I think a lot of people expected this card in the $450 range. I understand it's got a full Fury GPU, but it still disappointed a lot of people. On the other hand, AMD seems to have supply issues with all the Fury line up, so they have nothing to gain by pricing this low.
Polling from Pew and others have shown that more people are in favor of not enforcing Federal laws where marijuana is legal on the state level than favor marijuana legalization in general.
I'm pretty sure I've seen numbers in the 60s from other credible polling agencies, so this is on the low side. However, it is also worth pointing out that the Federal government can't force states to legalize and regulate marijuana, so the issue on the Federal level is primarily about whether the Feds should come in and start raiding marijuana shops or not. These polls accurately reflect how voters feel about Congress supporting bills that would leave states alone, which is basically legalizing marijuana on the Federal level.
My guess isn't so far off from Irreverent's. Banning handguns or firearms as a whole is not just politically unfeasible, it would result in anti government sentiments that would make the peak of the tea party rage look like a picnic. Law enforcement's job would be nearly impossible, and demand for firearms would continue to exist within the U.S. because of the gun culture. The right to own firearms is directly tied to the right to self defense. It's not just about hunting and target shooting, it is about being able to legally have a weapon in your home just in case. The scenario is extremely improbable as people on this board have pointed out over the years, but it doesn't matter; a lot of people feel they have a duty to protect themselves and their families and will not comply with a Federal ban. Edit: I'm not prepared to make criminals out of millions of Americans.
What does the fund consist of? Is it emerging markets Asia, or is it Asia altogether? Anyway, your guess is as good as mine where we go from here, although my guess would be we will see more downward momentum overall over the next couple of weeks. Whenever you purchase shares through your broker, do they charge you commissions per trade, or can you purchase your fund commission free? If it's commission free, then you can spread your buys out over multiple days without a broker charging you $10 or whatever a trade which can make smaller purchases in this volatile market affordable and give you some peace of mind.
I have a feeling the Fed won't pull the trigger on the rate hike, but it will be a very tough call for them. The international scene will make them less confident in their inflation targets if this sell off continues. They will have to strongly justify it if they don't raise rates to keep their credibility with investors. I think there may be a misunderstanding of my argument. My argument is not that P/E ratios indicate the market is overvalued therefore the market is going to crash. My argument was the market was too expensive for all the risk on the table currently. I listed some of those issues above such as earnings beginning to stagnate, but it is hardly exhaustive. I don't advocate market timing anyway. This is almost purely an intellectual exercise for me since I am nearly 100% invested aside from a little dry powder I accumulated earlier this year.
As I mentioned to zot, my argument wasn't isolated to just the P/E ratios, although I do not believe the valuation argument "it's different this time". It may have changed somewhat because of tech, but I don't think that a 20 P/E is fair value for the S&P 500. I acknowledge the market can be overvalued for extended periods of time and can continue to go up or trade sideways. I outlined above some reasons and evidence why I have been skeptical of valuations being this high given what I see as an increasing amount of risk building up. As for people screaming for years about the market being overvalued, I have not been screaming overvalued for years now. I have been buying for years now. I didn't start becoming concerned with U.S. valuations till the P/E touched the 19-20 range this year while seeing massive weaknesses developing internationally (and a very long period of time without even a correction). We are probably in 100% agreement about not timing the market and going ahead and buying in even when it seems like it is overvalued based on a predetermined asset allocation plan based on one's risk tolerance. If I came across as being rude in my earlier messages, I apologize. I don't want the conversation to turn anymore negative than it already is. I respect your take on market valuations but respectfully disagree.
P/Es in the 19-20 range are considered overvalued. Look at the chart. It was well over the median and mean. Aside from it being over the mean and media P/E, there are a few other reasons I was concerned. The first is S&P 500 earnings growth contracted the first half of this year (see: http://blogs.wsj.com/moneybeat/2015/07/28/sp-500-earnings-show-weakest-first-half-since-2009/ ). It's one thing to buy an overvalued market when earnings are growing by leaps and bounds, but this wasn't the case this year. There were also some milder warning signs in the employment reports. While jobs are being created at a quick rate, inflation and wages remain depressed. Annual GDP growth continues to lag below 3%, The Fed seemed to be on track to raise rates 3 weeks ago, and then tack on the world economy weakening and I had a picture that the S&P 500 was overpriced given the risks and warning signs out there. Apparently I am not the only one that believed the U.S. market was overvalued.
So when it's going up, do we thank the hedge funds for that too? The bulls have been in control for what, 2 to 3 years now? How long has it been since a correction before this week? Should we all expect the stock market to keep going up without any corrections or bear markets, no matter what the P/E ratios get to? I would argue that this correction was long overdue and American equities were too expensive given the risk out on the table right now. Since nearly all of us are young, if the market went into a bear market it would be a good thing since it would allow us to purchase equities for cheaper prices over an extended period of time.