JMO...SIPC and FDIC insurance was designed to protect investors and depositors from loss if a bank or broker, or perhaps even a small number of banks or brokerage firms went under, or faced some other sort of unexpected loss. I don't think either of these insurance corporations were ever designed to protect investors or depositors if the entire system collapsed. So, even though you are theoretically insured, assuming you are holding equities, you still may not be able to recoup your losses; or, if you can recover, it will take many, many years as the line will be out the door.
It can be PTF ... it can also be nerves about a whole sector. We saw it in Aus yesterday with organizations that in some cases had NO exposure in the US. The amazing thing to me had been watching the market over the last couple of year bidding them up and bidding them up. Jeez, my only problem in these things is I leave too soon (personally I would have sold the lower high failure in late february). Look at the longer term technical chart and yesterdays action is 100% in alignment with what you'd expect (I've read your posts so I know you're a trader too (although you're buying while I'm selling we both make money and someone else loses to us both)) http://finance.yahoo.com/echarts?s=...ine;crosshair=on;logscale=on;source=undefined
I hope you're right. I hope this is just broad-based sector panic. There was a mass exodus in TRAD today too but the point drop wasn't quite as large. Time will tell.....
Why even run ads in the first place weeks ago in the Wall Street Journal if everything was honky dory???? And as far as being assured...Didn't Bush, Cheney, Rumsfeld, Rice and others ASSURE us all that Sadamm had weapons of mass destruction and could cause a mushroom cloud at any given time???
Go back to the first page recall. I just downloaded the advert (I'm in aus and don't read the wsj :eek The advert wasn't a "don't be scared" It was more of a "be scared of the other guy but not of us because we're so careful." It looks like they were hoping to pick off some nervous nellies from their competition --- but --- lol --- now they have their own nervous nellies