ECON FUNG RED ALERT: DOW AND NAS PLUNGE - Friday 2/28 - DOW Hits -1,000 In Early Morning Trading

Doomer Doug

Doomer Doug

TB Fanatic
The famous 1987 crash was 500 points, or some 20 Percent of the total. 5 % today, plus whatever earlier, plus Russia/Turkey, plus the Cina Plague, and we got ourselves a bona fide CRISIS, Doc Fungcool.
 
straightstreet

straightstreet

Life is better in flip flops
CaryC said:
Zerohedge is reporting the WH is calling an emergency press conference over the plunge.

Zerohedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com
Click to expand...
Zerohedge update:
Update: it appears that the Trump presser is not about the market, but rather about "success in empowering members of the African-American community" in a meeting shortly in the West Wing. That said, this is Trump and he will probably insert one more unexpected comments on the record Dow point crash at some point today.
https://twitter.com/i/web/status/1233153854730067969
View: https://twitter.com/josh_wingrove/status/1233153854730067969?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1233153854730067969&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fwhite-house-hold-emergency-press-conference
 
D

Dozdoats

On TB every waking moment
10-year bond yield now at the lowest level in U.S. history.

Bonds = DEBT. Would you be buying debt right now? Especially ZUSA debt? You would honestly LOOK at this chart and buy ZUSA bonds? Really?

eifme9yu0ae8xnz.jpg


-- https://www.jsmineset.com/wp-content/uploads/2020/02/eifme9yu0ae8xnz.jpg
 
Doomer Doug

Doomer Doug

TB Fanatic
HMM, Trump has tied himself to the "good economy" in general and the stock market value in particular, PLUS he has made statements related to the China Plague ending in April that are terminally BAD, BAD, BAD. Trump has gone up with the tide, and now he is going to go down with it.

I spent $120 today on stuff. I think I will go to an Indian restaurant I go to, order a CORONA BEER, :wvflg: and some rice topped with his famous fire sauce that will kill all known virus' in our galaxy. Besides, I only an at page 480 on the main thread. Maybe I will hijack this one and turn it into a what kind of antitank round do you prefer for plinking at Marxists trying to cross your front yard? :sldr:
 
NoMoreLibs

NoMoreLibs

Kill Commie's, Every Single One Of Them!
Sweet. My 2 shares went up 16.93% today. I'm retiring!...........in a couple of decades. :D
 
Hfcomms

Hfcomms

EN66iq
doctor_fungcool said:
Europe in the red across the board .

At 4:30 a.m est the implied open will be around 750 pts to the downside.
Click to expand...

They absolutely must get a handle on this today. Going into a long weekend that is going to be full of destabilizing news and they can’t risk having yet another huge down day. If today blows out then that is it and they are not going to be able to re-inflate imo.

The economy and banking system are not going to crash because of Covid-19 but the virus and economic fallout from it are going to be the straw that breaks the camel’s back or the snowflake that starts the avalanche.
 
doctor_fungcool

doctor_fungcool

TB Fanatic
Hfcomms said:
They absolutely must get a handle on this today. Going into a long weekend that is going to be full of destabilizing news and they can’t risk having yet another huge down day. If today blows out then that is it and they are not going to be able to re-inflate imo.

The economy and banking system are not going to crash because of Covid-19 but the virus and economic fallout from it are going to be the straw that breaks the camel’s back or the snowflake that starts the avalanche.
Click to expand...

Selloff is worldwide....losses in the trillions
 
alpha

alpha

Veteran Member
Judging by the massive selloff in paper gold, tptb are gearing up to inject lots of stimulus into equities today. It will be interesting to watch the success or failure of their actions.
 
coalcracker

coalcracker

Veteran Member
Today is the real "Black Friday." We've been hearing the screeching brakes all week; today the stock market hits the wall, and all the neighbors go running outside to see what happened.
 
N

northern watch

TB Fanatic
How Canadians handle a Stock Market Drop

Glitch Halts Toronto Stock Exchange Trading; Problems with order entry system lead to an early end of business

Thursday, February 27, 2020, 4:05 PM ET
By Vipal Monga
Wall Street Journal

Problems with the order entry system at the Toronto Stock Exchange brought an early end to the trading day in Canada on Thursday.

TMX Group Ltd ., which operates the exchange, said traders couldn't enter, modify or cancel open orders. The problems extended to the TSX Venture Exchange and TSX Alpha, an alternative exchange.

Trading was halted just before 2 p.m. on a day when stocks in Canada were dropping as investors reacted to fears about the impact of the coronavirus epidemic on corporate profits and the economy.

TMX Group decided around 3:15 p.m. to halt trading for the day. The market typically closes at 4 p.m.

The TSX , the largest exchange in Canada, dropped more 566 points at midmorning before closing down 324 points, or 1.9%, at 16717.

A similar problem beset the exchange's trading systems in April 2018, when a technical glitch was also blamed for halting trading in the afternoon.

Write to Vipal Monga at vipal.monga@wsj.com


Glitch Halts Toronto Stock Exchange Trading
 
twobarkingdogs

twobarkingdogs

Veteran Member
Hfcomms said:
The economy and banking system are not going to crash because of Covid-19 but the virus and economic fallout from it are going to be the straw that breaks the camel’s back or the snowflake that starts the avalanche.
Click to expand...

Traders always look for some event which causes volatility in the stock market as they can make money on the movement and not necessarily the direction of the moves either up or down. Supply chain problems just makes the perceived issues associated with the virus that much bigger.

Remember the virus did not cause noticeable issues with the stock market last week or the week before. But this week the news has broken out about the virus itself and that more companies are going to use the virus to report lower earnings. Plus there are actual companies which are being reported about which are starting to have real supply chain problems.

This virus could easily knock 25% off of the market. IMO the market would still be overpriced even at the newer levels of 20k for the dow.

Beware of the up days this summer as the virus falls off the news.

Watch corp earnings for companies like walmart, homedepot, amazon and a consumer drug store like cvs and walgreens to get an idea on consumer spending. Watch manufacturers like cat, 3m, pg, and an auto company like ford or gm. Watch oil. Then maybe a couple of the big banks. When these sectors revenue stabilize, not earnings but revenue, then things are on their way to improving

tbd
 
doctor_fungcool

doctor_fungcool

TB Fanatic
The Snack Artist said:
I was in the options/futures business for 30+ years. You don't quadruple off the lows (08) without a pullback. This mkt is driven by paper mache garbage. The fact companies have been borrowing money for share buybacks just makes these moves all the more violent. The algo driven computers shut off in these conditions and therefore limit liquidity (think bids and offers). I saw it in the flash crash. That was something. Was there in 87 too. The boards were 1 1/2 hours late. The NYSE did 630 million shares that day. Child's play compared to now.
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5 trillion lost so far according to zerohedge.
 
Freeholder

Freeholder

This too shall pass.
Long-term, I can see all kinds of follow-on effects if the virus actually takes out a significant percentage of our elderly. Things like a drop in housing prices (glut on the market and lower demand). Lower demand for some kinds of home medical equipment. What other long-term effects seem likely?

Kathleen
 
Red Baron

Red Baron

Paleo-Conservative
_______________
Sure sounds fishy to me, besides being totally unacceptable.
-----------
TMX Provides Update on Market Outage and Confirms Friday Market Opening

February 27, 2020 (TORONTO) – TMX today experienced a market interruption that affected trading on our equities markets: Toronto Stock Exchange (TSX), TSX Venture Exchange (TSXV) and TSX Alpha Exchange (Alpha).

The issue was first identified at approximately 1:30 pm EST as TSX Alpha clients reported difficulty in receiving messages from the Exchange. As TMX initiated an investigation, the order entry process across TSX and TSXV began to fail as well.

Trading on TSX Alpha was halted at 1:51 pm EST and trading on both TSX and TSXV was halted at 1:54 pm EST. As a result of the outage on TMX equities markets, Montreal Exchange halted trading on all Equity Derivative Instruments at 1:59 pm EST.

TMX's subsequent attempts to restart the trading system encountered further complications that could not be resolved in a timely manner during trading hours today. Due to the nature of the issue, TMX was unable to engage disaster recovery systems in time to ensure an orderly market re-open and closing session.

The interruption was caused by a system capacity issue within the messaging technology component of TMX's trading engine. To address this issue and in preparation for Friday's trading session, TMX has undertaken necessary measures to mitigate the risk of recurrence, including significantly increasing the capacity of this component. TMX confirms that this incident was not the result of a cybersecurity attack.

TMX also confirms that all systems are ready for the start of business on Friday, February 28, 2020.

About TMX Group (TSX:X)
TMX Group operates global markets, and builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors. TMX Group's key operations include Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, and Trayport which provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across North America (Montréal, Calgary, Vancouver and New York), as well as in key international markets including London and Singapore. For more information about TMX Group, visit our website at www.tmx.com. Follow TMX Group on Twitter: @TMXGroup.

TMX TSX | TSXV - News - TMX Provides Update on Market Outage and Confirms Friday Market Opening

www.tsx.com www.tsx.com
 
CaryC

CaryC

Has No Life - Lives on TB
Hfcomms said:
They absolutely must get a handle on this today. Going into a long weekend that is going to be full of destabilizing news and they can’t risk having yet another huge down day. If today blows out then that is it and they are not going to be able to re-inflate imo.

The economy and banking system are not going to crash because of Covid-19 but the virus and economic fallout from it are going to be the straw that breaks the camel’s back or the snowflake that starts the avalanche.
Click to expand...

Get this in right quick dow futures -400 with 30 minutes before opening when it goes back to zero.

You spoke of credit tightening yesterday. You must be a prophet! LOL Dallas Fed chair this am on Fox business said that is what he is watching too. Plus liquidity.

Some replies were asking about gold and silver. I'm not an expert, but understand that when money is taken out, whether in stocks, or PM's (meaning they are going lower due to sales) and you don't see it put back in someplace else (meaning going up-buying) it generally means they are holding cash (keeping cash on hand).

Having cash on hand is a good idea right now. So you can purchase whatever you need at any given moment, and not having to wait on stocks, and gold to go through the system before you get cash.

I will make one note here bonds: the treasury bonds yields hit an all time world record low, meaning people are buying.

15 minutes till open -512
 
Warm Wisconsin

Warm Wisconsin

Easy as 3.141592653589..
Freeholder said:
Long-term, I can see all kinds of follow-on effects if the virus actually takes out a significant percentage of our elderly. Things like a drop in housing prices (glut on the market and lower demand). Lower demand for some kinds of home medical equipment. What other long-term effects seem likely?

Kathleen
Click to expand...


Your line of thinking is spot on! Classic cars and motorcycles will take a hit. Many items valued could see a huge change in supply and demand. Baby boomers own large new trucks and SUVs by the millions.

However, commercial properties will take the biggest hit. We already have a problem with excessive commercial properties in the US. Think of the 2008 housing problem, but much larger. A large owner of commercial property bonds are insurance companies and pensions. If the commercial property bond market goes up in flames, so does the two largest money holders in the US.
 
CaryC

CaryC

Has No Life - Lives on TB
FYI if the European markets are a leading indicator this AM instead of a following they are down 5%. Which could mean another 1000 pts here. Just have to wait and see.

If you want to buy stock N95 mask makers are up.

Warm Wisconsin said:
Your line of thinking is spot on! Classic cars and motorcycles will take a hit.
Click to expand...

Do you think those baseball cards I've holding, are going to take a hit? LOL Just poking at you.
 
Hfcomms

Hfcomms

EN66iq
Back to -650 again. Once again action like a cardiac monitor. I really hope they can stabilize this today. It will buy us some more time. If we finish the day huge down it might force me to replace my solar battery bank while the batteries are still available and I really don’t want to do that.

-750 two minutes later. Wild!
 
N

NCGirl

Veteran Member
-906

WOW

It's scary to watch this happening. I remember watching back in 07'-09' and thought it was bad but....but this is crazy.
 
CaryC

CaryC

Has No Life - Lives on TB
Just for comparison

The crash in '87 was -22%

IF it stays around -1000 the dow will be down -15%
 
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