JMS Posted May 6, 2010 Share Posted May 6, 2010 http://online.wsj.com/article/SB10001424052748704370704575227754131412596.html?mod=WSJ_hpp_LEADNewsCollection Stocks plummeted in a flashback to the panicked trading of 2008. Investors fled everything from stocks and risky bonds and poured money into safe assets such as U.S. Treasurys. Stocks began the day in negative territory but took a sharp dive south in the afternoon as selling built up and some indexes fell through key technical levels, sparking new waves of selling, investors said. Link to comment Share on other sites More sharing options...
techboy Posted May 6, 2010 Share Posted May 6, 2010 "A little" being 70% (currently)? Link to comment Share on other sites More sharing options...
gbear Posted May 6, 2010 Share Posted May 6, 2010 I keep telling myself that I bought the stocks I bought because I thought the companies were well run. As they keep turning profits above the forcasts and the economy staggers towards recovery, I can't think why I should sell. It's not like they have lost more than they have gained since I bought, and even if they had, it's not like I don't expect them to do better in the future. I think this is prime buying time. Link to comment Share on other sites More sharing options...
techboy Posted May 6, 2010 Share Posted May 6, 2010 Apparently CNBC is reporting that this may have been due to an institutional trader hitting b (billion) instead of m (million). Someone buying VTI at around 2:15 made out like a bandit. (I have never seen anything like that chart). I feel sorry for the seller, though. Link to comment Share on other sites More sharing options...
PresidentClinton07 Posted May 6, 2010 Share Posted May 6, 2010 The last hour and a half was truly unbelievable. Thank God I wasn't at work today!!! Investors today= ranting, ranting and more ranting! Link to comment Share on other sites More sharing options...
Hubbs Posted May 6, 2010 Share Posted May 6, 2010 I couldn't believe it when I was watching it. It was the fastest drop I've ever seen. Link to comment Share on other sites More sharing options...
Larry Posted May 6, 2010 Share Posted May 6, 2010 Yeah, a part of me is wishing that I had cash in the right place to buy some more. My Disney has fallen like a rock for the last 2-3 days, and I don't se any reason at all why it won't recover in a few months, if not sooner. (Admittedly, another part of me is pointing out my habitual pattern of riding stocks down until I've lost so much that I can't stand it any more, and then selling when they're down, thus cementing my losses.) Link to comment Share on other sites More sharing options...
Kilmer17 Posted May 6, 2010 Share Posted May 6, 2010 Im saving my money for a European vaca as soon as the Euro collapses, which I think will be by next summer. Italy on the cheap!!!!!! Link to comment Share on other sites More sharing options...
techboy Posted May 6, 2010 Share Posted May 6, 2010 (Admittedly, another part of me is pointing out my habitual pattern of riding stocks down until I've lost so much that I can't stand it any more, and then selling when they're down, thus cementing my losses.) This part is wise. Set an allocation you can stomach and that meets your goals, and stick with it. Days like this are a great time to rebalance, though. Link to comment Share on other sites More sharing options...
JMS Posted May 6, 2010 Author Share Posted May 6, 2010 "A little" being 70% (currently)? It was about 60% when I posted it was still down more than 400 pts. Looks like manual error, A trader hit the wrong button. http://www.cnbc.com/id/36999483 Link to comment Share on other sites More sharing options...
techboy Posted May 6, 2010 Share Posted May 6, 2010 Im saving my money for a European vaca as soon as the Euro collapses, which I think will be by next summer.Italy on the cheap!!!!!! This actually occurred to me, too. I'm scared of the volcano, though. I've read that those eruptions can last a year or more, and no insurance will cover something like that. Link to comment Share on other sites More sharing options...
DjTj Posted May 6, 2010 Share Posted May 6, 2010 Apparently CNBC is reporting that this may have been due to an institutional trader hitting b (billion) instead of m (million).That's what he gets for trying to make trades on his Blackberry. The stock market was not designed for typing with your thumbs....if you receive that order though, don't you call the guy back and say, um, are you sure want to sell a billion shares? Somebody involved that transaction is probably getting chewed out right now. Link to comment Share on other sites More sharing options...
JMS Posted May 6, 2010 Author Share Posted May 6, 2010 Yeah, a part of me is wishing that I had cash in the right place to buy some more. My Disney has fallen like a rock for the last 2-3 days, and I don't se any reason at all why it won't recover in a few months, if not sooner. (Admittedly, another part of me is pointing out my habitual pattern of riding stocks down until I've lost so much that I can't stand it any more, and then selling when they're down, thus cementing my losses.) I put all my money into hamburgers. Link to comment Share on other sites More sharing options...
techboy Posted May 6, 2010 Share Posted May 6, 2010 Looks like manual error, A trader hit the wrong button. http://www.cnbc.com/id/36999483 If that's true (and the crazy charts seem to indicate it's a possibility), someone's getting fired. Link to comment Share on other sites More sharing options...
JMS Posted May 6, 2010 Author Share Posted May 6, 2010 That's what he gets for trying to make trades on his Blackberry. The stock market was not designed for typing with your thumbs....if you receive that order though, don't you call the guy back and say, um, are you sure want to sell a billion shares? Somebody involved that transaction is probably getting chewed out right now. Dude was probable talking to a machine on the other end. It's pretty scary one guy with fat thumbs has that kind of power if it's true. Link to comment Share on other sites More sharing options...
Corcaigh Posted May 6, 2010 Share Posted May 6, 2010 Im saving my money for a European vaca as soon as the Euro collapses, which I think will be by next summer.Italy on the cheap!!!!!! It's still 25% higher than a few years ago. It's a good time to visit the UK though. Link to comment Share on other sites More sharing options...
Larry Posted May 6, 2010 Share Posted May 6, 2010 I asked a question in the "collapse of the Euro" thread, and I wouldn't mind getting some responses from people who know more than I do. (Which is just about everybody.) Link to comment Share on other sites More sharing options...
Burgundy Burner Posted May 6, 2010 Share Posted May 6, 2010 That's what he gets for trying to make trades on his Blackberry. The stock market was not designed for typing with your thumbs....if you receive that order though, don't you call the guy back and say, um, are you sure want to sell a billion shares? Somebody involved that transaction is probably getting chewed out right now. If that's true (and the crazy charts seem to indicate it's a possibility), someone's getting fired. i was thinking the same thing when it came out. doubt we will ever know the details, but if we do, someone could be a hall of famer in our owned thread. and i don't mean to laugh at the losses that some have endured today, but you gotta chuckle a bit. Link to comment Share on other sites More sharing options...
Hubbs Posted May 6, 2010 Share Posted May 6, 2010 EDIT: Nevermind, I post without paying attention sometimes. Link to comment Share on other sites More sharing options...
Westbrook36 Posted May 6, 2010 Share Posted May 6, 2010 Yes, buy the dips. Must not go against what everyone has drilled into our minds our entire lives. When the market is at 7000, techboy will be in here defending buy and hold. I can't wait. I'm just glad the crash waited until I had the opportunity to get balls short. Link to comment Share on other sites More sharing options...
JMS Posted May 6, 2010 Author Share Posted May 6, 2010 It's still 25% higher than a few years ago.It's a good time to visit the UK though. Three months from now is going to be a better time. I just heard the UK's budget deficit is projected to be worse than Greece. http://www.guardian.co.uk/business/2010/may/05/uk-budget-deficit-worse-than-greece UK's Budget deficit 11% GDP..... Looks like you guys are taking finance advice from us? Our budget deficit is only 8.9% = 1.17/13.14 Man alive the world is in for a big hurt if American fiscal policy is what is passing for responsible. Link to comment Share on other sites More sharing options...
Larry Posted May 6, 2010 Share Posted May 6, 2010 Yes, buy the dips. Must not go against what everyone has drilled into our minds our entire lives. When the market is at 7000, techboy will be in here defending buy and hold. I can't wait. The first part of "Buy low, sell high" is . . . ? Link to comment Share on other sites More sharing options...
JMS Posted May 6, 2010 Author Share Posted May 6, 2010 I asked a question in the "collapse of the Euro" thread, and I wouldn't mind getting some responses from people who know more than I do. (Which is just about everybody.) I don't really know anything... but I have strong opinions if that will suffice... Link to comment Share on other sites More sharing options...
Hubbs Posted May 6, 2010 Share Posted May 6, 2010 Our budget deficit is only 8.9% = 1.17/13.14 "Only." Link to comment Share on other sites More sharing options...
haithman Posted May 6, 2010 Share Posted May 6, 2010 The guys on high-frequency algorithmic desks (the ones the govt wanted to stop) made absurd amounts of money today. Anyone who trades vol is one rich son of a *****. Link to comment Share on other sites More sharing options...
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