The move down through 180 points on the NYA (NYSE Comp) triggered the trading collars fro the first time in I don’t know how long.
Here’s the NYSE’s infographic on the Circuit Breakers:
OK, trivia time: When was the last time these were triggered?
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UPDATE February 27, 2007 2:58pm
A retail broker with a tendency to panic just sent this to our office.
(I don’t know him well enough to say whether or not this is a contrary indicator).
i believe the last time was june 06.
june 15th to be exact.
just for dialogue.
i got out last week when ge kept moving against me in a way it hadn’t since last year.
had a little bounce this morning, but back underwater. it’s a shame too since the set-ups were beautiful. apparently too beautiful…
Very timely prior post on “fear and greed.” Emergings are, of course, taking it on the chin.
So do we thank Alan Greenspan for warning us or blame him for causing it… Was he in the loop? Or just irrelevant? I suppose we’ll never know.
Don’t worry my friends, Mr. Dudley just returned to his desk,(he got caught in an extra long starbuc’s line) all is now under control.
It’s too bad that we can’t rely on the curent Fed to actually tell us what is really going on. We have to rely on a retired person who was speaking to the Chinese to get an accurate assessment of the real picture.
Volumes on Q’s and Spy suggest this is only the begining….
MS
Well I guess we got that little 2% on the Dow thing outa the way
The Market is down 500 now. CNN analyst is saying “there is no economic issue underlying this decline”. That means “there really is an economic issue underlying this deline” and that the market is 6-8 months ahead of the economy.
“Today’s development, like the meltdown currently under way in the subprime mortgage finance market, is another sign that the global tide of liquidity that has kept all boats afloat in recent years is receding,” notes Michael Panzner, trader and author of “Financial Armageddon.” He says as central bankers continue to favor monetary policy, “the signs are evident that the easy-money days are over… with virtually all share markets stretched to extremes, the odds that today’s declines will evolve into something longer lasting — and even more frightening — are high.”
The plunge protection team should be fired for allowing this to happen.
S,
No worries, they’re on it as of 3:21.
Would there be any way to track back those last minute buyers?
Do the Feds have broker accounts?
I have always been a lurker here but great stuff.
What is really interesting besides this decline and the question whether it morphs into something bigger is the fact that I couldn’t log onto my Ameriprise account this afternoon to buy some short funds (I personally believe this is the start of something substantial finally). I wonder how many other folks couldn’t get into their accounts today.
It always sucks to be the little guy…
Ah, bang on the trading collars, I love free markets.
Questions:
When does the Shanghai market open, and does anyone have a good site for worldwide markets’ opening times?
Thanks
Carl,
I couldn’t get onto my Banc of America Investment account shortly after the Dow hit -500. I only wanted to see how much I was making on my Dow double-inverse stock (DXD)! We will see a lot more selling in the days to come as all the small time guys panic and try to sell positions. IMO
Slosh, slosh, slosh….
“Hey! Who opened the drain?!”
the 1500est 200 drop … a secondary computer is kicked into gear, to handle floor trading/EFT hybrid trades … if a small traders trade never made it to a trade, for whatever reason (economy protection, trading computer drag, internet overwelmed, loops to the front implemented)
Can a trade be removed from the trading stack once it’s placed but not actually traded?
“Some stocks, when they go down, they get cheaper” J. Cramer 2/27/2007
This is so true.
Last time the mkts closed intraday was the thai baht contagion in ’98… It re-opened and promptly went down again and closed for the day a hour or so early. Then they changed the limits so that it would take a more extreme downdraft b/c they were running with rules that hadn’t been adjusted for a higher mkt if I remember correctly… Other than 9/11, that’s the only abnormal mkt closure I’ve experienced in my career—although I’ve experienced sufficient pain and loss and sadness regardless to be considered “seasoned”…