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Wednesday, 21 November 2018

Dow plunges more than 500 points, erases gain for 2018

The Dow Jones Industrial Average and S&P 500 fell sharply on Tuesday and turned negative for the year as a decline in Target shares pressured retailers, while some of the most popular tech shares dropped again.

The 30-stock Dow dropped 551.80 points to 24,465.64 and the S&P 500 plunged 1.8 percent to close at 2,641.89. The Dow and S&P 500 were up 1.2 percent and 0.6 percent, respectively, for 2018 entering Tuesday. Meanwhile, the Nasdaq Composite also dropped 1.7 percent to 6,908.82 but managed to hang on to a slight gain for 2018. Tuesday's declines come after the Dow dropped 395 points on Monday.

Stocks hit their lows of the day after Doubleline Capital founder Jeffrey Gundlach said stocks are still too expensive, adding there has not been a "panic low" yet. The Dow was down nearly 650 points at its session low, while the S&P 500 and Nasdaq had both dropped more than 2 percent.

Target fell 10.5 percent after reporting weaker-than-expected earnings for the previous quarter. The company also posted lighter-than-forecast same-store sales, which is a key metric for retailers.

The decline sent the SPDR S&P Retail ETF (XRT) down 3.4 percent. Kohl's, L Brands and Macy's — which are also in the XRT — fell 9.2 percent, 17.7 percent and 3.4 percent, respectively. Retail's steep decline comes ahead of the holiday shopping season, a critical period of the year for these companies.

Read? Dow plunges more than 500 points, erases gain for 2018


  1. For the first time, all five FAANG stocks are in bear markets.

    Apple Inc.’s stock AAPL, -4.78% made it unanimous Tuesday, as it tumbled 4.8% to the lowest close since May 3, helped there by a price target cut at Goldman Sachs. The stock closed 23.7% below its Oct. 3 record close of $232.07.

  2. Bitcoin plunges as much as 16% to below $4,100, a new low for the year

    The digital currency hit its lowest point since September 2017, and it is now down roughly 30 percent for the week.

    Bitcoin had been trading in a relatively narrow range for most of October, around $6,400, as the rest of global markets sold off.

    "Markets around the world are fragile, and panic and sentiment are playing a disproportionate role right now," Fundstrat's Tom Lee says. "Does this mean bitcoin is broken? No. The use case is still there, but in the short term, panics are panics."

  3. Anyone else still in single digit losses in Bitcoin at current price?

  4. It seems Bitcoin has lost 75 % of it's value since peaked?

    Imagine stock portfolio lost 75 %.

    Can't sleep already.

    My experience in worst case was 50 to 55% lost in 2008/2009.

    It was "fortunate" at a ripe old age.

    It may seems strange i say that.

    People always say it's better to lose 50% at the beginning when one is a young Bei Kaming.

    It may be true because very small capital is involved.

    But this Bei Kaming may "chop finggers" and never enter the market again.

    i say all the above, because everything is relative in terms of experience, capital, the 3 Ms of investing.

    In the past, this type of market i would have committed a lot more of my bullets already.

    Now, each time i nimble, i always feel (aka i may be wrong) it is still a bit too early.

    For whatever i purchased, the price will go lower and lower one.

    Just watch lol!

    1. (Bloomberg) -- Bitcoin broke below $4,000 and extended its 2018 crash to within striking distance of the biggest cryptocurrency’s worst bear markets.

      The virtual currency conceived just over a decade ago slid as much as 17 percent to $3,523 on Monday, bringing its decline from last December’s record high of almost $20,000 to about 80 percent. All nine of its largest peers tracked in real time by Bloomberg fell, with drops ranging as high as 21 percent for Monero.

      This year’s collapse, which has ensnared rival coins like Ether and XRP, is entering the same league as Bitcoin’s 93 percent plunge in 2011 from its previous record high, and its 84 percent rout from 2013 to 2015, during the collapse of Tokyo-based crypto exchange Mt. Gox. In dollar terms, the damage has been even bigger this time around: Virtual currencies tracked by have lost more than $700 billion of value since the market peaked in January.

      “There’s an element of almost shock: there’s nothing to suggest the sell-off is over,” said Craig Erlam, senior market analyst at securities firm Oanda Corp. in London. “This was a market primarily driven by sentiment since last year, and it’s since been completely destroyed.”

      While bulls are betting that demand from institutional investors will stabilize prices, most big money managers have stayed on the sidelines amid concerns over exchange security, market manipulation and regulatory risk.

      The sell-off is “really testing the faith of a few key players,” said Ryan Rabaglia, Hong Kong-based head trader at OSL, a cryptocurrency dealing firm. “For this next push, we are going to need that institutional money to come in finally. To lend that support and help with growth.”

      Oanda’s Erlam is among strategists who say traders confidence was shattered after Bitcoin crashed through $6,000 earlier this month. The level had seemed to be a genuine support for the token all year and likely to have encouraged traders to put stop loss orders just below it.

    2. Didn't read any local bloggers here average down Bitcoin at current "low". Any?

    3. If U ask me, U know i am very, very slow to believe or adopt new thing/innovation unless it is "compulsory" one way or another by everyone.

  5. Also do U notice DOW plunged ^ 600 points last night yet SGX some stocks still in the green?

    Those in the in the red, hardly amount to anything?

    Time to buy today?

    Yes and No!

    May be i will buy 1st Reit if i think going forward fundamentals of company will be still strong.

    Buy at your own risk hoh!

  6. U know i have not stop looking at the market since day one everyday for something to buy.

    Maybe to sell also.

  7. In fact STI Index gaining +12.65 points @ 12.59 p. m. at 3039.64.

    That's how crazy the market can be.

    But i bet U if Dow's future is down only about 100 or 200 points at about 4 pm,

    STI Index should turns negative.

    No need to wait until tomorrow.

    How i come i don't like short to very short term trading leh?

    It is really hard to be in the stock market trading or not!

  8. I love such quick & scary drops .... helps to clear sentiments! :)

    And also good for a short scalp or Vix trade if don't mind staring at the screen for an hour or so. LOL!

    Good time to pick up some solid companies .... oh boy, looks like I may be adding a bit more QQQ tonight ... Thanksgiving gobbling on top of Halloween! :)


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