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Massive Selloff–Goodbye DOW 10,000?
Yow sell-off DOW plunge! Mmm, and a slight rebound-volume pretty huge. HUH. That was weird! Not exactly the six exclamation point end of the world (sheesh! bloggers!) but a little freaky.
Dropping 100 points a minute for a while there. Nuke Greece!
Recommitting to my 401(k) is having the exact predicted effect. Bye-bye April paycheck deduction.
How big does the drop have to be to trigger the suspension of trading? Am I making that up? All that imaginary money confuses me.
1050 points in the Dow for an hour or 30 min trading halt.
http://www.nyse.com/press/circuit_breakers.html
They were off 8% at the bottom today, the first curbs kick in at 10%.
http://en.wikipedia.org/wiki/Trading_curb
If the Dow Jones Industrial Average drops 10% of its value* during a single day's trading, the NYSE will suspend trading for one hour.** 20% gets 2 hours suspension, 30% gets the whole day.
*The "value" here is actually a set value calculated at the beginning of each quarter from the previous month's average — for example, on April 1 the value was set at 10500, the average DJIA value for March 2010.
You can look up the current quarter's circuit breaker values here.
** Near the end of the trading day, trading may be suspended for a shorter period of time.
Now that's service-y!
so, i saw that jpeg and immediately put some money in. tell me the truth, because i AM kind of a noob about these things: am i stupid? or stupid like a fox?
@genevieve — No, I like the way you think. On the other hand, I'm buying the shit out of Transocean right now, so stupid / fox, also.
the important discussion we should be having here is how will this affect my upcoming trip to Barcelona?
Unless the whole of Europe descends into chaos and knifecrime, this should actually make your trip much more enjoyable:
http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=Linear&chdeh=0&chfdeh=0&chdet=1273174699812&chddm=27620&q=CURRENCY:EURUSD&ntsp=0
Burn €!!
You mean like this?
That happened 1200 miles away from Barcelona, though. If Molotov cocktails do begin to rain in Spain, then at least with a depressed Euro, @cameltoe may have some extra cash to purchase some colorful, flame-retardant muumuus. No one said global deleveraging was going to be pretty.
I'm so glad to be free of actually having to worry about any this. Middle class poverty for the win!
Yep!
!!!!!!
Long live the new Bourgeois Brokehemia.
Can we just mail Greece to the moon? Cause nobody outside of it seems to think they are behaving reasonably. At least on the moon they can riot as much as they want without fucking up the Euro.
But isn't Greece 2010 kinda America 2008?
More like, America 2014. But I'm with the Greeks. My guess is, banks can play tough with a few countries but not all of them, or else they threaten stability to the point that they can't operate at all. So it's a game of chicken, I guess. Eating some losses is the price they have to pay to operate at all.
No way. Greece has always been a country of thrown molotovs for no goddamn reason. If the US goes sunny side down it'll be more like Road Warrior or Jericho.
Every now and then I wonder how many of those molotov-throwers actually paid their taxes last year.
I was thinking more in the sense that we fucked everyone over in '08, now Greece gets their shot at it now. But yes, their economic tragedies come with a side of Molotov.
Happened after Europe closed. My conspiracy theory – some EU bank/investor needed to puke futures, didn't want to crush self.
Why, because they know what's coming?
Also: automated trading is awesome for creating a financial echo chamber.
@formerly – hopefully some awful/awesome story comes out this week.
@gef – yes, that.
Man, that is one bogus-seeming website you linked to. No wonder Gawker syndicates it!
Was it because Walt killed Hurley on yesterday's episode of Lost?
CNBC is spazzing out with the message that nobody actually knows yet what this was about. Sounded like program trading times margin calls to me, but what do I know.
I say it was Doctor Victor von Doom demonstrating the power of his Finance Ray.