Posted on 09/06/2011 6:45:47 AM PDT by TigerLikesRooster
Sept. 6, 2011, 9:37 a.m. EDT
U.S. stocks open sharply lower; Rule 48 invoked
By Kate Gibson
NEW YORK (MarketWatch) - U.S. stocks fell sharply Tuesday as worries about European debt and the U.S. economy intensified. The Dow Jones Industrial Average DJIA -2.31% fell 275.26 points to 10,965.00. The Standard & Poor's 500 Index SPX -2.51% shed 29.60 points to 1,144.37. The Nasdaq Composite Index COMP -2.18% declined 56.61 points to 2,423.72.
/snip
Markets invoked Rule 48 for the open, lifting a requirement calling for price indications that help determine the floor price at the start to smooth trade.
(Excerpt) Read more at marketwatch.com ...
P!
I guess weekend footage of Barack, Slow Joe and Son of Hoffa in Detroit firing what looks to be the first shot in a Communist Revolution is not sitting well with them this morning.
The U.S. is throwing everything but the kitchen sink trying to suppress the spot price of gold. This finger in the dyke approach will only help for so long before the dam bursts wide open.
gonna be a white knuckle ride at Disneyland on the markets today.
This aint going to be pretty, already 2.5% down.
Looks like the start of another Obamalicious day on Wall Street!
At this rate we could go to 8,500 by Christmas?
Heck, we start getting that low and even I may re-invest.
Think this is bad, wait until the market opens Fri morn after the halfwits opens his big mouth on Thursday night.
I agree. Things won’t settle until after the next auction (18th), and then only for a while. My guess.
Maybe. But gold will fall all by itself because it has gone too far, too fast. Note that I bought a large amount of PM's starting from 2003 or so and am holding for the longer run.
Any time a government declares war on its citizens the way our government did yesterday, bad things are going to happen. Nice going Barry.
I’ve said it before: who knew that “Obama 2012” would refer to the DJIA?
http://blogs.wsj.com/marketbeat/2010/05/20/exactly-what-is-rule-48/
I still don't understand it and doubt it will help.
Summer of Wreck-overy continues.
The market invoked rule 48 (double secret probation) for the start.
How so? I was gone for a week in God’s country, and haven’t seen much news.
Article 48 of the constitution of the Weimar Republic of Germany (1919–1933) allowed the President, under certain circumstances, to take emergency measures without the prior consent of the Reichstag. This power was understood to include the promulgation of "emergency decrees (Notverordnungen)".
It's how Hitler seized control of the government. He had been elected to a somewhat weak political position, but declared an emergency and took total control of the government.
I just don't like the number 48.
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