Stock Market

J3ff

Dogecoin is back thanks to Elon.. It's been a long time of being in the red, just flipped green last night for me!! Searay 370 here we go!! 

J3ff

Still plenty of room to grow!!    

randy56

well the Fed mucked the market today and predicted to do the same in December. mortgage rate were hovering around 7.5%  we will see over 8% tomorrow, I predict around 9% mid December.

boatman37

Yeah I'm not the expert but think they have went too far. They need to let the dust settle for a little while to see where everything settles.

rasbury

Me neither, but, it seems by looking at the profits companies are generating the problem is controlling greed and calling it inflation. So many things we need or want come from fewer companies. Isn't this kind of the only way anyone can say to these companies there will be a strain on the money available to buy your products at your over inflated prices? This screws with our lives in horrible ways, but will hopefully make it better for everyone in the end as these companies have to lower prices to get business? We have had historical low rates for everything for years and inflation stayed low for years...covid seemed to be the excuse for raising their prices due to supply chain etc but the profits don't seem to reflect costs were higher, just the profit.

MarkB

All I can say is, even with all these interest rate hikes, the amount of people shopping is beyond insane. It's like Christmas shopping every single weekend ... hard to find parking, lines at some stores to get in.

So, I'm not sure the interest rates are actually changing any behaviors right now. People seem to be just carrying on spending.

Do you guys see the same?

YYZRC

@MarkB yes!  Not just shopping on weekends.  Go to a mall mid-week - who are all these people?  Are they "working from home"??

boatman37

I think big ticket shopping is slowing. Houses, cars. But I think this will start to trickle down to everything else soon and I'm afraid they may have overshot the goal. It's like turning a cruise ship, doesn't happen very quickly

randy56

I do not know about shopping, as I do not, but restaurants are always full it seems. I do go into Lowes and home Depot, regularly, there as busy as ever.
According to Edmunds, the average annual percentage rate (APR) on new-vehicle loans rose from 4.2% last October to 6.3% today, hiking the typical monthly payment from $655 to $703 along with it. On the secondhand market, rates jumped from 7.4% to 9.6% and monthly payments from $520 to $564. 

rasbury

Well it has to slow up buying to choke down the prices at some point. Everyone in the cars business is really making money Hands over fist. As soon as lots start to fill, prices will drop,  dealers will complain and tge rebates will follow.

J3ff

MarkB said:

All I can say is, even with all these interest rate hikes, the amount of people shopping is beyond insane. It's like Christmas shopping every single weekend ... hard to find parking, lines at some stores to get in.

So, I'm not sure the interest rates are actually changing any behaviors right now. People seem to be just carrying on spending.

Do you guys see the same?

Where are they getting their money? I am wearing shirts and shorts that I've owned for so long that they are developing holes in them. These shirts are 5 or more years old. I have no $ to waste on any kind of clothes these days. 

MarkB

J3ff said:

MarkB said:

All I can say is, even with all these interest rate hikes, the amount of people shopping is beyond insane. It's like Christmas shopping every single weekend ... hard to find parking, lines at some stores to get in.

So, I'm not sure the interest rates are actually changing any behaviors right now. People seem to be just carrying on spending.

Do you guys see the same?

Where are they getting their money? I am wearing shirts and shorts that I've owned for so long that they are developing holes in them. These shirts are 5 or more years old. I have no $ to waste on any kind of clothes these days. 

They are getting it from their lines of credit. Property prices have gone up, so they've managed to extend lines of credits by several $100,000's ... tonnes of money to spend! An uncontrollable habit is being fed!

Willhound

And as property values correct and mortgage rates go up and they can't make the payments or the bank demands credit payment there'll be a ton of deals on all kinds of toys including boats.

randy56

The Dow Jones Industrial Average gained 401.97 points, on Friday. I'm surprised since the fed raised the rate yesterday. 

rasbury

Well, do the markets think getting inflation down will make a more stable economy and we will all do better program?

boatman37

Luckily we were more responsible than many with extra money. Didn't buy any new cars, houses, boats, etc. We did some remodeling on our house and that was about it. We have a 2.9% rate on our house with about 5 years left paying it, my truck is 2.75% and pretty sure my wifes car is about 1.99%. We only owe $10,000 total between the truck and car and I have no plans of buying a new truck anytime soon as mine only has 28,000 on it. Might buy a new car for my wife in the near future but hers only has 70,000 on it. My plan is to retire at 57 in 4 years so tightening up the belts here on spending

rasbury

I agree @boatman37 so many took that home equity and went crazy. I did need a "new" truck as my 06 has 200k- still ran fine but was getting tired.  I work at a Ford dealership- being 64 I was not going to sign up fir a 60k/1200 a month payment. Kind of laugh when people have come in and paid "CASH' for a vehicle- when they pulled it out of there house and will pay for it over 30 years! Used is terribly inflated- the body was in good shape so:
New engine,  transmission. New motor mounts,  trans cooler, radiator. New wheel bearings, brakes and rotors. Replaced the leather interior with katskins at a local shop. I went to macco for a paint job- not high end but looks great. I spent 15000 on it with real cash out of savings. I could have bought the truck I started with for 15 grand before the redo so I'm real pleased with what I spent.  Wife's car we paid cash for. She hardly drives it. We have a handicap van for my grand daughter also paid cash out of her settlement from her accident. House is almost paid off and no other debt except the monthly power, water, phone etc. Don't even need cable. Still owe some on the boat but at anytime I could have sold it for what I paid for it. We went through our if we can get it we spend it phase a long time ago and since buckled down the spending. We live just fine, nothing like some on here but just fine. I do need to get smarter with what we have investment wise but we have a decent stock portfolio considering when we got married we had nothing and lived pay check to paycheck. People learn- or they don't!

halifax212

 Hey @rasbury , I am also in that 60+ age group(61), but I did just update my vehicle from 2011 to 2019. I almost spent $6000 to restore my rust free 328, but the Germans really soak you on repairs because of their designs. Paid off the home this year and love the peace of mind that goes along with it. Car loan was at 4.99,percent, but only over 3 years. Time now to try to be fiscally responsible. New car had 13,000 miles on it. The PO bought it new in May 2019 and due to lockdowns shortly after, there was no place to drive to. Basically a brand new car $20,000 off list price. 

Lake_Bum

Something to watch, is T-Mobile cellular.  They have an agreement already signed with Starlink satellite, to be the sole carrier to work with all those satellites. I'm guessing they will be a MAJOR competitor to the monster Verizon once that transition happens. 

Another thing to watch, is XRP crypto.  I've mentioned it in the past here.  The FCC lawsuit against them (Ripple) is winding down, and the groundwork is already laid for Ripple to completely replace the ACH bank transfer system that has been in place globally for almost 40 years.  XRP will be the next, or one of the next huge ones to shoot up.  In 6 months, you'll wish you had some at the .47 price it is today. 

boatman37

rasbury said:

I agree @boatman37 so many took that home equity and went crazy. I did need a "new" truck as my 06 has 200k- still ran fine but was getting tired.  I work at a Ford dealership- being 64 I was not going to sign up fir a 60k/1200 a month payment. Kind of laugh when people have come in and paid "CASH' for a vehicle- when they pulled it out of there house and will pay for it over 30 years! Used is terribly inflated- the body was in good shape so:
New engine,  transmission. New motor mounts,  trans cooler, radiator. New wheel bearings, brakes and rotors. Replaced the leather interior with katskins at a local shop. I went to macco for a paint job- not high end but looks great. I spent 15000 on it with real cash out of savings. I could have bought the truck I started with for 15 grand before the redo so I'm real pleased with what I spent.  Wife's car we paid cash for. She hardly drives it. We have a handicap van for my grand daughter also paid cash out of her settlement from her accident. House is almost paid off and no other debt except the monthly power, water, phone etc. Don't even need cable. Still owe some on the boat but at anytime I could have sold it for what I paid for it. We went through our if we can get it we spend it phase a long time ago and since buckled down the spending. We live just fine, nothing like some on here but just fine. I do need to get smarter with what we have investment wise but we have a decent stock portfolio considering when we got married we had nothing and lived pay check to paycheck. People learn- or they don't!

Yeah I went through a phase of buying anything I could but I'd like to retire comfortable so buying smarter now.

And yeah we are far from wealthy but are pretty comfortable. Still owe on the boat, student loans, house and 2 cars but still have quite a bit of disposable income that we never 'upgraded' our lifestyle to.

rasbury

I think most of us are of an ade we have been through tge good times and tge bad- not comoating to my elders that lived through the great depression- but enough to realize there will be tight times in life.  Hard to watch people that spend quicker than it's coming in.

Dream_Inn

Wow!  Nasdaq up over 6% is great!  Definitely a crazy day in the market.  I'm sure there will be many more to come in both directions.  It's nice to see my AMAT back up over a SP of 100, hope it will stay there.

randy56

 Yes! Nice gain today, keep it coming.

Dream_Inn

Wow, another great day for my stocks today, especially AMAT, which I have quite a bit in.  Only down maybe 12% total now. If my NIO would go back up, I’d be great!

oscar1

What happened with FTX

randy56

 At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.

aero3113

Yes, FTX had two companies. They were supposed to be treated as two separate companies. They funded one with the other investors money and then they had no money for their investors when they wanted out.

mattie

FTX - SBF - vegan.

Not a trustworthy mix.

boatman37

yeah if i had made any amount of money in crypto i would have pulled most of it. i just don't trust it or those running it. I have about $100-150 in crypto so no biggie if i lose it all. i bought BTC at about 13,000, which i think is where it is headed before it moves back up

Lake_Bum

oscar1 said:

What happened with FTX

Part of the massive money laundering with Ukraine.