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Stock Market today

Discussion in 'BlackHat Lounge' started by Chronos, May 6, 2010.

  1. Chronos

    Chronos Junior Member

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    Man it took a plunge today, over 3%!

    Bad news about Greece.

    I pulled most of my money out BEFORE the housing crash and I saved about $75,000 and haven't put it all back in since. The only market value I have is my ROTH-IRA, which as most of you know only allows $2000-3000 per year, so a very small amount really.

    Just think of those who have like $1,000,000 in retirement and in a single day it sunk 3% ($30,000) or more.

    Damn that sucks.

    Is it only going to get worse? I have my ideas, but I wanna hear yours.
     
  2. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    It was caused by a mistake by Citigroup. Search the news.
     
  3. businessbira

    businessbira Power Member

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    If it's on the news, it must be true.
     
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  4. loclhero

    loclhero Supreme Member

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    The volatility is due IN PART to Greece falling the fuck apart but today's insanity was absolutely caused by Citigroup's fuck up. There is still an unaccounted rumor that a trader manually entered a sell of a billion instead of a million and the speed in which the market runs caused a massive sell off.

    The market plunged almost 1000 points in less than 30 minutes and recouped 600 of that in something like 10 minutes. Some stocks dropped virtually their entire worth in a matter of seconds. Accenture opened today at $42 and at one point was at 4 CENTS.

    When you hear the chucklefucks on CNBC saying that maybe govt regs should be tightened, you know there's issues. One guy, can't recall his name, last name was Fisher, who never agrees to go on tv, decided to go on today with the sole purpose of warning everyone that unless the machine/automated based trading that happens every day is not changed, this can and will happen again. Rise of the machines is how he phrased it.

    This is from another dude: "I think the machines just took over. There's not a lot of human interaction," said Charlie Smith, chief investment officer at Fort Pitt Capital Group. "We've known that automated trading can run away from you, and I think that's what we saw happen today."


    Scary stuff when hundreds of thousands of shares in one stock can trade in a nanosecond.
     
    Last edited: May 7, 2010
  5. troybh

    troybh Junior Member

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    Stock market should of crashed today but the PPT stepped in as usual to save the market with taxpayer dollars. Then they have to make some kind of half ass crazy story about someone entered a b instead of an m and this is what caused the crash. Please give me a fucking break we are not all total idiots.
     
  6. JuicyBlack

    JuicyBlack Regular Member

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    LOL Sometimes watching people on CNBC can be so much fun, and yeah there is a huge downside to automation when shit like this happens...... it can be a real clusterfuck for investors who think they got part of their game figured out and fully automated.
     
  7. Lite5

    Lite5 Newbie

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    I pulled my money out last night thank god. I wish i was paying attention today. I would have bought in so low.
     
  8. bobbys

    bobbys Regular Member

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    Scenario 1: The stock market momentarily sold off and recovered due to poorly executed/entered
    trade for an automated trading program at an extremely large trading firm.

    Scenario 2: There is a covert government operation called the "plunge protection team" that has been
    kept secret all these years consisting of tens or hundreds of billions of dollars that steps in every time
    the market heads south.

    I guess you're going with scenario #2 huh?
     
  9. opticbit

    opticbit Registered Member

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    I've got some penny stocks, that went up, a month while ago but never hit my profit taking trigger I stopped watching them, Now they're down, and I'm waiting for them to go back up, I want out. One lost almost 50% today, so its back down to where I bought it, that one I was trying to sell but no volume.
     
  10. ShareTip

    ShareTip Junior Member

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    Expect a rebound of about 5%.

    I have a technique to get in at the low.

    So, if you get in at tomorrow's intra-day low, expect 5% upside, approx. Don't expect much more than that, and don't over-stay. Take the quick profit and get back to cash (unless you want to play the short side as well after that).

    Of course individual stocks may vary, but that 5% is for the broad market.

    PM me if you need more tips. Good luck!
     
  11. ShareTip

    ShareTip Junior Member

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    Yes, that's in the news, but don't think it is the truth --- far from it.
     
  12. ShareTip

    ShareTip Junior Member

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    There are more than 2 scenarios.
     
  13. ShareTip

    ShareTip Junior Member

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    If you post the ticker symbol, I may be able to help.
     
  14. Deviance

    Deviance Regular Member

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    Those bastards over in Greece are still burning EU flags while they are recieving over 110 billion euros in loans, lazy fucks are butthurt they can't quit working at 54 anymore.

    No sympathy for Greece at all, this is what you get for choosing left wing governments year after year.
     
  15. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    You are not well informed of the situation in Greece.

    It is quite complex, but let me throw a bit of info.

    People burning flags and all that are a few specific (more or less 1-2 thousand people, all known to the state). They are extreme leftists mostly and they exist politically because the main economical and political powers have been utilising them for the last 20-25 years in various ways.

    As for the people getting retirement on 54, I totally agree. Bad policy. Did you know people in the army retired at 48? :D
    Well, things are changing now and this is a good thing.

    Nevertheless, keep in mind that there is a strong underground geo-economical struggle between West and East countries for the hold over Greece that 's been going on for many decades. So, capitalism was never able to be applied there. The system is a semi social-communist state in a capitalistic mask. This is why there 's been a big corruption in the state and in the people (people bribe politicians, politicians favor some people with goverment money).
     
    Last edited: May 8, 2010