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[Vanillalite]

CNBC

Oil sank to six-month lows on Monday with Brent crude falling below $50 a barrel on sluggish U.S. and Chinese economic data and bets for weaker gasoline consumption in the United States after tearaway demand earlier in the summer.

Brent crude oil touched a low of $49.81 a barrel earlier in the day, its weakest since Jan. 30. The contract was last down $2.40 to $49.75 a barrel. Meanwhile, U.S. crude fell $1.80 to $45.30 a barrel, after hitting a four-month low of $45.11 a barrel earlier.

CNBC

The energy sector fell more than 1 percent as the greatest decliner in the S&P 500. Chevron briefly plunged more than 3 percent, while Exxon Mobil was off more than 1.5 percent. Crude oil fell more than 2 percent to trade below $46 a barrel. Brent fell below $50 a barrel for the first time since Jan. 30.

"You have weakness in the energy market.... The one positive out of today's market is the Dow Transports," said Robert Pavlik, chief market strategist at Boston Private Wealth. "It's August, it's summer, so there's sort of no reason to do any buying or selling, but if any kind of news like China happens or momentum to the downside, then there's less support for the market."

The Dow Jones industrial average traded about 170 points lower after earlier falling more than 100 points, while the S&P 500 and the Nasdaq Composite extended losses. The Dow transports traded about 0.20 percent higher.
Major tech names declined. Apple fell more than 2 percent to trade below its 200-day moving average and in correction territory.

Twitter plunged 6 percent to a new intraday low. The stock fell below $30 a share for the first time since May 2014 and has never closed below that level.

 

[Slayven]

I should start hoarding gold and bullets?

 

[EloquentM]

I should start hoarding gold and bullets?

Personally, I'm going to start investing in canned goods.

 

[DragonSworne]

My stocks are doing great. I'm up 5% since last week.

 

[SwiftDeath]

I think I heard a refinery break in CA from here

 

[quik killa]

I bought some more shares of Chevron today.

 

[Slayven]

Personally, I'm going to start investing in canned goods.

PM me your address, i need to start a list of stash houses of supplies.

 

[sc0la]

I should start hoarding gold and bullets?

Gold Bullets


Edit: Wait 1% is "tumbling"?
lolololol thisiswherewethrowourheadsbackinlaughter.gif

 

[Vanillalite]

Dem Twitter #s are fucking UGLY...

Hope GAF isn't in on that Twitter train

 

[diablos991]

A weakness in the energy markets cause the Dow to lose less than 1%....

Shit is truly getting "REAL".

 

[teruterubozu]

I should start hoarding gold and bullets?

And seeds.

 

[Freedom = $1.05]

I should start hoarding gold and bullets?

unless youre just about to retire, you should be fine. These things even out over a span of 20-30 years to the point where dips like this are nothing in the long run

 

[Couleurs]

A weakness in the energy markets cause the Dow to lose less than 1%....

Shit is truly getting "REAL".

SELL

SELL

SELL EVERYTHING

 

[GoldenEye 007]

Is the Dow going down 100 points really tumbling?

 

[gcubed]

I'd the Dow going down 100 points really tumbling?

well, you have pretty terrible OP, so lets just go with it


If you wanted to be sane you could say... Monday

 

[Himynameischris]

I'm down 3.9%, sell everything!

 

[Vanillalite]

I'd the Dow going down 100 points really tumbling?

It's Monday. We shall see if this is a trend. People have been predicting a market correction for a while now.

Energy isn't gonna rebound, and I'm not exactly sold tech will either.

 

[diablos991]

unless youre just about to retire, you should be fine. These things even out over a span of 20-30 years to the point where dips like this are nothing in the long run

A drop of 1% will even out over the span of a week. Recessions and depressions even out over 20-30 years.

A drop of 1% almost warrants reading an article. But mostly it just changing the channel and listening to real news will suffice.

 

[Roland_Gunner]

My stocks are doing great. I'm up 5% since last week.

Seriously. The market goes up 5% then has a small pull back and people freak. All of the lolz.

 

[Bodacious]

I should start hoarding gold and bullets?

Just bullets. You can use them to get gold.

Actually, it's the 3 B's plus water.

Spoiler

beans, booze, and bullets

 

[The Lamonster]

time to ly dow

 

[PlayALLtheGames]

I should start hoarding gold and bullets?

 

[diablos991]

It's Monday. We shall see if this is a trend. People have been predicting a market correction for a while now.

Energy isn't gonna rebound, and I'm not exactly sold tech will either.

A bold claim to say Tech isn't going to rebound. Do you have any analysis to support your claim? You are oversimplifying a large sector. Tech isn't just Twitter and FB.

Diversification easily overcomes these small fluctuations. Anybody that is loosing their shirt over this probably shouldn't be playing in the markets until they learn how.

 

[Pastry]

Thread title is a bit exaggerated. The only people that need to worry are those that depend on oil and gas for a paycheck.

 

[gcubed]

Thread title is a bit exaggerated. The only people that need to worry are those that depend on oil and gas for a paycheck.

Like Canada.

I dont understand the OP's shock at oil/gas market correcting either. It was built up on a weak dollar. As the dollar continues to rapidly increase in value combined with China slowing consumption and still pumping it out of the ground like there is no tomorrow, this drop has been predicted for quite a while. Only idiots like Harper would keep riding that train. When the interest rates increase.. THAT will be interesting to see how the markets react... and expect oil to go cheaper.

Still 3.30 a gallon or gas here in wonderful utopia california.

 

[David Incorporated Esq.]

I should start hoarding gold and bullets?

Gold is the worst investment, and has been for a while now. Just look at the price of gold over the past 10 years, it's hilarious.

I kind of hope we have a mini-crash. Not enough to hurt consumer spending but enough for the market to have a brief nosedive. I've got some cash saved up and I'm just waiting for a dip to buy into an index fun.

 

[Escape Goat]

Tumbling down? Reeling!


OMFG!!!!

 

[E the Shaggy]

Gas should be WAY cheaper if oil's at $45 a barrel.

 

[Buddha Beam]

I should start hoarding gold and bullets?

Yes. You'll want to melt the gold down and coat the bullets in them. This event portends the coming of the Super Werewolves (silver bullets won't cut it), as per the Quran.

 

[Catdaddy]

Twitter plunged 6 percent to a new intraday low. The stock fell below $30 a share for the first time since May 2014 and has never closed below that level.

Social media crash incoming!!

Spoiler

and I don't care

 

[vicissitudes]

 

[gcubed]

Social media crash incoming!!

Spoiler

and I don't care

yeah, but who is left that falls into that category? Facebook has actually done a decent job in diversifying itself from just solely social media, with their advertising arm FINALLY coming around.

So... twitter is fucked, which everyone already knew. Who else?

I would at some point expect to see a private equity collapse in Silicon Valley, but thats the only "tech bubble" i can see... and that doesn't really affect the country, just the many overpriced private tech firms in SV.

 

[cirrhosis]

Pretty much this. I checked Google Finance, then was about to post this gif, but thought I'd refresh this thread first.

Too slow on the draw.

 

[BattleMonkey]

Gas should be WAY cheaper if oil's at $45 a barrel.

That's a barrel of crude. It's refined into far more than a single barrel when it's made into gas

 

[IndoAssassin]

Meanwhile the Canadian gas prices remain at $1.30 a litre here.

 

[kess]

Meanwhile the Canadian gas prices remain at $1.30 a litre here.

and your dollar loses 5 cents against the USD every month

 

[Laekon]

Yet mid and premium gas is still over $4 in So Cal. Some how I'm losing money on both ends.

 

[hipbabboom]

Yeah! We lost!

My 12 month growth is at +1.07% :lol

 

[Vanillalite]

I'd the Dow going down 100 points really tumbling?

It's not down 100. It's down 175, and the train shows no sign of stopping before training closes today.

 

[Enron]

I hope more idiots panic and start selling! Drive that market down so I can buy in at a discount and make some more money in 2 months when everyone's forgotten about this!

 

[diablos991]

It's not down 100. It's down 175, and the train shows no sign of stopping before training closes today.

And it has gone back up to -150 with just over an hour to go.
I think that is a sign that your concerns are exaggerated.

 

[SneakyStephan]

Lower demand for fossil fuels seems like a good thing to me.

 

[Bam Bam Baklava]

It's not down 100. It's down 175, and the train shows no sign of stopping before training closes today.

Have you ever seen a stock market before? This is a fucking joke.

 

[Concept17]

Lower demand for fossil fuels seems like a good thing to me.

It's all those Teslas I see everywhere.

 

[TheLostBigBoss]

It's not down 100. It's down 175, and the train shows no sign of stopping before training closes today.

SELL EVERYTHING

 

[Wreav]

Jesus, Vanilla.

Just...Jesus.

I hope you don't piddle in stocks for a hobby.

 

[Nikodemos]

Lower demand for fossil fuels seems like a good thing to me.

My first thought as well. I looked at the article and went "but those guys losing money would be a good thing!"

 

[Walter White Walker]

One person's "shit getting real" is another person's "For you this mattered, for me it was Tuesday" moment.

 

[many places]

Lower demand for fossil fuels seems like a good thing to me.

Not when you work in that industry....

 

[diablos991]

Not when you work in that industry....

Not like you can't work in another industry????