OT - Dow plunges 1,175 - worst point decline in history

[Jeff N.]

Originally Posted by Tony T

DOW Up 350

Go figure. Donny flips China the bird, it plunges. China flips it back, it rises.

[Gsinill]

Originally Posted by azrider

thanks Donny

No worries, if it stays up, there will be at least a dozen self-praising tweets before the end of the day...

[oldpotatoe]

Originally Posted by Gsinill

No worries, if it stays up, there will be at least a dozen self-praising tweets before the end of the day...

Wonder what will be said as oil prices go off the page with a small 'squabble' around the Straights of Hormuz? More self inflicted crisis'..$7 gas, good for bikes...

[Davist]

Originally Posted by oldpotatoe

Wonder what will be said as oil prices go off the page with a small 'squabble' around the Straights of Hormuz? More self inflicted crisis'..$7 gas, good for bikes...

yawn.. guess you're not familiar with our sources of petroleum. The oil companies do raise the prices at the pump at the drop of a hat, for sure, but thanks to shale we're a lot less dependent on imports (~75% is domestic production). Straights of Hormuz has been an issue for what? 100+ years?
https://www.eia.gov/energyexplained/...ge=oil_imports

[oldpotatoe]

Originally Posted by Davist

yawn.. guess you're not familiar with our sources of petroleum. The oil companies do raise the prices at the pump at the drop of a hat, for sure, but thanks to shale we're a lot less dependent on imports (~75% is domestic production). Straights of Hormuz has been an issue for what? 100+ years?
https://www.eia.gov/energyexplained/...ge=oil_imports

Oil prices in the US are dependent on oil prices worldwide.

The cost of a barrel of crude oil is determined by global supply and demand. If the worldwide demand for crude oil is high, and supply low, oil prices will be high. This results in higher gasoline prices in the U.S. If demand lessens, the cost of oil goes down and gasoline prices are likely to follow.

Too many factors! Global economy, Producers/Consumers countries' economy (unemployment, GDP, etc), Foreign Relations, Geopolitics, Wars, etc.
Of course, a civilian war in a major producer country will be more influent on crude oil prices than a wrong evaluation of an economical statistics like China's GDP.

US oil production to US consumers is NOT a closed system. What happens in the far east DOES have a big impact on the price of a barrel of oil, otherwise donny wouldn't whine about Saudi and Iranian production..and how if effects the price of gas in the US.

[Davist]

Sure OP, look at the 10 year price of Brent Crude, and when the OPEC cutbacks were, hardly moved the needle. Look at when shale came on line, huge glut/price drop. Look at our sources, now it's Canada for a much larger portion. We'll agree to disagree on this one, cheers.

back on the (off) topic: When I lived in the Bay Area, we paid more for gas than they did in Fresno, and the local TV stations would do "investigative" journalism to see if there was price gouging, despite being able to basically "see" the refineries in Martinez, of course they found there was no gouging going on. PA has the highest state fuel tax in the nation and we're routinely $1-$1.50 a gallon cheaper than in the Bay Area, cost of living is more that just the housing price to be sure

[kppolich]

Oil has been relatively cheap for quite a while. No reason for prices to not go up as there is evidence consumers will pay more if they need to. Plus, the US is still 99% reliable on automobiles not powered by electricity - they can increase prices without too much hassle from the internet forums affecting their bottom line.

[Davist]

fully agree, in fact the historic lows have made our dirt roads, oops, I mean "gravel" (here in PA/NJ where I ride) become relatively more scarce..

[likebikes]

bump, dow down ~300, there goes my retirement

[notsew]

Man, I really hope 300 points isn't making the difference for you.

the ten year fully inverted today. It'll be interesting to see if it persists and if so, how the next 12 months play out. Maybe the economists of the world can add another data point to the forecast.

A long time ago in this thread, I felt like the indicators were bad and they still are, but it doesn't seem to matter. Buy the dips. As long as interest rates stay down, its going to be hard to keep the stock market down. The computers are going to keep chasing the money as long as their keepers are getting it for next to nothing.

[froze]

I can't see how 300 pts is making your retirement fail.

[oldpotatoe]

Originally Posted by froze

I can't see how 300 pts is making your retirement fail.

I suspect he's being rhetorical...the 'market' hates unpredictability and with a guy with a twitter feed, makes the 'market' anything but predictable..how many twitter u turns or 'bolts out of the blue', based on ZERO real data or info have their been?

[Tony T]

Looks like we'll fall below DOW 25,000 and NAZ 7,500 today, but....
The Fed will save us.

[froze]

Originally Posted by Tony T

Looks like we'll fall below DOW 25,000 and NAZ 7,500 today, but....
The Fed will save us.

A drop of 1.11% and you're panicking? If you don't want risk hide your money in safe deposit box.

[Jeff N.]

Originally Posted by Tony T

Looks like we'll fall below DOW 25,000 and NAZ 7,500 today, but....
The Fed will save us.

To quote Church Lady: "Well isn't that special..."