CNN: Dow DOWN 1000 points

[Paulie]

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.

We'll see.

There's a lot of people who made an ultra-quick 7% today. There will be some profit taking tomorrow being that it's friday, but it's not going to be a blood bath.

 

[blu]

what a bunch of retards blaming it on obama, it was a typo thats fixed now

 

[DavidS]

what a bunch of retards blaming it on obama, it was a typo thats fixed now

Ok, so here I am, an Arab terrorist with a lot of money... what do I do? I go in and buy up a lot of stocks and one day, when we're already having a bad day, I push a B instead of an M and investors lose trillions of dollars?!?!?! Are there no sageguards protecting us against something like this? All someone has to do is "hit the wrong button" and we lose trillions?? We are, supposedly the most advanced country in the world and we have nothing to protect us against this?

 

[dilloduck]

what a bunch of retards blaming it on obama, it was a typo thats fixed now

Ok, so here I am, an Arab terrorist with a lot of money... what do I do? I go in and buy up a lot of stocks and one day, when we're already having a bad day, I push a B instead of an M and investors lose trillions of dollars?!?!?! Are there no sageguards protecting us against something like this? All someone has to do is "hit the wrong button" and we lose trillions?? We are, supposedly the most advanced country in the world and we have nothing to protect us against this?

no----the gamblers like the game just like it is.

 

[KissMy]

There is more to this downturn than the media is letting on. First the Greece fire got things going. Then P&G dismissed reports that their new Pampers chemical burns on children after the U.S. Consumer Product Safety Commission said it launched a probe into P&Gs new diapers after some parents complained that they appeared to be the cause of rashes and chemical burns on their children. NYSE: PG, MMM Tripped Circuit also yesterday Market Intellisearch identified the start of a new bearish trend for 3M Co. Bearish Trading Activity for 3M Co. (MMM)

This got the market plunging tripping stop loss triggers. Then the NYSE slowed trading & came up with the story of how a trading error occurred. We have never heard who this “fat-fingered” trader was that errored & what "major firm" was he trading for. This smells of the Plunge Protection Team stepping in to stem the bleeding. Who knows what the truth is. The government SEC is totally incompetent. For all we know governments around the world may be selling to stabilize their own economies.

 

[KissMy]

The Plunge Protection Team in action

NYT: U.S. Markets Plunge, Then Stage a Rebound

Treasury secretary, Timothy F. Geithner, was returning to the Treasury about 2 p.m. from the Capitol when he saw on his BlackBerry that the market was down 3 percent. He called the Treasury’s market room, which constantly monitors financial exchanges; officials there theorized that the cause was Greece’s and Europe’s financial woes.

Minutes later in the Treasury hallway, Mr. Geithner looked again at his BlackBerry and saw that the market was down nearly 9 percent. He told colleagues it had to be a mistake.

Mr. Geithner immediately called the market room and then the Federal Reserve. He held a conference call with Fed officials and Mary L. Schapiro, the chairwoman of the Securities and Exchange Commission. About 3:15, Mr. Geithner walked to the Oval Office to brief President Obama.

Next Mr. Geithner spoke with European central bankers. After the markets closed, at 4:15 and again at 5:45, he joined conference calls with the heads of the Fed, the New York Fed, the S.E.C. and the Commodity Futures Trading Commission; the calls were expected to continue into the evening.

The Group of 7 industrial nations’ ministers and governors, including Mr. Geithner, plan a conference call at 7:30 a.m. Friday Eastern time.

As of about 6 p.m., all the officials knew was that there had been what one called “a huge, anomalous, unexplained surge in selling, it looks like in Chicago, at about 2:45.” The source remained unknown, but it had apparently set off algorithmic trading strategies, which in turn rippled across everything, pushing trading out of whack and feeding on itself — until it started to reverse.

Federal officials fielded rumors that the culprit was a single stock, a single institution or execution system, a $16 billion trade that should have been $16 million. But they did not know the truth.

 

[Care4all]

it's been on the news all morning....a 16 million share sell was put in as a 16 billion sell of procter and gamble, the electronic system then took over and the market dropped the 1000, then it got corrected and the market closed at 300 down...

what a SHAM of a market, where a basic typo would set off this temporary crash and sell off....

the dow is a joke, the nasdaq is too

 

[Mr. H.]

Trades should be like Google searches. "Did you mean: million?"

 

[KissMy]

Job growth +290,000 Jobs

Dollar rallied

Yen plunged

 

[editec]

Asia and the Euro are melting down as well

Maybe electing a Marxist wasn't the best idea we ever had?

Perhaps having had a POTUS that was a damned fool that pissed away FEDERAL budget on stupid wars, and tax breaks for billionaires might have something to do with the current state of the economy?

Or how about free trade destroying the USA's industrial (thus its tax) base for the last 40 years might have something do with it, too?

No it all has to do, according to your perverted POV, with the election of Obama.

This current short term meltdown is mostly about fears in Europe and (according to what I've read) a glitch in the system once the trading moved from NYSE to electronic trading.

It might be a buyer's opportunity, ya know.

Jesus, you're a tool, lad.

You really do need to learn something about macro-economics.

 

[KissMy]

Asia and the Euro are melting down as well

Maybe electing a Marxist wasn't the best idea we ever had?

Perhaps having had a POTUS that was a damned fool that pissed away FEDERAL budget on stupid wars, and tax breaks for billionaires might have something to do with the current state of the economy?

Or how about free trade destroying the USA's industrial (thus its tax) base for the last 40 years might have something do with it, too?

No it all has to do, according to your perverted POV, with the election of Obama.

This current short term meltdown is mostly about fears in Europe and (according to what I've read) a glitch in the system once the trading moved from NYSE to electronic trading.

It might be a buyer's opportunity, ya know.

Jesus, you're a tool, lad.

You really do need to learn something about macro-economics.

Bull Shit. The USA was the first country to crash thus we are the first to work through the bubble. Europe followed & now China is ready to plunge. This is the tail trying to wag the dog. We were first in & will be first out.

 

[KissMy]

Foreign currency crisis creating a strong Dollar that is killing stocks. Congress is involved. Smart money said Sell in May & go away.

 

[Zander]

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.

Sorry Paulie, but the smart money is sitting in cash or short term treasuries, and has been for the last 3-4 months.

 

[Toro]

Smart money's buying gold, Zander.

 

[Douger]

Who cares ? The Shock Market is for Jews and idiots.
Jews make money spending idiots money and trading over and over again.
You win ? They win.
You lose ? They win.
Poyfikt I tell ya, poyfikt.

 

[Toro]

Who cares ? The Shock Market is for Jews and idiots.
Jews make money spending idiots money and trading over and over again.
You win ? They win.
You lose ? They win.
Poyfikt I tell ya, poyfikt.

So not cool.

 

[Zander]

Smart money's buying gold, Zander.

Smart money has an asset allocation plan. If that plan calls for gold - they'll own it and periodically rebalance to their preset percentages. Otherwise it's not "smart" money at all.

 

[Contumacious]

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.

The experts are saying that the market crashed. How much longer before the zombified demands that the Federal Reserve Board be abolished.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

.

 

[Truthmatters]

I just cant help but wonder about it being a cyber attack.

 

[Toro]

Smart money's buying gold, Zander.

Smart money has an asset allocation plan. If that plan calls for gold - they'll own it and periodically rebalance to their preset percentages. Otherwise it's not "smart" money at all.

Meh, not for me. Asset allocation got, what, 3%, 4% p.a. the past decade?

Sometimes its best to be heavily in stocks. Sometimes bonds. Sometimes cash. Sometimes gold.

But only if you know what you are doing.