wiegie Posted October 9, 2008 Share Posted October 9, 2008 currently down more than 600 points (and almost 7%) right now Quote Link to comment Share on other sites More sharing options...
nogohawk Posted October 9, 2008 Share Posted October 9, 2008 NOOOOOOOOOOOOOOO!!!!!! Quote Link to comment Share on other sites More sharing options...
budlitebrad Posted October 9, 2008 Share Posted October 9, 2008 Remember when everyone thought 777 points was a big deal? Quote Link to comment Share on other sites More sharing options...
muck Posted October 9, 2008 Share Posted October 9, 2008 ...fwiw...I'm covering my short position in here...already taken about 35% of the short position off, and a few points away from taking another 25% off... Quote Link to comment Share on other sites More sharing options...
wiegie Posted October 9, 2008 Author Share Posted October 9, 2008 even more scary, the TED spread is now up to 4.23 percentage points Quote Link to comment Share on other sites More sharing options...
muck Posted October 9, 2008 Share Posted October 9, 2008 ...missed the bottom by about 0.05%...didn't get filled...maybe we'll revisit it prior to close...doubt it though... Quote Link to comment Share on other sites More sharing options...
wiegie Posted October 9, 2008 Author Share Posted October 9, 2008 ted spread graph here: http://www.bloomberg.com/apps/cbuilder?ticker1=.TEDSP%3AIND Quote Link to comment Share on other sites More sharing options...
muck Posted October 9, 2008 Share Posted October 9, 2008 (edited) ted spread graph here:http://www.bloomberg.com/apps/cbuilder?ticker1=.TEDSP%3AIND SELL! * ...but not too much in case it wipes you out... What's the old line? The market can remain irrational longer than you can remain solvent? * I'm referencing selling the TED spread (i.e., betting on a return to a more normal environment). Edited October 9, 2008 by muck Quote Link to comment Share on other sites More sharing options...
tonorator Posted October 9, 2008 Share Posted October 9, 2008 it's a bloodbath. i absolutely must win all my fantasy leagues now ... Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted October 9, 2008 Share Posted October 9, 2008 trading was ridiculous. vix all time highs again. Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted October 9, 2008 Share Posted October 9, 2008 ...fwiw...I'm covering my short position in here...already taken about 35% of the short position off, and a few points away from taking another 25% off... What are you short? Just curious. And what brokerage is still allowing you to short shares? Quote Link to comment Share on other sites More sharing options...
wiegie Posted October 9, 2008 Author Share Posted October 9, 2008 SELL! ...but not too much in case it wipes you out... What's the old line? The market can remain irrational longer than you can remain solvent? Any real reason at all for the free-fall that you can think of? (Seriously, I can't think of a reason and I just got asked to go on television tonight to explain the drop.) Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted October 9, 2008 Share Posted October 9, 2008 Any real reason at all for the free-fall that you can think of? (Seriously, I can't think of a reason and I just got asked to go on television tonight to explain the drop.) fear, short selling ban lifted, world banking system is dead Quote Link to comment Share on other sites More sharing options...
wiegie Posted October 9, 2008 Author Share Posted October 9, 2008 Any real reason at all for the free-fall that you can think of? (Seriously, I can't think of a reason and I just got asked to go on television tonight to explain the drop.) never mind, I just got out of doing it Quote Link to comment Share on other sites More sharing options...
H8tank Posted October 9, 2008 Share Posted October 9, 2008 I am so thankful we are nationalizing all these industries. This is the liberal dream, when all private enterprise is controlled via the government so that each to his means can contribute to each via their ability. Quote Link to comment Share on other sites More sharing options...
PSULions Posted October 9, 2008 Share Posted October 9, 2008 (edited) It has been nearly a daily occurrence since about a week now. People are scared to death about the market and people are just selling because they are trying to convert into cash. It is unfortunate, but fear is a powerful thing and it is really crushing stocks right now. At some point when their is a new floor (probably around 8,000 pts on the Dow the market might get some savy investors off the sidelines and start buying again. It has been very painful to see my 401(K) imploding, but I am not retiring for many years and it would hurt me in the long run to sell at the bottom of the market, so I will continue to plow money into my diversified portfolio and get more shares why it is low so when it does come back in the next year or two, I will enjoy the nice gains I will get from staying with my program. Edited October 9, 2008 by PSULions Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted October 9, 2008 Share Posted October 9, 2008 DETROIT (Reuters) - The global auto market may experience an "outright collapse" in 2009 amid growing concerns around credit availability of credit and general economic stress, an influential industry tracking firm said on Thursday. Quote Link to comment Share on other sites More sharing options...
muck Posted October 9, 2008 Share Posted October 9, 2008 GM placed on credit watch negative didn't help much. Crappy retail sales numbers earlier today didn't either. ...what am I short? S&P500 futures contracts...at the start of the day, I was short about $1.75 for every dollar of equity...so, if the market dropped 1%, I made 1.75%...I've been short since May. And, I did get filled (after the close) at my price and have covered more than 1/2 of the short position I had on at the beginning of the day. I have orders in to cover the remaining positions approximately 2% and 4% lower from here. FYI. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted October 9, 2008 Share Posted October 9, 2008 Looks like all the Y2K, world is ending nuts were 9 years too soon. Jeebus help us. Quote Link to comment Share on other sites More sharing options...
muck Posted October 9, 2008 Share Posted October 9, 2008 What are you short? Just curious. And what brokerage is still allowing you to short shares? Short ban was lifted today around noon. FYI. I was short before the ban and am still short S&P500 futures contracts. I was short financials heading into the "bailout legislation" but covered; didn't want to risk a gigantic snapback...but kept my short futures positions on... Quote Link to comment Share on other sites More sharing options...
muck Posted October 9, 2008 Share Posted October 9, 2008 Looks like all the Y2K, world is ending nuts were 9 years too soon. Jeebus help us. I'm sure He appreciates the request for help. :oldrolleyes: Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted October 9, 2008 Share Posted October 9, 2008 Does anyone else get the feeling that investing heavily in 5.56mm, 7.62mm and 9mm ammunition is not such a bad idea? Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted October 9, 2008 Share Posted October 9, 2008 I'm sure He appreciates the request for help. :oldrolleyes: no atheists in a fox hole Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted October 9, 2008 Share Posted October 9, 2008 I'm sure He appreciates the request for help. :oldrolleyes: Quote Link to comment Share on other sites More sharing options...
The Holy Roller Posted October 9, 2008 Share Posted October 9, 2008 I'm sure He appreciates the request for help. :oldrolleyes: Quote Link to comment Share on other sites More sharing options...
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