September 9, 2020
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia said today that the NASDAQ correction was ‘very good news for the markets’ and ‘desperately needed.’
“The NASDAQ composite is officially in correction territory,” Celia said. “Led by the S&P 500 worst three-day stretch in months. The NASDAQ dropped 4.1% to end the day and Tuesday’s drop put the tech heavy NASDAQ down 10% and 10%, of course, marks correction territory. Listen, I’ve been saying this. I hate to sound like a broken record, but this is very, very good news for the markets. It’s good news for the economy. It is a correction that is desperately needed. Now, many of you heard me whine and moan, and I got hate email for saying I was being too harsh about how much I hate stock splits. I give you today the reason why I hate stock splits. Tesla down 21%. All that money running in and no economic results to justify that money should be flowing in. It was the Robin Hood crowd just buying, buying, and buying because it was cheaper. Yeah, it was cheaper, but it wasn’t any more valuable. And they’re feeling the effects of it as obviously a lot of those same investors rushed out of Tesla today.”
“Apple and other NASDAQ components doing the same,” Celia continued. “Apple, a Dow component, dropped 6.7%. That’s dropped more than 14% in the last three sessions. Why? Same reason. Apple stock splitting. People who really don’t understand the markets were all running in at the same time. And this is why I whined, moaned and hate stocks splits. This is the thing that I warned about. As people emailed me and said, ‘what is wrong with me? How can you hate stock splits?’ Now, it looks like we’re heading into correction territory. We knew what was coming. I didn’t know when, but I knew enough to know it was going to be soon, and here we are.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.
To book Financial Issues Stewardship Ministries’ Dan Celia, contact Media@HamiltonStrategies.com or Patrick Benner, 610.584.1096, ext. 104, or Deborah Hamilton, ext. 102.