Dow J......tanks

[Jos]

The worlds money used to be backed by precious metals, now its all backed by confidence,
confidence that others will accept it as payment for goods, and when people loose thier confidence in money they start to realise what is a real store of value

 

[Old Rocks]

Ain't enough gold and silver in the world to back the amount of money in circulation. And were people to realize how hard it is to get any nutrative value out of either one, they wouldn't be worth very much.

 

[Toro]

The Dow was down nearly 1000 intra-day. It was amazing to watch.

I own inverse leveraged ETFs, which go up by multiples when the market goes down. As the market was crashing, I put in an order to sell some and lock in some profits but I couldn't get filled. There was too much chaos.

 

[Paulie]

The Dow was down nearly 1000 intra-day. It was amazing to watch.

I own inverse leveraged ETFs, which go up by multiples when the market goes down. As the market was crashing, I put in an order to sell some and lock in some profits but I couldn't get filled. There was too much chaos.

It looks to me like once it got down to about 10600, stop losses were triggered and then it just compounded.

It's just a straight crash right down to 9900 from there with almost no buying.

Isn't it possible that this was more of sell triggers than actual panic?

 

[Toro]

The Dow was down nearly 1000 intra-day. It was amazing to watch.

I own inverse leveraged ETFs, which go up by multiples when the market goes down. As the market was crashing, I put in an order to sell some and lock in some profits but I couldn't get filled. There was too much chaos.

It looks to me like once it got down to about 10600, stop losses were triggered and then it just compounded.

It's just a straight crash right down to 9900 from there with almost no buying.

Isn't it possible that this was more of sell triggers than actual panic?

My point is that this IS panic, only a different type of panic. Its the machines who are panicking.

It used to be that we had market makers on the floor of the NYSE whose job was to step in and provide liquidity to the market. Those guys are gone. Its all electronic now, and these so called high frequency traders and other quants who claim to be supplying liquidity to the market only do so when the market is orderly. They don't step in. So when the market gaps down, their orders disappear and the market plummets. The microstructure of the market has changed. We've replaced humans with machines, and I think you are going to see more of this in the future.

The machine-dominated market will end badly.

 

[Jos]

Seems to me the US $ is now backed by Chutzpah alone

 

[Truthmatters]

cyber terror