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Thread: S&P top?
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Old 02-07-2018, 12:42 PM   #58
Parkview_Pirate
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Quote:
Originally Posted by PaceAdvantage View Post
I saw that...pretty shocking...it was at around $100 at the close yesterday....then after hours it dropped to around $16...and now it's pretty much dead.

This wasn't traded on some third-world-market exchange.

This was something that was traded on the NASDAQ....

Mind...blown...

https://www.cnbc.com/2018/02/06/the-...nt-plunge.html

And they say things like this can only happen in racing with the CRW teams wreaking havoc...

People will never learn.
The scary part of this story is thinking about all the other leveraged instruments now in play versus 2008. We thought it was bad enough with derivatives and CDOs, but now some of those "innovative" snow jobs are disguised as legitimate stocks/ETFs.

Just ask this guy what he thinks, with 2.5YRs and almost $4M down the drain:

https://www.zerohedge.com/news/2018-...digging-deeper

At least he owned up to it. That's what being greedy can do.

The thing I learned about this week's plunge was that liquidity dries up quickly, and you can't rely on brokerages. Somehow got my S&P 2500 put sold yesterday at the open on OptionsHouse for $77, while watching the bid fall and fall as the bounce took off - but the confirmation was delayed 5 minutes allowing me to panic and curse. That put closed yesterday around $26, and is half that today. Gotta be quick, and it probably pays to put the order in off hours when things aren't so jammed....

I've come full circle now on the market. Back in 2008 I thought it would crash and end the world, by 2013 I thought the FED had enough salt to see a slower grind down on a useful pullback. Now I'm convinced a crash is what we'll see, and the aftermath won't be pretty.
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