Bloodbath on Wallstreet........Not good, this time China LEADS world markets down

[Nimrod2005]

Always used to be the US, when we sneezed, the rest of the world markets got a cold...Get used to it now, China is the leader. I blame certain person's policies for the past six years (Clinton contributed too).

BREAKING NEWS

NYSE imposes "trading curbs" after Dow tumbles more than 200 points, Reuters reports. More soon.

Stock selloff deepens

http://money.cnn.com/index.html?cnn=yes

[rodeodance]

1. should be an interesting afternoon to say the least!

[roamer65]

2. The metals markets are recovering.

Looks like money is heading out of dollars and into the metals. Nickel is going through the roof. At around $20.40 a pound, its heading toward the semi-precious metal realm. It's getting so pricey that Canada is withdrawing their old pure nickel coins from circulation.

[itsmesgd]

3. China owns us and they are selling. Sounds good to me

Buy metals, and shotgun shells.

[Skidmore]

5. Who's buying, now that we are such a bad investment?

[oldtimecanuk]

4. Toronto Stock Exchange down 271 points 2 minutes ago... ugh eom

[PerfectSage]

19. TSX down 360 now

Glad I spent a half hour selling all stocks this am.

I'm not sure if it's just a short term dip or the start of an intermediate trem trend change. Very small chance it's 1987ish.

[Nimrod2005]

20. How much of a % is this?

[PerfectSage]

37. TSX down 441 now 3.2%+ drop

Definintely looking intermediate term trend change now

but the NYSE advance/decline line this year is nice & strong nt toppy at all like last spring before the May correction???????????????????????

Last hour traders are the smartest. They might rally in the last hour. But, not likely.

[Nite Owl]

6. In the 90's ('98?)

the US markets were led down by the crisis in the Russian ruble and the Asian markets so this is nothing new really, we were due to correct. What I find interesting though is the $ continuing it's fall, money going into Euros.

[Lone_Star_Dem]

7. I just looked and the DOW was down -1.70%

At a 214 point drop.

[Nimrod2005]

8. TIMBERRRRRRRRRRRRRRRRRRRRRRR

[Lone_Star_Dem]

13. Not great that's true

Not a crash though. I also think there's more influences at work here than just China. Our own recent economic reports have been poor and the talk of recession yesterday by Greenspan could have some influence.

[Marie26]

12. Whew

And I just opened an IRA last week. Figures.

[A HERETIC I AM]

25. Are you planning on liquidating your IRA next week? Next month?

Relax.

[Marie26]

28. Yeah, I know

Thanks! Rationally, I know this is just a blip. But this is why I was so hesitant to even get involved in the stock market - the US economy just seems very erratic right now.

[AndyA]

9. I'd like to take this opportunity to thank George Bush.

For pimping the United States of America like it were a common street whore.

Once again, incurious George is confused: It's not America that is the whore, it's Ann (Coulter) who is the whore. You can see the confusion: both begin with "A." Poor stupid George. He doesn't know America from Ann from his own Ass.

[MilesColtrane]

10. The Dow's only down -1.67% as of this post.

Far from the -7.1% after 9/11, or the -13% on the first day of the '29 crash.

I'm not jumping out a window. I'd land in my flower bed, which took a lot of work to look nice.

[Nimrod2005]

11. Does anyone where Gold is trading right now?

Is it over $700?

[jannyk]

14. No, oddly it's down too -$10.50 n/t

[Nimrod2005]

44. Isn't that weird? I guess money is moving into treasuries?

[jannyk]

15. Now off $11 - sinking?! at $678.80

[oldtimecanuk]

16. Yep, Gold is down $10.50 on the day.. $679.30 eom

[jannyk]

17. Now off $9.70 - stay tuned ;)

[jannyk]

23. After that uptick, it's off $10.60 now eom

[jannyk]

26. Now off $11.80 eom

[jannyk]

29. now off $12.60 eom

[jannyk]

56. Now off $18 !!

[jannyk]

62. Off $20 ;(

[jannyk]

75. Gold now off $23

[jannyk]

81. Gold off $26 to $661 at close

[Hubert Flottz]

18. A "ROBUST" crash!

Ro--BUSTED! * DAMN! 401K WAS doing great too!

[Nimrod2005]

21. They are really crahsing it now...With a little over 1 hour to go!!!

OMFG...

[Marie26]

22. Dow at -264.13. nt

[jannyk]

24. -283 at 11.52

[rockymountaindem]

27. What are you getting so excited about?

I remember back in 1998 when the DOW went down like 500 points in one day and they shut down an hour early, also due in part to a bad trading day in the Asian markets. That's always the case because although the US and European economies lead world trends, if something bad is going to happen worldwide on a particular day, it shows its first effects in Asia because their markets open first (being close to the international date line and all).

If this goes on in a similar manner for a week, then we have something to worry about, but right now there's no reason to call this a "crash".

[Nimrod2005]

30. It is only money right? MY 401K MONEY!!!

[jannyk]

31. Just jumped to -465

[tk2kewl]

32. holy crap!

3:00PM ET
Change: Down 475.62 (3.77%)

[Marie26]

34. Down 220 points in two minutes?

Jeez - I didn't think that was even possible.

[Nimrod2005]

36. I have NEVER seen this before? I thought we had automated triggers to stop such slides/moves?

[Marie26]

39. It's shocking

I had the page up, at it was at -285, hit refresh 30 seconds later - down 485. That is shocking - I don't know enough about the market to understand it, but isn't that steep of a decline almost unprecedented?

[jannyk]

40. explanation is auto trading programs kicked in eom

[Nimrod2005]

41. After the 200 points drop? shouldn't it have been to protect against such thing?

[Kolesar]

47. After the 1987 27% drop, the market put in programs to stop automatic selling in a drop

And I think if it goes further, the market just closes for the day. Sleep tight!

[jannyk]

60. Oddly, I haven't heard them say that 'curbs in' phrase...

I thought it kicked in after a 200 pt drop. They used to have the 'curbs in' flashing on the screen - don't see it.

[Nimrod2005]

33. now down 500 points, are you now worried?

[rockymountaindem]

50. No

One day is still one day. It's my money in there too, as well as my inheritance. If this keeps up in the same manner for a week, then it's cause for worry. IIRC in 1998 it gained over 200 points the day after it lost 500. It's probably overvalued now, but I don't think everybody's going to lose their life savings like 1929 or anything.

[Dorian Gray]

88. Ditto

Most analysts were thinking that there would be a correction. Unfortunately one day corrections scare people off, making them panic like there is here today. But, unless all your investments are in one stock or one sector, there is little reason to panic here.

[Dorian Gray]

93. See...

today there is buying on the overreactive selling yesterday. It's all good.

[jannyk]

35. Just said biggest decline since 911 eom

[Nimrod2005]

38. OMFG, this is painful to watch.

[lse7581011]

42. Just Talked To Good Friend Who's Lost

$5K in the last 10 minutes!

[Kolesar]

45. I have lost several times that, then. It's only on paper

I am not going to sell now.

[Nimrod2005]

46. Same here, I am not going to get out.....Never have after these kind of moves.

Fucking depressing as fucking hell...

[Kolesar]

52. My stock/equity holdings have been at an all-time high this month

It seemed baffling to me that the market was so high with high oil prices, a war in the Gulf, another war brewing with Iran, and the end of the housing boom.

Oh, and a moron in the White House!

[Sapere aude]

53. I haven't lost a cent, of course when you have nothing to lose that's what happens.

[lse7581011]

57. ME EITHER! That's Why

$5K seems like so much to me!

[Sapere aude]

66. Freedom is just another word for nothing else to lose.

[MissB]

58. Exactly.

2001 sucked big time, but we've more than overcome that loss. In for the long haul.

[Lone_Star_Dem]

43. Now this is a bloodbath

Shit!

[napi21]

48. Sit tight folks! This is just another example of the boys on WS

panicing AGAIN! The only time you get REALLY HURT in something like thisis if you panic and SELL!

Individual company stocks dropping dramatically...you worry, but across the board like THIS, not so much.

Sure it might take 6 months to a year to recover, but it will recover.

[tgnyc]

49. back up to -400 3:13pm

[Nimrod2005]

51. HEY *, HOW ABOUT PRIVATIZING SS NOW YOU MORON?

Let's put some of this money in the market...:sarcasm:

[Hubert Flottz]

59. Bush would love to pull that mega-heist off!

It would REALLY crash then. People should know by now that Bush and his flunkies NEVER tell the truth about anything. "Robust Economy" my ass! A fool could have seen this was a house of cards!

The Haves and the Have Mores win again!

[jpak]

54. All we need now is for * to bomb Iran and stick a fork into the US economy

the perfect shit storm....

[mzmolly]

55. You are correct. Viva free trade!

:sarcasm: *sigh*

[tgnyc]

61. Back up to -330

[tgnyc]

67. back down to -415

[ChairmanAgnostic]

63. 2.8% is nothing to sneeze ah ah ah achoo!

thanks for the grate economy George.

[jannyk]

64. Someone smarter than me, where is the money going?

Gold is off $20 - so is it heading to bonds or under the mattress?

[mnhtnbb]

68. Going to sidelines. Cash.

[jannyk]

65. - 370 and half hour to go eom

[roguevalley]

69. I guess this could be the start of something ... terrible. Pay off your

credit cards soon.

[onenote]

76. Anything to support your "guess"?

Any reason people should follow your financial advice? For that matter, are you following your own advice?

[roguevalley]

84. yes, actually. I am. I will be debt free in two months. As for the rest.,

historically, it appears that a stock market drop is not necessarily good news to those who have small investments, which probably includes nearly all of us.

[onenote]

85. obviously a stock market drop isn't good news

But one day does not a market make. Acting precipitously at this point would be unwise, imho. Keep in mind that the level that the market closed at today is still higher than it was as recently as December 1.

[roguevalley]

86. true. my little portfolio is very conservative and I have a boffo gal

who takes care of it. I worry about others, though.

[Nimrod2005]

70. Anyone here follows Bob Brinker?

Did he call this correction?

[tgnyc]

71. CNN: Leaders of NYSE say maybe a technical glitch causing plummet

[Nimrod2005]

73. Now that's more like it....Hoping it is true.

[brettdale]

74. Technical Glitch????????/

I wonder if they would say this, if Bush*t wasn't president?

[tgnyc]

77. according to CNN, the leaders are genuinely perplexed as to what is going on. The news

of the day doesn't seem to be enough to cause that kind of near-instantaneuos plummet.

[Marie26]

83. Really?

How could that be? The NYSE has incredibly sophisticated servers, how could they just "oops" 400 points? That's weird, IMO.

[Nimrod2005]

72. Now this turning on that guy's site

[tgnyc]

78. CNN reporting possibly a Dow Jones seerver went down, causing bottle-neck of trades

hence the seemingly instantaneous drop

[Nimrod2005]

80. I said above that I had never seen this before!!!

[Marie26]

90. Chart

The Dow Jones chart is really striking - it looks like the Dow Jones dropped 200+ points in literally one minute - from 2:59 to 3:00. At the same time, the volume level spikes DRASTICALLY during that same minute. All day long, the volume ranged from .1 to .4 million, but at 2:59, it suddenly spikes to 40 million, then drops back down to .5 million volume at 3:01, the next minute. I'm not an expert, but isn't that really, really weird? It almost looks like someone dumped 40 million shares at one time.

http://finance.yahoo.com/q/bc?s=%5eDJI&t=1d&c=

[jannyk]

79. At the closing bell -395

[jannyk]

82. Still falling in after hours - 415.70

[NewJeffCT]

87. The world markets have been intertwined for years

Back in the 90s, if Japan or Hong Kong had a bad day, it would then spread to the European markets, and then to the US market. However, because the US economy under Clinton was legitimately strong, the US market would often bounce back after opening down.

[etherealtruth]

89. On my way to work I heard that the Chinese makets had taken a dive ...

I assumed ours would follow.

[jannyk]

91. And Tokyo opens 4% off already eom

[Nimrod2005]

92. Here we go again, not good, I am not going to get any sleep tonight!

[Dorian Gray]

94. I hope you were able to sleep....

as it doesn't seem as there is any ong term problem today.

[Nimrod2005]

95. HERE WE GO AGAIN, ROUND TWO TODAY 3/1/2007

Down 200 points already