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Dow goes boom

Without knowing all the facts about today's 1,000+ point swing in the Dow, I think it's fair to assume it was probably the result of some statist Coffee Party type upset with the slow pace of enacting Obama's preferred Wall Street reforms deliberately triggering a panic.


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Comments (9)

It'll be an interesting day... (Below threshold)

It'll be an interesting day tomorrow. There are a lot of reasons why the market could be tanking.

There are signs that some t... (Below threshold)
Lee Ward:

There are signs that some trades on the NASDAQ were cleared at incorrect prices.

Like this.

Nasdaq Operations said it will cancel all trades executed between 2:40 p.m. to 3 p.m. showing a rise or fall of more than 60 percent from the last trade in that security at 2:40 p.m or immediately prior.

Nasdaq said the stocks affected and break points will be disseminated soon.

That's not to say the drop was due to exchange errors, but the day may have been a little rougher because of exchange errors.

here's more:

Just before 3 p.m. ET Thursday, shares of Procter & Gamble appeared to have fallen 37%, helping trigger a massive 900-point sell-off in the Dow Jones industrial average.

The huge drop in P&G's stock - reportedly from more than $60 to less than $40 - is widely believed to have been a trading glitch.

Several other stocks had huge drops in their price at that time as well, including Apple (AAPL, Fortune 500), Accenture (ACN), 3M (MMM, Fortune 500) and Oxford Industries (OXM).

At around 2:45 p.m. ET, P&G's (PG, Fortune 500) stock had fallen 10% to $56 on the New York Stock Exchange, triggering a "circuit breaker." At that point, the NYSE slowed the trading of the stock for less than a minute. During that short time, other stock exchanges were allowed to trade P&G's stock price on their own, instead of getting the price from NYSE.

According to Procter & Gamble and the NYSE, the Nasdaq stock exchange may have misprinted a quote of $39.37 a share. It is also possible that the electronic trades actually occurred, but they were made in error.

They're talking about 3pm Eastern and the stock market was falling big time prior to 3pm - so it's not the full explanation of the stock market fall, just a sign that the last hour may have been rougher because of these errors.

I'm sure it's Obama's fault, or Nancy Pelosi's fault. A Wizbang regular will be along shortly to throw some blame around towards the eeeveel MSM or the diabolical Muslim President Barack HUSSEIN Obama.


Lee Ward is a weird person.... (Below threshold)

Lee Ward is a weird person.

If I had a dollar for every... (Below threshold)
Baron Von Ottomatic:

If I had a dollar for every time somebody told me I was weird the mayoralty of New York is about all that would separate me from Bloomberg.

Keep pedaling, Lee Ward. Th... (Below threshold)

Keep pedaling, Lee Ward. The Dow is now charted as a "sell."


How much money do you have in the market tonight? Sleeping well?

I question the timing!... (Below threshold)
Cadrys Author Profile Page:

I question the timing!

I was a buyer today between... (Below threshold)
Lee Ward:

I was a buyer today between 3pm and 4pm. And I'll be a buyer tomorrow between 9am and 930.

Thanks for asking.

Barak penis has nos cent of... (Below threshold)

Barak penis has nos cent of denial staying power!!

"Barak penis has nos cen... (Below threshold)

"Barak penis has nos cent of denial staying power!!"

Huh?? Guess that stuff was better then I thunk.






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