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Old 05-06-2010, 03:45 PM   #61
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I was sitting here working and happened to turn on CNBC to see the coverage of the Greek protests and imagine my surprise to see the DOW free falling about 800 points in the blink of an eye, it seemed.



I was sitting on my deck and decided to check the news . Watching that free fall was truly frightening !
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Old 05-06-2010, 03:49 PM   #62
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I blame Iceland. First the volcano, now this. They have it in for Europe for sure.
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Old 05-06-2010, 03:52 PM   #63
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probably some fool on his blackberry texting and driving.

"SELL PG 16b mkt"
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Old 05-06-2010, 03:55 PM   #64
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Bloomberg headline:

NYSE Euronext Says There Were a `Number of Erroneous Trades' During Plunge

Should be an interesting investigation...
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Old 05-06-2010, 03:55 PM   #65
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Bloomberg headline:

NYSE Euronext Says There Were a `Number of Erroneous Trades' During Plunge

Should be an interesting investigation...
Yeah -- "erroneous" or "crooked"?

The last thing the financial markets needed is yet another reason for investors to lose trust in it.
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Old 05-06-2010, 03:58 PM   #66
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From CNBC via Yahoo Finance:

"
A human trading error at a major firm was the root cause of Thursday's sudden, 9 percent selloff in U.S. stocks, sources told CNBC.


Multiple sources said a trader entered the letter "b"-as in "billion"-when he or she meant to type "m," for "million," shortly before 2:47 p.m. New York time.
U.S. stocks plunged suddenly, briefly by more than 9 percent, before pulling back to a near 3 percent drop, as investor worries mounted that Greece's debt problems could spread.
Sources also told CNBC that the firm in question is Citigroup. "
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Old 05-06-2010, 04:03 PM   #67
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Something looks very fishy about this 'blip' in the chart...
An object lesson in why not to use stop-loss orders.

Ha
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Old 05-06-2010, 04:07 PM   #68
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It is not really possible to learn from someone else's problem. People just have to make the same mistakes anew.
It seems to be impossible to learn from even our own errors.

Ha
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Old 05-06-2010, 04:10 PM   #69
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An object lesson in why not to use stop-loss orders.

Ha
Give that man a cigar.
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Old 05-06-2010, 04:21 PM   #70
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An object lesson in why not to use stop-loss orders.
Yeah, but but you only lose 7-8% max with stop losses, and your upside is limitless!!

Interesting that the dip was so rapid and roughly the magnitude of the "conventional" wisdom to set your stop losses at 7-8-10% of the trailing stock price to "lock in gains" or "limit downside losses". Works great until you see a black swan day where you have intraday volatility of 9%, and subsequent recovery of most of that.
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Old 05-06-2010, 04:26 PM   #71
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Yeah, but but you only lose 7-8% max with stop losses, and your upside is limitless!!

Interesting that the dip was so rapid and roughly the magnitude of the "conventional" wisdom to set your stop losses at 7-8-10% of the trailing stock price to "lock in gains" or "limit downside losses". Works great until you see a black swan day where you have intraday volatility of 9%, and subsequent recovery of most of that.
And that was the market overall, not individual stocks. If you held PG at 62 and put a trailing stop at 55, it may not have been executed until the price dipped under 40.

And I saw Accenture shares reportedly trade for $0.01. If you held it at 40 and put in a trailing stop at 36..... **ouch**
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Old 05-06-2010, 04:26 PM   #72
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E*Trade - no problem

After 2:30P there aren't any.
FBN or CNBC says it goes from 1000+ to +2000
TJ
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Old 05-06-2010, 04:30 PM   #73
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FBN or CNBC says it goes from 1000+ to +2000
TJ
The dip happened after 2:30p

Trading curb - Wikipedia, the free encyclopedia
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Old 05-06-2010, 04:37 PM   #74
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I'd guess the phone lines are burning up w/margin calls. Could have a nasty dip at the open.

Been going back and forth for months on my AA, but in the end I didn't make any changes so I'm still at 60 stocks/30 cash/10 bonds...maybe not after today..
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Old 05-06-2010, 04:57 PM   #75
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An object lesson in why not to use stop-loss orders.

Ha
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Yeah, but but you only lose 7-8% max with stop losses, and your upside is limitless!!
Yep, and it gets real funny when they get hit with a drop after the market is closed. A 10% stop loss won't mean much if your stock opens in the AM 50% down (and they do sometimes)!

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I'd guess the phone lines are burning up w/margin calls. Could have a nasty dip at the open.
Hmmm, might buy some calls in the AM. Not something I do very often, but we don't see drops like this very often either.

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Old 05-06-2010, 05:06 PM   #76
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I'd guess the phone lines are burning up w/margin calls. Could have a nasty dip at the open.
Possibly. But it would not surprise me if the margin clerks were busy trying to figure out what the hell happened, just like everyone else.

Already heard some of the crazy trades were reversed by the exchanges. Since my trades today were small potatoes and not on anythin all that exciting, I don't imagine it will affect me.
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Old 05-06-2010, 05:08 PM   #77
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Already heard some of the crazy trades were reversed by the exchanges. Since my trades today were small potatoes and not on anythin all that exciting, I don't imagine it will affect me.
So those people who snagged a lot of PG at under 40 shouldn't be dancing in the streets just yet?
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Old 05-06-2010, 05:16 PM   #78
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So those people who snagged a lot of PG at under 40 shouldn't be dancing in the streets just yet?
Well, they already took away the ACN trades at a penny, so prob should keep the bubbly wine on ice. Supposedly PG never went under 50 on the actual NYSE; all the really low trades happened on "alternate" platforms. Once again, color outside the lines and you are taking chances.
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Old 05-06-2010, 05:18 PM   #79
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It seems to be impossible to learn from even our own errors.
Ha
I'm tryin', I'm tryin'...

Went out to Home Depot to get something to finish a garden project. Got back home to see MFs all reported in. Total portfolio down 2.45%. Been there, done that ...

(And will do again. )
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Old 05-06-2010, 05:19 PM   #80
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Well, they already took away the ACN trades at a penny, so prob should keep the bubbly wine on ice. Supposedly PG never went under 50 on the actual NYSE; all the really low trades happened on "alternate" platforms. Once again, color outside the lines and you are taking chances.
Guess this why it can take 3 days for trades to settle and for cash to become available for withdrawal...
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