Posted on 10/30/2009 12:12:19 PM PDT by blam
NYSE Open Disrupted By Flood Of Orders
On 2:44 pm EDT, Friday October 30, 2009
NEW YORK (Reuters) - A huge influx of orders prevented the New York Stock Exchange from disseminating quotes shortly after the start of trading on Friday.
(NYSE:NYX - News; Paris:NYX.PA - News), the parent of the exchange, said the delays followed "an inordinate influx" of orders received as Friday's session got under way. Later in the session, the company had to temporarily transfer quote processing to a backup system.
The exchange's quote delays caused some tickers to be locked, but an NYSE spokesman said "trades are still going through." NYSE's Ray Pellecchia also told Reuters the cause of the problem was still under investigation.
The interruption on the NYSE and in the NYSE Amex cash equities trading was resolved around noon.
Traders who declined to be identified said the interruption was caused in part by the early sell-off as well as by NYSE technology.
[snip]
The DJIA is down 267 as I post. See here.
(Excerpt) Read more at finance.yahoo.com ...
Can you say ‘heading for the exits’? I knew you could.
Ruh-Roh Raggy......
You’ll know they are amassing a mass exodus if the trend continues next week...right now I think there is just more profit taking again...
Cloward-Piven.
Posted by Karl Denninger in Macro Economics
The Market Ticker - Friday, October 30. 2009
How do you get "economic recovery" out of these numbers?
Personal income decreased $0.1 billion, or less than 0.1 percent, and disposable personal income (DPI) decreased $0.2 billion, or less than 0.1 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $47.2 billion, or 0.5 percent.
That looks like flat income and down spending to me.
Oh wait - we have to read past the first two sentences, right?
Let's do that.
Private wage and salary disbursements decreased $11.2 billion in September, in contrast to an increase of $10.1 billion in August. Goods-producing industries' payrolls decreased $7.8 billion, compared with a decrease of $6.3 billion; manufacturing payrolls decreased $1.5 billion, compared with a decrease of $4.1 billion. Services-producing industries' payrolls decreased $3.4 billion, in contrast to an increase of $16.4 billion.
Wait a minute. I thought that income was flat? We have a decrease, a decrease, a decrease and a decrease. How do we get to flat with those?
[snip]
By Elizabeth Trotta
10/30/09 - 03:22 PM EDT
(TheStreet) -- Volatility spiked and a strengthening dollar, compounded with profit-taking and a soft consumer spending report, pushed stocks further to the downside Friday.
[snip]
"It tells me we still have a lot of fear and doubt and a continuation of climbing the wall of worry," says Jim Paulsen, chief investment officer, Oaktree Asset Management. But volume is "extraordinarily low," he says, and, "I think it's more traders are moving this around on whatever information they can find to push this thing where they want.
"We're playing with a lot of traders that are looking at a lot of technical figures here, and I would be concerned if 1) we weren't violently going nowhere fast, and 2) if there was truly some fundamental reason that would bring this about -- I don't know that I see that," says Paulsen. "But at the end of the day, if this thing isn't settled today, it will be more settled by the end of next week, and that's going to set more of a tone for the next month for where we're going."
[snip]
flat as in flat line. Charge to -300, stat!
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You forgot that we added more vampires (gov't employees) ... they MUST be paid no matter how high taxes need to go! ... My local gov't has been putting out pressers showing how they're really on our side ,, cutting back and such ... they "cut" positions ... OK so it was just open unfilled positions that they created out of thin air last year so they would have an excuse to hold onto tax dollars instead of reducing taxes....
The numbers of the market indexes are fabrications to keep the sheeple from panicking. It is impossible that any financially astute person would be buying any stock for long positions within the past few months with the government on the verge of taking us to full-fledged socialism or facism. All of the numbers being posted are fake. You can not convince me that any of it is based in fact. I am hearing from ALL OVER that the economic situation is dire and almost no jobs are to be found. This comes from truck drivers who drive all over the country and people who have contacts across mutliple states. The entire MSM report of the event is a lie.
Well, that’s strange ... I went to check the volume chart for the day at Yahoo Finance, and it was invisible, as if very low, but I remembered seeing active volume during the day. It said, “Try our interactive chart,” so I said, “OK, I’ll try your interactive chart,” and I did. This lets you run the cursor along the horizontal time axis and displays the volume ( per minute, I think ) as you go.
The thing is that at the very END of trading, it shows a volume figure of 95,000,000 whereas the largest earlier figure was a few million, and in fact on the regular chart you can see that it was scaled to invisibility to accommodate the large value ...
So what’s up with that ? This huge volume did not correspond to any big movement in the DOW.
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