and then suddenly it was revealed as insufficient... We do take the need to protect our credibility with the public very seriously."

• Jerome Powell January 11th, 2022.
• December 2021 inflation rate: 7.04%

"I'd say that the inflation situation is about the same or slightly worse... It hasn't gotten better and that's been the pattern... What we're learning is it's just taking much longer, and that raises the risk that high inflation will be more persistent."

• Jerome Powell January 26th, 2022.
• December 2021 inflation rate: 7.04%

Jerome Powell reelected as Chairman for the Federal Reserve System.

• Jerome Powell February, 2022.
• January 2022 inflation rate: 7.48%

"The inflation that we are experiencing is just nothing that we have experienced in decades... All the things we did during the pandemic, we turned our dials as hard as we could... Part of what we did and what congress did is the reason why inflation is so high."

• Jerome Powell March 2nd, 2022.
• February 2022 inflation rate: 7.87%

"These higher prices have real effects on people's well-being and it takes a toll on everyone. If you're at the lower end of the income spectrum it's very hard because you are spending most of your money on necessities, but it's punishing for everyone... We can't blame the framework. It was a sudden, unexpected burst of inflation and then it was the reaction to it, and it was what it was."

• Jerome Powell March 16th, 2022.
• February 2022 inflation rate: 7.87%

"The rise in inflation has been much greater and more persistent than forecasters generally expected... We're not expecting near-term progress on inflation."

• Jerome Powell March 21st, 2022.
• February 2022 inflation rate: 7.87%

"It is appropriate in my view to be moving a little more quickly... We had an expectation that inflation would peak around this time and then come down over the course of the rest of the year. These expectations have been disappointing in the past and now we want to see actual progress... Are we going back to the old economy? Probably not. What's the new one going to look like?"

• Jerome Powell April 21st, 2022.
• March 2022 inflation rate: 8.54%

"We have a good chance at a soft or softish landing... There's a false precision in the discussion that we as policymakers don't really feel... the economy is doing fairly well... I think we have a good chance to restore price stability without a recession."

• Jerome Powell May 4th, 2022.
• April 2022 inflation rate: 8.30%

 

[sobo]

"I am confident that people will reach the other side of this pandemic with the foundations of their lives intact... But the recovery is far from complete, so, at the Fed, we will continue to provide the economy the support that it needs for as long as it takes... Our best view is that the effect on inflation will be neither particularly large nor persistent."

• Jerome Powell March 23rd, 2021.
• February 2021 inflation rate: 1.68%

"We want inflation to run a little bit higher than its been averaging in the last quarter century. We want to average 2%, not 1.7%... However, these one-time increases in prices are likely to have only transitory effects on inflation."

• Jerome Powell April 28th, 2021.
• March 2021 inflation rate: 2.62%

"Those who have historically been left behind stand the best chance of prospering in a strong economy... We will only reach our full potential when everyone can contribute to, and share in, the benefits of prosperity."

• Jerome Powell May 3rd, 2021.
• April 2021 inflation rate: 4.16%

"As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal, and the median inflation projection falls from 3.4% this year to 2.1% next year... Our new framework for monetary policy emphasizes the importance of having well-anchored inflation expectations."

• Jerome Powell June 16th, 2021.
• May 2021 inflation rate: 4.99%

"These bottleneck effects have been larger than anticipated, but as these transitory supply effects abate, inflation is expected to drop back toward our longer run goal."

• Jerome Powell July 28, 2021.
• June 2021 inflation rate: 5.39%

"Many find it counterintuitive that the Fed would want to push up inflation... However, inflation that is persistently too low can pose serious risks to the economy."

• Jerome Powell August 27, 2021.
• July 2021 inflation rate: 5.37%

"So there are many, many different inflation measures, of course, and thats why we have this thing called the CIE, which is an index of market based measures... if we did see them moving up in a troubling way and running persistently above levels that are really consistent with out mandate, then we would certainly react to that."

• Jerome Powell September 22, 2021.
• August 2021 inflation rate: 5.25%

"I don't think it's time to taper. I don't think it's time to raise rates. Our policy is well positioned to manage a range of plausible outcomes."

• Jerome Powell October 22, 2021.
• September 2021 inflation rate: 5.39%

"We understand the difficulties that high inflation poses for individuals and families... Let me say that whats happened, is that inflation is coming higher than expected. We see that just like everyone else does, and we see that they're now on track to persist well into next year... I do think it would be premature to raise rates today."

• Jerome Powell November 3, 2021.
• October 2021 inflation rate: 6.22%

"The word 'transitory' has different meanings to different people. Its a confusing word that needs to be retired."

• Jerome Powell November 30th, 2021.
• October 2021 inflation rate: 6.22%

"We're always just going to do what we think is right for the economy and for the people we serve."

• Jerome Powell December 15th, 2021.
• November 2021 inflation rate: 6.81%

"The old system was in place for decades and then suddenly it was revealed as insufficient... We do take the need to protect our credibility with the public very seriously."

• Jerome Powell January 11th, 2022.
• December 2021 inflation rate: 7.04%

"I'd say that the inflation situation is about the same or slightly worse... It hasn't gotten better and that's been the pattern... What we're learning is it's just taking much longer, and that raises the risk that high inflation will be more persistent."

• Jerome Powell January 26th, 2022.
• December 2021 inflation rate: 7.04%

Jerome Powell reelected as Chairman for the Federal Reserve System.

• Jerome Powell February, 2022.
• January 2022 inflation rate: 7.48%

"The inflation that we are experiencing is just nothing that we have experienced in decades... All the things we did during the pandemic, we turned our dials as hard as we could... Part of what we did and what congress did is the reason why inflation is so high."

• Jerome Powell March 2nd, 2022.
• February 2022 inflation rate: 7.87%

"These higher prices have real effects on people's well-being and it takes a toll on everyone. If you're at the lower end of the income spectrum it's very hard because you are spending most of your money on necessities, but it's punishing for everyone... We can't blame the framework. It was a sudden, unexpected burst of inflation and then it was the reaction to it, and it was what it was."

• Jerome Powell March 16th, 2022.
• February 2022 inflation rate: 7.87%

"The rise in inflation has been much greater and more persistent than forecasters generally expected... We're not expecting near-term progress on inflation."

• Jerome Powell March 21st, 2022.
• February 2022 inflation rate: 7.87%

"It is appropriate in my view to be moving a little more quickly... We had an expectation that inflation would peak around this time and then come down over the course of the rest of the year. These expectations have been disappointing in the past and now we want to see actual progress... Are we going back to the old economy? Probably not. What's the new one going to look like?"

• Jerome Powell April 21st, 2022.
• March 2022 inflation rate: 8.54%

"We have a good chance at a soft or softish landing... There's a false precision in the discussion that we as policymakers don't really feel... the economy is doing fairly well... I think we have a good chance to restore price stability without a recession."

• Jerome Powell May 4th, 2022.
• April 2022 inflation rate: 8.30%

So, in summary, Powell, Yellen, Bernanke, Greenspan, Volcker... all of them are just witch doctors practicing voodoo. None of them really have a clue...

 

[ma96782]

Column: 'Mom & pop' investors left high and dry in tech, crypto meltdown: McGeever

It's almost a cliche that retail investors are always late to an investment boom - but the outsize exposure of household savers to frothier elements of frenzied markets since lockdown means they are feeling the hit from this bust more than most.

www.reuters.com

Maybe now.....people might just buy REAL companies again?

Aloha, Mark

 

[made in china]

"I am confident that people will reach the other side of this pandemic with the foundations of their lives intact... But the recovery is far from complete, so, at the Fed, we will continue to provide the economy the support that it needs for as long as it takes... Our best view is that the effect on inflation will be neither particularly large nor persistent."

• Jerome Powell March 23rd, 2021.
• February 2021 inflation rate: 1.68%

"We want inflation to run a little bit higher than its been averaging in the last quarter century. We want to average 2%, not 1.7%... However, these one-time increases in prices are likely to have only transitory effects on inflation."

• Jerome Powell April 28th, 2021.
• March 2021 inflation rate: 2.62%

"Those who have historically been left behind stand the best chance of prospering in a strong economy... We will only reach our full potential when everyone can contribute to, and share in, the benefits of prosperity."

• Jerome Powell May 3rd, 2021.
• April 2021 inflation rate: 4.16%

"As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal, and the median inflation projection falls from 3.4% this year to 2.1% next year... Our new framework for monetary policy emphasizes the importance of having well-anchored inflation expectations."

• Jerome Powell June 16th, 2021.
• May 2021 inflation rate: 4.99%

"These bottleneck effects have been larger than anticipated, but as these transitory supply effects abate, inflation is expected to drop back toward our longer run goal."

• Jerome Powell July 28, 2021.
• June 2021 inflation rate: 5.39%

"Many find it counterintuitive that the Fed would want to push up inflation... However, inflation that is persistently too low can pose serious risks to the economy."

• Jerome Powell August 27, 2021.
• July 2021 inflation rate: 5.37%

"So there are many, many different inflation measures, of course, and thats why we have this thing called the CIE, which is an index of market based measures... if we did see them moving up in a troubling way and running persistently above levels that are really consistent with out mandate, then we would certainly react to that."

• Jerome Powell September 22, 2021.
• August 2021 inflation rate: 5.25%

"I don't think it's time to taper. I don't think it's time to raise rates. Our policy is well positioned to manage a range of plausible outcomes."

• Jerome Powell October 22, 2021.
• September 2021 inflation rate: 5.39%

"We understand the difficulties that high inflation poses for individuals and families... Let me say that whats happened, is that inflation is coming higher than expected. We see that just like everyone else does, and we see that they're now on track to persist well into next year... I do think it would be premature to raise rates today."

• Jerome Powell November 3, 2021.
• October 2021 inflation rate: 6.22%

"The word 'transitory' has different meanings to different people. Its a confusing word that needs to be retired."

• Jerome Powell November 30th, 2021.
• October 2021 inflation rate: 6.22%

"We're always just going to do what we think is right for the economy and for the people we serve."

• Jerome Powell December 15th, 2021.
• November 2021 inflation rate: 6.81%

"The old system was in place for decades and then suddenly it was revealed as insufficient... We do take the need to protect our credibility with the public very seriously."

• Jerome Powell January 11th, 2022.
• December 2021 inflation rate: 7.04%

"I'd say that the inflation situation is about the same or slightly worse... It hasn't gotten better and that's been the pattern... What we're learning is it's just taking much longer, and that raises the risk that high inflation will be more persistent."

• Jerome Powell January 26th, 2022.
• December 2021 inflation rate: 7.04%

Jerome Powell reelected as Chairman for the Federal Reserve System.

• Jerome Powell February, 2022.
• January 2022 inflation rate: 7.48%

"The inflation that we are experiencing is just nothing that we have experienced in decades... All the things we did during the pandemic, we turned our dials as hard as we could... Part of what we did and what congress did is the reason why inflation is so high."

• Jerome Powell March 2nd, 2022.
• February 2022 inflation rate: 7.87%

"These higher prices have real effects on people's well-being and it takes a toll on everyone. If you're at the lower end of the income spectrum it's very hard because you are spending most of your money on necessities, but it's punishing for everyone... We can't blame the framework. It was a sudden, unexpected burst of inflation and then it was the reaction to it, and it was what it was."

• Jerome Powell March 16th, 2022.
• February 2022 inflation rate: 7.87%

"The rise in inflation has been much greater and more persistent than forecasters generally expected... We're not expecting near-term progress on inflation."

• Jerome Powell March 21st, 2022.
• February 2022 inflation rate: 7.87%

"It is appropriate in my view to be moving a little more quickly... We had an expectation that inflation would peak around this time and then come down over the course of the rest of the year. These expectations have been disappointing in the past and now we want to see actual progress... Are we going back to the old economy? Probably not. What's the new one going to look like?"

• Jerome Powell April 21st, 2022.
• March 2022 inflation rate: 8.54%

"We have a good chance at a soft or softish landing... There's a false precision in the discussion that we as policymakers don't really feel... the economy is doing fairly well... I think we have a good chance to restore price stability without a recession."

• Jerome Powell May 4th, 2022.
• April 2022 inflation rate: 8.30%

Love the receipts!

 

[Heyjoe]

So, in summary, Powell, Yellen, Bernanke, Greenspan, Volcker... all of them are just witch doctors practicing voodoo. None of them really have a clue...

No clue that doubling the supply of fiat would make the fiat worth less? Doubtful.

 

[BrentN]

No clue that doubling the supply of fiat would make the fiat worth less? Doubtful.

Unfortunately I think they have a very good clue. Moreso than us peons. Acting like a clueless dork while raking it in for you and yours is a proven winning strategy. Especially in this era where legitimate criticism get you on a watch list.

 

[ma96782]

Yeah Rrrrright......
I had the winning ticket.
But I threw it away before the announcement was corrected.

Check your Mega Millions tickets: Wrong number announced in Tuesday's $86M jackpot drawing

Now what?


Aloha, Mark

 

[The Heretic]

 

[teflon6string]

Apparently a glutton for punishment, I check the markets twice a day at open and close. Fairly diversified across a couple dozen sectors (technically hundreds if you dissect ETFs), I heave an ironic sigh when I note that I've lost "only" $50k this year.

 

[sobo]

Apparently a glutton for punishment, I check the markets twice a day at open and close. Fairly diversified across a couple dozen sectors (technically hundreds if you dissect ETFs), I heave an ironic sigh when I note that I've lost "only" $50k this year.

Gotcha beat by $5 grand, teflon... I'm down $55,000 since the start of the year.

 

[ma96782]

Maybe my BA stocks will be seeing some good news tomorrow?

Aloha, Mark

PS........more info. 05/18/2022

China Eastern crash probe looks into crew actions

Investigators looking into the crash of a China Eastern Airlines jet are examining the actions of the crew on the flight deck, with no evidence found of a technical malfunction, two people briefed on the matter said.

www.gulf-times.com

BTW.....the stock was slightly down this morning (at the open) and there was no mention of the "news" on my TD Ameritrade account (so far).

Perhaps, someone is waiting for the MInistry of Truth in China to stamp it "OFFICIAL".

 

[arakboss]

How are your portfolios looking today?

 

[slimmer13]

How are your portfolios looking today?

I'm down $33k on the day

 

[ma96782]

"Rigged?"

Nah.....it's about being "creative."
And, as long as some individual(s) can "make bank." It's an "isolated incident". Cough, cough.....

Architect of Allianz fraud made $60 mln as he lied to investors, U.S. says

Gregoire "Greg" Tournant, a citizen of France and the United States, has been indicted.

www.reuters.com

I can only hope.....that CRIMINAL prosecution occurs here too.
I really mean......is successful, if proven.

Aloha, Mark

 

[bolus]

"Rigged?"

Nah.....it's about being "creative."
And, as long as some individual(s) can "make bank." It's an "isolated incident". Cough, cough.....

Architect of Allianz fraud made $60 mln as he lied to investors, U.S. says

Gregoire "Greg" Tournant, a citizen of France and the United States, has been indicted.

www.reuters.com

I can only hope.....that CRIMINAL prosecution occurs here too.
I really mean......is successful, if proven.

Aloha, Mark

The hedge funds are starting to fall left and right. Interesting that after Archegos fell they found that they were hiding 587% FUTU short intrest in swaps when the public short interest in FUTU was only listed as 13%. FUTU was at $10 and they were trying to naked short them to death which is the same scheme we have discussed over and over. Then the price rose to ~$200 and it killed the hedge fund.

People keep trusting the numbers but they are self reported and obviously no one cares even after a hedge fund tried to short them to death and hid the details. They only got caught when the price rose and killed their naked short scheme. Every short interest number on all these financial websites is NOT VERIFIED by anyone.

I should buy stock in popcorn given all the entertainment the bankrupting hedge funds has brought

Who's next?