 well good afternoon everybody welcome to dedicated to financial literacy I'm Russell Moore I'm the host of this video thank you for joining my channel please please hit the subscribe button notify indicator the bell and if you like to video in the content please let us know about it all right we want we're gonna continue to pump content concerning the markets and everything that's going on right now as I have said that's saying this for a few weeks get ready for a major correction and the market definitely corrected I saw the Dow like the Dow was down negative 900 over 900 points today and the NASDAQ was like it's 600 S&P so they were ball you know as the NASDAQ was was down about 3% in one point and 2% was the Dow and a little over one and a half 1.5% was S&P 500 so many people believe because of because of this situation in China with Evergrande the developer out there that is just basically there they're underwater they're in trouble I think their their debt is like 300 billion over 300 billion and I believe today some of the debts were were due I mean they were they were due they were supposed to be paying today and I believe Wednesday and they basically came out and said look we can't do it it's it was the situation was so bad that they from what we're reading is that in order to pay these debts they begin to offer those they were in debt to unfinished homes and apartments or condos unfinished they weren't even done and they're offering to you can have these I mean that's that's that's pretty bad so everybody's looking but that did affect the market it did affect the market and one of the reasons is because banks banks are funding them it's all these banks and so the market said hey oh this is a big risk and then the market started correcting but the there's so many factors on why the market it's going to correct I mean we have been high after high after high I mean the S&P 500 Nasdaq the Dow everything has been having all these highs for months and we're definitely over a year without having a major correction and it's just you guys it's just it's due to do the bubble has busted and so I don't know how long this correction is going to be no one knows so don't I know Jim Kramer wants to say that he knows that it'll go on for a couple of weeks we really don't know no one really does know but a lot of times this is good for the market so don't panic I want to say that to all especially new investors do not panic if we enter into a bear market for a season whatever goes up has to come down it's like gravity right you know a plane a plane flies but a plane is not going to stay in the air forever it loses fuel for whatever reason it's going to come down okay it's got to find an airport and it's got to come down so it is with the stock market it has to come down gang I just hope people prepared for it I have been saying it for weeks so guess what I did I already had a position where I shorted the Dow SDOW I shorted the NASDAQ SQQQ so so guess what today I made money I didn't lose money oh especially if you have options option puts in place oh man it was a beautiful day for option puts and here's another thing here's another thing gang now that the market is correcting it's going down it's entering into a more bearish we're entering into a more bearish season this is the time for you to look at stocks hopefully you had already been looking and researching and saying look when this goes down about 10 to 15% I'm going to be ready to purchase on the dip on the dip on the low on the low low and one of those stocks that I have been eyeing for a while is Alibaba BAB a it's the ticker symbol I'm not telling you to buy it I'm not suggesting it all I've been eyeing it let me tell you why and guess what it was down 10% today I mean no joke 10% year over year it's been down 44% and and and guess why simply because of regulations in China where they've been cracking down on their tech companies and so people have you know lost kind of but it's still a great company it's still a great company I'm I'm going to I'm going to pile up on the Ali I'm going to get me some Baba but there are many other companies that keep your eye on there are even less volatile than than Alibaba and what I mean by volatile the reason why I'm saying how Alibaba is a little bit on the volatile side is because of their government control man the Chinese stocks are getting beat down that's because the CCP is saying look we run the show we run you and we run this country man I am so glad America is not China and hopefully we won't ever become that hello man so anyway don't panic wait wait till it hits the bottom and then load up on those stocks that are on discount I wish you a prosperous and prosperous and prosperous remaining remainder of the year going into 2022 have a great day everybody and I'll talk to you later