Will this be Black Friday? - 10/10/08

reply to post by BlackOps719


We could very well see -1000 pts today. Man, that is very scary. Someone sent me this link which outlines the NYSE circuit breaker scenarios.

www.nyse.com...

sorry, not quite sure how to embed a link.

Ready yourselves for the impending *MARTIAL*LAW* and the Bank holiday.
If we do not take control of our country and remove these criminals, we only set the stage for domination. "LOOSE THE APATHY PEOPLE!" is our message. We are all an the precipice here.
As pointed out in a gym recently, at the end of the day these criminals will realize one inexorable fact! They are human too!
OF THE PEOPLE!!! BY THE PEOPLE!!! FOR THE PEOPLE!!!
NOT FROM THE PEOPLE!!!

the first time they suspend trading is at a 10% (1100 point) loss from open value. and its for an hour

In fourth-quarter 2008, the 10, 20 and 30-percent decline levels, respectively, in the DJIA will be as follows:

Level 1 Halt
A 1,100-point drop in the DJIA before 2 p.m. will halt trading for one hour; for 30 minutes if between 2 p.m. and 2:30 p.m.; and have no effect if at 2:30 p.m. or later unless there is a level 2 halt.

Level 2 Halt
A 2,200-point drop in the DJIA before 1:00 p.m. will halt trading for two hours; for one hour if between 1:00 p.m. and 2:00 p.m.; and for the remainder of the day if at 2:00 p.m. or later.

Level 3 Halt
A 3,350-point drop will halt trading for the remainder of the day regardless of when the decline occurs.
Background:
Circuit-breakers are calculated quarterly. The percentage levels were first implemented in April 1998 and are adjusted on the first trading day of each quarter. In 2008, those dates are Jan. 2, April 1, July 1 and Oct. 1.

NYSE Circuit Breakers

BR beat me too it... i still ahven't found anything for the breaker to close the NYSE indeffinetly though.



[edit on 10/10/2008 by Mercenary2007]

reply to post by Mercenary2007




If Europe opened at -10% what could we see in the US markets at opening?


Would they instantly suspend trading? Im no financial expert but I would guess that if Asia is down over 10% and Euope opened at -10, we are in for one heck of a beating right from the opening bell.


Friday is pay day for a lot of people here in the states, what will happen if they cant cash their paychecks today? How insane will it be if bank runs take off?

Today is not the day to have a 401K....good golly.

'Black Friday'
In Australia, where the S&P/ASX200 plummeted a record 8.3 percent, market watchers were calling it "Black Friday."

"It's way oversold in my opinion, and we haven't reached the bottom yet," said Roger Chandler, senior private client adviser with ABN AMRO Morgans in Sydney.

Key indices in Hong Kong, India and Singapore were all down about 7 or 8 percent. Mainland China's Shanghai Composite Index posted a more moderate decline of 3.6 percent.

Europe plummets
As Europe opened, major markets also plunged. Britain's FTSE 100 index slid about more than 5 percent, while Germany's DAX was down 7 percent.

Investors in Japan were also unnerved by news that a mid-sized Japanese insurer, Yamato Life Insurance Co., went bankrupt Friday on losses related to global stock woes — one of the first to do so in Japan.

In Tokyo, the gut-wrenching turmoil left individual investors shellshocked. Over the last week, the Nikkei has lost nearly a quarter of its value.

Kenji Akasaka, 69, president of a local printing company, said he had never seen it this bad in the 40 years he has traded stocks.

He said he invests mainly in blue-chips including Toyota Motor Corp. and Nintendo Co., both of which have lost about half their value over the last year.

"I pray before I go to bed that the Dow will recover," said Akasaka, 69, as he scanned a monitor displaying the latest market levels. "I get sleepless, thinking about losses."


Regulators in Russia ordered Moscow's MICEX not to open for regular trading at the usual time, and the opening of the RTS was also postponed until further notice, the state-run RIA-Novosti news agency said.

MSNBC


RTS postponed from opening until further notice

reply to post by BlackOps719


I hear you, I actually rushed out and filled my gas tank when I saw the European markets open the way they did. What can I say, I am a stickler for the Boy Scout motto (Be Prepared).

if they drop 10% at the open the will halt trading for an hour. then when trading resumes if they reach the 20% mark then they halt for 2 hours. 30% and they suspend for the rest of the day.

i'm really no "expert" either, but we'll probably open 200-300 points down, then 30 minutes later Bush will be on TV so that is going to push the markets lower. why should today be any different than the last few times the stooges have talked during trading hours.

easy way to tell what the market will do on open is look at the dow futures. thats where they should open at. right now its down 213.00 points

or biggest losses have been coming a hour before close

[edit on 10/10/2008 by Mercenary2007]

reply to post by Mercenary2007


Bush's address was canceled - no reason given.

Maybe someone finally noticed the correlation between Bush opening his mouth and the market plunging even lower.

On CNBC they were actually talking about "shotguns and canned goods" and "three dollar bottles of water." I am sure they were only joking, because of the laughs, however it is still shocking to hear them say it.

reply to post by redhatty


its only hopeful they finally figured that out. they shoul have shut the whole bunch up awhile ago



you know what that means though. if they canceled it. he'll be on durring prime time to give us bad news

[edit on 10/10/2008 by Mercenary2007]

reply to post by redhatty




I just read on CNN that Bush is supposed to be a part of the big G7 conference today along with Paulson.


I get the dinstinct feeling that government leaders around the globe are starting to soil themselves.


I cant wait to see what kind of hair brained scheming is produced by this little summit of thinkers.

Originally posted by BluegrassRevolutionary
On CNBC they were actually talking about "shotguns and canned goods" and "three dollar bottles of water." I am sure they were only joking, because of the laughs, however it is still shocking to hear them say it.

I cant verify the source of where I read it because I do not recall, but after the initial meeting between Bernanke and Congress, it was reported that Bernanke said something to them to the tune of "If the American people really knew how dire the situation is, they would all be learning to grow vegetables in their yards".

When the chaiman of the Fed says that it strikes a bit of fear into me personally.

Shotguns and canned goods may not be a half bad idea right about now.

Everyone I know here in my town in Oregon has already started taking their money out of the banks. Yes it could leed to a bank run but I really can't blame them why should they suffer because of what others have done? My dad is in his 50s and close to retirement age an he is about to lose his savings in his 401k. This sucks for everone but poorer people and older will be hardest hit.

Originally posted by The Revealer
I hope not but my arm is acting up so I think it might be today sadly. The last time my arm did that was when the economy began to crash. Does anybody else have those issues?

I dont really believe in the whole 'i felt weird right before something weird happened in the world' thing, but the whole day today ive had a high fever and was in bed all day drinking tea. Im slightly better now and can sit on my computer chair without my back aching, but the last time i was bed ridden for the whole day was the day before the war on Iraq was declared.

Not only did they come on early but they are using the words "global blood bath"

Never thought I would hear those words in my lifetime.

Bloomberg is reporting that in the last month, 36 trillion dollars have been wiped from global stock markets.

Originally posted by seejanerun
Not only did they come on early but they are using the words "global blood bath"

Never thought I would hear those words in my lifetime.

Me neither, thats disturbing.

Originally posted by seejanerun
Not only did they come on early but they are using the words "global blood bath"

Never thought I would hear those words in my lifetime.

I feel like turning the television off but I cant.


Like watching a train wreck right before your very eyes.


I just wonder how many honor suicides there will be in Japan after today, sad and gruesome to say but they really took a beating.

Originally posted by 44soulslayer
Bloomberg is reporting that in the last month, 36 trillion dollars have been wiped from global stock markets.

It seems to me that the system is bleeding money out faster than the Fed can pump it in. Eventually this thing will have to hit bottom but where that is and what that means Im not smart enough to say.

All I know is everyone will be getting homemade gifts for Christmas this year

Another point. Monday is Columbus Day so the banks will be closed for the holiday. Who knows what Tuesday will hold. I am not advocating bank runs but if you need some extra cash you may want to hold back some of your paycheck.

Also will Wall Street be open on Monday? I've never had to worry about that before.

CNBC is still saying Bush will speak at 10 AM.