Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

13% in a single day. Jeebus.

ImpeachPresident1000ptsTweet.jpg

 

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Markets responding accordingly. Nose diving in the last half hour of trading so far. As of 2:40 CDT Dow -11.6%, S&P -10.8 and falling.

No circuit breakers in the last half hour of trading, so this will go until bell close in 20 more minutes.

20% halts trading for the day.

 

[aparch]

13% in a single day. Jeebus.

ImpeachPresident1000ptsTweet.jpg

The overnight trading is what dropped it the most. Once trading was halted to start, the dow reopened at 20935.16 and averaged there all day. The close was 20188.49. So, down 3.5.

Overnights are going to be telling again.

 

[Handyman]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Jesus...

 

[aparch]

20% halts trading for the day.

Not within the last ~half hour of trading. It's a free-for-all at close.

 

[aparch]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Down 30% from the highs of February.

And also the second largest DOW drop by percentage in history.

 

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Not within the last ~half hour of trading. It's a free-for-all at close.

The way it was explained the first time on CNBC was the first two apply except for the last 30. Then only the 20% can stop it.

 

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

https://personal.vanguard.com/us/content/Funds/FundsToolsCircuitBreakersJSP.jsp

Yes, 20% means the market is done for the day at any time.

 

[aparch]

The way it was explained the first time on CNBC was the first two apply except for the last 30. Then only the 20% can stop it.

I was wrong. Yes.

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.

 

[ticapnews]

How much did they spend on stock buy backs last few years while rolling in fees?

“ U.S. airlines are asking for more than $50 billion in federal assistance amid the economic uncertainty caused by the dramatic decrease in passenger traffic due to the coronavirus outbreak.”

Are we ever going to help actual people, or just corporations and the wealthy?

Don't worry, it's a rhetorical.

 

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

I was wrong. Yes.

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.

I could have been wrong just as easily. Had to check it myself.

 

[mookie1995]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Overnights are going to be telling again.

The good part, William, is that, no matter whether our clients make money or lose money, Duke & Duke get the commissions.

 

[mookie1995]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

AAL has 444mm shares outstanding.

Seems to mookie if all of those "owners" sent their management a $100 for each stake, the company would be able to weather this storm without socialist handouts.

 

[Deutsche Gopher Fan]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Trump gonna sign pics of this graph? <a href="https://t.co/6aoEVRQVYy">https://t.co/6aoEVRQVYy</a></p>— Very very ready Tom Tomorrow (@tomtomorrow) <a href="https://twitter.com/tomtomorrow/status/1239663674584948738?ref_src=twsrc%5Etfw">March 16, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[joecct]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Close the markets for 2(?) weeks to let everyone cool off?

 

[Kepler]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

The good part, William, is that, no matter whether our clients make money or lose money, Duke & Duke get the commissions.

"Sounds like you all are a coupla bookies."

"I knew he'd understand."

 

[aparch]

Close the markets for 2(?) weeks to let everyone cool off?

No.

This was discussed ad nauseam on CNBC today. The panic (up or down) on the flip side of having two weeks of pent up feelings are too great.Plus, you now lock up money people might need in the next two weeks.


The circuit breakers are working as designed. And since these percentages were enacted in 2010 after a flash crash of the S&P, and a level 2 or 3 stoppage has NEVER been triggered.


Where the level 1 has been triggered these last three times has been after the overnight trading had been halted for dropping 5%. That starts the market 2% off the halt as is.

Each time the level 1 pause has triggered, sensibility has kicked in and its leveled out for a bit.


I'm no where near a stock expert; I've only started picking up nuances thanks to listening to CNBC at work this past week, but I would expect tomorrow to be a flat day (or maybe gain a tiny bit, unless some terrible news breaks.

Today's drop was just a correction of the false hope upswing from last Friday.


From what repeated experts have said on CNBC: the markets are waiting for clear leadership to guide the US through this... and they're still waiting for it.

 

[Kepler]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Has it occurred to anybody the market is just correcting to where it belongs and that the virus was the arbitrary trigger but not the cause?

The Dump-McConnell Economy was a Potemkin village waiting for a stiff breeze. You cannot govern with those policies and expect anything but eventual ruin. This is what happens when your economic philosophy is: lie and loot.

 

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Has it occurred to anybody the market is just correcting to where it belongs and that the virus was the arbitrary trigger but not the cause?

The Dump-McConnell Economy was a Potemkin village waiting for a stiff breeze. You cannot govern with those policies and expect anything but eventual ruin. This is what happens when your economic philosophy is: lie and loot.

That’s exactly it. You can’t stop a correction, or rather, not easily. The market almost always finds the right* level, just like water.

The problem, again just like water, is if the fluidity is removed. if things start seizing up, worse things happen. Much worse. It’s also why the Fed is doing everything they can to keep liquidity in the markets. If that seizes up, trading halts because no one can agree on a price, and even worse things happen. Things need to be appropriately priced and it can’t happen without liquidity. The Great Depression happened because liquidity dried up.


*I’m not sure anyone can ever know what is right or wrong. Because you can’t predict it with certainty and maybe by definition. The market defines itself. You can’t really prove it right or wrong. It just is what it is.

 

[BassAle]

Has it occurred to anybody the market is just correcting to where it belongs and that the virus was the arbitrary trigger but not the cause?

The Dump-McConnell Economy was a Potemkin village waiting for a stiff breeze. You cannot govern with those policies and expect anything but eventual ruin. This is what happens when your economic philosophy is: lie and loot.

I think everyone (except the trump cult) was expecting a correction

We’re definitely heading for an global recession now though, thanks to all the shutdowns and layoffs that will follow, so this is more than a correction.