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CH1 said:
Thank god LOF finally turned that channel off. It's a noisy regret inducing machine.
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I still watch it, but it's not on all day in the other room anymore. It was too much of a distraction and constantly luring me over there to see what else had happened. But it is insanely compelling tv, like nothing else I've ever experienced when I'm invested. Like I said yesterday though, I finally shook free from the hysteria and have realized I wasn't going to buy everything out there. So I'm back to cherry picking the one to three stocks I have my eye on and waiting and watching them.
 
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Preston said:
I love LOF so much. And CNBC. Can't wait for the despair to set back in.

"YEAH WELL I SOLD ALL MY STOCKS AND WENT SHORT A WEEK AGO. I DIDN'T TELL ANYONE UNTIL NOW THOUGH BECAUSE MY TRADES WORKED OUT. I THINK SPY IS GOING TO 50 BY NEXT MONTH."
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Is that hypothetical quote attributed to me? I definitely don't want to see everything tank now. Not remotely interested in that. But we all knew today was coming, just didn't know when, and don't know whether it'll roll lower with it. So no despair yet, but could use a dip to maybe pick up a couple of names. Just don't know what to think of the world right now. They're saying LA is going to imminently announce that LA stays closed through July 31. Disaster.
 
LeafOfFaith said:
Is that hypothetical quote attributed to me? I definitely don't want to see everything tank now. Not remotely interested in that. But we all knew today was coming, just didn't know when, and don't know whether it'll roll lower with it. So no despair yet, but could use a dip to maybe pick up a couple of names. Just don't know what to think of the world right now. They're saying LA is going to imminently announce that LA stays closed through July 31. Disaster.
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Mocking CNBC, not you. Never you.
 
Kinda expected premarket to be blood red today but I need to reign in my bear bias a bit. It's really fucking difficult to do that in this environment. I still feel like this move may fade and perhaps turn red or close to it by open but this is yet another reminder that bear bias in the current environment is quite frankly deadly. Even when shit dumps near close with vigor and conviction that we have not seen in several weeks, it is no guarantee that the move will continue the following day.

As one of the more optimistic on here, even I have clear bear bias and believe that a rug pull at some point is incredibly likely. It might be right but every time the bears show something part of me thinks we're dumping 10-20% in the following week ala February.

With that said I might attempt a bearish play or two in the coming days depending on what I see but the chart is the biggest hint. Ignore the noise.

EDIT: And here comes the red that I expected. Still expected far worse but it's early. Seems like the dump came due to some Powell comments about significant downside risks upcoming. Basically firing off FUD that we all already knew about. But hearing it from JPow is a different ball game folks.
 
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Amex basically dead for me. New signup/referral bonus for the Biz Plat (my favorite card in the past):

You¹ could earn a referral bonus of 5,000 Membership Rewards® points² for each approved referral.

Your friend could earn 45,000 Membership Rewards® points when they charge $7,000 in purchases to their Card in their first three months of Cardmembership³.
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It used to be 25,000 points for the referral (that I'd go back and forth on with Mrs. Preston) and I believe 60,000 points for spending 7k in 3 months. The new offer is absolutely not worth the annual fee. Personal Platinum card bonus is ruined as well. It's over folks.

RIP.
 
Preston said:
Amex basically dead for me. New signup/referral bonus for the Biz Plat (my favorite card in the past):



It used to be 25,000 points for the referral (that I'd go back and forth on with Mrs. Preston) and I believe 60,000 points for spending 7k in 3 months. The new offer is absolutely not worth the annual fee. Personal Platinum card bonus is ruined as well. It's over folks.

RIP.
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Didn't they have to that - they've made the points 2x as valuable until July.
 
CH1 said:
Didn't they have to that - they've made the points 2x as valuable until July.
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Yeah but that doesn't help me. They won't go back to the old welcome bonuses. Once they get worse, they never go back. And they've gotten progressively worse for years. Bleh.
 
JPOW: "The committee’s view on negative rates really has not changed. This is not something that we’re looking at."
 
Preston said:
With that said I might attempt a bearish play or two in the coming days depending on what I see but the chart is the biggest hint. Ignore the noise.

EDIT: And here comes the red that I expected. Still expected far worse but it's early. Seems like the dump came due to some Powell comments about significant downside risks upcoming. Basically firing off FUD that we all already knew about. But hearing it from JPow is a different ball game folks.
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I'm a bear in the context of 3-9 months out. I've said it repeatedly that I don't think the economy will come back 100%. Too much upheaval and uncertainty. A big chunk of job losses will be permanent. Remember, stonks were at all time highs in Feb based on a low unemployment economy with lots of election year stimulus.

As for the day to day gyrations, I cannot predict and so I try to keep an open mind. The levels are pretty straightforward in the near term. ES needs to re-capture 2900. Bears start dancing under 2800. The key is to not lose too much money playing the middle.
 
Preston said:
Yeah but that doesn't help me. They won't go back to the old welcome bonuses. Once they get worse, they never go back. And they've gotten progressively worse for years. Bleh.
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I wouldn't say never. 3 yrs from now, there might be a new welcome bonus arms race.
 
Also Biden winning, with a potential plum role for Warren in his cabinet, is not good for stonk valuations. Market has to factor that in.
 
CH1 said:
I'm a bear in the context of 3-9 months out. I've said it repeatedly that I don't think the economy will come back 100%. Too much upheaval and uncertainty. A big chunk of job losses will be permanent. Remember, stonks were at all time highs in Feb based on a low unemployment economy with lots of election year stimulus.

As for the day to day gyrations, I cannot predict and so I try to keep an open mind. The levels are pretty straightforward in the near term. ES needs to re-capture 2900. Bears start dancing under 2800. The key is to not lose too much money playing the middle.
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Oh yeah I agree that it'll take a few years at minimum to get back on our feet. But it'll happen.
 
Preston said:
So are you buying the dip on welcome bonuses? There's definitely been a decade long falling wedge pattern..
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Not really a buy the dip scenario. on the sidelines until they make me an offer I can't refuse.
 
Preston said:
Yeah.. It's over folks. They lost Preston as a "customer." I'm sure they're devastated.
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I mean, I'm obviously joking, but these companies are used to doing the fucking and not the other way around. If you think they don't take fraud and people screwing around seriously, you're wrong.
 
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