Not exactly, Hafez... Oct of `97 was the only time they closed the market as a result of halted trading/ collars on.... But`97 & `98 we`d been locked limit down & halted a half dozen times that I can remember... during those years we had collars/curbs on constantly where it was a daily event during LTCM, Russian Ruble collapse, Argentina default, Asian Contagion, etc. My little quote.com screen, only feed for e-minis back then, would be blood red & frozen. The good old days, where Vol was the norm & equities traded in 1/8 ths.. lowest fraction value allowed.... thanks Arthur Levitt!
Actually, It was the only time US stock markets have closed early all together due to trading curbs/ collars! Great call by the way... & keeping your shorts on!
Yes, but the way I see it is that traders want to trade, they don't want to go home. So once we hit the limit, price runs the other way. At the open, we will have expanded the limit to 7%, so it might continue to drop again, but once again, when we hit 7%, 2759.50, we will get another bounce.