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Dow Now Down Over 220 As Europe Explodes (now down over 500)
The Business Insider ^ | 5-6-2010 | Gregory White

Posted on 05/06/2010 11:22:26 AM PDT by blam

Dow Now Down Over 220 As Europe Explodes

Gregory White
May. 6, 2010, 2:09 PM

The Dow is down 2.0% on worries over the European sovereign debt crises as investors move into less risky assets. Gold is up to nearly 1200.

Volatility on the S&P 500 is up as well, over 13.09%:

The center of all this, the euro, down against the dollar over 1.1%:

[snip]

(Excerpt) Read more at businessinsider.com ...


TOPICS: Breaking News; News/Current Events
KEYWORDS: bho44; bhodjia; bhoeconomy; contagion; debt; djia; dow; economy; globaleconomy; obama
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To: StAnDeliver

Unfunded promises and entitledments by vote-buying politicians, sold to greedy, short-sighted voters, are now coming due and WE HAVE NO WAY TO PAY FOR THEM!


281 posted on 05/06/2010 1:30:48 PM PDT by onyx (Sarah/Michele 2012)
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To: Evil Slayer

Obama owns this economy, no matter what he spews or his teleprompter tells him to say.


282 posted on 05/06/2010 1:33:36 PM PDT by onyx (Sarah/Michele 2012)
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To: P.O.E.
The only “innovation” going on these days is in government, where they keep coming up with new ways to spend money.

The only “innovation” going on these days is in government, where they keep coming up with new ways to spend money destroy capitalism.

283 posted on 05/06/2010 1:35:49 PM PDT by CRBDeuce (here, while the internet is still free of the Fairness Doctrine)
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To: raybbr

Everything I have read says you must be able to declare “hardship” and those rules are pretty tight. Exception being first house or college.


284 posted on 05/06/2010 1:46:14 PM PDT by Drill Thrawl (Another day, another injury, another step closer. Are you prepared?)
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To: henkster

The PLUNGE PROTECTION TEAM has kicked in.


285 posted on 05/06/2010 1:46:29 PM PDT by SideoutFred (B.O. Stinks...it really does)
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To: y2gordo
But even gold has no inherent value. Aside from wiring and cosmetic uses, gold doesn’t have a whole lot of value. The only reason it has value is because people want it.

That last statement is true of anything. But gold has value because WOMEN want it. No gold, no poon. So gold has value to anyone who isn't starving.

The one and only thing that has true value is land.

What was land worth as Stalin was collectivizing the Kulaks in the Ukraine?
What is a burning house worth?
286 posted on 05/06/2010 1:48:27 PM PDT by UnbelievingScumOnTheOtherSide (NEW TAG ====> **REPEAL OR REBEL!** -- Islam Delenda Est! -- Rumble thee forth)
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To: Alberta's Child

Take a look at this data from a 1-minute intraday chart of Procter & Gamble today (unfortunately FR’s software takes out extra spaces between the numbers so it’s not easy to read):

Time Open High Low Close Change Volume

14:44 60.86 61.15 59.46 60.96 0.15 256934
14:45 59.65 60.86 56.50 57.36 -3.60 373803
14:46 57.36 59.40 47.51 47.71 -9.65 278273
14:47 49.00 57.01 39.37 55.00 7.29 469579
14:48 55.00 62.05 53.00 58.00 3.00 303799
14:49 57.79 60.34 57.00 59.48 1.48 352332
14:50 59.67 62.59 58.91 62.59 3.11 241590

I heard on CNBC that this action in Procter & Gamble was the main cause of the breakdown in the Dow Jones Industrial Average. This kind of breakdown between 2:44 PM and 2:48 PM should not be possible in a big consumer goods stock like PG without any big news. I heard these low trades happened on the Nasdaq exchange. Some of it was normal cascading stop loss orders triggering each other in sequence, but still there should always be enough buyers in the way to prevent a drop of $17.99 in less than two minutes. This is all assuming that the data from my chart service is correct, and it has historically been a highly reliable chart service.

In any event, this action in PG needs to be investigated and I heard today that Procter & Gamble is asking for an SEC investigation of the trading in their stock today.


287 posted on 05/06/2010 1:49:56 PM PDT by your local physicist (Don't blame me. I wasn't fooled by anyone. I crossed my fingers and voted for McCain.)
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To: StAnDeliver
"Almost feels staged to me!"

Exactly.

I have a hard time believing that a "mistake" that big could be processed without a confirmation. As in "Are you sure you want to trade 16 Billion? Yes\No"

288 posted on 05/06/2010 1:50:44 PM PDT by Drill Thrawl (Another day, another injury, another step closer. Are you prepared?)
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To: Drill Thrawl

Me too. In fact, I don’t believe it’s possible for any individual trader to place an order in the billions of dollars at one time. No way could that be possible in any Wall St. firm. The software on their workstations would reject an order of that size and they would not be able to override that rejection. This plunge could possibly have been caused by super fast high speed computer trading that just sent too many sell orders into the market too quickly for the market markers to respond fast enough, because as far as I know, buy orders from market makers are placed by real live people and not computers. That’s an alternate theory to the theory that the market makers didn’t properly implement the role they’re assigned in the stock market today.


289 posted on 05/06/2010 1:57:42 PM PDT by your local physicist (Don't blame me. I wasn't fooled by anyone. I crossed my fingers and voted for McCain.)
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To: pleikumud
When is the Jackass Obama going to resign? He’s done so much damage already!

Why resign when his plan of destruction is going so well? Each day, he moves the bar up and we do nothing to stop it.

290 posted on 05/06/2010 1:59:19 PM PDT by bgill (how could a young man born here in Kenya, who is not even a native American, become the POTUS)
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To: onyx

REPORT: BAD TRADE TRACED TO CITI...

Stock Selloff May Have Been Triggered by a Trader Error

According to multiple sources, a trader entered a “b” for billion instead of an “m” for million in a trade possibly involving Procter & Gamble [PG 60.75 -1.41 (-2.27%) ], a component in the Dow. (CNBC’s Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff. Watch.)

Sources tell CNBC the erroneous trade may have been made at Citigroup [C 4.04 -0.14 (-3.35%) ].

“We, along with the rest of the financial industry, are investigating to find the source of today’s market volatility,” Citigroup said in a statement. “At this point we have no evidence that Citi was involved in any erroneous transaction.”

http://www.cnbc.com/id/36999483


291 posted on 05/06/2010 2:05:20 PM PDT by kcvl
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To: your local physicist

Or, tin foil hat time, much like in Clancy’s “Debt of Honor” and engineered computer problem.


292 posted on 05/06/2010 2:08:06 PM PDT by Drill Thrawl (Another day, another injury, another step closer. Are you prepared?)
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To: UnbelievingScumOnTheOtherSide; y2gordo
What was land worth as Stalin was collectivizing the Kulaks in the Ukraine?

What is a burning house worth?

"If you can't pick it up and run with it, you don't really own it." -- Robert Heinlein

293 posted on 05/06/2010 2:10:50 PM PDT by Mr. Jeeves ( "The right to offend is far more important than any right not to be offended." - Rowan Atkinson)
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To: blam

LOL no comment from Obummer... The world is falling apart before our very eyes. Obama has set a new standard for incompetancy of a CIC.


294 posted on 05/06/2010 2:32:52 PM PDT by Typical_Whitey (Obama Admin policy on stopping terror attacks in the US is to rely on Dumb Luck.)
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To: onyx
When I was a little girl, an uncle of mine used to tell me that no matter the price, an ounce of gold would always buy a men’s suit of good quality. Over the years, that’s proven true.

We must have the same uncle!

295 posted on 05/06/2010 3:43:09 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: April Lexington

Good to see you, Cousin April!


296 posted on 05/06/2010 3:45:06 PM PDT by onyx (Sarah/Michele 2012)
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To: pgkdan

I just reached 50 and that is the age I can take my money out and not have to resign. I have been thinking hard on it. However, a couple of years ago I moved it all into Guaranteed Interest Account (GIA) so I wouldn’t lose that much.


297 posted on 05/06/2010 4:06:07 PM PDT by jerri (Is it over yet?)
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To: kcvl; All
Dow Plunges Over 900 But Then Pares Losses...

LAMESTREAM MEDIA will praise Hussein's policies for the "RECOVERY"!

298 posted on 05/06/2010 4:34:49 PM PDT by Recovering_Democrat
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To: pgkdan
I can’t unless I quit my job.

Borrow as much as you can on it. Stash the cash and ride out the crash - no rap here, it's just the way I'd play it if I couldn't yank the funds.

299 posted on 05/06/2010 5:15:52 PM PDT by Oatka ("A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
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To: Travis McGee

Perils of propping up the market which is not supported by fundamentals.


300 posted on 05/06/2010 6:53:57 PM PDT by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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