What happened to the stock market today?

More of just China tanking. The government there has been using government money to prop up their stock market for a long time and that just broke. I am simplifying things in a eXtreme way. But it pretty bad but not 2008 horrible. But I am not convinced that this is the beginning of a massive crash.

But it was funny. Around 3AM PST last night I heard of China dropping 8%. So I was really drunk and is was thinking sell everything. Luckily I didn’t since it would have been a bloodbath if the orders executed at open since DJIA was down 1000+. When I woke up (11am) I was only down a fraction of a point. Then the bottom fell out. I’m down about 10% in the last week. But I will see how this week plays out before getting to concerned.

@johnpowell is right, but it’s not all about China.

10 Reasons

Same old capitalist whipsaw. Markets do that, it is completely normal for under-regulated markets to go bonkers occasionally.
U.S. equities were already bought way up because there’s little money to be made on fixed income instruments while Fed interest rates are so low, so ripe for an overdue ‘correction’.

Great article @Pachy !
Leveraged ETFs… and all the other parasitic speculative program trading out there accelerate and exaggerate anything that happens in the stock market.

Just another indicator that capitalism is in crisis

It acted as markets do, particularly at the end of a 5-year boom.

Nothing special. This is normal.

It was a buying opportunity.

It’s the international reaction to an “adjustment” in the Chinese markets.