11/6/24 Premarket | US30 43,158.0 +936.1+2.22 US 500 02:41:54 | US500 5,892.9 +110.1+1.90 US Tech 100 02:39:44 | USTECH 20,567.9 +340.8+1.69 Small Cap 2000 02:40:22 | US2000 2,377.4 +107.7+4.75 S&P 500 VIX 02:39:09 | VX 16.08 -2.26-12.34
I would NOT be chasing this open .... This is all computer algorithms having a huge party tonight while the retail investor loses out on tremendous gains....im sure some placed some bets before the market closed yesterday, but to put on trades at the open is foolish. Best to sit it out and wait patiently for another entry point, tomorrow is NOT the day to buy!
It's very important to instill fear in the masses if you want your way. Even though he doesn't do any of this stuff, if you can make people THINK he will then you can help the resistance.
Everyone is way tooooooo euphoric. And then tomorrow the fed wants to cut another .25 basis points. Everything is going parabolic..... Time to take some profits...
Ironically with the 50bps rate cut last time the Fed actually caused higher 10yr rates by making conditions easier. So now they have to cut even more otherwise home affordability just gets worse & worse so housing inflation will keep rising. What a mess. There is simply no motivation to sell your house if you have a 2020 or 2021 interest rate mortgage. Why would you sell a 2% mortgage for a 7% one?
Yea they have spoken about that, only a fool would buy into this market. ..People are still going bonkers and paying well over asking...a friend of mine just out their house up for sale. They inherited it. House sold in 3 days 50k above asking. Hours later another buyer offered 75k above asking. They went with the guy with the 50k above asking since he was dropping 700k in cash on the buy. Those who can out down 10 ir 20% and have a home already with a mortgage rate under 4% is only a fool to sell and grab a 30 year fixed at 7% paying literally thousands more per month. Every asset class is way way way over extended, from stocks to commodities to housing and everything else in between. It's become nothing but the greater fool theory......
Some people who sell their house do have assumable mortgages but there aren't that many of them. I would imagine these would be in the less desirable areas to live. I haven't seen any in the SF bay area where I live. I remember in the 1970s when my parents bought a house in central New Jersey (US) it had an assumable loan. They were quite popular back then but that was largely due to very high rates back then (12+%).