Today, CNBC had an interview with NYSE CEO John Thain explaining the 02-27-07 Hybrid-Specialist-stepping-up-to-overcome-overloaded-faulty-computers segment which was essentially aired to mollify, comfort and reassure the CNBC-captive-investor-but-call-me-trader audience so addicted to watching the talking/yakking boobs, as well as the select variety of ever-so-comely CNBC Cheerleader Boobs. In the U.S., if not repeated on the one of this evening's Primetime programs, you can count on seeing the Thain segment at least a couple of times prior to tomorrow's NYSE Open, on any of the CNBC early morning Business Day programs. Then again, Thain may be fielding questions in a CNBC follow-up segement about any subsequent, more subtle Hybrid glitches experienced during today's market partial recovery session.
I make my living trading. I put down on another thread today what my plans were for today. I executed my plan. I hoped to make 50 per cent of what is my daily average and target is and get out of the market. I again made 60 per cent on trades off the open and sat out the day after just being in the market for five minutes. That said, I have traded for over 15 years almost exclusively on the NYSE. What I see is a disgrace. I traded long before electronic trading and in those days the trick on heavy volume days was getting your broker on the phone. When you did get him on the phone and put in a market order, you could wait within seconds to get an execution report. On another thread in the sub forum of executions, you will see that market orders were not being executed or at least being reported in even close to a timely fashion. That is a big step backward and an utter disgrace. The deal with markets is that if every one approaches their job professionally and responsibly both traders and the exchanges are able to make a nice living. I am both professional and responsible, it is the exchange, the NYSE, who has so miserably failed its job and its responsibility and John Thain inspired zero confidence in me that the NYSE will solve its problems any time soon.
FWIW, as long as it remains avaiable, here's CNBC's Maria Bartiromo & Bob Pisani video clip interview with John Thain, earlier today.
its all pretty simple---- Thain and his cronies were all so jizzed up to turn their exchange to a "hybrid" Ok fine- make the change. But do they have the infrastructure/support/security and everything in place?
During that plunge period the NYSE composite fell 1.4% and the Naz comp fell 1.1%. That is not a such a huge difference. Many of you guys were whining all over these threads for years about how bad it was to trade with the specialist. Now he is pretty much gone and the NYSE has about the same characteristics as the electronic Naz, but you still have not found your trading nirvana. Good luck anyways.
Is not about, trading with the specialist, or without. It is just plainly irresponisble not to mention unjust to implement the new system, without ensuring all the neccessary measures steelhead named. In addition, they are not evening maning up to the problems, and attempting to take responsiblity. John Thain just looks so out of touch.
Major news sources said actual stock prices were not affected. How stupid do they think we are ? Any 12 year old with Yahoo Finance can do a compare against the 200 point plunge in the dow and the price of any other stock. I was in CVX, and it was affected. Stopped out, but it sold around 70. Bought it back at a bargain of 68.5 and got killed on Thursday, stopped out again. Good news is I'm down 1 percent for the week but sick of this BS...... I own oil and gold, but I think they are next on the chopping block based on a hunch that the gold and oil ETFs are being sold by IM. I may just buy DXD and enjoy the zig zag plunge. I'm sure if I buy DXD or short the dow, it will go up 1000 points.