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Washington DC and The Holy Land>Trade Wars are good and easy to win. Dow drops 950 points.
Lex Luthor 01:51 PM 08-05-2019
Thanks Donald!

Originally Posted by :
Dow plunges more than 950 points after China devalues its currency

The Dow tumbled more than 950 points and global stocks were in disarray on Monday after China escalated the trade war with the United States.

The Chinese government devalued the yuan to fall below its 7-to-1 ratio with the US dollar for the first time in a decade Monday. A weaker currency could soften the blow the United States has dealt China with its tariffs.

The weak yuan ignited fear on Wall Street that a currency war has begun or that the United States would respond with even higher tariffs, prolonging the standoff with China and potentially weakening the global economy. Investors are particularly concerned that the Trump administration could try to devalue the dollar, sparking a currency war that could weaken Americans' purchasing power.

"Risks of Trump intervening in foreign exchange markets have increased with China letting the yuan go," wrote Viraj Patel, FX and global macro strategist at Arkera, on Twitter. "If this was an all out currency war - the US would hands down lose. Beijing [is] far more advanced in playing the currency game [and has] bigger firepower."

President Donald Trump once again called China a currency manipulator on Monday, saying the yuan devaluation was a "major violation." Trump has long attacked China for its currency policy, even though the Treasury has refrained from officially labeling the country a currency manipulator.

China announced Monday its companies have halted purchases of American agricultural goods. That helped to drive stocks even deeper into the red.

US stocks were sharply lower, with the Dow (INDU) falling more than 950 points, sinking below 26,000 points for the first time since June. The Dow was on pace for its third-worst point drop in history.

The S&P 500 (SPX) traded 3.7% lower, and could post its worst day of 2019. The Nasdaq Composite (COMP) fell more than 4%, its biggest decline since October 24, 2018. If the Nasdaq closes lower Monday, it will have logged its longest losing streak since November 2016, when it fell for nine-consecutive days in the lead-up to the presidential election.

The S&P 500 is on track for six consecutive down days for the first time since October, while the Dow is on track for its longest losing streak since March. Last week, the S&P 500 and the Nasdaq Composite logged their worst week of the year last week.

Hit particularly hard were tech stocks. Apple (AAPL), Intel (INTC), Microsoft (MSFT), Nvidia (NVDA) and Advanced Micro Devices (AMD) were among the biggest losers on Monday.

The VIX (VIX) volatility index soared more than 30% to a seven-month high. The CNN Business Fear & Greed Index is indicating "Extreme Fear."
Asian markets all fell more than 1.6% Monday, and Hong Kong's Hang Seng closed down 2.9% as protests continue in the region. In Europe, London's FTSE 100 finished down 2.5%. Germany's DAX and France' Cac 40 closed 1.8% and 2.2% lower, respectively.

US government bonds rose and yields fell as traders looked for safe investments. The 10-year Treasury yield declined to 1.7413%. The yield curve ó the difference between shorter and longer-term bond yields ó grew the widest since April 2007. That inversion of the yield curve has predated every past recession.

Escalating the trade war

The yuan weakened sharply after the People's Bank of China set its daily reference rate for the currency at 6.9225, the lowest rate since December. The central bank said in a statement that Monday's weakness was mostly because of "trade protectionism and new tariffs on China." President Donald Trump threatened a new round of tariffs on the country last week.
Devaluing the yuan is one way China has of retaliating against the tariffs. A weaker currency helps Chinese manufacturers offset the costs of higher tariffs.

Analysts at Capital Economics said the move showed that Beijing has "all but abandoned" hopes for a trade deal with the United States.

In US economic data, the non-manufacturing index for July from the Institute of Supply Management undercut consensus expectations, which didn't help matters.
https://www.cnn.com/2019/08/05/inves...day/index.html
[Reply]
EmojiMania 09:16 PM 08-05-2019
Originally Posted by petegz28:
What's amazing is some people, not including yourself, are capable of understanding the financial markets and why they go up and down. You should pay more attention when those people talk. You might end up looking less stupid.
Are you suggesting you're one of those people? You, pete?

:-):-):-):-):-):-):-):-):-):-):-):-):-):-)
[Reply]
Over Yonder 09:21 PM 08-05-2019
Reading this reminded me that I checked my 401k last Friday. So I just went and checked it again. Up $0.85 cents.

Hey, at least it ain't a negative :-)
[Reply]
EmojiMania 09:21 PM 08-05-2019


Pete I'm just a simple guy and not a fast-trading, stock-picking genius like you, so can you use that big fancy brain of yours and tell me which of these numbers are larger?

:-):-):-):-):-):-):-):-):-):-):-):-)
[Reply]
petegz28 09:25 PM 08-05-2019
Originally Posted by EmojiMania:


Pete I'm just a simple guy and not a fast-trading, stock-picking genius like you, so can you use that big fancy brain of yours and tell me which of these numbers are larger?

:-):-):-):-):-):-):-):-):-):-):-):-)
You're right, you're not smart. I never said the market didn't go up under Obama. I said he had the slowest economic recovery in history. That's a fact. I also said the market went up due what was coined as "The Fed Put". Again, fact.

Like I said, go play your kiddy games with someone else.

Stick to trolling with your little mojicons
[Reply]
Lex Luthor 09:27 PM 08-05-2019
Originally Posted by petegz28:
You're right, you're not smart. I never said the market didn't go up under Obama. I said he had the slowest economic recovery in history. That's a fact. I also said the market went up due what was coined as "The Fed Put". Again, fact.

Like I said, go play your kiddy games with someone else.
This picture sums up Pete's argument pretty well.


[Reply]
Lex Luthor 09:31 PM 08-05-2019
Trump LOVES to take credit for things Obama accomplished.

Here is yet another example.

TRUMP LAST NIGHT

TRUMP: "We passed VA Choice...on behalf of our great veterans. They've been trying to pass VA Choice for four decades. They couldn't get it done, we got it done, we got it."

In 2014, Obama signed The VA Choice billpic.twitter.com/OqQMQMRlQc

— PoliticsVideoChannel (@politvidchannel) August 2, 2019

[Reply]
stevieray 09:51 PM 08-05-2019
Originally Posted by Lex Luthor:
Hopefully the Biden recovery
oooooh there you go again, Lex.

Remember that bet you threw out about reelection....then ran away when I tried to take you up on it....


:-)
[Reply]
lostcause 10:11 PM 08-05-2019
All this winning....
[Reply]
Over Yonder 10:26 PM 08-05-2019
Originally Posted by lostcause:
All this winning....
Yea. I've posted before about that. I'm kinda getting sick of winning myself. The damn overtime sucks, but.....

Got a $2/hr. raise effective today. As of Jan 1,2020, we are supposed to go 100% export. Mostly China, but Japan will be a biggie as well they say. Back when the omnibus passed, I got a decent bonus. I believe it was Pelosi who called it "Chump change".

That "Trump Change" (termed by Over Yonder :-) ) is currently sitting in a CD down at the bank waiting for our vacation later this year. Have you had a bad year financially speaking? I honestly hope not. I know not everybody benefits from good OR bad financial times. :-)
[Reply]
lostcause 10:33 PM 08-05-2019
Originally Posted by Over Yonder:
Yea. I've posted before about that. I'm kinda getting sick of winning myself. The damn overtime sucks, but.....

Got a $2/hr. raise effective today. As of Jan 1,2020, we are supposed to go 100% export. Mostly China, but Japan will be a biggie as well they say. Back when the omnibus passed, I got a decent bonus. I believe it was Pelosi who called it "Chump change".

That "Trump Change" (termed by Over Yonder :-) ) is currently sitting in a CD down at the bank waiting for our vacation later this year. Have you had a bad year financially speaking? I honestly hope not. I know not everybody benefits from good OR bad financial times. :-)
Congrats to your financial good fortune, sir, and I sincerely hope that it continues - regardless of who sits in the white house.
[Reply]
EmojiMania 01:00 AM 08-06-2019
Originally Posted by Over Yonder:
I'm kinda getting sick of winning myself. The damn overtime sucks, but.....

Got a $2/hr. raise effective today.
Originally Posted by lostcause:
Congrats to your financial good fortune, sir
Wow, I knew things were bad in the midwest but not so bad that a $2/hour raise (like $4k a year????) is something all your e-buddies pat you on the back for. Good god am I glad I don't live in whatever shithole you people come from where this is your norm.

You want to talk about winning? Go get a job with a ****ing salary. All of you.
[Reply]
El Lobo Gordo 01:11 AM 08-06-2019
Originally Posted by Lex Luthor:
The problem is that Trump doesn't understand who pays for tariffs.
If tariffs slapped on China only hurt the US, why would China care if we imposed them? Tariffs are bad for both the importer and exporter. Trump may not understand Tarriffs very well, but his understanding of them is orders of magnitude better than yours.
[Reply]
patteeu 04:49 AM 08-06-2019
Originally Posted by EmojiMania:
Wow, I knew things were bad in the midwest but not so bad that a $2/hour raise (like $4k a year????) is something all your e-buddies pat you on the back for. Good god am I glad I don't live in whatever shithole you people come from where this is your norm.

You want to talk about winning? Go get a job with a ****ing salary. All of you.
Dumb take. $4k per year is a 5%-7.5% raise over the average income in any state. In Missouri, itís close to 7.5% which would be a huge raise, but even in California itís well over 6%.

You must not have had a raise in a while to be this far out of touch.
[Reply]
Lex Luthor 04:50 AM 08-06-2019
Originally Posted by El Lobo Gordo:
If tariffs slapped on China only hurt the US, why would China care if we imposed them? Tariffs are bad for both the importer and exporter. Trump may not understand Tarriffs very well, but his understanding of them is orders of magnitude better than yours.
:-)

Of course tariffs are bad for BOTH sides. Thatís why itís called a trade war.

Trump thinks trade wars are good, he thinks they are easy to win, and he apparently thinks China pays the tariffs rather than the American consumers. Or, he does understand that Americans actually pay the tariffs, but he chooses to lie about it because he knows his supporters will believe anything he says. They prove that every day.
[Reply]
Reroka 04:53 AM 08-06-2019
Originally Posted by EmojiMania:
Wow, I knew things were bad in the midwest but not so bad that a $2/hour raise (like $4k a year????) is something all your e-buddies pat you on the back for. Good god am I glad I don't live in whatever shithole you people come from where this is your norm.

You want to talk about winning? Go get a job with a ****ing salary. All of you.
WTF is your issue making fun of a hard working person for what he makes an hour?
[Reply]
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