The stock market is taking a beating -6% and counting today
 

Looks like some European banks ran out of money to lend today. It's going to get ugly!!!

Shit happens, it will go back up.

EU webmasters love that i guess :-)

I just watched it free fall to almost 1000down and then back up to only 400down in like 5minutes... crazy! :pimp

Yeah, talk about volatility. In those 5 minutes people lost millions and others made millions.

over a 1000 point drop before it recovered about 400. What a day!

http://imgur.com/0pCdq.png

amazing the woes from Greece can make such impact.
gold is spiking as well..

market has done very well this year so far..
i could be wrong but i have a feeling it is not just Greece, it may well be the notion that many nations including US is overly in debt and is inching closer to the proverbial cliff...

A big collapse has to happen sometime.
And people will not learn from it...

My annuities and stocks had just gotten back to a halfway normal level.. bleck

Crazy enough that it's breaking news on NBC at 1pm west coast time

on NPR last night they said it was an input glitch of some sort.
they said" what happened was someone put in a huge sell order, this trigger tons of stop limit orders (these are limit you set online to safeguard your loss, say if a particular stocks hits 22 then it is sold off right away.. many traders work with stop loss triggers (not me))"
they also said some of those trades from yesterday would be invalid.
this morning, nobody says anything.. WTF???

looks like market did some kind of reset lol :)

yes they were very quick to come out with this "computer glitch - trader error" explanation..and it happened again today...i mean come on, its the Greece fiasco (and maybe some other things).

This all happened in minutes too - fell to a penny then right back up.

I'd believe it would have to do with the Euro more if it didn't affect the companies that it did.

Like Apple, Proctor and Gamble, etc. I could understand if it were insurance companies, banks, etc ... but they weren't really affected at all.

While NYSE says it is not a glitch on their end, I believe it was a malfunction somewhere or some rogue douchebag doing it, not a full crash of the stock market.

Not really, they cancelled any trades for quite a few of the affected stocks during that time.

Apple slipped 22% and back up - that was not one they cancelled. Wish I would have bought some stock yesterday. =)

have you seen or heard their reasoning for cancelling some of the trades but not all of them?
i am so happy that i dont have stop loss triggers on my stocks... it could have turned out really bad, but for those who do have trade triggers, they got screwed over bad.

Didn't so much go into the reasoning, but here is the article I got the info from:
http://money.cnn.com/2010/05/07/mark...cnn=yes&hpt=T3

it is still very foggy to me..
in one part of this article it says all trades between 2 and 3 pm were cancelled, but then there is a list of stocks for which cancellations were not issued..
funny to read that they "slow" the activity on NYSE by basically adding a lag time on the trades, but they didnt do that on the electronic exchanges so the system basically collapsed..


investors must be loosing confidence in this system

I love my triple leverage etfs:)

Does not sound good for the stock market.

Just reading on the bbc website that the SEC is reviewing the unusual activity today as they reckon there may have been a "fat finger trade", basically human error compounding the panic caused by the Greeks shaky finances.