Why? Or rather I should say ... so. There were buyers at 1%, and 2 and 3 .... What is so special about the number 10?
Whoever said the sky was falling? This this was obviously a fill the gap situation...option call spreads were ridiculous because of it....just the ones that had a chance of being itm of course. Gentlemen, we are in a huge hamster wheel lol... IWM bid/ask spread shortly after open:
Yes well aware 10% down is a correction but anyway we reached 9.71% for anyone waiting till 10 or any other figure.
Actually I only care about point drop and not percentage drop. I trade futures. Contracts are based on dollars per index point.
When the average joe tonight looks at the closings on the dow, that big fat 1000 point drop is going to look a hell of a lot more frightening than the miniscule -2.6%.....
And also the news reports movements in indices in terms of points all the time: "today the Dow is lower by 510 points."
Exactly...you don't here them say the dow was up .32%...they say in point terms because it's better understood...