Core Dump on Nasdaq

[Coronita]

Wow, Nasdaq just took a core dump…

For once my timing couldn’t have been better on needing money to serve as a cash backup for “other uses of my capital”.

Just two days ago, I was feeling kinda lousy that I was selling and things were still going up…

This should be interesting for the next few weeks….

[Coronita]

Of course, not that I said it, things will probably move up again….

But maybe that’s my plan… Maybe i am really just long, but if I say the opposite of what I want to do, it will move the way I want to go.

[paramount]

Great buy opportunity.

Yellen will certainly rescue the market.

Or maybe the market is not happy about the 192k (phony?) jobs report – meaning the feds policies are working and the fed pullback will continue.

[spdrun]

Highly doubt that the Fed will use a NASDAQ dump as an excuse to continue QE longer than a 10 billion per meeting schedule allows, absent other factors. The NASDAQ is in bubble territory, and I suspect that they’re seeking to deliberately deflate this bubble since a fall from 4300 is a lot less painful than a fall from 7500.

Remember that a 25% leg down on the NASDAQ from peak will only put us back to last April (3200 or so). Also, the Fed voting members are (thankfully) more conservative in 2014 than they were in 2013, so Yellen’s supposed craziness is balanced by other voting members.

[paramount]

Any long buys out there?

[Coronita]

[quote=paramount]Any long buys out there?[/quote]

I’ll let you know as soon as I’m done with my taxes …..

[ucodegen]

[quote=flu][quote=paramount]Any long buys out there?[/quote]

I’ll let you know as soon as I’m done with my taxes …..[/quote]
You mean; after you find out if you have any cash left after ‘Uncle Sam’..

[Coronita]

Well I owe federal about $3k and state owes me about $4k…

But the best part is I reviewed my taxes and realized that with turbo tax, I was accidentally importing my custodian account for my kid into my own tax, even though I filed my kid separately already….

It made me wonder if the same thing happened in 2012 and 2011…Yup it did…

So I also have to file a 1040X and 540X for both 2012 and 2011… I think combined the fed and state owes me about $3k for those two years for me overpaying… Plus interest….

I know, I should have double checked things, and how come my tax folks missed it…. Well, because my 1040 is around 200 pages, and my kid’s taxes is so easy I just end up doing them separately….. Oops…

[Coronita]

Two stocks I bought recently (one before earnings)…

1. Altria (MO)..
I bought them for a dividend play (5.1%).
It’s pretty boring. Goes between $36-38/share… Which is good. I like stability..

2. Alcoa (AA)..
I don’t know, but I think demand for aluminum will increase in the future, as more manufacturing emphasize lighter weight alloy for weight savings. Specifically in the auto industry…Aluminum was once reserved for the high end cars..But I think we’re seeing a gradual shift to mainstream (example: upcoming Ford F-150).

3. I’ve been holding onto Corning, though it hasn’t really gone up that much. Mainly because of gorilla glass.

[livinincali]

[quote=flu]
3. I’ve been holding onto Corning, though it hasn’t really gone up that much. Mainly because of gorilla glass.[/quote]

Did you buy the right corning stock?
GLW is up close to 20% since the first of the year. Up close to 50% YoY <-Makers of Gorilla Glass OC is up marginally <-makes fiber glass.

[Coronita]

[quote=livinincali][quote=flu]
3. I’ve been holding onto Corning, though it hasn’t really gone up that much. Mainly because of gorilla glass.[/quote]

Did you buy the right corning stock?
GLW is up close to 20% since the first of the year. Up close to 50% YoY <-Makers of Gorilla Glass OC is up marginally <-makes fiber glass.[/quote] GLW. yes... I consider it "ok" return...

[spdrun]

NASDAQ -113. TWTR down to 41 from ~70 at peak. Beware the social media bubble…

[Coronita]

I don’t think it’s specific to social media. Looks like everything is getting crushed today. Biotech specifically today.

Glad I’m in indexes, cash , consumer staples, some boring stocks, and more real estate at this point….

[The-Shoveler]

Start sarcasm
What FB has to be worth as much as Boeing and Ford put together, its’ a steal here is what I was hearing yesterday.
Besides I am still waiting for them to buy my phone app, I am a steal at 1 billion.
End sarcasm
Really I would like to see a 30-40% drop here but I don’t think we will see much before the fed starts hitting the print faster button (IMO anyway).

Doesn’t it give you the warm fuzzes to know that it’s basically the companies like FB and Google that are keeping our state out of BK.

[spdrun]

Several voting Board of Governors members have gone on record stating that a drop in the market is NOT a good reason to delay tapering or increase it. 30% down from peak in NASDAQ will take us back to approximately this month a year ago; no big deal. I suspect that Fed Board members are all too aware that the indices are overvalued and are trying to prick the bubble before it grows larger with more of a potential for harm.

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