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Thread: Dow plunges 500 points

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    Default Dow plunges 500 points

    it's going to be a bad year for us entertainers. I called it.

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    Default Re: Dow plunges 500 points

    I think the Dow plunged over 1,000 points for the week. Still, in percentage terms, the carnage on Wall Street is not that bad...yet. Now when the Dow plunges 5,000 points, then it will be time to start installing safety nets above sidewalks on Wall Street.

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    Default Re: Dow plunges 500 points

    Quote Originally Posted by Danny Ocean View Post
    I think the Dow plunged over 1,000 points for the week. Still, in percentage terms, the carnage on Wall Street is not that bad...yet. Now when the Dow plunges 5,000 points, then it will be time to start installing safety nets above sidewalks on Wall Street.
    Yea, I'm no expert (wish Mel could weigh in) but things are up & down all the damn time..I'm thinking a week or so ago, I glanced @ the ratings thinking, wow, things are jumping..
    I also wonder, the Blackstone group, who owns Motel6, posted a zero stock? How is that possible, you can't hardly book @ that crap place, sounds like a lie to me.


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    Default Re: Dow plunges 500 points

    Did Mel get banned again?

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    Default Re: Dow plunges 500 points

    Well that's not my only reason for the prediction of a bad year. I've never been wrong on 20 years. And I'm talking for entertianers Danny. Probably not a field you know too much about.

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    Default Re: Dow plunges 500 points

    Quote Originally Posted by michele11 View Post
    Well that's not my only reason for the prediction of a bad year. I've never been wrong on 20 years. And I'm talking for entertianers Danny. Probably not a field you know too much about.
    You would be more of an expert than me in regard to adult entertainers, Beautiful. However, I still remember how the strip clubs in Metro Detroit had essentially become ghost towns after the stock market crash of 2008. Not a very profitable time for adult entertainers.

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    Default Re: Dow plunges 500 points

    Quote Originally Posted by LAChloe View Post
    Did Mel get banned again?
    Yep, happened a few weeks ago (again).

    To put things in perspective, there was another time the Dow dropped ~500 points in one day that was referred to as Black Monday That was in Oct. 1987 when Dow plunged 22% from ~2246 to 1738 in one day, the largest single day percentage drop. For last Fridays drop to equal that, the Dow would have had to drop ~ 3740 points from 16990 to 13250.

    The world didn't end in 1987, don't think it will end now. Any dancer declines in customers will be because of factors other than a larger than "normal" one day drop in the Dow (like younger customers opting for free internet porn in lieu of club visits coupled with the death of aging older club goers such as Yoda (RIP) etal.)
    Last edited by minnow; 08-23-2015 at 03:23 PM.
    I'm right 96% of the time. I don't sweat the other 5% .......................

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    Default Re: Dow plunges 500 points

    Any how... Yeah itś an election year as well. I own rental properties and have a hefty portfolio. My biggest loss was after 911 Minnow I lost 6 figures. Nyla maybe you should expound more on your post?

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    Default Re: Dow plunges 500 points

    And the Dow futures are down even more right now.

    But for all that, I would not panic just yet. I don't see a meltdown ala 2008. The collapse of the mortgage markets and, as a result, the failure of overall financial industry, was a very unique event in breadth and depth. There is no apparent crisis event on that scale brewing in the U.S. in the near-term, at least as far as anyone can tell. But I do believe that there will be an orderly retreat for some time to come. IMHO there simply exists too many negative pressures on the market, including oil weakness, events overseas which ultimately impact our markets and economy, softness in a number of U.S. economic indicators reported in the last couple of months, etc.

    Keep in mind that, that by most historical standards, stocks have been expensive for some time now, so a correction was inevitable at some point. I guess the market will have to find a new sustainable floor now until the outlook improves. But nonetheless, I'd be damned surprised if that the floor wasn't closer to 15,000 than 10,000. For all that there is some softness in our current economy, there are some bright spots too.

    But to Michelle's point, anyone who relies upon customers who earn from the markets is probably going to see a little belt tightening in the near future. IMHO this especially applies to dancers in places like NYC [lots of money managers], Chicago [especially since commodities are getting killed and this is where they trade] and Boston [with a couple of clubs downtown that derive much of their income from guys in financial services].
    Last edited by rickdugan; 08-23-2015 at 06:41 PM.

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    Default Re: Dow plunges 500 points

    I think that a big factor in how the stock market does for the rest of the year will be whether or not the Fed raises rates in September.

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    Default Re: Dow plunges 500 points

    Monday......China's stock market suffers biggest one-day fall since 2007

    http://finance.yahoo.com/news/chinas...075439744.html

    BEIJING (AP) -- China's stock market fell Monday by its biggest margin in eight years, defying the government's multibillion-dollar effort to stop a slide that has wiped out the gains of this year's price boom.

    The decline threatened to weigh anew on global markets after last week's Chinese losses triggered a worldwide selloff.

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    Default Re: Dow plunges 500 points

    Quote Originally Posted by eagle2 View Post
    I think that a big factor in how the stock market does for the rest of the year will be whether or not the Fed raises rates in September.
    They can't raise rates even though they gave been talking about it. That's like shooting ourselves in the groin.

    The title should read stock market drops 1,000 points bc that what happened when it opened. Stocks are crashing all over the world since Sunday night.

    The ppt (plunge protection team) stopped the market 3 times already today. Get ready bc it's going to be a bumpy ride.


    We are all going to feel this one and hard.

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    Default Re: Dow plunges 500 points

    It's up 1.75% on my phone..?

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    Default Re: Dow plunges 500 points

    Seems to me that the market was overinflated and a correction might have been due anyway. Just a damned shame that the corrections always seem to induce panic, and then a whole lot of people besides the investors have to suffer.

    Our entire economy dependent on herd mentality...

    Anyway I do hope no one here lost their ass on this.
    You must have chaos within you to give birth to a dancing star.
    Friedrich Nietzsche

    Free your mind, and your ass will follow.
    George Clinton

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    Default Re: Dow plunges 500 points

    I'll chime in from the perspective of someone working on a 'retirement' from camming into day trading. My family is, shall we say, finance-savy, boasting a few real estate agents, brokers, day traders, and--for some odd reason--at least one former state representative. We're special like that.

    The U.S. market is actually doing quite well. As Rick pointed out, there aren't any obvious or even non-obvious issues to speak of that could lead to another market collapse. That said, the market has gone up to the point where a correction was due, so a drop wasn't a surprise. This drop (over 2000 points in the last week and a half) was obviously more severe than expected and we can point to several reasons for it, mostly international in origin.

    The Greek bailout, believe it or not, isn't necessarily a good thing. There was pressure within and without Europe to make it happen, but the plan is effectively 'kicking the can down the road' to most analysts. Greek can't afford to pay the loans back without serious spending restructuring, and that restructuring would cause an economic drop in their country, further perpetuating the issue of being unable to repay the loans. All of that adds up to unimpressed investors internationally (and lord almighty do we live in an international market). That isn't the biggest issue by far, however.

    China is a huge problem. Between devaluation of currency, government intervention to raise it, and--well before the crash--the government pumping money into its own stock market to inflate it, China basically set itself up for a collapse (and OH what a collapse it's been). Being such a major international player, that had a huge ripple effect. Keeping in mind that China is a major emerging tech market for the US (Apple, IBM, Microsoft, etc., all have major business in that area), many US companies with holdings have been hit hard by the down turn. That said, these are international corporations that can ride it out, so it isn't going to destroy the US economy.

    The US is fine and the market will come back up over the next few weeks, though how quickly and to what level is the question. People will be wary, as they always are, but the vast majority of this drop was triggered by consumer fear due to the fall of the Asian markets before open leading to a major sell off. There are still plenty of everyday consumers who lost huge portions of their portfolio in the 2008 market collapse (granted, they would have done well to simply hang in there, but fear is a strong motivator) and that makes them gun shy about staying in the market to ride it out.

    It may be a rough year, but aren't they all really?


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    Default Re: Dow plunges 500 points

    Quote Originally Posted by Issabelle View Post
    I'll chime in from the perspective of someone working on a 'retirement' from camming into day trading. My family is, shall we say, finance-savy, boasting a few real estate agents, brokers, day traders, and--for some odd reason--at least one former state representative. We're special like that.

    The U.S. market is actually doing quite well. As Rick pointed out, there aren't any obvious or even non-obvious issues to speak of that could lead to another market collapse. That said, the market has gone up to the point where a correction was due, so a drop wasn't a surprise. This drop (over 2000 points in the last week and a half) was obviously more severe than expected and we can point to several reasons for it, mostly international in origin.

    The Greek bailout, believe it or not, isn't necessarily a good thing. There was pressure within and without Europe to make it happen, but the plan is effectively 'kicking the can down the road' to most analysts. Greek can't afford to pay the loans back without serious spending restructuring, and that restructuring would cause an economic drop in their country, further perpetuating the issue of being unable to repay the loans. All of that adds up to unimpressed investors internationally (and lord almighty do we live in an international market). That isn't the biggest issue by far, however.

    China is a huge problem. Between devaluation of currency, government intervention to raise it, and--well before the crash--the government pumping money into its own stock market to inflate it, China basically set itself up for a collapse (and OH what a collapse it's been). Being such a major international player, that had a huge ripple effect. Keeping in mind that China is a major emerging tech market for the US (Apple, IBM, Microsoft, etc., all have major business in that area), many US companies with holdings have been hit hard by the down turn. That said, these are international corporations that can ride it out, so it isn't going to destroy the US economy.

    The US is fine and the market will come back up over the next few weeks, though how quickly and to what level is the question. People will be wary, as they always are, but the vast majority of this drop was triggered by consumer fear due to the fall of the Asian markets before open leading to a major sell off. There are still plenty of everyday consumers who lost huge portions of their portfolio in the 2008 market collapse (granted, they would have done well to simply hang in there, but fear is a strong motivator) and that makes them gun shy about staying in the market to ride it out.

    It may be a rough year, but aren't they all really?
    Hi Isabelle.I was thinking of you. My apple is down 30%. Yeah I know the market will rebound but my point was for us entertainers it's going to be a rough year. Uncertainty in the market and an election year spell trouble for the clubs. I've had the best 3 years of my career but it's going to be less customers and the ones we get....will be like pulling teeth with the uncertainty. Blue collar guys probably will be spending but 70-80 % of mine are white collar. I've worked enough election years they've gotten worse. Please send me a pm as I've not done the school and have some questions. \

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    Default Re: Dow plunges 500 points

    Fair enough Michelle. I'm a cam girl, so I can't speak to clubs. My PM box is open and accepting mail, so shoot me any questions you may have.


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    Default Re: Dow plunges 500 points

    In the end, the stock market finished the week higher than it was when the week began.


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    Default Re: Dow plunges 500 points

    Yes Eagle, but it is still down over 1,700 points from its high on May 19th.

    Another important point is that the market is still down almost 1,000 points from the June 30 close and almost 1,200 points since market open at the beginning of the year. The reason that these metrics are important is because (1) money managers typically collect fees based upon quarter end values; and (2) performance based compensation for asset managers and their employees is typically based upon annual performance.

    And let's not forget, of course, that markets can still go back down between now and September 30, which is the next valuation date that most money management firms care about.

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    Default Re: Dow plunges 500 points

    ^ I appreciate advice from people who actually have a portfolio or are in the business.

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    Default Re: Dow plunges 500 points

    ^That's one damn good day trader. He's one in a million. Most day readers with never make that kind of income.

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    Default Re: Dow plunges 500 points

    Trader.

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    Default Re: Dow plunges 500 points

    And we had another down day, so there's always that. It was around 120 points down at close, but hey--happy Monday everyone!

    As Rick has correctly pointed out, it did finish last week higher than it started but that doesn't really say much for the bigger picture. The most recent drop started on the 17th-18th from a high of ~17,550 (varied about 35-40 points from the 17th to 18th, so I consider the drop to have started on the 18th). The ~16,525 it closed at today is certainly better than the ~15,670 low close it had on the 25th, but that still means that for many traders things are pretty stuck.

    If you're a day trader and had stop-loss limits in place, your capital should be more-or-less completely intact with full liquidity to buy the ever loving shit out of some seriously devalued stocks and make a hell of a profit while you ride the wave back to the top. If, as in the case of my close relative, you decided to have a 'cheat day' and not set your damned stop-loss limits, you're going to spend the next few weeks to months waiting for the market to come back least you sell at a loss. And the moral of this story, for the short-term trader anyway, is remember your stop limits!

    For a long-term trader, the moral of the story is closer to 'stop losing your shit sweetie, the US economy is currently not showing any major issues and will bounce back, so why don't you add some strong-but-devalued stock to your long-term portfolio on the cheap.' Of course, the feds being completely unable to agree on whether or not there's going to be an interest rate hike, let alone a number that it would be, is certainly not helping confidence for anyone.

    And, if you happen to be a dancer/escort/other worker who depends on the financial guys for the bulk of your client list, well... I've got a bottle of 'medicinal' alcohol in my office. So there's that.
    Last edited by Issabelle; 09-01-2015 at 08:14 AM.


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    Default Re: Dow plunges 500 points

    Isabelle, I'm with you on most of that. I'd just say that there isn't a lot of confidence in buying the dips right now. Between the ongoing fear over a pending Fed interest rate hike, uncertainty about where China will finally land and disappointing corporate earnings, a lot of market pros aren't convinced that a sustainable floor has been found yet. Some believe that last week was just a dead cat bounce.

    I'm not sure what to believe right now, but there are some sectors out there that still look pretty scary.

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