Chinese stocks marked the start of the new year by getting frozen before they got absolutely obliterated due to the sharp fall in the wake of a disappointing manufacturing PMI report for December and further weakening in the Chinese yuan. After 45 minutes of trade, the benchmark Shanghai Composite index was down 3.38%, and was down more than 4% earlier in the session. However, by the close of the trading session, China’s blue-chip stock index — the CSI 300 — fell by 7%. That's the worst trading day in four months. Overall, Shanghai fell by 6.86% by market close.
This is only the beginning. It's gonna be a nasty week. The S&P, in my estimation, is poised to lose at least 10%.
I'm sure you could find at least 500 posts on this board in the past year re overvaluation, artificial Fed support, impending stock collapse, etc.
key term "lately"...if anything I've read a bunch of posts about buying far OTM calls going into the New Year...nowhere did I see a post about a big move downward on Jan 4th... I've seen this sort of cat and mouse logic on this site forever...One wants to go long, so one imagines that everybody else is short, yada yada.
If you were to venture a guess -- how many posts in the past year have described the stock market as undervalued, as versus overvalued?