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Markets still falling like whoa


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6 hours ago, bernorange said:

Oil markets in are in a bit of turmoil right now as Saudi Arabia and Russia butt heads over OPEC+ policy.  Meanwhile, Lebanon is set for a sovereign debt default.  Not sure which, if any, big banks are exposed here or if it's mostly IMF/World Bank types...

https://www.reuters.com/article/us-lebanon-crisis/declaring-it-cannot-pay-debts-lebanon-sets-stage-for-default-idUSKBN20U0DH

That line brought the lulz.

It's a billion dollars. The ECB shits a solid billion before breakfast.

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Limit up/Limit downs can only be implemented during the 9:30-4:00p window.  I believe circuit breakers can be deployed during pre-hours/futures.  

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57 minutes ago, Lobo said:

Limit up/Limit downs can only be implemented during the 9:30-4:00p window.  I believe circuit breakers can be deployed during pre-hours/futures.  

https://finance.yahoo.com/news/rout-u-stock-futures-trigger-221631295.html

Looks like we hit a breaker @ 805 ET.  They have backstopped the bottom. 

 

E-mini futures on the S&P 500 Index sank 5% to 2,819 as of 8:05 p.m. in New York, hitting a limit triggered when the measure falls 5% from the price calculated in the last 30 seconds of trading Friday. The curb means the contract can’t trade at a lower price for the remainder of the overnight session, although transactions at or above the threshold are allowed.

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I’m moving my 401ks from 70/30 S&Pindx/Currency to 10/90. Plan on holding for at least 6 weeks

 

Yeah, I just moved it all around too... wished I had done it last week when I had the itch, just didn’t have the time.

 

6 weeks seems like a good amount of time to reevaluate.

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33 minutes ago, Anastasis said:

https://finance.yahoo.com/news/rout-u-stock-futures-trigger-221631295.html

Looks like we hit a breaker @ 805 ET.  They have backstopped the bottom. 

 

E-mini futures on the S&P 500 Index sank 5% to 2,819 as of 8:05 p.m. in New York, hitting a limit triggered when the measure falls 5% from the price calculated in the last 30 seconds of trading Friday. The curb means the contract can’t trade at a lower price for the remainder of the overnight session, although transactions at or above the threshold are allowed.

So what that means is an overnight session can never trade below 5% of the previous day close ever ? Correct ?

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Refresher on breakers.  Anyone want to create some action on hitting a level 1?

Market volatility regulations

Circuit breakers
Circuit-breaker points represent the thresholds at which trading is halted market-wide for single-day declines in the S&P 500 Index. Circuit breakers halt trading on the nation's stock markets during dramatic drops and are set at 7%, 13%, and 20% of the closing price for the previous day. The circuit breakers are calculated daily.

Level 1 halt (7%)

Trading will halt for 15 minutes if drop occurs before 3:25 p.m.

At or after 3:25 p.m.—trading shall continue, unless there is a Level 3 halt.

Level 2 halt (13%)

Trading will halt for 15 minutes if drop occurs before 3:25 p.m.

At or after 3:25 p.m.—trading shall continue, unless there is a Level 3 halt.

Level 3 halt (20%)

At any time during the trading day—trading shall halt for the remainder of the trading day.

Single stock price bands
The SEC implemented a new marketplace rule, known as the Limit Up-Limit Down Rule, designed to prevent trades from executing outside of price bands established throughout the day for individual stocks and exchange-traded funds (ETFs).

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1 minute ago, Anastasis said:

Refresher on breakers.  Anyone want to create some action on hitting a level 1?

Market volatility regulations

Circuit breakers
Circuit-breaker points represent the thresholds at which trading is halted market-wide for single-day declines in the S&P 500 Index. Circuit breakers halt trading on the nation's stock markets during dramatic drops and are set at 7%, 13%, and 20% of the closing price for the previous day. The circuit breakers are calculated daily.

Level 1 halt (7%)

Trading will halt for 15 minutes if drop occurs before 3:25 p.m.

At or after 3:25 p.m.—trading shall continue, unless there is a Level 3 halt.

Level 2 halt (13%)

Trading will halt for 15 minutes if drop occurs before 3:25 p.m.

At or after 3:25 p.m.—trading shall continue, unless there is a Level 3 halt.

Level 3 halt (20%)

At any time during the trading day—trading shall halt for the remainder of the trading day.

Single stock price bands
The SEC implemented a new marketplace rule, known as the Limit Up-Limit Down Rule, designed to prevent trades from executing outside of price bands established throughout the day for individual stocks and exchange-traded funds (ETFs).

10-4

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8 hours ago, Trey3216 said:

Gonna be horrific if there isn’t some calmer heads talking about the oil price war that looks about to happen.  

No idea how I quoted this, on mobile

 

DJIA, S&P 500, NASDAQ all heading toward -5% and failing

Oil in free fall, 10-year under 0.50%

Edited by Wally Fairway
.???
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https://www.cnbc.com/2020/03/09/asia-markets-oil-prices-coronavirus-currencies-in-focus.html

 

Quote

Stocks in Asia saw steep declines on Monday morning as oil prices plungedamid fears of a price war after OPEC failed to strike a deal with its allies on production cuts, adding to market volatility already brought about by fears surrounding the ongoing coronavirus spread.

The Nikkei 225  in Japan fell 6.15% in morning trade, while the Topix was down 6.07%. The Japanese yen, often seen as a safe-haven currency, traded at 102.26 per dollar after seeing levels above 108 last week.

 

Quote

Hong Kong’s Hang Seng index plunged 3.96% in morning trade. Mainland Chinese stocks also saw declines, with the Shanghai composite down about 2% while the Shenzhen component shed more than 2%. The Shenzhen composite slipped 1.859%.

South Korea’s Kospi also dropped 4.27%. 

Meanwhile, stocks in Australia tanked, with the S&P/ASX 200 down 6%. Singapore Straits Times Index also fell more than 4%.

Overall, the MSCI Asia ex-Japan index fell 3.76%. 

 

Quote

The moves came as the yield on the benchmark 10-year U.S. Treasury note fell below 0.5%, last trading at 0.4826%. The 30-year Treasury yield also hit a record low, breaching the 1% threshold for the first time in history, last trading at 0.9633%. 

U.S. futures also saw sharp declines on Sunday night stateside. Futures on the Dow Jones Industrial Average plunged 1,255 points, pointed to an opening loss on Monday of about 1,300 points. S&P 500 futures and Nasdaq-100 futures also pointed to declines for the two indexes when they open on Monday.

 

 

 

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1 hour ago, UTGrad98 said:

So what that means is an overnight session can never trade below 5% of the previous day close ever ? Correct ?

yes that's right.  that said it's important to make a distinction between the SP futures and the actual SPY equity offering.  SPY can trade below 5% as soon as they open during the premarket session while, and i'm not 100% sure if this is true anymore but i believe it is, the futures are still halted at limit down for the duration of the overnight session which technically ends at 8:30am central. 

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2 hours ago, tx 3 putt said:

So when’s the next interest rate cut ?

 

1 hour ago, gsoda3 said:

next wednesday

Next Wednesday is the scheduled meeting, I won't be surprised if there is a cut today.

Though with the 10 year at >0.50%, is the US going to flirt with negative rates?

Edited by Wally Fairway
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3 hours ago, Wally Fairway said:

 

Next Wednesday is the scheduled meeting, I won't be surprised if there is a cut today.

Though with the 10 year at >0.50%, is the US going to flirt with negative rates?

There is no flirting. The US and Europe are going negative.

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