It's gonna be a hell of a day.

[jon-nyc]

Just remember, the stock market is still substantially higher than it was at any point in the Trump administration.

[Mik]

I don't think the drop is anywhere near done. It would be nice, but a run up is usually followed by a drop followed by a run up followed by....

[George K]

@jon-nyc said in It's gonna be a hell of a day.:

Just remember, the stock market is still substantially higher than it was at any point in the Trump administration.

Yes, and the S&P was 1500 points higher on the day Trump left office than on the day Obama did.

[jon-nyc]

I have to sell a substantial amount of stock in the next month to buy a house. But I had intended to sell Asian and emerging market funds that hadn’t gained that much over the years and haven’t lost as much this week.

And about half of what I need I’ll get from selling NY tax exempt bonds, which are actually up this week.

The silver lining is I’ll owe less capital gains tax than I was anticipating.

[Jolly]

@jon-nyc said in It's gonna be a hell of a day.:

Just remember, the stock market is still substantially higher than it was at any point in the Trump administration.

Higher than it was under FDR, too.

[Jolly]

I don't think this is a minor correction. Recession on the way, if it ain't already here.

[jon-nyc]

You’ve been wishcasting a recession since January 21st, 2021.

[jon-nyc]

I tried to login to vanguard to sell some of those munis while they’re high but the site is having issues.

[Jolly]

@jon-nyc said in It's gonna be a hell of a day.:

You’ve been wishcasting for a recession since January 21st, 2021.

And at such an opportune time.

[taiwan_girl]

And if the recession happens during the first part of 2025, and President Trump has been elected, then the recession is his fault? LOL

[LuFins Dad]

@taiwan_girl said in It's gonna be a hell of a day.:

And if the recession happens during the first part of 2025, and President Trump has been elected, then the recession is his fault? LOL

Of course not, but if it doesn’t get fixed by him, then we look for new answers in 2028.

[George K]

"Oh no! The assets I don't plan on touching for 20-30 years are worth 2% less than they were yesterday. The sky is falling!"

[Jolly]

@George-K said in It's gonna be a hell of a day.:

"Oh no! The assets I don't plan on touching for 20-30 years are worth 2% less than they were yesterday. The sky is falling!"

Yeah, but what if this continues? What about us guys with a five year horizon?

During Obama, I took a 30-something percent haircut. Took 38 months to get that back.

[89th]

For those with a 5 year horizon, I would hope they aren’t riding with an index fund or similarly volatile portfolio and have shifted into less risky holdings especially after the recent frothy bubble up in values.

[89th]

I’m on summer vacation (shocker, at a lake) so I haven’t really been tracking the news. Probably shouldn't check my accounts.

Oops, just did. Woof. As long as they keep going up over the long term… if we get really into deep territory I might even shift some accounts into aggressive mode to ride the eventual rebound that much faster.

[taiwan_girl]

@89th said in It's gonna be a hell of a day.:

For those with a 5 year horizon, I would hope they aren’t riding with an index fund or similarly volatile portfolio and have shifted into less risky holdings especially after the recent frothy bubble up in values.

Agree. Definitely should be agressive if long term view. As your long view gets shorter, become less aggressive.

[xenon]

@Jolly said in It's gonna be a hell of a day.:

@George-K said in It's gonna be a hell of a day.:

"Oh no! The assets I don't plan on touching for 20-30 years are worth 2% less than they were yesterday. The sky is falling!"

Yeah, but what if this continues? What about us guys with a five year horizon?

During Obama, I took a 30-something percent haircut. Took 38 months to get that back.

After Jan 2009?

[Copper]

@George-K said in It's gonna be a hell of a day.:

"Oh no! The assets I don't plan on touching for 20-30 years are worth 2% less than they were yesterday. The sky is falling!"

At that rate, you will be broke in a few months.

[taiwan_girl]

@xenon said in It's gonna be a hell of a day.:

@Jolly said in It's gonna be a hell of a day.:

@George-K said in It's gonna be a hell of a day.:

"Oh no! The assets I don't plan on touching for 20-30 years are worth 2% less than they were yesterday. The sky is falling!"

Yeah, but what if this continues? What about us guys with a five year horizon?

During Obama, I took a 30-something percent haircut. Took 38 months to get that back.

After Jan 2009?

I think a lot was during President Bush turn. I believe that high Dow Jones during president Bush was 21000 in Sept 2007, and when President Obama took office, it was ~12000, but did do a significant drop to ~10500 in March 2009. Back up to 12000 a couple of months later, and back up to 21000 in Nov 2013

[Mik]

We've already gotten back more than half of yesterday.