Stocks: Dow Dives 900 Points In Stock Market Rout; Coronavirus Cases Spike
Category: News & Politics
Via: krishna • 4 years ago • 18 commentsBy: Nancy Gondo (and all the little Gondoians)
A stock sell-off turned into a rout midday Monday, with the Dow Jones Industrial Average diving 900 points as coronavirus cases spike in the U.S.
S E E D E D C O N T E N T
A stock sell-off turned into a rout midday Monday, with the Dow Jones Industrial Average diving 900 points as coronavirus cases spike in the U.S. and Europe.
The Dow Jones industrials plunged 3.2%, the S&P 500 sank 2.7% and the Nasdaq shed 2.5% in the stock market today. Small caps tracked by the Russell 2000 lost 2.8%. Covid-19 cases are spiking again in the U.S....
In the U.S., confirmed cases are now close to 8.9 million, with the death toll over 230,500. New virus cases hit record highs on Friday and Saturday in the U.S., topping 80,000 each day.
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A stock sell-off turned into a rout midday Monday, with the Dow Jones Industrial Average diving 900 points as coronavirus cases spike in the U.S. and Europe.
In the U.S., confirmed cases are now close to 8.9 million, with the death toll over 230,500. New virus cases hit record highs on Friday and Saturday in the U.S., topping 80,000 each day.
Nothing to worry about here folks... I can assure you that the Trump Administration "has it under control".
(/sarc)
It's ''fake news'' the Dow actually went up 900 points based on the brilliant strategy being used by the current administration of ignoring hundreds of thousands of new COVID cases and thousands of deaths. /S
Exactly! Actually the market had a YUGE rise today (although you'd never find the Pinko Commie-Socialist media stations like CNN or CNBC reporting that, (alas-- yet more /sarc).
And the Trump Virus is going to disappear all by itself-- any day now! It fact, Trump himself has said it will disappear by last Easter! (given the way he's handled it I think we should all start calling it "The Trump Virus".)
Anyone remember this?
Pandumbic 2 - The Dumbpire Strikes Back!
(Even if you generally refuse to watch videos on NT, you really should watch this one).
Important Update today (11/1)
Strangely, after an initial slide in my portfolio, my old 401 has me back up to no gain or loss.
Wall that all during the day today?
I'm down slightly for the day-- but doing pretty well as I'm not down nearly as much as the two indices I follow (S&P and NAZDAQ).
Market looks a bit scary, but I sold nothing today and have done significant buying today-- mostly in Merck & Pfizer. I could be wrong but I am expecting very good earnings.when they report earnings tomorrow, (in both cases both report before the open).
Again, while I could be wrong I am expecting a nice positive earnings surprise from BMY when it reports 11/5.
I am overweight big pharma-- but in most cases these are not bets on vaccines but rather what I believe to be their prospects in several areas.
Also added a tad to GTBIF, my favourite Cannabis stock (only a little as its been up a lot). Also risky as it still only a few $ per share.
Disclaimer: Nothing in this comment is meant to be a recommendation to buy or sell any stock(s). Investing in equities may result in the loss of some or all of your invested capital!
P>S: If you have a lot of pharma (and /or possibly some gold) you might be doing well on a down day. I didn't check the biggest losers/winners in the overall market, but my pharma did the best (and secondly Gold-- although even that wasn't great).
And genera;;y when the virus news gets worse, much of pharma and virus-related biotech do well, as does some tech (the so-called "stay at home stocks such as Zoom Video, Teledoc, etc). OTOH many other stocks go down those days, especially airlines, cruise ships, hotels, etc.
Also some tech...
I'm still holding a bit of Pfiser, MIST and Roche.
Got out of gilead st the right time
Got out of MRNA once, then went back when they dipped and did better selling it at the right moment.
I'm not familiar with MIST. Just checked, the words "Phase Three" jumped out at me. Looks like a interesting speculative play.
I believe many Americans may less familiar with Roche than they are with American companies. I had a small speculative biotech (ONCE) which turned out to be a fantastic company, big gain in it. Then Roche bought it (I credit Roche's wisdom here because it was a great company)> Wanted to buy Roche for a while but it was too expensive at the time.Actually I do have a "Good Until cancelled" buy order for Roche I put in to buy when it falls to 75% of the price at the time-- and another to buy it at 60% of the price at the time (Highly unlikely that will happen but its in the unlike except in the event of a flash crash.)
I have been trimming almost all my holdings as I thinkthe market's due for a dair pul;lback soon-- mainly because of the real economic damage done by the Corona Virus.
I have most of my largest holding in several pharma companies (even those that aren't likely to be early producers of a vaccine). So not buying more of any big pharma-- except:
I'm always learning new methods and experimenting with new stock selection techniques. One I've worked with for many years has been refined to point where it may be fairly effective. Interestingly, one of the main predictions is that 2 stocks should have a nice pop up... tomorrow (well, now its today--Tues)-- one would be good news for you if I'm right-- Pfizer! (The other one is Merck). Predicting big rise today and more possible upside tomorrow for both.. Tues then Weds-- mayye rising tofor even 3 days, or more. But starting Tuesday 10/27.
I already owned as much Mrk and PFE as I want, but when my work showed this (Nice jump in prices for these two today, maybe Weds) I bought more of both today. This for me is a good beginning test of my new "methods".
Yesterday (Monday) I bought some (possibly more than I should) of MRK at $78.86, more PFE at $37.70. Normally its hard enough to predict what any stock will do on any giver week, let alone what will happen on any one given day-- especially in this currently volatile market. So I will look at those numbers then see what the share prices will be today (Tues) at the close.
P.S: It may be that even if PFE is one of the first to develop an effective vaccine that may actually not raise the share price of PFE as much as expected. For 2 reasons: one is that PFE is such company that as big as a vaccine would, its only 1 drug.Also, there may be 2 or more competing vaccines in use at the same time.
Also I've heard that many drug companies might sell their vaccine at unusually low prices, and in some cases might give some away for free.
However, I believe I read that while a successful PFE vaccine might not "move the needle" significantly (PFE share price), it might possibly, greatly effect the share price of the small company that's working with PFE to develop it.. That company is BioNTech, symbol BNTX.
More speculative than PFE, but may have big upside (I'm not too familiar with it-- actually owned BNTX for a short time but got imps atient and needed cash to buy other stocks.
Well I was wrong about today (Tues)-- both stocks closed down.
Tomorrow (Weds) I will see the final test of my new method:
I already owned as much Mrk and PFE as I want, but when my work showed this (Nice jump in prices for these two today, maybe Weds)
If they're down again Weds, I will try to see what the flaw is in my new theory. Perhaps it can be fixed. If not, I will abandon this method.
Strangely, after an initial slide in my portfolio, my old 401 has me back up to no gain or loss
Well, that's probably a strong indication that you're a good stock picker!