I have never seen anything like this

[AMT4SWA]

That open was amazing....had to use that huge gap down to cover additional Long Term Rydex 200% Inverse S&P500 positions I have......looks like we got so low out of the open there were BUY program levels hit for the bots.

 

[patchie]

Dow opened at 8568 after closing at 8579. It dropped to 7882 representing slightly less than a 700 point drop.

 

[lindq]

Quote from austinp:

<i>"I have never seen anything this bad..."</i>

In which case you weren't around in 2000 or 2002. A few of us were... we've seen this before.

From a trading perspective, 2000 was worse.

This has been a dedicated, unceasing decline like rolling down a ramp. No temptations at all to get long.

2000 was a real tease. Like bouncing down the stairs. Many temptations to get short, get long, etc. It was a more dangerous environment from the perspective of making stupid trading decisions.

It was a completely different environment.

 

[achilles28]

Quote from patchie:

Dow opened at 8568 after closing at 8579. It dropped to 7882 representing slightly less than a 700 point drop.

I'm looking at yahoo finance and they've got the open at 9261

 

[Trad'nUp]

Talk about a roller coaster. In the green now??

Unbelievable.

 

[Trad'nUp]

Quote from achilles28:

I'm looking at yahoo finance and they've got the open at 9261

I'm seeing 8,568.67 everywhere.

 

[patchie]

Yahoo Finance is wrong. Try and find a single story that identifies a positive start. Dow futures have been down all morning.

The Dow fell 210.50, or 2.45 percent, to 8,368.60 after dropping 696 in the first minutes of the session. The Standard & Poor's 500 index was off 20.56, or 2.26 percent, at 889.36, while the Nasdaq composite index fell 19.98, or 1.21 percent, 1,625.14.

Last Price Today’s Change Day’s Range
8,557.84 -21.35 (-0.25%) 7,882.51 – 8,687.11

 

[bh_prop]

Uh huh. You saw Vix go to 70+ and Dow lose 30% in 8 trading days during the tech bust. Sorry, but you haven't seen this type of panic in your lifetime until now and most likely none of us will ever see it again.

Quote from austinp:

<i>"I have never seen anything this bad..."</i>

In which case you weren't around in 2000 or 2002. A few of us were... we've seen this before.

 

[GermanTrader]

>>I have never seen anything like this >>

Stop shaking. This is the cycle, made worse by the bailout. 7000 was to have been the bottom (50% of high), but with the government meddling, 6000 is possible, 5000 is unlikely but possible.

Only the buy-and-hold investors should be hurting right now. Traders should be profiting or just waiting it out in cash.

The more meddling we get from the powers that be, and the new owners to US equity, the lower we go before we see another bull market.

 

[forsalenyc]

I'm having trouble scalping this mkt......every stocks 1 tick is equivilent to a whole point. lol. I'm just gonna sit and watch. size down to few hundred shares. crazy