What a ride!

This is a discussion on What a ride! within the Off Topic & Humor Discussion forums, part of the The Back Porch category; Dow Jones knocked on the door of a thousand point drop this afternoon. Really makes me wonder. A lot of the influence was speculation on ...

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Thread: What a ride!

  1. #1
    Member Array UnklFungus's Avatar
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    What a ride!

    Dow Jones knocked on the door of a thousand point drop this afternoon. Really makes me wonder. A lot of the influence was speculation on Greece and the rest of the troubled nations in EU. It's up now, but when it was falling, I was hitting refresh on my browser repeatedly and each time it was about 100+ points drop.

    Time for me to take another look at my back up and SHTF supplies.
    “The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government.”

    Patrick Henry
    Quote Originally Posted by UnklFungus
    If it is ok to disarm legal citizens to reduce crime, then doesn't it stand to disband the military to prevent war?

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    Yeah my heart just about stopped. Greece economy my butt. Somebody bought a ton of stock right before it bounced back up. The market cartel strikes again.
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    VIP Member Array packinnova's Avatar
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    Quote Originally Posted by WHEC724 View Post
    Yeah my heart just about stopped. Greece economy my butt. Somebody bought a ton of stock right before it bounced back up. The market cartel strikes again.
    Yep...in my book that's just SMART!
    "My God David, We're a Civilized society."

    "Sure, As long as the machines are workin' and you can call 911. But you take those things away, you throw people in the dark, and you scare the **** out of them; no more rules...You'll see how primitive they can get."
    -The Mist (2007)

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    Member Array UnklFungus's Avatar
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    Quote Originally Posted by WHEC724 View Post
    Yeah my heart just about stopped. Greece economy my butt. Somebody bought a ton of stock right before it bounced back up. The market cartel strikes again.
    I bet they got a great deal on it too!
    “The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government.”

    Patrick Henry
    Quote Originally Posted by UnklFungus
    If it is ok to disarm legal citizens to reduce crime, then doesn't it stand to disband the military to prevent war?

  6. #5
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    The blame has now shifted from the Greece economy to a 'technical glitch'. I guess I wasn't the only one that wasn't buying the first load of hooey.
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    'Clinging to my guns and religion

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    Quote Originally Posted by packinnova View Post
    Yep...in my book that's just SMART!
    It happened so fast, only Wallstreet computers (they pay a special fee to be advanced by a micro-second) responded. Average Joe investor took a bath today.
    __________________________________
    'Clinging to my guns and religion

  8. #7
    Member Array UnklFungus's Avatar
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    I am wondering what tomorrow holds. I think that this was group panic, but I don't think it is over yet.
    Dow Falls in High-Speed Drop - WSJ.com
    On the plus side, oil dropped $2.86 to settle at $77.11 a barrel on the New York Mercantile Exchange.

    Yep, tomorrow will be interesting.
    “The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government.”

    Patrick Henry
    Quote Originally Posted by UnklFungus
    If it is ok to disarm legal citizens to reduce crime, then doesn't it stand to disband the military to prevent war?

  9. #8
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    Unk-- I just heard on the news that part of the wild ride was due to a stupid error. A company wanted to sell 15 million worth of shares and somehow the order got entered as a sale of 15 BILLION. That caused a wild ride for 15 minutes--- at least that is what Mad Money Cramer said.

    In short, it wasn't all about Greece, Spain, and Portugal. Still, he added that things will remain unstable until one of them actually defaults. I don't understand why he would say that, how default would lead to stability, but that's what I heard.

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    Member Array schwaa's Avatar
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    I was following it closely today. I tuned in around 2:00pm and I was getting worried due to the whole mess with Greece and the EU. I was watching CNBC when cramer came onto the show and said "dont call your brokers quite yet" at that point it was still down about 400pts. 20 seconds later it hit -700 then -900+. It was an interesting ride. I was planning on cashing in on some next week due to the highs I was at, there's no chance of that now. I couldn't cash in on it today, I had no cash on hand.

    400pts down, understandable. 900, no way. Electronic stop loss orders screwed a TON of people over today. I will be cleaning up some of my not-so-strong holdings soon to come.
    It is the mark of an educated mind to be able to entertain a thought without accepting it.
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    Those who have an answer for everything, have an answer for nothing.

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    Member Array UnklFungus's Avatar
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    Well, maybe this will be a good wake up call. It looks like some people are seeing this as either an opportunity or it portending danger.

    Stock sell-off a 'wake-up call' to deal with debt - May. 7, 2010

    I like to think of this as a good wake up call, in that it will show the policy makers just how fragile things are right now, globally and nationally. But, I feel too that this is an opportunity to do something about it at the right time.
    “The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government.”

    Patrick Henry
    Quote Originally Posted by UnklFungus
    If it is ok to disarm legal citizens to reduce crime, then doesn't it stand to disband the military to prevent war?

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    +1 Unk

    Quote Originally Posted by UnklFungus View Post

    I like to think of this as a good wake up call, in that it will show the policy makers just how fragile things are right now, globally and nationally.
    Yes, things are fragile right now, but this debacle yesterday has an odd
    smell to it; like manipulation so big boys can buy at artificially depressed prices and make a ton on the rebound. I don't by the computer glitch story or the, "the algorithms made me do it," story.

    SEC and Congress need to do some very vigorous investigation of exactly what happened, who profited, and how to make sure it doesn't happen again. And if there was illegal manipulation
    there are some folks who need to share a cell with Bernie and Clyde.

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    Senior Member Array Free American's Avatar
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    For those that think there was some conspiracy to get cheap stocks, all trades at less than 60% of the stocks original value were cancelled today.
    They who give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety. Benjamin Franklin


    Previously known as "cjm5874"

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    all trades canceled??

    Quote Originally Posted by Free American View Post
    For those that think there was some conspiracy to get cheap stocks, all trades at less than 60% of the stocks original value were cancelled today.
    Nice, but that still leaves 40 percent wiggle room for profiteering, doesn't it?

    The exchanges did what they had to do of course, and probably had no hand whatsoever in whatever went down, but that doesn't mean there wasn't some clever manipulation.

    Actually, I like clever manipulation better as an explanation than I do
    "the computer did it." Because, we don't want to witness these computer machines taking over and destroying our economy.

    HAL HAL HAL
    NO HAL

    IF you don't know what that is an allusion to, you are too young to worry about the fact that you don't know. Go rent the movie "2001"

    (For the younger readers--from Wiki: "2001: A Space Odyssey is today recognized by many critics and audiences as one of the greatest films ever made.")

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    Post 2001.............

    "Stop, will you? Stop, Dave."

    "Will you stop, Dave?"

    "Stop, Dave."

    "I'm afraid."

    "I'm afraid, Dave."

    "Dave. My mind is going."

    "I can feel it."

    "I can feel it."

    "My mind is going."

    "There is no question about it."

    "I can feel it."

    "I can feel it."

    "I can feel it."

    "I'm afraid."

    A trading error compounded by computer trading and the like, in a skittish environment.

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