Here We Go Again
By Jim Bauer
@porwest (112864)
United States
August 3, 2024 7:17am CST
Well, that's just the way it goes and it happens over and over again. The stock market has taken some deep tumbles, with the worst day since 2022 on the S&P 500 happening on Friday and the Dow closing down over 600 points and being down over 900 points at some points throughout the day.
What's fueling the drops?
It's the economy of course. We had a really bad jobs report and on top of that, despite cooling inflation, many companies are missing earnings (so much for price gouging), and unemployment went up over 4% with signs showing of a cooling labor market as well.
There is even new talk about a possible recession again.
But, like I said, this happens all the time. My portfolio was rocking new all-time highs just a week or two ago, and whenever it does that, I fully expect a pullback is imminent, and I am usually right about that.
I will buy into the dip, for sure, and in no time have all the money back lost on paper and then some, because as I have said time and time again, there is only one ultimate direction the stock market goes.
UP!
8 people like this
7 responses
@moffittjc (128837)
• Gainesville, Florida
4 Aug 24
I always take advantage of these downturns to grab up more stock, and this time was no different.
2 people like this
@moffittjc (128837)
• Gainesville, Florida
8 Aug 24
@porwest I was proud of my daughter. Last night she said, “Dad, the stock market crashed, and everyone is panicking. But shouldn’t everybody be buying stock since the prices went down?” I smiled and nodded my head. She gets it. She is finally understanding how things work.
1 person likes this
@Beestring (15372)
• Hong Kong
3 Aug 24
HK has entered the bear market for some time. There is no sign it will bounce back soon. I've bought some US and Japanese stock. Earned some money but this time, it's global drop. I believe they will bounce back soon, except HK.
2 people like this
@porwest (112864)
• United States
3 Aug 24
@Beestring If I invest in a company it is usually because I believe they have a VERY long term future.
1 person likes this
@Beestring (15372)
• Hong Kong
3 Aug 24
@porwest I still hold some HK stocks. Just waiting for the price goes up a bit before I sell them.
1 person likes this
@LindaOHio (222624)
• United States
4 Aug 24
And I, in the meantime, will be digging into our retirement fund to pay for my husband's stay at the rehab facility. Have a good rest of your weekend.
1 person likes this
@2ndchances24 (12234)
• Cloverdale, Indiana
3 Aug 24
I'm glad you enjoy the thrill of the stock market & get a good kick back.
but I have a feeling 1 day it won't be all thrills, & then what you gonna do?
1 person likes this
@porwest (112864)
• United States
4 Aug 24
@2ndchances24 The stock market, in all forms, has been around for more than 400 years. It has NEVER failed anyone. lol
Sure, there can be short term blips, and there have been many, but savvy investors ALWAYS make money when things are down.
1 person likes this
@2ndchances24 (12234)
• Cloverdale, Indiana
4 Aug 24
@porwest Never say never cause you know whatever people find to make
good $ with the govt finds ways to cut them off cause they don't like it.
1 person likes this
@RevivedWarrior (3853)
• India
4 Aug 24
That is the right strategy- Invest when the market is down to reap huge profits and invest in potential stocks. Well, a potential recession talks have been going on since Covid , however few market experts are now very clear that US would have a recession for almost a year. Looking at the data there are less convincing data otherwise. Spending is less, unemployment is not good and there is nothing great about the economy. It will be wise to pull back some if not of the amounts in stock market and be cautious for next 1 year. Hopefully, things will be clear post the election. Do share your financial tips as usual. Thanks!
@porwest (112864)
• United States
4 Aug 24
We SHOULD have been in a recession a while ago, but there were certain economic conditions that were stopping it. But all of this inflation and other stuff including slowing consumer discretionary spending is beginning to change that, and it ALMOST looks like a recession may be imminent. We shall see. In the meantime, I will of course continue to share my thoughts for anyone who may be interested.
1 person likes this
