I would be happy to provide you with further information. The other side of 1400 is simply the other side. An 8.5% drop is not within the limits of the established 3rd quarter circuit breaker levels of the NYSE, and of course NYSE uses no such term as a crash, nor is there a definitive resource for defining it. However investorwords.com defines crash merely as "A precipitous drop in market prices or economic conditions. also called crash." More specificly, please note NYSE Rule 80B. Effective April 15, 1998 the SEC approved amendments to Rule 80B (TradingHalts Due to Extraordinary Market Volatility) which revised the haltprovisions and the circuit-breaker levels. The trigger levels for amarket-wide trading halt were set at 10%, 20% and 30% of the DJIA, calculated at the beginning of each calendar quarter, using the average closingvalue of the DJIA for the prior month, thereby establishing specificpoint values for the quarter. Each trigger value is rounded to the nearest 50 points. The halt for a 10% decline would be one hour if it occurred before 2 p.m., and for 30 minutes if it occurred between 2 and 2:30, but would not halt trading at all after 2:30. The halt for a 20% decline would be two hoursif it occurred before 1 p.m., and between 1 p.m. and 2 p.m. for one hour, and close the market for the rest of the day after 2 p.m. If the market declined by 30%, at any time, trading would be halted for there mainder of the day. Under the previous Rule 80B trigger points (in effect since October 19, 1988) for a market-wide trading halt, a decline of 350 points in the DJIA would halt trading for 30 minutes and a drop of 550 points one hour. These trigger points were hit only once on October 27, 1997, when the DJIA was down 350 at 2:35 p.m. and 550 at 3:30, shutting the market for the remainder of the day. Hope this helps. For further information on Circuit Breakers and Price Limits see http://www.nyse.com/press/circuit_breakers.html http://www.cme.com/trading/prd/equity/pricelimits.html
Thanks for posting your work. I was curious if you have notes on the precipitating events on your dates mentioned above. 6/21/02 - ? 3/10/03 - Bush steel tariffs? 6/13/06 - ? 2/27/07 - Chinese panic & carry trade panic - Yen move to 114.5 115 level?
check out our earlier post at 11am on 8/3/07 regarding where the trin and vix were headed today! http://www.elitetrader.com/vb/showthread.php?s=&threadid=93543&perpage=6&pagenumber=5