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you guys watching the markets today?

jleejlee 1,539 Posts
edited May 2010 in Strut Central
umm....down like 500pts right now. its going crazy...NYT had it down as much as 900 just a few moments ago.here we go again?
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  • nzshadownzshadow 5,526 Posts

    The Dow plunged Thursday amid buzz in the market that European banks have halted lending.

    One trader, on the condition of anonymity, said he heard fixed income desks in Europe shut down early because there was no liquidity ? basically European banks are halting lending right now.

    "This is similar to what took place pre-Lehman Brothers," the trader said.

    The Dow was down more than 900 points at one point, or more than 8 percent, before pulling back to the 600-700 point range.

    Under current, New York Stock Exchange rules, if the market falls ten percent or more between 2:30 and 3:00 pm ET, trading is halted for 30 minutes.

    Fuckin Greeks...

  • WoimsahWoimsah 1,734 Posts
    ya - pretty gnarly stuff.

    http://www.cnbc.com/id/36988229
  • HorseleechHorseleech 3,830 Posts
    No surprise, though. I've been reading articles predicting this for a while, apparently Greece is just the tip of the iceberg. Spain and Portugal are in really bad shape, among others, and the few solvent countries in the EU aren't enough to prop the others up.
  • DORDOR Two Ron Toe 9,905 Posts
    I have an odd feeling this is only the beginning.

    Reading stuff like this doesn't help I suppose.


    This
  • highschemehighscheme 784 Posts
    malaka!
  • ReynaldoReynaldo 6,054 Posts
    Exciting day. The Marketwatch comment sections are killin it as usual.
  • highschemehighscheme 784 Posts
    This is hilarious.

    On Yahoo! Finance webpage, the headline size has changed 2 times.

    The top headline was about how the market extended its 3rd straight day of losses. Then they made the headline about twice as big and put a breaking news in front of it.

    I just checked it again and its like half the browser window.

    The market makers really love to swing the hype in their favor don't they
  • mylatencymylatency 10,475 Posts
    BUYER'S MARKET
  • TahneeTahnee 46 Posts
    trading error.
  • mylatencymylatency 10,475 Posts
    "FAT FINGER TRADE"
  • DJBombjackDJBombjack Miami 1,665 Posts
    Proctor and Gamble fucked something up.

    I know some people who made a lot of money today.
  • jleejlee 1,539 Posts
    trading error.

    haha...just heard the same. someone put in a trade meant to be 17M shares, at 17 BILLION shares.

    fat fingers.
  • mylatencymylatency 10,475 Posts

    I know some people who made a lot of money today.


    SHORTS BE CHEERIN
  • GaryGary 3,982 Posts
    Invest in Beefsteak Mines.
  • DB_CooperDB_Cooper Manhatin' 7,823 Posts
    trading error.

    haha...just heard the same. someone put in a trade meant to be 17M shares, at 17 BILLION shares.

    fat fingers.

    Somebody's going to have a great story to tell his new homeless friends.
  • DORDOR Two Ron Toe 9,905 Posts
    "FAT FINGER TRADE"


  • covecove 1,567 Posts
    YAWN!
  • nzshadownzshadow 5,526 Posts
    Labour just won Sunderland.

    Edit: wrong thread, although i do wonder how Sunderlands choice will affect the global markets...

    Skel?
  • DORDOR Two Ron Toe 9,905 Posts
    Anyone else think somethings fishy with this whole one trader put in a "B" instead of an "M" thing?
  • skelskel You can't cheat karma 5,033 Posts
    Labour just won Sunderland.

    Edit: wrong thread, although i do wonder how Sunderlands choice will affect the global markets...

    Skel?

    Company I worked for lost about $400m on a fat fingers trade a few years back. Typos happen, but there's at least two levels of safety net before it hits market: first, anything outside a percentage range in price or nominal should require a confirming keystroke within the firm before committal to an exchange; and second, the exchange should have software that does the same.

    The first relies on traders actually pausing to think before committing an order, and today your broker performance is rated in how many milliseconds it takes to fill an order. Also most warnings are spurious, based on old data on illiquid stocks. Traders over-ride these alarms on the daily and routinely.

    The second relies on the exchange being your alarm bell, and no-one with experience of interface with exchanges wants to rely on that method.

    As for world markets, clearly Greece is seen as too big to fail, but IMO will have to reschedule debt repayments sooner rather than later in order to avoid default. Thankfully for UK we are not in the eurozone (although personally I would welcome being part of that) and so are relatively well placed to ride out the storm. If Greece does default, best believe the cold economic chill will reach further and deeper than has hitherto been the case.

    Someone on here* predicted when Lehman went down that the feelgood factor was not coming back globally until 2011. No reason to change that view right now.

    *uh, it was me
  • DB_CooperDB_Cooper Manhatin' 7,823 Posts
    Greece is seen as too big to fail

    Fuck that. You've had a nice run, Greece. Thanks for the old-timey philosophy and whatnot. Don't let the door hit you in the ass on the way out.

  • ReynaldoReynaldo 6,054 Posts
    Greece should sell the Parthenon.
  • RockadelicRockadelic Out Digging 13,993 Posts
    Greece is seen as too big to fail

    Fuck that. You've had a nice run, Greece. Thanks for the old-timey philosophy and whatnot. Don't let the door hit you in the ass on the way out.




    Thanks for the sex and salad.
  • JimsterJimster Cruffiton.etsy.com 6,963 Posts
    And the Elgin Marbles.

    Tell you what, you can 'ave 'em back if you can pay the postage.














































    Thought not!
  • RockadelicRockadelic Out Digging 13,993 Posts
    And the Elgin Marbles.


    I'd hate to wake up and find a marble horse head in my bed.
  • white_teawhite_tea 3,262 Posts
    Greece is seen as too big to fail

    Fuck that. You've had a nice run, Greece. Thanks for the old-timey philosophy and whatnot. Don't let the door hit you in the ass on the way out.




    Thanks for the sex and salad.

    I still blame the Olympics. Say eight years from now, this crisis is going to roll through Rio and the rest of South America like wild fire, only Colombia will be immune.

    And it could've been Chicago.
  • jleejlee 1,539 Posts
    And it could've been Chicago.

    i haven't really been paying attention to the "why" related to Greece, but Daily Show was talking about/making fun of the pretty heavy salaries and bonuses for Greek gov't workers. I've heard of the 13th month bonus, but apparently Greece was giving gov't workers a 14th month bonus as well.

    Olympics probably didn't help, but i suppose it was inflated prices to contractors and such more so than real costs that would have exacerbated the issue.
  • dj_pidj_pi 335 Posts
    OK guys! I know you didn't want to put me on the spot...but...

    I'm sorry for all world financial problems I'm causing.

    We cool now?
  • DelayDelay 4,530 Posts
    the renaissance happened at the feet of a fortunate few
  • willie_fugalwillie_fugal 1,862 Posts
    Greece should sell the Parthenon.

    or just find a corporate sponsor. "The Parthenon: Presented by Franzia Box Wine"
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