As of this minute, S&P 500 futures have hit their "limit down" trigger, and are frozen at 855.25. That is a frightening development.
The drop is almost certainly tied to the abysmal performance of Asian and European markets overnight, and the response to what might end up being the United Kingdom's first recession since 1991.
Friday will be an interesting market, that's for sure.
Update: Dow Futures are locked limit-down as well at 8224.
Looks quite like a flatline, doesn't it?
And how about the bid/ask interest here. Wow.
Update 2: Oh boy....
Posted by trojan , Oct 24, 2008 5:31AM
hmm didnt think my old man would actually call it but he sent a warning doom&gloom email to me last weekend... his funds up circa 5% this month... great alpha, his TA must be the shit.
dangerous days right now, glad my only plays are relatively small allocations
Posted by guest , Oct 24, 2008 5:59AM
Knew this was coming. About time some quants and "zomg cheap" bulls learned to read a busted chart. It took them long enough.
We may actually give the circuit breakers a workout today.
Posted by guest , Oct 24, 2008 6:26AM
@2
I don't trust quants. Because if their models are any good, why the fuck aren't they trading it on their own?
I trust only traders. Human instinct prevails. Suck it machines.
Posted by guest , Oct 24, 2008 6:51AM
Best position: Cash & Feutal
with cash being $, obviously
PEASSociate.
Posted by guest , Oct 24, 2008 7:01AM
I hope you brought your wood screws, because you're about to get your doors blown off.
Posted by guest , Oct 24, 2008 7:05AM
Are there deliverables today?
or is this totally from the overseas action
Posted by guest , Oct 24, 2008 7:11AM
EP:
Lock it up. Limit Down, Limit Shmown. If you don't love this market you're in the wrong game.
-VOL IS KING
Posted by guest , Oct 24, 2008 7:13AM
Con: Rotated out of emerging market short positions.
Pro: Rotated into US market short positions.
Everyone who went long on the past two rallies...rotate into a shotgun.
Posted by guest , Oct 24, 2008 7:40AM
#8: or sit on a pineapple and rotate. either works
Posted by guest , Oct 24, 2008 7:41AM
dont pick up the phone, its margin call!
Posted by guest , Oct 24, 2008 7:44AM
Do you agree with this guy that we are fucked? And no, it's not my blog I'm pushing.
http://market-ticker.denninger.net/archives/P3.html
Posted by VOL IS KING , Oct 24, 2008 7:47AM
I love people asking for a reason "why today" and then someone gives an idiot response. Anyone who answers this is a charlatan. As Micheal Lewis said in Liar's Poker... its probably some saudi prince liquidating his holding. Or George Soros farted, or there's a disturbance in the force. Whatever, doesn't matter, as long as vol is up (or down) life is good.
-Roubini Taleb & Co
Posted by trojan , Oct 24, 2008 7:50AM
any FX guys around? dollar/yen, dollar/pound.... its like the wild west out there
Posted by guest , Oct 24, 2008 7:58AM
And little old me decided to hold my intraday SSO position through the close yesterday...
Posted by guest , Oct 24, 2008 8:11AM
I am a hedge fund manager, what's a limit? [Wait, you mean there's something that limits my losses? That's awesome! I can haz limit?]
Posted by guest , Oct 24, 2008 8:19AM
"But the Duke family has had a seat on this exchange since the founding!"
Posted by guest , Oct 24, 2008 8:23AM
Isn't "Sell, Mortimer, sell!" more appropriate?
Posted by guest , Oct 24, 2008 8:26AM
Market has had a bad case of denial.
Fx movements are telling of a flight to quality.
Posted by diablo , Oct 24, 2008 8:45AM
EP
For those of us who had to be up after dark, your should change your title to:
Dealbreaker Just Before Dawn
Posted by PhilSeltzer , Oct 24, 2008 8:50AM
15,000 contracts on ask for the ESZ8. Nice.
Posted by guest , Oct 24, 2008 9:16AM
Okay bulls, show yourselves. Explain why 9100 was such a fantastic buy point.
Posted by guest , Oct 24, 2008 9:28AM
Maybe those Kellogg students were on to something when they decided to get wasted and making fools of themselves last month.
It's on the cover of the Sun Times today. Nice!
Posted by guest , Oct 24, 2008 9:36AM
No....I think that this is the most appropriate quote for today:
"Margin call, gentlemen.
All accounts to be settled at the
end of the day's trading, without exception."