Heading under 10,000 on the way!

[brewer12345]

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.

 

[ziggy29]

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?

 

[brewer12345]

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.

 

[NW-Bound]

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. )

 

[ziggy29]

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...

 

[brewer12345]

Heh, and now Bloomberg is saying that NASDAQ in coordination with all the other exchanges will cancel all trades in stocks that dropped 60 percent or better, or some such. Sucks for the luck dumpster divers. This is going to be confusing tomorrow.

 

[Nords]

Wait! Is this the time I am supposed to buy, buy, buy? Going 90% equities?

I don't know whether to sell more covered-call options tomorrow or just start buying Berkshire calls.

I told you guys and gains to rebalance and take gains..........hope y'all did.........

Is this the financial adviser's vocabulary for "I told you so"? Or is this just calling attention to the clock twice a day?

Even without the reassurance of a financial adviser's confirmation, I had concluded that the S&P600 small-cap value ETF (IJS) was overvalued. I didn't call for a 35-70% drop in it, but I'm still pretty sure that it's overvalued.

Some real panic out there today. A litter farther down and we'll have a nice buying opportunity.

I suspect we'll have several more opportunities between now and "Thanks"giving.

I'm no fan of the American dollar, but I'm flabbergasted at how it's perceived compared to the rest of the world's alleged currencies. Pretty soon someone will decide that the euro is just another forex derivative.

 

[NW-Bound]

One has to look for a silver lining in any happening, and today's market event should not be different.

What's the chance of today's big dip wiping out all those stop-loss orders, and the market can only go up from here?

I am back to the beginning of this year, giving up all that gain.

Well, there's that silver lining again. I am still up by one used RV, and a second-hand dinghy.

 

[bbbamI]

I am still up by one used RV, and a second-hand dinghy.

Don't be too confident about a second-hand dinghy....

 

[NW-Bound]

Oh, there you are my dear! Did you mean to warn me, like dis?

 

[bbbamI]

eh...heh...well.....ok



Of course....we have to look out for each other.....

 

[Leonidas]

I'm no fan of the American dollar, but I'm flabbergasted at how it's perceived compared to the rest of the world's alleged currencies. Pretty soon someone will decide that the euro is just another forex derivative.

I'm fervently hoping so. I'm tired of not being able to afford to go to Europe. Well, I can afford to go, it's just that with the exchange rate I couldn't even afford a bottle of water after I got there. It's down to a buck and a quarter today.

 

[NW-Bound]

...we have to look out for each other.....

Yeah, right!

You offered to make a sketch of me yesterday on the "Recent Photo" thread, if I supplied my own descriptions. And while I was pondering the offer, you withdrew it.

Don't you think despite my poor memory, I still remember that you worked for the police, even as a volunteer?

What if you are really good (and you can be, as I have seen some postings), you may just turn out my drawing like dis?

Which means they will find me, and I would get reincarcerated, like dis.

You can't fool me, my dear!

 

[bbbamI]

You can't fool me, my dear!

Obviously not....

Yes...I did delete my post. I thought you might reply and I felt too lazy to put something together.

...and yeah, I think I'm at least fair to middlin' at sketching.

Now...'bout the stock mkt shenanigans....

 

[easysurfer]

probably some fool on his blackberry texting and driving.

"SELL PG 16b mkt"

I was thinking the same thing. Probably someone texting away and got the numbers confused.

What's 1000 points in the Dow among friends anyhow?

 

[IndependentlyPoor]

Whatever happened, the results were eye-popping. Some people must have thought the world was ending. Here is the daily chart of IWD, Barclay's Russell 100 value index ETF.
If I owned this and had been watching it closely, I probably would have required medical care.

 

[Moemg]

Whatever happened, the results were eye-popping.
View attachment 9139

Yes, to see your portfolio drop by 10% in a matter of minutes is frightening . I was ready to sell everything and get out forever . The fact that this was a mistake does not make today's losses any easier to take .

 

[Zoocat]

Yes, to see your portfolio drop by 10% in a matter of minutes is frightening . I was ready to sell everything and get out forever . The fact that this was a mistake does not make today's losses any easier to take .

Interesting that already the cause of this meltdown has been established. In fact, within the hour after the DOW recovered 600 points the CNBC anchors were talking about the "fat finger trade" theory and saying it could be a computer problem. The theory goes this way: the trader hit the "B" key rather than the "M".

The NYSE and other authorities were going to investigate. By the evening news the theory was a fact. What a speedy investigation! Usually these financial organizations are rather slow, if I remember recent history correctly. *sarcasm off*

Also, here's an interesting question that I read on a National Review blog:
". . .what program are they using where you actually type in words to trade instead of numbers?
I'll have to see if mine lets me buy "forty-nine" shares or restricts to purchasing '49.'"
http://www.nationalreview.com/the-feed/47166/huge-stock-drop-due-trader-errror

 

[eatingmywords]

im feeling a bit weezy reading an article claiming 60% of the trading is by computer automatic algorithms in milliseconds. please say it isn't so. This is worse than Y2k!

 

[Leonidas]

". . .what program are they using where you actually type in words to trade instead of numbers?

I was wondering the same thing.

 

[ESRwannabe]

I was so busy at work today I missed all the excitement. Had no clue any of this went on until I got home. I wish I had some money to invest tomorrow.

 

[audreyh1]

Interesting that already the cause of this meltdown has been established. In fact, within the hour after the DOW recovered 600 points the CNBC anchors were talking about the "fat finger trade" theory and saying it could be a computer problem. The theory goes this way: the trader hit the "B" key rather than the "M".

Also, here's an interesting question that I read on a National Review blog:
". . .what program are they using where you actually type in words to trade instead of numbers?

My buddies over at Morningstar pretty much pooh-pooh the "fat finger" explanation/rumor.

The most reasonable explanation I've heard so far is that some programs (either purposefullly or erroneously) started a fast price cascade in several stocks on the NYSE. Per their procedures, NYSE halted trading in those for 90 seconds...during which time the programs seeking to fill basket/index sales immediately rerouted to smaller exchanges with limited liquidity, no specialists, and/or limited resting buy orders. I understand most of the very low prices folks are talking about on the CONSOLIDATED tape did not happen on the NYSE.

Because NYSE halted trading temporarily, the programs went looking for buyers outside the exchange where there were no bids. So you got crazy trades at $0.01, etc.

Obviously there are some issues with all this crazy high frequency program trading going on! And with programs and exchanges SO STUPID that they go ahead and trade when one side is a penny? Glad they didn't execute any of my trades!

I think the talk in the next few weeks will be the serious issues today with all-electronic exchanges and program trading.

It that respect this was just like 1987 folks, where program trading gone awry caused a stock market crash. Now, I don't necessarily hold out hope that we recover as quickly as obviously we have a lot more economic challenges today than back then.

Audrey

 

[Steve O]

I was putting a 455 big block in my 84 Oldsmobile Ninety Eight...

Im getting sick of Oil and Greece

Quant traders and manipulated markets are scaring Me...

Im not selling anything...

It's way too early to buy though INMHO

 

[ziggy29]

In that respect this was just like 1987 folks, where program trading gone awry caused a stock market crash.

That was exactly my first thought as well.

 

[Steve O]

Gotta wonder if the banks that own us and congress are behind this...