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"Price Stability": 10 Year Retraces Almost Entire Intraday Swing, As The S&P Surges By Over 60 Points In Minutes
Following a 600 point plunge in the DJIA yesterday, today we see a 400 point surge following the presentation of the weak case of the expected Bernanke Put. And completing the amazement, the 10 Year bond, moved to almost record lows, and then retraced virtually the entire move, as nobody knows what central planning has in store for America any longer. Additionally, after being up 50%, VIX is now down 22%. Congratulations Ben: in taking central planning to nth double-down levels, you have now broken not only the stock, but the bond market as well.
10 Year:
ES:
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When the big boys are done picking your pockets.
Not that i'm hurting. I was in at $18
I just figure it would follow gold a little closer.
Nope only gold is the safety metal. Silver not so much.
You obviously need to read up on silver. Still up over 105% yoy.
Reefer must be more careful. Some of our newer readers might mistakenly believe he knows something.
Obviously you know more than the market is trying to teach you.
Pointless bickering.
Its an important point. Gold is the superior insurance during collapse phases. If silver was superior then people wouldn't be wondering why it left them at the alter today. Catch a clue from the markets.
Sorry, but I've now seen it several times on ZH in the past couple days and I just have to say something:
The religious apparatus you refer to is an ALTAR. If you were going to maybe raise it a few feet or add some new decorations to it, then you would of course alter the altar.
We have alter perceptions here but thank you
http://www.youtube.com/watch?v=ogkoskneNII
Gold is the put i agree. But silver is the call. Where's your collapse?
WTF are you talking about? Gold is a great investment. So is silver. Look at a ten year chart of both.
There's your answer.
Exactly BP. Just look at some charts for the last few years. Is there anyone over the past few years that bought physical silver who is complaining?
Remember how Gold languished for what seamed forever?
Now it's Silver's time for a rest. Take this opportunity to slowly
fest on it's artificially low price. You will be rewarded if you
are patient little one.
+1
I've been doing calculations all evening here to see how much I can put in for the rest of this year ;)
But what is so freaking strange that the bullion prices didn't drop like the price did. I'm still hopeing that tomorrow there'll be a small correction down on the physical.
Must be.
Be cautious and walk like the wind.
Keep your head on a swivel taking in all your surroundings.
Watch for the slightest movements and the dangers that can appear with them.
Be ready to react to friend and foe appropriately welcoming with a bow or disemboweling them as necessary.
The Bernanke turned all his instruments into Junk Rated Bonds thus releasing the Dragon that will consume
the unwary.
What is this? Trading tips courtesy of Outdoor Life?
those where some whiplash inducing moves in a matter of minutes.
insane.
What is interesting to me is that the market plummet we've seen in the last two weeks has taken place with barely any upside move by the USD, while the surge today took place in conjunction with a huge USD decline. the USD is now near record low territory and near a critical support that just happens to be precisely where it was from March through August of 2008 before making a major move up. I don't know if history will repeat, but I do know this...the EUR/USd has no business being at it's current lofty levels considering the degree of clusterfuckedness currently in the Eurozone.
just my .02
yup ..... Europe .....(Euroland to the naive) is next on deck
But think of all of those young panda (bonds) that will never reach puberty let alone maturity.. that's just sad! poor lil pandas!
The humans have been consumed, now the machines are consuming themselves.
I think the Bernanke is intentionally "bustin' out" the markets.
He's simply one of a number of sheepherders leading the livestock to
the NWO Ranch.
My children, there is only one reasonable , logical explanation for what we have seen here today.
The quants have programmed the computers to trade in a manner totally contrary to human logic.
Thus, no sane person can compete with them, and they scrape up all the marginal profits available from market making, such as it is.
You would have to do exactly the opposite of what you think you should do at all times. Try it, its real easy.
Are you George Costanza?
+1 That is the Costanza trade definition.
Art Vandolay....Architect extrordinaire.
and you want to be my latex salesman?
This would be funny if it wasn't our money and our country that they're pissing away.
absolute mayhem....unbelievable
I can not tell you how excited I am to have the opportunity to make nothing on treasuries for 2 years. It's like fucking Christmas. Instead of taking my cash and earning nothing, I can buy bonds and make nothing.
God, if I had only been underwriting $400 trillion in interest rate swaps this entire time, I'd really be rolling in it. I could have just sold interest rate protection to every schmoe on the planet and never have had to make good on it. Free money.
Soon the interest rates will be negative so you will be happy to PAY them to hold your money (if you can still call it that).
In Europe a saving account gives you 1,25%
Inflation here is just below 4%
Whoever holds the fiat is loseing.
Here's my back of envelope guess of this move: from Q1 US Comptroller, $77trillion in gross notional swaps for the Top 4, 90% net out, 1000 bps impact. $77billion. Bonuses are getting paid to the structured originiation desks this year.
Actually this is false. U would have a fotune if you'd been on the opposite of Gross and Steinhart. Of course your YIELD would be nil-but that's the bond biz-all back asswards.
TOLD YA SO!
http://www.zerohedge.com/news/epic-plunge-63378-6th-largest-drop-dow-jon...
Don't usually do that, but since this is ZH, got to keep with the style of the blog. ;-)
I reserve the right to wait for follow through. ;-)
wow... calling a bounce after a 20% drop... you are awesome.
Dead cow bounce...
I think you need to get a clue.
You can start by clicking on the link provided. After that, you can read the post referred to. Hopefully after that you'll have a basic idea of what I was referring to.
What I was not referring to was calling a reversal.
Let's see now if you have a brain.
I think you need to get a clue.
You can start by clicking on the link provided. After that, you can read the post referred to. Hopefully after that you'll have a basic idea of what I was referring to.
What I was not referring to was calling a reversal.
Let's see now if you have a brain.
You're suppose to say 'moo you mofo.'
I think the entire last week of trading has been STAGED. This whole thing was designed to flush out the weak of heart, suck in the shorts and then make it look like the Fed's response today was just dandy with the stock market.
So it was designed to give everyone a "controlled scare" but then boost confidence by rallying back up. The Fed and Treasury have plenty of QE money laying around to move the market. Don't think it is all used up just because QE2 is officially over.
There is no other rationale for what has transpired with the markets in the last week. Absolutely none. There was really nothing new when the markets started selling off as most investors wouldn't have sold on the SP downgrade. Sure, we all know the economy is getting worse, but that wasn't new either.
I think the Fed and Treasury and other country central banks have a much greater control of the markets than anyone can imagine. And they have done this in the name of national security since from their perspective, a collapse of the stock market would be a catastrophic event for retirement programs, state and local governments, etc. So they have given themselves the authority to totally control the markets.
The only market they can't totally control is hard precious metals. They can't and won't try to stop people from buying gold and silver (unless their was a explosion in buying). However, they will play nasty with the paper market on the PMs and work to undermine people's growing belief in them.
Well, for Christ's sake, the last 45 minutes of today were staged. And sloppily, way to obvious.
Don't walk, but run as fast as you can.
x
I think the Fed and Treasury and other country central banks have a much greater control of the markets than anyone can imagine.
No other way you can explain the crazy upward move. It was orchestrated and it was designd to get shorts to cover. The Fed can jam but they can't overcome the reality of weaker economic data and disfunctional banks. Who wants to buy or short into this mess.
They do puny human. THEY DO! Hehehehehe....
I agree 100% with you Miker.
And when you keep in mind that the mainstream media was right there in the thick of that controlled scare, you've got to wonder.
(. . . frothing their hands knowing that they've even tricked the blogshpere lemmings to do their dirty work there . . .)
It was Professor Plum in the library with the candlestick. HAHa!
fed cat bounce. living dead cat kind
Skynet has become self aware. Psychologists have studied it and have concluded it's BAT SHIT CRAZY.
Does anyone know the date of Jackson Hole?
Aug 26
Keep your hopes up chumps.
I'm not sure, but I think that was a Quantitative Sneasing (sneaky easing) with a Modified Twist by the Federal Reserve today...
... Gesundheit!
Nice to see Appleseed in the house.. Welcome.
Marksmanship plus History equals an awesome weekend!!! Go Appleseed!!!
Marksmanship and History are well met, as are you and I. Cheers, brother.
p.s. been to two meets, ready for more...and that elusive badge. ;)
Ben Davies on CNBS
“If you think gold is high (now), wait until all and sundry exit dollar bonds," he said.
http://www.cnbc.com/id/44072271
To me seeing the whipsaw action in both bonds and stocks says that there is no market.
It is like a drunk swerving on a windy road.
It won't end well.
pods
5-yr. yield was crushed under 5% intraday today.
Gold got creamed, but the mining stocks exploded up.
Looks like the fabled Dan Norcini "Ratio Traders" are about to get destroyed, along with late ES shorts.
Anybody see FOSL cut in half this week?? LOL....so much for fancy watches.....
So nice to have the Robot, another tape follower like me, back. Welcome back Robot!!
Nice call, slaughterer...
--------------
slaughterer
on Mon, 08/08/2011 - 23:48
#1541055
DOW 10060. Doable by lunch tomorrow, it seems.
--------------
Yet another shining pearl of wisdom shared by you on the ZH forum...
You must have been busy shitting in your pants yesterday.
only the world's worst trader would conclude that gold was crushed after its run up. but then again this is the same world's worst trader who told us twice last week that it was the buying opportunity of a lifetime, and that ben bernanke was the greatest fed chairman of all time because the s&p after a 50% drop had retraced 70% of the drop. btw: if bernanke gets credit for the spoos rise does he get blame for the drop? but i digress.
robottrader: the last grown man still believing in santa claus.
all i know is ben just bitch-slapped the zh faithful today. no qe and oil down and silver got hammered and the stock market leaped. i hear him now.....IN.. YOUR.. FACE!!
many battles still to come im sure........
yes it does seem like that amazing tuesday
dont think ES 1160 will hold...covered yesterday during epic plunge...will watch...gold looks like its gonna correct...imho
Ben's been telegraphing that policy to you for 3 months now.
Don't believe me?
Hey, I've been telling you that Ben's been telling you that for 3 months now.
Don't believe me?
Google it.
Add: you're right, did it just to bitch slap ZH. (You're that important.)
@highrev - your last blurb should read We're that important--last i checked youre coming upon your 2 year birthday here.
Hey Durden: The bond market's not broken. It's doing EXACTLY what Ben wants it to do. Yields are going down. Stocks are going up. What's the problem?
Exactly!
And Ben's also offloading a ton of his inventory into this bond rally!
Holly shit Batman! Ben's actually booking some profits. God forbid. ZH ain't gonna dig it one bit. lol
I thought he said he wanted INflation not DEflation. Maybe it's like a belly button thing.
The frequency and amplitude of these oscillations are indicating a process out of control. I mean really, > 400+/- moves in less than 24hrs? Are there any humans trading anymore?
agreed Kali. Makes you wonder what is in store for the rest of the week.
Increased volatility is a hallmark of market turns (short term, intermediate term, long term . . .). Has been and always will be. Nothing new under the sun son.
Same as it ever was.
http://www.youtube.com/watch?v=-io-kZKl_BI
Hey guys, watch it. It'll help you to take you mind off whatever it needs to be taking off of.
Increased volatility leads to increased profits for those tipped off to increased volatility. That's all and it ain't you.
I suspect we ain't seen nothing yet. I expect an eventuality with much bigger swings (if we don't fix the easy faux problems we face)
Glass-Steagall, or continue with terrorizing the american public, and people of the world with the bullshit fraudulent debt, practices, etc. (and the other countries terrorizing themselves and others with their own bullshit of like variety)
Cut, tax, print....bullshit terrorizing avenues. Only cancelling the fraud that is causing the idiots to cut, tax, print will end the economic terrorism.
The markets are swingskating and are going to face plant hard. Our broken down fraudulent debt based monetary system is fucked.
Dylan had a good rant today on his show that had me rolling (not at him, at all the clueless people's reactions around him and working behind him).
Glass-fucking-Steagall
Did dylan call it 'glass fucking steagal' though. That would b newsworthy. Esp if he then went into a TIRADE about the Glass's and Steagal and bad families they were and that they abused fallow deer..and shit.
Meanwhile SLW was up 5% today. What's up with that? Are the miners finally coming out of their slumber, despite the manipulation of silver?
IF this keeps up, Gold will be $2000 by the end of the month....FACT!
Interesting thoughts about the Rothschild family by a Serbian commenter who wants to stop the transformation of his country into just another Rothschild colony.
http://www.dejanlucic.net/THE%20ROTHSCHILD%20OCTOPUS.html
Therefore from this position I want to wish George Soros, whose real name is György Schwartz, a gruesome and painful death.
He is the scum on the face of planet earth.
People giving Bernanke way to much attention and credit.....the man is lost...just look at this face when they ask questions..media and Wall St. crooks are using him as the basis for their casino operations to pump the ponzi....it will all end very badly soon.
Today was holy shit batman - up down up down - I thought it would be volatile but not as much as we saw today. (And of course the robotrader is back now that we are in the green).
Reminds me of a fave song: http://www.youtube.com/watch?v=soCpwoA6mh0&ob=av2n
Where to ... I have no clue
This kind of volatility is a sign of a market OUT OF CONTROL and getting ready to collapse. Now that the Fed has taken the official policy of "dollar be damned", I think it is very likely that the Japs and / or the Chinese will dump our bonds simply because an accelerated decline in the dollar is a virtual guarantee. I don't think our debt holders have a wish to be paid back in monopoly money. Yeah I know the Fed PRINTS the world reserve currency. the Japanese are hurting because of the high Yen value and the only way they can stop this is NOT by intervention but by forcing Market Rates to rise in the US via a bond dump. It is coming, bank on it.
Everybody caught with their shorts down. Might as well bend over now.
Oil / Gold / Silver are the Ony FED Approved Shorts!
Use oil as the lube while you're at it.
Ahh finally some stability, WTF?. Who wants to bet on the next default, will it be Municipal or European Country?
On Friday morning, October 25, after Charlton had gone to the office, Adele MacVeigh settled down to read the Times. When she had finished, she flt a sense of wifely pride. The newspaper reports confirmed what Charlton had told her: Things were going to be all right.
Hutton-Miler sensed a similar mood of optimism when he returned to Wall Street after a short rest in a nearby hotel. Despite his clean shirt and collar, his appearance was somewhat spoiled by the stubble on his chin; he had forgotten to pack his razor and there were long queues outside the barber shops.
Michael Levine examined, and rejected as impractical, several ideas for cashing in on the sudden tonsorial need. It was a sideline the ingenious self-made millionaire was unable to exploit. Yet during the night some of his messengers had successfully delivered booze and supplies in the district, easily avoiding patrolling policemen. Their employer was, nevertheless, relieved to see that the police presence had been reduced by daylight; it was another sign the crisis was over.
Levine fell asleep in his office, totally ignoring the ringing telephones.
Since early morning, they had also been busy in the surrounding brokerage houses. Customers, some as far away as Alaska and California, having spent a sleepless night figuring out their financial position, were coming back into the market with a vengeance.
Pat Bologna saw there were again lines forming outside the customers' rooms. Rumors ran rife among them as before, but today the shoeblack detected one difference: The people were in much better humor. The first jokes began to do the rounds; there were gags about brokers buying stock in gas companies and bankers investing in those manufacturing red ink.
Sustained cheers greeted Thomas Lamont and the other Morgan partners when they arrived at 23 Wall. They appeared embarrassed by their sudden popularity.
Charles Mitchell took it as his due. Dogged by his faithful chauffeur toting his valise, the banker strode down Wall Street radiating confidence and good cheer.
By nine-thirty the crowd had formed an avenue outside the Stock Exchange entrance, down which the last of the brokers hurried.
One of the many newsmen present saw the traders as "newly seasoned combat troops going back up the line, knowing that some of them could be wiped out, but all determined to survive. It's the mentality which wins wars--and overcomes financial panics."
William Crawford detected a similar fierce determination when he opened the market at ten.
Minutes later the tension gave way to visible relief as the first prices for many stocks showed immediate, if modest, gains. They set the standard for the day's trading....
...Workers emerged from the Exchange with the feeling that the crisis had been successfully weathered.
The Day the Bubble Burst
Gordon Thomas and Max Morgan-Witts
pp375-6
I agree, today's recovery was staged, end of last week already written in the scenario
Crazy volatility, might not be crazy at all...
I think there may have been vested interests pushing the market one way or the other but we are beyond that now - global stakes - adding to the volatility - we need a developer to come up with the game "Currency Wars"
This is not your grandfather's market, and certainly no place for gandpa to be parking his retirement funds anymore.
He should park them in those negative yield T-Bills, am I right?
Mine does. He's rich too. Unlike u.
Silver hammered?
I was hoping for a drop into the $32 range so i could buy more!!
it isnt a investment it's real money when the fing dollor is worth less than a used scott tp.
And that with the USD getting hammered too?
What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on? What's going on?
What's going on? What's going on?
What's going on?
Time isn't holding us. Time isn't after us.
. . .
Tyler, I saw that too, it was a scary move. I had a fast hand to buy some TMV.
What is the fucking date for the Jackson Hole speech? I've looked for hours and can't find it..it's like THEY are keeping the date a secret.
Jackson Hole begins on Aug 26th, though I think The Bernankincide speaks either on the 27th or 28th.
Nobody is mentioning the insane volatility in the F/X market.
At one point the Swiss Franc was up almost 7% vs the $USD.
None of these (stocks, bonds, commodities, F/X) are markets anymore. They are hyper-leveraged derivatives casinos.
Anyone thinking they can "trade" them and make money is crazy.
Yes, you are correct. What you need to do is hold you nose, close your eyes, and change direction every time the instrument ticks more than 2 times in the same direction.
one of my wifes moronic friends is whooping it up on how great Bernacke's commitment to keep rates low is. That how i know artificially low rates are bad news.
.
6% move in the last hour
This is the beginning of the greatest bull market the world has ever seen
nothing is fucked here dude...
On Saturday, before the market opened, newspaper readers received further words of comfort from many leading financial figures in the country.
Charles Schwab, chairman of Bethlehem Steel, friend of Henry Ford and and client of [astrologer] Evangeline Adams, said he saw no reason in principle why prosperity should not continue "indefinitely."
James Farrell, president of U.S. Steel, concurred.
Alfred sloan, chairman of General Motors, reportedly declared Thursday's crash was "healthy," a diagnosis that startled not only GM shareholders who had seen their stock drop but also Charles Stewart Mott, who, for the past two days, had remained virtually full-time at his office.
Walter Teagle, president of Standard Oil, announced: "There has been no fundamental change in the petroleum industry."
Samuel Vauclain of Baldwin Locomotive believed that America was back on track, on time and steaming along at full speed.
Even Doc Giannini [Bank of America] was ready with a word of comfort--to add to the thousands already dispensed by his fellow luminaries. But Doc, in contrast with other bankers, was quietly revising downward the estimates of the lending value of stocks.
And out-of-town banks and corporations continued to call back their deposits from Wall Street. New York Banks were plugging the gaping hole left by these "summer financiers." So far, $1 billion had been used for this purpose.
John J. Raskob [builder of the Empire State Building] saw this bank support as a bold stroke. The banks were ensuring there would be no shortage of money for investors, that stocks would not have to be dumped because their owners could not borrow money at any price to keep them.
Raskob, like many other bulls, also drew comfort from call money being freely available this Saturday at an attractive 6 percent.
The two-hour trading period, in spite of this, was reported "uneventful," average prices falling very slightly.
The Day the Bubble Burst
Gordon Thomas and Max Morgan-Witts
pg 377
Load up on USD/JPY, another big intervention from BOJ coming by end of the week.
Thank God for the Money Hole!! http://www.youtube.com/watch?v=JnX-D4kkPOQ
The Corporate Dollars Behind Congress' Push For A Huge Corporate Tax Holiday
http://www.youtube.com/watch?v=WgwkJLnj8p8
http://www.colbertnation.com/the-colbert-report-videos/392261/july-18-20...
http://www.colbertnation.com/the-colbert-report-videos/392409/july-19-20...
I can see that we're getting our money for nothing, but can someone please direct me to the chicks for free buffet?
you mis-heard.. they get money for nothing and thusly the chicks are free.. the rest of us that work and pay taxes are the free money to those whom recieve free pussy becuase of our hard earned contributions.
This entire S&P fiasco was nothing more than an investor diversion away from the Euro collapsing. In two weeks we'll be back where we started.
gotta wonder ...... Europe is the focal point for now ..... what is really going on between ECB & Germany? Someone hs to know ... and it is not the SWISS
Teutoburger Wald
http://en.wikipedia.org/wiki/Battle_of_the_Teutoburg_Forest
Weeks? I was thinking hours.
Monday, October 28, dawned in a swirl of optimism which enveloped many people in the financial district. Thousands of newcomers--rubbernecks, some with money to invest--converged on the area. Many were drawn by reports that "a mountain" of buy orders had accumulated in brokers' offices over the weekend.
Mike Meehan did not share this enthusiasm. He was nervous. Radio had slumped badly from those halcyon days of six months before when it had been over 100; on Thursday it dropped to only 44, but had recovered since then and was now just under 60.
The astute Meehan was concerned about another aspect, one that had no direct link with Radio but could have a strong indirect bearing on the performance of the stock. It was the erroneous, and growing conviction among the speculating public that the purpose of Lamont's bankers' pool was to push up prices. Meehan knew this was not so. The bankers' fund was intended only to stabilize the market--to "stop the bottom falling out entirely"--and to prepare the way for an orderly liquidation if that should be necessary.
Meehan did not know how long the bankers intended to provide money to buy the stock; he did know that when they stopped, it would be dangerous. He could only do what he had done since Thursday, "attempt to maintain an orderly and fair market in radio."
The Day the Bubble Burst
Gordon Thomas and Max Morgan-Witts
pg 378
Keep it up, Shancken! I feel like a kid listening to his favorite bedtime story and you are getting to the best part....
Poetry BITCHEZ.
the man's a Shakespeare...
http://www.youtube.com/watch?v=cnuodLiCGzY
I think we are on the verge of a dollar crisis ... hope I'm wrong but the chart is getting close tobreaking down.
I agree. I'm terrified it could move higher any minute.
Equity counter trend short covering rally begins from very oversold levels.
http://stockmarket618.wordpress.com
the dow will fall to 8000 and putin will fall lower as the oil barrel sinks. Why is the world now looking for captain nemo in the nautilus 20000 leagues under the sea?
We have a debt saturated fiat currency. Its broken now. Dead. Pushing up the dasies. It wouldn't voom if you put 5000 volts through it. The FED is like Michael Palin, trying to convince us that the market is still alive and investors like John Cleese.
http://www.youtube.com/watch?v=4vuW6tQ0218
Look back at how the stock market gyrated WILDLY....much like what happened today leading up to the big, all out crash in the fall of 1929.
The months leading up to the big crash in the fall were very volitle...there would be big drops...and then some bank would make a big headline-grabbing statement in the NY times or Wall Street Journal about how they were making funds available for investments into the market....and BOOM...full retracement back up....until it went back down again....over and over this happened...for quite a while....unitl.......... well.....you know the rest (the Bernank knows. He has studied the Great Depression you know!)
While things are QUITE a bit different today than in 1929...our hubris and our over-indebtedness are about the same....and so is the income inequality between the rich and the average person out here.
Honestly though....we had ALL better hope the U.S. NEVER, EVER plunges into a REAL depression like the one we had in the 30's.....Look around you sometime and ask yourself...what that person you are looking at right now would be doing if they were hungry and desperate? We have had multiple generations of Americans grow up and NEVER know what it means to have to make do...to do without...or to live hand to mouth. (unless of course you had the misfortune of being born to working class or lower parents). I have a sinking feeling though...that many who have known nothing but priviledge may end up getting to experience how the other 85% of the world lives....very, very soon...and that is what scares the shit out of me.
. . . having said that, I'm confident that there will be at least a test of recent lows, the probability is high anyway, and although not as high, the probability of lower lows is also good.
We are working on support, that's a fact.
Now if this level doesn't hold, I'd say there's another 15% to 20% to go before we start working on Plan B support.
Always remember that ANYTHING CAN HAPPEN.
And nothing personal. This is "fight club ZH" now isn't it? (As I have so often heard.)
William Crawford hardly had time to step from his podium before trouble erupted.
At Post Two U.S. Steel opened at $202.25, a full $1.25 off its closing price Saturday.
At Post Seventeen there was a greater dip as International Tel and Tel started $3 down on Saturday's price.
The biggest drop of all in these opening moments was at Post Six: General Electric fell $7.50.
The ticker started to lag behind. Everywhere the panic of "Black Thursday" seemed destined to be repeated.
By 10:30 Steel had crashed through the mythical 200 barrier; other blue chips followed in a wave of selling which successively knocked prices down from one level to another.
By 1 P.M. the ticker was ninety minutes late.
The news agency tapes were up to the minute: Within seconds of each other, AP and UPI reported that Charles Mitchell [National City Bank] had entered 23 Wall.
The rumor was born and nurtured that Mitchell was placing his bank's vast reserves behind a new move to stop the rot, reminiscent of the day in late March when he had bucked the Federal Reserve and saved the bull market virtually single-handedly. But this time the shoe was on the other foot; it is almost certain that Mitchell went there to borrow the $12 million he wanted to support his own bank stock. He spent less than twenty minutes inside J.P. Morgan and Company. He walked out smiling--Morgan's would loan him $10 million this week.
The market steadied when news of Mitchell's smile reached the trading floor.
Soon after, a broker acting for Morgan's began bidding for Steel. It quickly rose from 193.5 to 198. The broker was not Whitney, and his effort did not have the effect Whitney's had had on Thursday. Steel soon slipped back to 190.
As the afternoon wore on, the selling became even more urgent. In the final hour, nearly 3 million shares changed hands-- a figure that in other, calmer times would have been a good day.
When Crawford sounded the closing gong, 9,212,800 shares had been traded. It was less than on Black Thursday. But the fall in prices was more severe; The Times general average of stocks was down 29 points. This was the largest drop in prices during any day in the entire history of the New York Stock Exchange.
All told, securities had fallen in value an estimated $14 billion.
The Day the Bubble Burst
Gordon Thomas and Max Morgan-Witts
pp 379-80
What happened? I was reading a serious article about how to get J.Lo's abs and I missed it. Can someone please summarize in 50 words or less? That's about all the attention span I have.
Thx
It's the same old story... Boy finds girl, boy loses girl, girl finds boy, boy forgets girl, boy remembers girl, girls dies in a tragic blimp accident over the Orange Bowl on New Year's Day.
I'm here for revenge. Y you all here?
1978 was a good year, the last year actually ....
Picking my nose for 33 yrs. I'll do some more .
Robots without prime directives....
+28 abiding Dudes.
The Dude abides.
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