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05-06-2010, 02:48 PM
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#1
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Registered User
Join Date: Jul 2009
Posts: 12,402
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Holy Dow
Got home and the Dow was down 200... five minutes later its down 983... yikes...
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"You make me feel like I am fun again."
-Robert James Smith, 1989
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05-06-2010, 02:54 PM
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#2
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velocitician
Join Date: Aug 2004
Posts: 26,301
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Quote:
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Originally Posted by johnhannibalsmith
Got home and the Dow was down 200... five minutes later its down 983... yikes...
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appears to have been greased
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"If this world is all about winners, what's for the losers?" Jr. Bonner: "Well somebody's got to hold the horses Ace."
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05-06-2010, 03:01 PM
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#3
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,887
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Back down 400.......grab your ankles, Mates, it's been good to know ya!
The inevitable is coming.....
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Who does the Racing Form Detective like in this one?
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05-06-2010, 03:07 PM
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#4
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,651
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That was the sickest move I think I've ever seen (I didn't start trading until after the .COM bust)...even better than the best of 2008....
Went -150 to almost -1000 in about 45 minutes, then back to -400 about 10 minutes after that...think about how much money that is...
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05-06-2010, 03:13 PM
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#5
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Registered User
Join Date: May 2004
Location: New Hampshire
Posts: 14,487
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You will see much more of it going on as Europe's money gets sucked into a black hole. Today it is more of a gamble than a investment that it was, not that you would hear such things from Cramer.
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05-06-2010, 03:20 PM
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#6
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Registered User
Join Date: Feb 2006
Location: Anaheim,California
Posts: 4,675
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Buy the dip? Have been expecting a sharp decline for quite some time, so am not alarmed, but a plunge of nearly 1000 points at one time is rather an unexpected thrill. Down nearly 400 as I type these words. More declines Friday or a dead cat bounce?
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05-06-2010, 03:29 PM
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#7
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Lacrimae rerum
Join Date: Apr 2004
Location: at my house
Posts: 7,308
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seems like a kind of 1987-esque program trigger selloff.
either way, time to go change my underoos.
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05-06-2010, 03:31 PM
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#8
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s.e. pa.
Join Date: Apr 2005
Location: flag, az/hatfield, pa.
Posts: 5,122
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Contagion,...crisis on the run, and we have the lead.
mmmmmmmmm mmmmmmmm mmmmmmmmmmm
Had enough?
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05-06-2010, 03:32 PM
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#9
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Registered User
Join Date: Jul 2009
Posts: 12,402
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Quote:
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Originally Posted by chickenhead
seems like a kind of 1987-esque program trigger selloff.
either way, time to go change my underoos.
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Computer trading intensified the losses as programs designed to sell stocks at a specified level kicked in. Traders use those programs to try to limit their losses when the market is falling. And the selling only led to more selling as prices fell.
"I think the machines just took over. There's not a lot of human interaction," said Charlie Smith, chief investment officer at Fort Pitt Capital Group. "We've known that automated trading can run away from you, and I think that's what we saw happen today." http://news.yahoo.com/s/ap/20100506/...us_wall_street
__________________
"You make me feel like I am fun again."
-Robert James Smith, 1989
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05-06-2010, 03:38 PM
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#10
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Racing Form Detective
Join Date: Jul 2007
Location: Lincoln, Ne but my heart is at Santa Anita
Posts: 16,316
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The story is still breaking, But it appears that a lot of the drop was due to the reporting of some false prices of some stocks. P&G went from about 60 to 40 and back to about 60 again. One non dow stock went from $40 to a penny in one tick. Some thing is rotten some where.
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Some day in the not too distant future, horse players will betting on computer generated races over the net. Race tracks will become casinos and shopping centers. And some crooner will be belting out "there used to be a race track here".
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05-06-2010, 03:40 PM
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#11
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Registered User
Join Date: Sep 2007
Location: Boston+Ocala
Posts: 23,766
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Quote:
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Originally Posted by PaceAdvantage
That was the sickest move I think I've ever seen (I didn't start trading until after the .COM bust)...even better than the best of 2008....
Went -150 to almost -1000 in about 45 minutes, then back to -400 about 10 minutes after that...think about how much money that is...
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you ain't seen nothing yet,,,,,you should watch the gold market going forward, that is where the real action is going to be
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05-06-2010, 03:45 PM
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#12
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Registered User
Join Date: May 2005
Posts: 2,394
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Quote:
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Originally Posted by lamboguy
you ain't seen nothing yet,,,,,you should watch the gold market going forward, that is where the real action is going to be
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Gold will eventually shoot to the moon, but for now it is going to have to wait until the US$ weakens ( which i think it will eventually ). The only reason the US$ appears strong though is because of it being compared to the Euro. Put a 300 pound person next to a 600 pound person and the 300 pounder looks think. rbj
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05-06-2010, 03:46 PM
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#13
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Registered User
Join Date: May 2004
Location: New Hampshire
Posts: 14,487
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05-06-2010, 03:51 PM
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#14
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Registered User
Join Date: Sep 2007
Location: Boston+Ocala
Posts: 23,766
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Quote:
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Originally Posted by RaceBookJoe
Gold will eventually shoot to the moon, but for now it is going to have to wait until the US$ weakens ( which i think it will eventually ). The only reason the US$ appears strong though is because of it being compared to the Euro. Put a 300 pound person next to a 600 pound person and the 300 pounder looks think. rbj
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you happen to be right, but what i don't understand is how these sharp guys from all over europe are dumping the euro to go into the dollar. its like going from the boiler to the broiler. personally i am not going to try to time the dollar collapse. i have been in gold since the day after george bush jr. got elected as president of this country. if i had more money left i would have doubled up the day after this one got elected too.
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05-06-2010, 04:01 PM
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#15
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Registered User
Join Date: Apr 2006
Location: Bird Rock
Posts: 16,697
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One button affects a whole pile of buttons
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