Quote:
Originally Posted by XutvJet
Overreaction and extreme fear is driving the market right. The market was overvalued and Wall Streeter's rose colored glasses have skewed financial reality. Yeah, my portfolio has taken a deep 6 figure hit in the past few days and it hurts. But, I've been here SO many times. I'm 45 and will just wait this out. I could see it continue to go further and further. Then, all of sudden, the market will shift dramatically on something positive. Likely due to news of an effective Coronavirus vaccine, declining affected/death rates, news that the virus isn't as dangerous as being perpetuated in the news, or even just some sanity and realization that the world is a chaotic.
Remember, the one's steering the ship on Wall Street spend their days making money trading daily. That's their business. When they get spooked, the pull out out everything. That kills the marker. For us smaller investors, we can't really do that without losing our ass in taxes, etc. because it's our business line so we get pummeled in the short term.
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pretty much. people get easily panicked and sell... and just as easily see a good news article or some joe schmo financial analyst say something good about a company and everyone blindly runs to it (tesla / bitcoin)