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Saudi announces oil war. Massive price cuts and more production coming

Discussion in 'BBS Hangout' started by robbie380, Mar 7, 2020.

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  1. The Real Shady

    The Real Shady Contributing Member

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    All major US equity indexes have been locked limit down tonight. Going to be a blood bath tomorrow.
     
    #21 The Real Shady, Mar 8, 2020
    Andre0087 likes this.
  2. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
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    Probably wait til $25 or so. If Saudi keeps this up for a couple months there is going to be some massive ****ing pain.
     
    #22 robbie380, Mar 8, 2020
  3. Air Langhi

    Air Langhi Contributing Member

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    Trying to guess a bottom is a fools errand. Saudi can't operate their economy at 30 and neither can Russia. 40*10 > 12*30. Even with this idiotic market share idea they make less money. This is basic game theory. Anything less than 40 bucks is a good place to buy.
     
    #23 Air Langhi, Mar 8, 2020
  4. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
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    WTI below 28 now
     
    #24 robbie380, Mar 8, 2020
  5. Dr of Dunk

    Dr of Dunk Clutch Crew

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    The 10-yr briefly went under .50%. The 30-yr is under 1. The Dow is pointing to a drop of 1200+ pts at the open. Mooooother.
     
    #25 Dr of Dunk, Mar 8, 2020
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  6. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
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    It’s a perfect storm from how I see it. There are just so many different things lining up on different time frames too with respect to the market.

    The other potential black swan to the 2 black swan events happening now is the completely random event of that infected guy at CPAC.

    “Trump was photographed shaking hands with Matt Schlapp, the chairman of the American Conservative Union, who confirmed that he had been in direct contact with the infected man during the Conservative Political Action Conference last month”

    Ted Cruz is self quarantining. Let’s hope there wasn’t any spread there but Jesus the markets would completely collapse if Covid spread to the president and the upper levels of govt.
     
    #26 robbie380, Mar 9, 2020
  7. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
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    Holy **** Europe getting destroyed.



    France down 10.3%

    Germany down 9.4%

    England down 9.6%

    Euro Stoxx 50 down 9.9%

    If you are wondering in Dow terms thats like 2500 points down
     
    #27 robbie380, Mar 9, 2020
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  8. Outlier

    Outlier Member

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    Can people explain this in laymans terms. Whats the effect on the general public
     
    #28 Outlier, Mar 9, 2020
  9. Dr of Dunk

    Dr of Dunk Clutch Crew

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    The 10-Yr went under .40% for the first time. Some of these oil companies are about to get slaughtered. BP was trading down something like 25%. Yikes!
     
    #29 Dr of Dunk, Mar 9, 2020
  10. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
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    Basically the markets are worried about a global recession and the continued disruption from corona virus. If you work in the energy sector or with a company that works with energy companies then it’s probably a good time to start working on your resumé.
     
    #30 robbie380, Mar 9, 2020
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  11. justtxyank

    justtxyank Contributing Member

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    it means companies are taking massive hits today to their stock prices and people are about to lose a **** ton of money in the markets.

    we may be on the verge of a financial crisis.

    if this is sustained at all expect massive layoffs in the energy sector and expect huge hits to 401k Balances
     
    #31 justtxyank, Mar 9, 2020
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  12. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
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    #32 robbie380, Mar 9, 2020
  13. Xerobull

    Xerobull You son of a b!tch! I'm in!

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    #33 Xerobull, Mar 9, 2020
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  14. REEKO_HTOWN

    REEKO_HTOWN I'm Rich Biiiiaaatch!

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    Good news for my job in Plastics. Feel bad for the Oil wives.
    I guess I might get a new/used truck after all.
     
    #34 REEKO_HTOWN, Mar 9, 2020
  15. Xerobull

    Xerobull You son of a b!tch! I'm in!

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    Goddammit. I just moved my money out of Toilet Paper futures and in to Angry Douchebag Trucks Corp. Was going going to move it all into healthcare but f-it! Rolling the dice and pulling it out at a steep loss and putting it all in to Summer Festivals, Inc. Cross your fingers girls!
     
    #35 Xerobull, Mar 9, 2020
  16. tochiee22

    tochiee22 Contributing Member

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    What should I I with my 401k

    let it get flushed down the toilet?

    No expert here, guide me please.
     
    #36 tochiee22, Mar 9, 2020
  17. REEKO_HTOWN

    REEKO_HTOWN I'm Rich Biiiiaaatch!

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    How old are you? Unless you're 60 leave it alone.
     
    #37 REEKO_HTOWN, Mar 9, 2020
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  18. Hakeemtheking

    Hakeemtheking Member

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    Get ready to buy some more. The key question is when because markets are free falling and you don't have to be catching a falling knife. There will be rallies in between, but this downtrend could take months to play out.
     
    #38 Hakeemtheking, Mar 9, 2020
  19. REEKO_HTOWN

    REEKO_HTOWN I'm Rich Biiiiaaatch!

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    Market correction at it's optimistic or recession at it's worst. Either way I'd like to keep all my fingers so waiting is the safest bet.
     
    #39 REEKO_HTOWN, Mar 9, 2020
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  20. Hakeemtheking

    Hakeemtheking Member

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    Totally agree, but I don't think this is just a correction. Japan is already in a recession. Germany not too far behind. My opinion is that there will be a systemic global recession - at least this is what the markets are telling us now. For those waiting to add to their 401k, there won't be a bell ringing telling you that this is the time to buy.
     
    #40 Hakeemtheking, Mar 9, 2020
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