Day traders, keep one eye on the DOW tomorrow; you'll want to be sure to cover your shorts before the "circuit breaker" is triggered, as who knows what kind of massive bull run might occur afterwards! NEW YORK (AP) - As harrowing as the stock market's plunges have been in recent days, they still haven't been enough to trigger the "circuit breaker" mechanisms that result in an automatic timeout in trading. The Big Board implemented the automatic halts after the stock market crashed in the late 1980s to force traders to take a break from frenzied selling. The Dow Jones industrial average would have to fall 1,100 points in a day to trigger the first halt. If that point is reached before 2 p.m., the market would shut down for an hour. If the threshold is breached between 2 p.m. and 2:30 p.m., the halt will last 30 minutes. No trading stops will take place if the plunge occurs after 2:30 p.m. Based on Thursday's Dow close of 8,579, the threshhold number to cause the market stop in one day would be 7,479. If the index were to fall 2,200 points before 1 p.m., the market would close for two hours. If such a decline took place between 1 p.m. and 2 p.m., there would be a one-hour pause. The market would close for the day if stocks sank to that level after 2 p.m. In the event of a 3,350-point decline, the market would close for the day, regardless of the time. The thresholds are computed at the beginning of each quarter to establish a specific point value for the quarter. The 1,100-point drop represented a 10 percent decline at that time; the 2,200 level, a 20 percent drop and the 3,350 level is a 30 percent drop. The rules would halt trading on the major securities and futures exchanges in a coordinated cross-market halt if the circuit breaker is enacted.
Tomorrow we close up! Bush announces executive order that the DJIA's value will be 10k and that the Federal Reserve will defend that target via new electronic printing press facility.
I think the GE earnings might be what determine if we plunge tomorrow or not. If GE's non financial businesses come in good then we just might avoid the giant 10% drop tomorrow since people have already taken GE to the woodshed because of their financing arm. But if GE earnings suck on both finance and the other businesses then I am DEFINITELY buying put spreads cause we are going down!
i cant get the picture but i have seen these pictures on NOVEMBER 2008 EDITIONS of business magazines. got to go long on this surely.
This day is called the Feast of the Trader: He that survives this this day without blowing up, Will stand a-tiptoe when the day is named, And rouse him at the mention of Traders. He that shall see this day and live t'old age, Will yearly on the vigil feast his neighbours, And say "To-morrow is the anniversary of the great crash of 2008 and i survived the mother f*cker!": Then will he strip his psyche and show his emotional scars and PTSD, And say "These wounds I had inflicted on that fateful day" Old men forget: yet all shall be forgot, But he'll remember with advantages What feats he did in the ES that day. Then shall the names, Familiar in his mouth as household words Bush the King, Paulson and Bernanke, Greenspan, and Fuld, Cox and Gross, Be in their cursed as bastards one and all who brought our great nation to its knees with their idle complacency. This story shall the good man teach his son; And Trader's Day shall ne'er go by, From this day to the ending of the world, But we in it shall be remembered; We few, we happy profitable few, we band of ruthless unphased speculators; For he today that sheds his cash with me Shall be my brother; be he ne'er so vile, This day shall gentle his condition: And gentlemen in the world now abed Shall think themselves accursed they were not here, And hold their manhoods and margins cheap whiles any speaks That fought in the markets with us upon this extraordinary day.
"God for Harry, England, and Saint George!" Best post I've seen regarding current conditions, without a doubt. Thank you my good man.
My dear Westmoreland, if it be a sin to covet profit, I am the most offending soul alive For those who wish to enjoy in its unadulterated form: http://artofmanliness.com/2008/09/13/manvotional-2-we-few-we-happy-few-we-band-of-brothers/ delivered by a master: http://www.youtube.com/watch?v=OAvmLDkAgAM another good one to listen to before entering the arena later today: http://www.youtube.com/watch?v=0zwMtvCMLio