CNN: Dow DOWN 1000 points

[Paulie]

Yahoo shows DOW plunged from 10875.53 down to 9872.57 That is a 1003 point drop!!!

A lot of stop losses were triggered around 10600.

It's not all panic selling.

 

[DavidS]

Procter & Gamble Company (The) Share Price Chart | PG - Yahoo! Finance

I've never seen anything like this before. Such a sharp, quick drop and then almost as quick of a recovery? Even when the markets plunged when Congress rejected the first version of the bailout bill it took longer than this. This had to have been some kind of error.

 

[Paulie]

If just one single bank can make an error that can cause a 10% crash, that's fucking scary.

If there's something that needs to be regulated, it's THAT.

 

[Paulie]

I have a hard time believing it was a bank error.

It makes much more sense that there were stop losses triggered, along with a little panic as well.

The market's been long overdue for a good size correction anyway.

 

[KissMy]

I picked up 200 of P&G @ $42 and sold them @$60. Made a nice $3200 today!

It was only at $42 for less than 2 minutes. I smell bullshit.

 

[Paulie]

If it was a bank error, you guys aren't going to be able to keep any gains.

 

[uscitizen]

Gold Eagles up well over 100% since I bought mine.

I did some mental calcs and it is actually up around 140 some percent since I bought mine.

 

[manu1959]

If it was a bank error, you guys aren't going to be able to keep any gains.

ya that's fair...banks fuck up and they get my money.....either way i lose

 

[uscitizen]

All my money is either federally insured or bullion locked in a box.
I got out of the market back before it fell apart.
You remember when the Republibans said everything was fine and we might have a minor adjustment but would be over in a few months.

 

[KissMy]

Gold Eagles up well over 100% since I bought mine.

Gold is sky rocketing & you get to keep those gains if you hold the actual metal instead of paper. I just keep on buying the stuff check after check. My gold made more money today than my stocks that I bought near the lows. Gold will never go to zero like stocks do. This market is risky.

 

[Paulie]

If it was a bank error, you guys aren't going to be able to keep any gains.

ya that's fair...banks fuck up and they get my money.....either way i lose

No one would 'get' anything, per se.

I would imagine the error, if there was one, would be traced back to the moment it happened, and everything after the drop would be null and void.

I've seen broker errors where a stock trade was processed with a decimal point in the wrong place, and for a time your portfolio goes crazy high. Whatever gains you temporarily had are not kept, though.

 

[Douger]

Buy....Buy.....Buy!

EL Idiota bleateth..................

 

[Toro]

Yahoo shows DOW plunged from 10875.53 down to 9872.57 That is a 1003 point drop!!!

A lot of stop losses were triggered around 10600.

It's not all panic selling.

Its the "new" panic selling.

So much of the trading is done by machines now, they will exacerbate the sell-off when they hit triggers. Up to 70% of the trading is done by computers. Its all momentum, algorithms, high-frequency trading, etc. No wonder the average investor thinks the markets are rigged against them. Frankly, I'm hoping some of these fucking machines got wiped out this afternoon.

 

[Paulie]

S&P broke support at 1144, which certainly triggered a lot of stops.

PG had a lot to do with it too, since a big loss on just one DOW stock can move it 100 points pretty easily.

What concerns me most is that the media is trying to instill fear in people about this being caused by Greece's situation, when the reality is that this was just a rare occasion where a couple different things happened at once and precipitated the automatic sells.

What this is MOST indicative of, is how fragile the market is right now, considering how tight the stop losses actually ARE these days.

This all being said, the smart money is buying tomorrow.

 

[DavidS]

I picked up 200 of P&G @ $42 and sold them @$60. Made a nice $3200 today!

It was only at $42 for less than 2 minutes. I smell bullshit.

It's called having a quick finger.

 

[DavidS]

If it was a bank error, you guys aren't going to be able to keep any gains.

Fucking NYSE canceled all trades for the 20 minute swing. I'm calling my lawyer in the morning.

NYSE Arca to cancel multiple trades | Reuters

 

[DavidS]

S&P broke support at 1144, which certainly triggered a lot of stops.

PG had a lot to do with it too, since a big loss on just one DOW stock can move it 100 points pretty easily.

What concerns me most is that the media is trying to instill fear in people about this being caused by Greece's situation, when the reality is that this was just a rare occasion where a couple different things happened at once and precipitated the automatic sells.

What this is MOST indicative of, is how fragile the market is right now, considering how tight the stop losses actually ARE these days.

This all being said, the smart money is buying tomorrow.

We'll see. The VIX is at 32 and futures are down double digits. God, this is 2008 all over again. Unemployment report is supposed to come out tomorrow. With all the census workers being hired, I wonder how good everything will be.

 

[Paulie]

If it was a bank error, you guys aren't going to be able to keep any gains.

Fucking NYSE canceled all trades for the 20 minute swing. I'm calling my lawyer in the morning.

NYSE Arca to cancel multiple trades | Reuters

I told you guys.

The VIX is no indication of anything specific at this point in time though. It's up for the obvious reason.

This is not 2008 all over again, either. 2008 there was an actual REASON for a sell-off. The 2008 sell-off was not just a 1-hour stop loss trigger fest, it was straight up consistent real-time selling because banks went bust.

You're not looking at this critically, you're reactibg on emotion.

This was nothing. It has all classic signs of stop losses. The huge buyback afterwards is the clear indication.

 

[Toro]

This all being said, the smart money is buying tomorrow.

Gee, I don't know...

 

[DavidS]

If it was a bank error, you guys aren't going to be able to keep any gains.

Fucking NYSE canceled all trades for the 20 minute swing. I'm calling my lawyer in the morning.

NYSE Arca to cancel multiple trades | Reuters

I told you guys.

The VIX is no indication of anything specific at this point in time though. It's up for the obvious reason.

This is not 2008 all over again, either. 2008 there was an actual REASON for a sell-off. The 2008 sell-off was not just a 1-hour stop loss trigger fest, it was straight up consistent real-time selling because banks went bust.

You're not looking at this critically, you're reactibg on emotion.

This was nothing. It has all classic signs of stop losses. The huge buyback afterwards is the clear indication.

If we don't add at least 200,000 jobs to the economy tomorrow, it's going to be a bloody day.