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theo
Penny Hoarding Member
USA
588 Posts |
 Posted - 05/06/2010 : 16:12:37
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As I watch the news there is speculation that today's volatility was caused by a mistaken trade order, a computer glitch or several large market orders.
Not to be too conspiratorial; but does anybody else wonder whether or not this was an accident? A fourth possibility comes to mind. How vulnerable are the markets to some type of cyber-attack?
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 05/06/2010 : 16:49:18
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| I have been waiting for this long overdo correction. I'm sorry to say that this may be only the start of it and it's going to be a long dry, hot Summer on Wall Street. |
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Think positive. |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 05/06/2010 : 16:51:43
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| was able to pick some real asset companies up at a discount by placing stink bids 10% the market price. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 05/06/2010 : 18:57:48
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quote:
Originally posted by theo
As I watch the news there is speculation that today's volatility was caused by a mistaken trade order, a computer glitch or several large market orders.
Not to be too conspiratorial; but does anybody else wonder whether or not this was an accident? A fourth possibility comes to mind. How vulnerable are the markets to some type of cyber-attack?
I don't know about cyber-attacks, but overloaded servers is bad enough. I couldn't log into any of my accounts rapidly, nor at all during the peak of the freefall  Even stop-losses won't protect you if the orders don't get filled due to larger block orders being filled before smaller odd lots  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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smalltimeopn
Penny Sorter Member
USA
54 Posts |
Posted - 05/06/2010 : 19:55:36
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I don't like to be so cynical but the newsmedia will report and blame bad news on about anything or anyone else to protect the current administration. I heard on the radio today that ET (that's entertaiment tonight mind you) went to the would be times square bomber's house and found evidence that the FBI overlooked. ET called the FBI and they came back to the house to examine the new evidence they missed. I believe it was a passport or some other document. Could you imagine the outcry if this had happened under the previous admin??? Are we being set up???
beauanderous, you are right - hoard now and hold on!!! |
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brian0918
Penny Collector Member
USA
315 Posts |
Posted - 05/06/2010 : 20:04:46
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I'm highly skeptical of the computer glitch / typo claim. People like to find causes for everything, and will latch on to anything that they see as a convenient explanation, all the while ignoring what the market is telling them about fundamental instability and uncertainty. I heard a market "expert" on NPR talk about how automated systems of buying and selling do not reflect market "fundamentals" - he instead believed there was something fundamentally true and secure about a bubble being reinflated through massive government spending and inflation.
I, on the other hand, see market fundamentals in this big drop. If most people in the market believe it is unstable, and are uncertain about its future, it should not be suprising that they are all willing to set up automatic sales at the sign of a drop. None of them believe that the stock market is built on a solid foundation. So they are all waiting for the slightest scare to send them into a selling spree. That certainly does tell you something about the fundamentals of the market. |
"The man who speaks to you of sacrifice, speaks of slaves and masters. And intends to be the master." -- Ayn Rand
Searched: $2230 Nickels; Liberty: 1; Buffalo: 4; War: 20; 2009: 2; 2010D: 8 |
Edited by - brian0918 on 05/06/2010 20:06:05 |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
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No82s
Penny Pincher Member
USA
198 Posts |
Posted - 05/06/2010 : 20:57:00
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| I thought at one time there were stops put into the market where if it fell so far all trading would stop for a period of time. Was this just a proposal I latched onto or was it actually in place once and removed? |
The difference between an optimist and a pessimist is that the pessimist is better informed. |
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forrestph
New Member
USA
13 Posts |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 05/07/2010 : 01:41:51
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| I was trading pretty heavy in Euro vs Yen today and the massive slide there took off before the SP 500 minis which happened before individual stocks. There was no fat finger slip that caused it. It forced $trillions in liquidations. What happened in the e-minis or Proctor & Gamble paled in comparison to foreign exchange. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 05/07/2010 : 06:30:26
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quote:
Originally posted by beauanderos
hope that works out for you Lemon... if the market continues to drop you may have to hold onto them for awhile, but eventually they should prove profitable. I bought some on the dip as well, and they've already rebounded ten percent or so 
stock in question has substantial oil assets and with my entry price pays a 10% yield. so while you are correct that the market could fall further, i really lose only if the price of oil falls because that is what they produce and what creates the dividend. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 05/07/2010 : 07:45:03
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quote:
Originally posted by Lemon Thrower
quote:
Originally posted by beauanderos
hope that works out for you Lemon... if the market continues to drop you may have to hold onto them for awhile, but eventually they should prove profitable. I bought some on the dip as well, and they've already rebounded ten percent or so
stock in question has substantial oil assets and with my entry price pays a 10% yield. so while you are correct that the market could fall further, i really lose only if the price of oil falls because that is what they produce and what creates the dividend.
I like PBR (petroleros brasileros) myself, but don't hold any at the moment. What did you pick up? Apache? Statoil? |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 05/07/2010 : 07:48:14
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| And I brought some stocks and silver a day to early. |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 05/07/2010 : 08:33:10
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quote:
Originally posted by dakota1955
And I brought some stocks and silver a day to early.
I seem to remember the silver market had about a 94 cent selloff that day? You did okay, in the long run. I bought that day as well It's not possible to time the market to perfection. |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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Stock Market Drop
Forum Locked
