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rated:
   posted: Feb. 27, 2007 @ 3:49p

largeeyes said:sfchris said:Does anyone know wat happened at 2:50 EST? The Dow plunged, then recovered over a period of minutes...

http://finance.yahoo.com/charts#chart1:symbol=^dji;range=1d;indicator=volume;charttype=line;crosshair=on;logscale=on;source=undefined

Supposedly a lot of the curbs from dropping 200+ were lifted about that time and the queue of sell orders flooded the market.

Really? The Dow has curbs for a 3% decline? I find that hard to believe.


rated:
   posted: Feb. 27, 2007 @ 3:53p

CNN

According to CNN there were curbs

"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...

Message edited by: richfish13 on 2007-02-27 15:56:18 CST
rated:
   posted: Feb. 27, 2007 @ 4:00p

richfish13 said:CNN

According to CNN there were curbs

"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.


rated:
   posted: Feb. 27, 2007 @ 4:07p

I hate to brag, but I converted my entire IRA to cash yesterday because a friend in high Chinese places emailed me about 3 days ago.

That looks like a $84k move. My shoulder is almost out of joint.


rated:
   posted: Feb. 27, 2007 @ 4:12p

For what it's worth, I believe that the P/E on the SP500 was much higher back in '87.


rated:
   posted: Feb. 27, 2007 @ 4:14p

delzy said:I hate to brag, but I converted my entire IRA to cash yesterday because a friend in high Chinese places emailed me about 3 days ago.

That looks like a $84k move. My shoulder is almost out of joint.I can just see the SEC coming to your house, dragging you out and beating you in the street, acting on this fatwallet tip.


rated:
   posted: Feb. 27, 2007 @ 4:14p

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.


rated:
   posted: Feb. 27, 2007 @ 4:20p

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:I hate to brag, but I converted my entire IRA to cash yesterday because a friend in high Chinese places emailed me about 3 days ago.

That looks like a $84k move. My shoulder is almost out of joint.


rated:
   posted: Feb. 27, 2007 @ 4:24p

Didn't someone here in the last few weeks have insider info about shorting a $185 per share stock?


rated:
   posted: Feb. 27, 2007 @ 4:24p

Goferebater said:Glad I got lazy and haven't yet put money into my Roth IRA for 2006 (or 2007).

I'm one of the unfortunate ones who funded my 2006 Roth two weeks ago. Oh well, maybe I'll be able to fund 2007 at a bargain.


rated:
   posted: Feb. 27, 2007 @ 4:24p

delzy said:I hate to brag, but I converted my entire IRA to cash yesterday because a friend in high Chinese places emailed me about 3 days ago.

That looks like a $84k move. My shoulder is almost out of joint.


You hate to brag so you post about your sell. OK then. Pat on the back for you.


rated:
   posted: Feb. 27, 2007 @ 4:28p

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?

Message edited by: ETFnerd on 2007-02-27 16:28:50 CST
rated:
   posted: Feb. 27, 2007 @ 4:37p

richfish13 said:CNN

According to CNN there were curbs

"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...

That article is wrong... the DOW did not decline 200 points until 3 pm, not 1 pm. Still, I am shocked that the exchange would impose curbs after only a 2-3% decline.


rated:
   posted: Feb. 27, 2007 @ 4:39p

Parttime FWer getting burned on NYSE floor ?


rated:
   posted: Feb. 27, 2007 @ 4:39p

Trading curbs supposed to kick in after 10%+ declines

Trading Curb from Wikipedia


rated:
   posted: Feb. 27, 2007 @ 4:51p

This one says curbs kick in at + - 150 from previous day's close


rated:
   posted: Feb. 27, 2007 @ 4:51p

StartingMoney said:Goferebater said:Glad I got lazy and haven't yet put money into my Roth IRA for 2006 (or 2007).

I'm one of the unfortunate ones who funded my 2006 Roth two weeks ago. Oh well, maybe I'll be able to fund 2007 at a bargain.

100% Ditto.


rated:
   posted: Feb. 27, 2007 @ 4:52p

http://money.cnn.com/2007/02/27/markets/dow_drop/index.htm?postversion=2007022717

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.

Message edited by: jack07002 on 2007-02-27 17:02:42 CST
rated:
   posted: Feb. 27, 2007 @ 5:02p

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.


rated:
   posted: Feb. 27, 2007 @ 5:02p

Someone at the DOW must have applied Microsoft's Daylight Savings Time patch today.


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