NYSE Imposes Trading Curbs as Stocks Tumble
July 26th, 2007Plunge Protection Team, please pick up the white courtesy phone.
Via: Reuters:
The New York Stock Exchange said on Tuesday it instituted downside trading curbs at 11:06 a.m. (1506 GMT) as U.S. stocks fell sharply on concerns about deterioration in the credit markets.
The New York Stock Exchange Composite Index (.NYA: Quote, Profile, Research), which is used to determine when to begin trading curbs, was down 205.45 points, or 2.07 percent, at 9,724.47.
The trading curbs require that all program selling of S&P 500 stocks must be on an up-tick.
Posted in Economy | Top Of Page
Gee I wonder what the one, if not the LARGEST holders of stock funds (The U.S. Government retirement system)did with my 16 years of investment today? Yep. The PPT/U.S. Gov owns the white courtesy phone. I don’t think they’ll be answering calls for awhile.
I just love those good old free markets these guys like to forever sing the praises of! Woo Hoo! Free markets rule! Oh wait, we’re losing money! (Or is that making money… Hmmm… Must be making money otherwise we would want to stop!) That’s it! STOP TRADING! You heard. Put that bloody keyboard down!
So much for those buttresses against those evil centrally planned economies, our beloved “orderly markets.” God, I love it when a plan comes together. As George Carlin has said: “The markets are rigged, the table tilted.” Not to mention, “It’s a big club, and you ain’t invited.”
We’ve hit rock bottom when the finest political commentary is the lunatic ravings of some nut case New Yorker with a Catholic heritage.
“We’ve hit rock bottom when the finest political commentary is the lunatic ravings of some nut case New Yorker with a Catholic heritage.”
Some think that unless you do something pretty damn quick about the political minions in public office, the slide is only just starting and you’ll not want to see what is lying in wait towards the bottom.
Running around like headless chicken and blaming every other Tom, Dick and Harry whenever the problem is home-grown is a recipe bringing disaster, goritsas, surely. And it is a very public private affair for it is only Uncle Sam catching the wave, despite frantic efforts to suggest everyone will catch the ride and its wipeout.
That Big Wednesday wave is all your own.
“Lunatic ravings?” George is just cranky. How can you look at this system and not be if you’re not an idiot? He seems to have a pretty clear perception of America, and makes succinct observations. Seems like it was over twenty-years ago when he was saying that the US is the number one manufacturer of pure grade A bullshit.
@amanfromMars, @hermesten ,
The object of the sentence is “political commentary.†The point at issue is the lamentable state of public political discourse in the USofA. Not how funny or insightful or accurate any particular comedian may be. Please feel free to obtain a grammar primer from your local junior school. A review of said tome may be in order, if the postings themselves are any guide for relevance. If you do have something useful to contribute to the state of public political discourse in the USofA, then post away.
@amanfromMars ,
“That Big Wednesday wave is all your own.â€
Obviously you weren’t paying attention to those exchanges in other parts of the world, were you? It was a bad day all round. As for the ride down being a USofA only party, I’d pay closer attention if I were you. Hedge funds in Oz are beginning to crack under the pressure. HSBC has increased it provision for losses as the US mortgage debacle picks up steam. The head of the European Central Bank has declared assets are due for a repricing. Even the Bank for International Settlements is in on the act. The asset bubble is not confined to the USofA.
The loss of the US consumer and the downfall of the USofA property markets will adversely affect every European economy, not to mention those of China and India. So, before you play the smug it’s all your problem Yank card, better look into your nations trading partners. Better look into your nations hedge funds. Better look into your nations major investment banks and brokerages.