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Old 08-24-2015, 09:59 AM   #21
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I thought I had solid trade confirmations, then I checked the execution details and it shows share quantity as -1 for the two trades. One trade is broken into 4 different executions (which is normal) and each one has -1 for qty. Fingers crossed!
Check the positions tab on the Fidelity account. That will show how much they say you own.
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Old 08-24-2015, 10:29 AM   #22
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Check the positions tab on the Fidelity account. That will show how much they say you own.
Everything points to me owning the $20k (now $25k) worth of IUSV and IJS. One trade confirmation now shows 100 shares in execution details, the other one still shows multiple executions with -1 share but the correct overall data. I'm feeling good about these sticking for a ~25% profit.
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Old 08-24-2015, 10:31 AM   #23
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What is IJS and IUSV ? I got into more VTI ... That's all .. So far.
Ishares small cap value and ishares large cap value. Though if you can get them at a huge discount to FMV, who cares, right? They are somewhat illiquid, trading in the tens of thousands of shares each day. But wow, seeing $20-30 bid-ask spreads is CRAZY.
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Old 08-24-2015, 10:41 AM   #24
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Fidelity was definitely out of commission for a while. I couldn't get my order screen to load at all, saying it was "temporarily unavailable". I also noticed on one trade, my bid was at $82 and the bid/ask displayed at Fidelity and elsewhere on real time quotes w/ bid/ask were at $78.xx and $81.xx. In other words I should have received an instant trade at $81.xx or at least moved the bid to $82. Bid sat there at $78.xx for a loooong time, maybe 5+ minutes before I quit paying attention. It eventually executed at $82.

From the news article shared by ESRwannabe, I see many ishares ETFs listed as having trading halts. Hopefully that won't be grounds for reversal for folks like me. I wasn't gutsy enough to arb out of one ETF into a similar ishares ETF in case they reversed one half of the trade later.
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Old 08-24-2015, 10:45 AM   #25
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But wow, seeing $20-30 bid-ask spreads is CRAZY.
Exactly, and more so with VIG, which has much more liquidity, average daily volume is >600K. I thought the algorithms and market makers continuously bought and sold to arbitrage the differences between the ETFs and the underlying baskets of stock. I must have wasted 10 minutes this morning thinking it was a mistake before buying.
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Old 08-24-2015, 10:48 AM   #26
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From the news article shared by ESRwannabe, I see many ishares ETFs listed as having trading halts. Hopefully that won't be grounds for reversal for folks like me. I wasn't gutsy enough to arb out of one ETF into a similar ishares ETF in case they reversed one half of the trade later.
I clearly recall this happening during the flash crash, with some traders stuck with a net loss when part of the trade was reversed the next day.
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Old 08-24-2015, 11:10 AM   #27
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I put in a limit order yesterday for an ETF, but I don't think it crashed quite far enough for it to execute. I haven't logged on to check the actual order, but from yahoo.com/r/sq, I see it dropped about 6.5% and my order needed about 7%
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Old 08-24-2015, 11:10 AM   #28
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Exactly, and more so with VIG, which has much more liquidity, average daily volume is >600K. I thought the algorithms and market makers continuously bought and sold to arbitrage the differences between the ETFs and the underlying baskets of stock. I must have wasted 10 minutes this morning thinking it was a mistake before buying.
It took me about 10 minutes to realize it was a huge buying opportunity. Even the asks were way under the underlying value of the securities.
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Old 08-24-2015, 11:13 AM   #29
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I clearly recall this happening during the flash crash, with some traders stuck with a net loss when part of the trade was reversed the next day.
Ouch.

I think I'm stuck holding IJS and IUSV for 29 more days due to FINRA regs governing me (due to DW's job), but I could sell similar but not the same to offset. Maybe I'll wait to see if there's a reversal tomorrow.

The good news is my trade confirmations both look 100% perfect, with correct number of shares (and not -1).
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Old 08-24-2015, 11:21 AM   #30
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I logged onto my Fidelity account this morning in semi amazement as I watched the Futures quotes. I checked on SDY (which I own a bunch of) for some unknown (and very lucky) reason and saw it was down 25%. At the open I placed my order. Looks like it went through. 31% gain. Still down overall today but that one felt GOOD.
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Old 08-24-2015, 11:22 AM   #31
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I'm jealous. I tried to get IJK for $130 but my first order seemed to get lost at Fidelity and my second try never executed. Bid/Ask was all over the place, sometimes looking reasonable and sometimes crazy, with $122 bid. My one serious buy order didn't quite make my price, so I may end up doing nothing today.
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Old 08-24-2015, 01:48 PM   #32
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I couldn't access my Wells Fargo brokerage account during the tumultuous period this morning. I was ready to jump all over some price anomalies, but the trade screen wouldn't open. This is went on for at least 10 minutes. By the time I got in,things had stabilized.
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Old 08-24-2015, 02:03 PM   #33
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I looked at my accounts early... was trying to figure out why some were 16% to 32% down.... DVY, SDY,PWV, PKW, SCHG My only guess is lots more sellers than buyers, the sellers were either market or stop loss orders and the buyers were limit orders with low limits.
I thought about it later... should have....
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Old 08-24-2015, 07:15 PM   #34
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Darn! I was out of town and did not have Internet access until the market has closed. So, I missed out on all the fun. But then, I might not be able to breakthrough the logjam at the brokerage houses to make any trade. That would just cause an aggravation. (If that sounds like sour grape, it is ).
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Old 08-24-2015, 07:20 PM   #35
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NW you have a lot of cash on hand...I would be writing cash secured puts left and right on these 1000 point drop days...you could buy a third house with the proceeds.
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Old 08-24-2015, 07:29 PM   #36
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It's not so simple. Some of that cash sits in a 401k account, where I cannot make such trade. And I have intentionally put some other cash out of reach, where it becomes "funding of last resort" (I would be living in a class C at that point ).

So, my trading power is only a couple of 100K's. And as a market timer, I have been thinking that if I could jump into the market at near the bottom using leveraged ETFs, I could make a decent gain AND also limit how much I would lose if SHTF.
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Old 08-24-2015, 07:34 PM   #37
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You won't lose anything. The next flash crash, when SPY drops to $180 or something, write a few hundred $170 puts. If they get assigned to you, just buy the stuff and ride it out, this will be a V shaped recovery or the USA goes under. If they don't get assigned, pocket the $60,000 and go back to fishing or whatever you do during the day.
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Old 08-24-2015, 07:44 PM   #38
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For 100 contracts of SPY at $170, I would need $1.7M in cash, which I do not have.
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Old 08-24-2015, 07:47 PM   #39
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That is what a margin account is for
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Old 08-24-2015, 07:54 PM   #40
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Had a $88 limit order set for VOT VG medical etf. Triggered early this morning when the initial big drop accrued. When last I looked it was up about 10%. Similar with GIS. Limit order triggered early last I checked it was up about 5%.
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