Market is tanking today, How low will it go? Put your guess in this thread.
 

Dow down 2%
S&P down 2.3%
Nasdaq down 2.5%


I wonder how low it will go today....

What's your guess for end of day close?

I say it will close over 5% down.

I wouldn't be surprised if it closes up... all the suckers are selling now... in a few hours pros will start buying...

I would go with 6%

i don't really get why we allow our economy to be dictated by the buying and selling based on fear, rumors, emotion, etc by guys who are basically just better educated gamblers.

some good optimism there ;) hope your right hehe


last time things whipped down like this i just invested more and then ended up way up at the end of the day, so I think patience works well in the end.

I would like give my advice and to say I have been playing the market for the last 15 years, but really the market has played me and the main thing I've learned is timing the market is damn near impossible.

I'll stick to porn and real estate!

There is no reason for it to go down too much. My guess its a speculation move.

It really sucks that people who have no talents and create or produce nothing, are the ones who make our economy sink or swim. Their business is inherently criminal, and they're fucking leeches. I wish they would all die.

Do you think the porn industry creates value? If not, +1 for hypocritical statement.

I'd say down ~ 600 points :)

Always thought it was odd the DOW was 11-12k and our economy is in such bad shape... I really don't see why it's even over 10k...

dow 10,600 today.

I think it will have a similar bottom after the slide that started in 2007 and ended early 2009, believe it closed just under 7,000 before it went back up.

i say 4.5% down for dow jones

Yes.

Everyone loves it, and its an actual product, created by artists. We can't say it contributes to the economy as much as it used to, since everyone steals it these days, but it has more value than some guy in a suit with a business degree who flips money from place to place, and basically speculates and gambles.

really what the fuck do those assholes do, besides leech off of the people that actually contribute to the economy?

So your meter for porn's worth is based on some kind of morally superior opinion about it? That's what it sounds like.

The market is ok...
Short sellers are making a killing!

Not very low. The economy still has to be propped up until they can pull off the next false flag so the crashing economy can be blamed on someone else. We are still ok for a few more weeks/months. Have fun!

down 4.12% right now, it's closing in on my guess!

Shit, my guess of 600 was too low :1orglaugh

Dow Closed at 5.55%

What would you buy right now (long term)? I have about 10k in a SEP IRA waiting to pick something up... do tell :)

Holy Hell!! the Dow down 5.55%!?!?

I have stock in BofA that I sold off at $12 and now is $6.51... I think I'll let it drop to $4 and pick up some more :thumbsup

I kept my existing stock which was long term.

Moved money over to pick up other deals.

I predict the S&P will go to about 1,120.

I get the big golden "who gives a shit award"!!! :1orglaugh closed at 5.55% down.

Today was one of the best trading days of my life.

It actually started a few weeks ago when it appeared as if there might be even just a slight dip. At the time I was holding 50% EEM, an emerging market etf that I write calls on every month, 30% AAPL Leap calls with a high delta, and 20% GLD leap puts.

First, on the 7/15 expiry, I got called out on large portion of my EEM. It had been 9 months since I had last been called out, so I had been playing it safe with the hope of making it to 12 months for tax purposes. without having to worry about that any longer, and figuring there might be a dip, I sold in-the-money calls to pocket the higher premium. So even though EEM is down a bit, it won't hurt me as much unless it absolutely tanks before August expiry.

Then last week, as the chatter increased about the market going down, I got paranoid about being short on GLD even though I still have a bearish long term view. I dumped the puts on Tuesday and replaced them with SPY puts to serve as insurance on the EEM. I rarely, rarely ever trade SPY puts, but when I do, I never hold for more than 3 days because of time decay. Because of that, I sold them on Friday morning before the Friday dip.

I was then planning to buy DNDN, but didn't have enough time to do the amount of research I like to do before trading a stock. Especially a biotech. That's why I only have ETFs and AAPL. So, instead, I just ended up just buying more SPY puts, sold them this afternoon for about 400% what I paid, and then bought up some more AAPL on the dip.

S&P futures are down 30 points right now. We could possibility have a flash crash tomorrow. Bernanke is speaking also. The market hates him and it always goes down when he speaks. If he says anything about QE3, it will jump up. He's got to do something, or he's pretty much a goner.

Tried to go long today with SPY calls, but got stopped out quick. Bought puts and sold them into the close. Too much going on to hold overnight. Now, wish I had held as the SPY will gap down 3 points as of now.

The industry does not drive the economy, -1 for your analogy.