Market is crashing

[OVerLoRDI]

Well I hope this cuts their oil demand.

 

[iversonyin]

ITS JUST A CORRECTION GUYS.

 

[iversonyin]

Originally posted by: Phokus
Wait, i've read that the NYSE tried to limit the plunge by limiting trading? Isn't that kind of BS though? Why the hell would they limit your ability to cut your losses?

It didn't hit the limit

 

[Miramonti]

Originally posted by: iversonyin

Originally posted by: Phokus
Wait, i've read that the NYSE tried to limit the plunge by limiting trading? Isn't that kind of BS though? Why the hell would they limit your ability to cut your losses?

It didn't hit the limit

I think some intraday limits were reached at some point that led to brief program trading curbs during the day.

 

[Tab]

Originally posted by: Vic
Hmm... and now the sell-off right before the bell. I think it's gonna close just above -400.

Wow... this is one of the coolest spikes I've ever seen before.

How is it cool?

 

[KaChow]

I'm still sticking with my buy-and-hold, dollar-cost-averaging investing plan.

 

[Aquaman]

Time to buy

Cheers,
Aquaman

 

[TehMac]

Originally posted by: ScottFern
SELL SELL SELL SELL

You wanna have another Great Depression.? actually...might be good to all the spoiled brats of this country who need a kick in the pants. Poverty is an excellent teacher.

 

[dethman]

yay i lost a crapload of money.

 

[IHateMyJob2004]

Originally posted by: KaChow
I'm still sticking with my buy-and-hold, dollar-cost-averaging investing plan.

:beer:

The way t ogo.... do use Buffett's 30% drop rule for dolalr cost averaging?

 

[dmcowen674]

Originally posted by: OVerLoRDI
Well I hope this cuts their oil demand.

:laugh:

 

[Vic]

Originally posted by: Tab

Originally posted by: Vic
Hmm... and now the sell-off right before the bell. I think it's gonna close just above -400.

Wow... this is one of the coolest spikes I've ever seen before.

How is it cool?

The dynamic of the activity was fascinating. Such a spike in volume and volatility! Win or lose, it was an exciting day on Wall Street.

And look, the sheep always panic and overstate the seriousness of these kind of things. A correction in the markets means a buying opportunity is coming, hence a time to make money. Even after today, the market is still up roughly 50% in the past 4 years. Unless they're an actual broker or an active day-trader who got caught on the wrong side of a trade, anyone claiming they lost a lot of money today is crying about losing money they never had in the first place except on paper.

 

[jadinolf]

Originally posted by: supafly

Originally posted by: toekramp
wtf is happening

britney spears and anna nicole are no longer in the headlines

It's about time.

 

[IntrinsicValue]

Originally posted by: Golgatha
Time to short sell FTW!!!

In all seriousness, the intrinsic value of my March 20 call options in INTC are about spent (20.07 in after hours), so I'm praying that they don't turn down under 20/share overnight, so I can sell to open the 17.50 March call options tomorrow. Don't worry folks, I only write covered calls to try and limit my losses.

:thumbsup: for being in options...

 

[lupi]

woo hoo for most of my stuff currently being in low risk bonds!

 

[iversonyin]

Originally posted by: jjsole

Originally posted by: iversonyin

Originally posted by: Phokus
Wait, i've read that the NYSE tried to limit the plunge by limiting trading? Isn't that kind of BS though? Why the hell would they limit your ability to cut your losses?

It didn't hit the limit

I think some intraday limits were reached at some point that led to brief program trading curbs during the day.

http://www.nasdaqtrader.com/trader/help/circuitbreaker.stm

No it didn't

There was, however, a glitch in the computer where they calculate the Dow Indu avg. That was down at 3 PM. The backup computer came back on 5-10 min after.

 

[Jadow]

Took a big hit today, it set me back to where I was on about Dec 20th.

Hopefully we won't slide more tomorrow.

 

[Mill]

Originally posted by: everman

Originally posted by: TheTony
In other news Radio Shack is up. :laugh:

Everyone knows that Radio Shack is just a front for the Columbian drug cartels, how else could they possibly still be in business?

Colombian.

 

[ponyo]

I am not buying and not even tempted. I will however sell into any dead cat bounce. I have some nice gains I need to lock in.

The market needs to drop another 7%-10% for me to become interested in bargain hunting.

 

[Mill]

Originally posted by: Vic

Originally posted by: Tab

Originally posted by: Vic
Hmm... and now the sell-off right before the bell. I think it's gonna close just above -400.

Wow... this is one of the coolest spikes I've ever seen before.

How is it cool?

The dynamic of the activity was fascinating. Such a spike in volume and volatility! Win or lose, it was an exciting day on Wall Street.

And look, the sheep always panic and overstate the seriousness of these kind of things. A correction in the markets means a buying opportunity is coming, hence a time to make money. Even after today, the market is still up roughly 50% in the past 4 years. Unless they're an actual broker or an active day-trader who got caught on the wrong side of a trade, anyone claiming they lost a lot of money today is crying about losing money they never had in the first place except on paper.

Well, obviously, most of the gains or losses are on paper unless you buy or sell. That being said, some of us did experience losses that wiped out profits that we had for the year. Again, those profits are on paper unless you sell, so in reality you didn't really "lose" anything but value. That being said, I got dinged for a little over 14k. No worries, though, because I'm in it for the long haul.

A lot of bondholders were beaming, though. My parents are retired so they have a lot of bonds. Government bonds did absolutely fantastic today.

 

[imported_Lothar]

Originally posted by: Jadow
Hopefully we won't slide more tomorrow.

The Japanese Nikkei is sliding.
http://www.bloomberg.com/index_asia.html

I wouldn't be suprised if the US and European markets followed suit.
Once I see how the European market starts, I might decide to short sell like there's no tomorrow.

BTW...anyone know why the Nikkei graph is flat from 11-12? Did the market close or is the straight 1hr horizontal line there just a coincidence?

 

[alrocky]

Originally posted by: Phokus

Originally posted by: senseamp

Originally posted by: IHateMyJob2004

Originally posted by: Phokus
Ok so what's the strategy here? Buy buy buy tomorrow?

Depends on your investment strategy. Traders might buy. Long term investors see today as a non-event.

No, they don't. Even long term investors may use this as a buying opportunity.

What do you guys suggest i should put my 401k/IRA money in tomorrow? (long term investor here)

I moved some money from the G Fund to the C Fund (S&P 500) this morning. [Thrift Saving Plan - Gov. 401(k)]

Will make additional purchases in my Vanguard ROTH IRA.

Assuming your mutual funds dropped today in your IRA, you may as well as take advantage of this buying opportunity.

 

[IHateMyJob2004]

I was watching hte news channels and tehy are debating what caused this. One interesting theory is that the drop in China caused everyone with ETFs to sell their ETFs ... thus causing a broad drop in all stocks.

I persoanlly don't care. The short term is volatility the longterm is growth (or the end of the world)

 

[Tangerines]

Originally posted by: IHateMyJob2004
I was watching hte news channels and tehy are debating what caused this. One interesting theory is that the drop in China caused everyone with ETFs to sell their ETFs ... thus causing a broad drop in all stocks.

I persoanlly don't care. The short term is volatility the longterm is growth (or the end of the world)

I think it had something to do with the lower-than-expected demand for durable goods, which caused China's market to stumble. The rest of the world followed suit.

 

[ElFenix]

Originally posted by: Phokus
Wait, i've read that the NYSE tried to limit the plunge by limiting trading? Isn't that kind of BS though? Why the hell would they limit your ability to cut your losses?

one of the common explanations for the black monday sell off in the 80s was that new computerized trading programs met their floor price and so sold. each time one of these computers dumped its holdings in something that price dropped a little more, causing the next computer program to sell, and so on and so forth. stopping trading lets everyone catch their breath and see if anything actually happened to cause the sell off (black monday there was basically no bad news, efficient marketeers have a hard time explaining it, and all the losses were made up within a year)