Hey Scoopers,
The market’s drop since the beginning of the week surpassed 11% — more on that in the “Overall Market” section.
Beyond the overall market, investors cheered a telemedicine stock and sold off a recent darling of theirs — more on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, SEC won the battle against Steven Segal (yeh, the actor). It looks like the zen master was no zen when it comes to promoting ICOs — more on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: All three indices were in agreement about the direction of the market with at least a 4% drop. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price is now under the $9,000 mark. Bitcoin’s bulls keep denying that the market is too reliant on a few big players, But, whenever one of them liquidates, the whole market moves. One would think that should be enough to accept that fact.
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Is This The Bottom?
Large institutional and do-it-yourself investors have rushed to protect their assets before losing more. And, the sell-off has led to more than 4% one-day drop across the market indices. The week’s overall drop has now surpassed 11%, and it may have not reached the bottom yet.
Typically, analysts look into the Futures market to predict what will happen the day after, and so far, it looks like Friday is also going to be a bad day.
One thing to remember among all the bad news is that the market had a fantastic run in 2019. Investing is never about a one-time lump sum of buy and be done decision. The money you have invested six months ago, a year ago and years before that have already gone up quite a bit. The 10%-11% decline this week is only coming after a 20%-30% one-year gain in 2019. And, that context matters.
Investing is never about only two points of time, it’s about the cumulative result of small, gradual, and consistent decisions that accumulates over the years. With that lense, this drop and even a further drop is only an opportunity to invest more and build wealth carefully, slowly, and gradually.
Turn On That Video.
So, what happened?
Shares of Teladoc (Ticker: TDOC) were up more than 18% on Thursday. Investors are excited about anything “video” related. You’d want to work, stay home, turn on that video. You’d want to see your doctor, stay home, turn on that video. In the age of coronavirus, staying home is what excites investors. It also didn’t hurt that the company had an impressive quarterly earnings report.
