I honestly though we would get 2 days of POP. I guess yesterday was it.
A not so nice bounce this morning. More of a spat.
But, this is dumb money hour.....
We shall see...
However, early afternoon doesn't seem very sunny either. Yesterday might have been a dead cat bounce.
Lookin' up at the 'G Fund'!!!
I honestly though we would get 2 days of POP. I guess yesterday was it.
In Dog Beers I've only had two.
Maybe we get a turn around Thursday afternoon? Maybe put in a huge tail on this day...wishful thinking
Kinda doubt it, but even if the EoD does pop up this is not a market for wishful thinking
The only reason we have dumped so far is Federal policy - and, State policy where appropriate. This is the result of politics. In the end, I don't even know if things will change if the politics change. Once sucker punched we tend to be very careful not to get sucker punched again. As an example, why would people invest in an oil pipeline? We hope investment will happen if the opportunity arises. We need the fuel. But, less than two years ago we elected someone who was yammering about shutting down pipeline construction, reestablishing regulations, and locking up oil company executives. Promises made are promises kept. It is the gift that keeps on giving. We wanted this. We wanted this managed by the executive order of one man. Elections have consequences. Now, if I had the ability to stroke a check with a lot of trailing zeros I would think about this now in 'Merica. If I had $200 bucks to invest in Chevron I don't know if I would.
Any of you want to invest in Keystone Pipeline v2024?
I'm going to nope it.
So, if folks think like me you ain't going to get any more fuel.
GLHF
Lookin' up at the 'G Fund'!!!
Current Allocation (as of COB Monday, July 14, 2022):
Fund Allocation Banal Thoughts G 60% Let's lose money more slowly F 10% Rode this pig, but a big rate hike is coming C 10% Nobody else wants to buy in, why should I S 10% Socialists hate small/medium sized businesses I 10% The EuroTrash look worse than we do
Sciencey Stuff:
Expected Annual Return: 6.00%
Expected Risk: 4.78%
Best Year: 16.92%
Worst Year: -9.08%
Biggest Dump: -13.38%
More sciencey Stuff - Current Drawdown:
Fund Drawdown Start Date F -14.61% July 2020 C -21.11% January 2022 S -33.82% November 2021 I -25.61 September 2021
I am gaining confidence that the steady hand of our gubmint will guide us toward an unforced error.
The nice thing is that for those that did not just eat all of the losses the predatory recovery will be wonderful. When the pie gets smaller I still intend to eat well.
Lookin' up at the 'G Fund'!!!
Best to you. I don't even want the anxiety of having just a little in right now. It's sort of been nice not worrying (and I know a better day lies ahead eventually).
Scott Harrison
Senatobia, MS
I'm 100% "S" fund. I'm way past anxiety. Yep, Boghies November 2021 numbers for "S" fund are spot on. Not living the dream.
May the force be with us.
Ok, so Intuit's mortgage grinder business is selling home equity mortgages as:
- You can use your home equity as an ATM!!!
- and, you can use a home equity loan as a cash reserve!!!
Sure, that's the ticket.
Where have we seen that before
For those that are a bit too young to have felt the pain of 2007 - 2009 here is reality:
- You LIVE in your house, it is not really a cash store
- and, the loan companies were 'calling in' home equity loans back in 2008/9.
When a loan - or a credit card - company 'calls' it's loan you have to pay it back in full, refinance it, or go on some sort of payback schedule. So, that car you bought in 2019 using the HELOC loan is now due in full. And, you now have no 'cash' buffer.
Don't be dumb.
Lookin' up at the 'G Fund'!!!
I established a Home Equity Line Of Credit decades ago simply to establish a resource that if I needed cash quickly for emergencies or a large purchase, it was available to me just by writing a check. I think I've used it twice (for vehicle purchases) in all that time.
At some point I really didn't "need" it any longer because my other accounts and funds were growing and were just as accessible, but I've hung onto it anyway. It doesn't cost me anything if I don't use it. It just sits there.
What I would like to point out is that, it's basically a lien against your home, and when you go to sell (which I am planning to do in a few years), the HEL account needs to be closed and gone. You can't sell and move on with that in existence.
If you suck at managing money, then an HEL is probably not for you.
I have direct experience with a credit card, but only heard about HELOCs being called from the media and a friend. Both happened during the depths of 2008/9.
I had a credit card with a 7% interest rate back then - a VERY good interest rate at the time and not bad even now. My FICO/Credit rating was also very good and I had never missed a payment. Then in a billing statement the minimum payment was the full amount. Yowser. I was certain it was a mistake. I mean, credit card companies spend a lot of money finding suckers like me that have a balance. So I called. Dude on the phone just told me repeatedly that 'It was a corporate decision.'. They offered a payment plan with about twice the interest rate. I told them in no uncertain terms that I would close the card myself if they did not reverse this stupid decision. They didn't, I did. It was one of the dumbest things I have ever seen a business do. And, now that card company no longer exists.
A friend of mine was using his HELOC as his emergency fund. He had very little or nothing on it, but it was 'called' and canceled by the provider. He had months to act, but sluffed it off.
If a provider informs you that THEY will cancel the credit line than make sure YOU cancel it first and on your terms - and do so in writing. If a credit provider cancels credit it looks bad on your FICO/Credit score. If you cancel it had no affect. Plus, you don't want them auto-dumping you into a high-rate payback plan. Do things yourself, you will have at least a month to do so and I think you actually get three months.
Lookin' up at the 'G Fund'!!!
Ahhh, I see.
My account has been transferred or sold once or twice to another financial provider, but never just "Cancelled" like that. That sucks.
Last edited by Epic; 08-01-2022 at 12:07 PM.
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