I hope it drops down down down, so far down that the global economy will take notice and the price of gas will also drop down down down, so far down that the global economy will notice and the price of shot will drop down down down, so far down that the stores/ranges will have to pay us to buy the shells.
This is not a repeat of Black Monday. Back when that happened (87), the DOW was roughly at 2200. When it dropped 500+ points, it lost 22% of its value. Today, the DOW is over 12,000 and the 500 point drop (although it did recover a little) was only about 3% of its value. Can't compare, but it's still a big deal. Don't sell -- hang on. This all started because China changed the way "speculation" that drove their index to record highs this past week could be done; the other world markets took a hit as well. The financial analysts here say it's the percentage that's important, not the points. Please don't flame me, this is straight from our analyst. He also said that our "media" is creating more of a problem than the "world" media is.
Fox News indicated that individual investors were not selling out...these are pre-programmed computer-driven sell-offs by large funds. They point out that the stock market has done nothing but go up-up-up since last June...an unprecedented run-up without any corrections. Apparently, they believe this is the long anticipated correction and a recession is not expected. Best Regards, Ed
Bo, 7 by Oct. and 15 for beans sounds good to me just not sure if I can pass up the present levels. So far everything I've done has been too cheap ( I guess) but much better than recent years. Boy, If we could figure out the market I'd let someone else raise it.
Robb, a lot of the guys play the futures here.
You know buy short,buy long.
I seen a guy lose 620 acres a few years ago when beans went nuts.
He could not cover his margins.
Some of the farmers here are crazy,$4,000.00 and $5,000.00 per acre on prime ground now.
Seen the same thing at $3,000.00 when Carter was in.
Corn and beans were high.
Then 20% and higher interest rates.
Lot of family farms lost.
I don't know where you are at as far as land prices.
I am in IL. in the Mississippi river bottom ground,flat and black gumbo.
As far as the grain price we live close to the river,if you know what that means,as I am sure you do.
I am sure that both my kids and I lost money today. Just about couldn't help it if you havemoney in stocks. I won't lose any sleep tonight over it. The point above about percentage versus points is a very good point. A loss of 416 points seems big but it was only about 3.3%. Nothing like 1987.
I happened to be watching the ticker with my two daughters around 3 pm when it slid from 250 to 540 in literally a few minutes. I looked at the girls and said, "Girls, you and dad are losing money pretty quickly right now." However, as far as I could tell nothing really changed in my life. Still hasn't nearly 3 hours after close.
But it was pretty crazy. I had never seen it fall that fast in that short of time.
With regards to the rapid plunge - there was a computer glitch that happened (see MSNBC link above for further explanation) that made it look like the DOW took a nosedive in literally seconds. Actually, it didn't, but it sure was scary to look at anyway.
Another good buying opportunity now. Corn prices will go higher due to greater amounts headed for the ethynol plants. ADM is busy trying to contract/buyout these plants and this will only drive the price of corn higher. If a wet spring and planting is down or delayed...prices will zoom.