"Trying to limit the declines, the New York Stock Exchange said it imposed trading curbs as of 1:03 p.m. ET, around the time the Dow slipped 200 points, CNN confirmed."
I know Jack brought it up...imagine him not citing his source...
According to CNBC, the report on that -250pts in 30 seconds was due to a huge backlog of data getting processed with another big direvative sell order going through at the same time. In other words, it wasn't down -250 that previous hour, it was slowly moving down to 540 the whole time with noone realizing it.
welphd said: Didn't Greenspan retire?Forbes story said:A Commerce Department report that orders for durable goods in January dropped by the largest amount in three months exacerbated jitters about the direction of the U.S. economy, just a day after former Federal Reserve Chairman Alan Greenspan said the United States may be headed for a recession.
mnsweeps said: Same here. Hu Jintao called me last night with some insider info and I immediately sold all my BIDU stock on NYSE around 9.01 am ET.
delzy said: yadda, yadda...Dude, you talked to Hu. Chairman Mao called me from the island where he's shacking up with Elvis and Bruce Lee and told me to sell BIDU. Do you think that's where Hu got the tip?
A Dow spokesman says the speed of today's big drop was partially a result of a computer glitch.
Technical glitches plague Wall Street Dow Jones says problem with DJIA reporting caused dramatic decline; NYSE says trading was interrupted due to intermittent technical problems
Around 2:00pm today the market's extraordinarily heavy trading volume caused a delay in the Dow Jones data systems and as a result, the calculation of the Dow Jones Industrial Average temporarily lagged behind the market decline and as we identified the problem we decided to switch over to a back-up system and the result was a rapid catch-up in the published value of the Dow Jones Industrial Average," explained a Dow Jones spokeswoman.
When the back up system was activated around 3:00pm, the delay was eliminated and the numbers on the big board caught up immediately with the market activities.
appartently there was so much volume of sell-off in stocks that the computer could not handle it and it glitched.That is what they are saying.
I wonder if this didn't happen how much worse things might have gotten..so the 500 point drop really happened in mid-day..it just didn't show up till almost 3 PM.
Ktremor said: FXI, the I shares China fund is down 10% today, the question is will the Chinese markets go down again tonight? My feeling is, it will, Every shocks come with aftershocks. In any case, I am ready to get in some bluechips tomorrow.
ETFnerd said: Dude, you talked to Hu. Chairman Mao called me from the island where he's shacking up with Elvis and Bruce Lee and told me to sell BIDU. Do you think that's where Hu got the tip?Hu? Wen? RohWei!
500 points is nothing. The Dow can technically go all the way down to 10,800 where it would be a buy, buy, buy. Now if it closes below 10,800 on a weekly basis then you have a problem. So for the next 18 months one can easily see 10,800 - 13,500 before the next leg up to 16,300 and on to 20,000 within 5 years.
The durable goods number today was really very ugly. So yes an economic contraction is likely in the near term and there is the hiccup of inflation very much alive at the wholesale level so no fun for the next 2 years for Bernanke having to raise rates during an economic contraction. More than a few johnny come latelies to the housing market will lose their heads during this period as well.
There is no reason for anyone to be hurting right now. If you are close to retirement or retired you should be almost out of stocks and if you have a ways to go you have another 15-20 years in the market to enjoy.
This is really no big deal. My stock accounts were up around 2.8% for the year going into today--at best this wiped out my gains for the year--NOT A BIG DEAL considering the HUGE gains I've had over the past 4 years. My first thought on watching the markets today was "buying opportunity" but it's not even a big enough deal to scream that right now. So I'm flat 2 months into the year--big deal.
mnsweeps said: Parttime FWer getting burned on NYSE floor ? Either he just realized he told his wife he's pick up the dry cleaning but they'll be closed by the time the 4:23 gets into Scarsdale or he's a total drama queen. This is raised eyebrows news not head in hands news.
This will be moment I will not forget,like when people remember big home runs in world series....
cause I was looking right at the real time Dow market number online, it was like 206 points down.....then all the sudden while watching it,it went to 511 points down...I swear I rubbed my eyes and looked again!
I interviewed Wu-tang Financial for the free gift card, but I entrust my bling to K-Fed wealth management after reading the vanilla ice testimonial. You gotta have a system to weed out the scrubs from the playaz...
I want to propose a new FWF rule. If you plan to brag later about your trading skills, you need to post the original trade on its original date. Because I also sold $7 million of stocks last week at the all time record high. I just didn't tell you when I did it.
psychtobe said: I want to propose a new FWF rule. If you plan to brag later about your trading skills, you need to post the original trade on its original date. Because I also sold $7 million of stocks last week at the all time record high. I just didn't tell you when I did it.
OK, just for the record I ordered a buy on PGJ. I had a big fat $50 Sharebuilder bonus looking for a home, so next Tuesday you can start keeping track of my genius.
"At about 3 p.m., the drop in the Dow accelerated and in the blink of an eye was down 546.20 points because of a price tabulation error at Dow Jones, which calculates the average in real-time and transmits the figure to market-data providers. According to Dow Jones, there was a temporary lag in its calculation and when a backup computer came on line, the displayed average instantly spiked lower to catch up with the current level."
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