Stock Markets Getting Killed

[DuffMan]

Here's something interesting I heard a day or 2 ago, I forget where, maybe on BNN. Greece's GDP is no worse than the US(that could be per capita).
Once people realize this, the dung will really hit the fan.

[Cowboy89]

Apparently the volatility was a 'fat finger' trade on Protor and Gamble Stock that took the price of it from the 60s to the 40s.

[Pastiche]

Damn should have bit on ESLR at $1.00.

[chemgear]

Originally Posted by Cowperson

And you can get mammoth bailout packages while paying no taxes.

http://www.nytimes.com/2010/05/02/wo...e&ref=homepage

Sounds like Greece wasn't the cause of the 10 or 20 minutes of excitement.

Cowperson

Isn't Greece one of the most corrupt countries in Europe? Bribery for everything basically?

So they're rioting because they bankrupt their own country through their own culture of corruption and such losing things such as: retiring at 40 with a pension, bonuses for showing up on time, a extra month's salary for Christmas, another month bonus for Easter, etc. "So let's go light up a bank and kill some people?"

No wonder the Germans aren't keen on helping them out.

[I-Hate-Hulse]

Look for more volatility tomorrow - US employment #'s get released tomorrow AM.

[IliketoPuck]

My little gold stocks are having fun today

[FlamesAddiction]

Originally Posted by chemgear

Isn't Greece one of the most corrupt countries in Europe? Bribery for everything basically?

.

Yeah, they appaently are. I read recently that about 80% of people evade taxes. I have also heard many stories on messageboards that I participate on regarding people who do business in Europe, and they all pretty much warn people to stay away from Greece.

[Fire]

Good time to move your cash savings from CDN dollar to US dollar? It looks like the CDN dollar will drop quite a bit more before it rebounds.

[WilsonFourTwo]

I met with the nice banker lady on Friday to liquidate a couple of (high volatility) Mutuals, with an eye on using the cash for some specific dividend investing. She couldn't do it because Toronto had closed.....fair enough, it'll happen on Monday I'm told.

Fast forward to 45 minutes ago.....I get a phone call to confirm that I'd like to proceed as we had discussed. WTF happened to doing it on Monday? Lost upwards of a grand because she didn't click a couple of buttons for four days.....argh!

Cripes.....I even lose money making smart moves.

[CaptainCrunch]

The investors are going to take it up the a$$ from the Greeks on this one.

[WilsonFourTwo]

Originally Posted by FlamesAddiction

Yeah, they appaently are. I read recently that about 80% of people evade taxes. I have also heard many stories on messageboards that I participate on regarding people who do business in Europe, and they all pretty much warn people to stay away from Greece.

I heard an interesting comment on the news last night while some reporter was interviewing a Greek lady. The lady basically said:

"There are two prices. $150 with a receipt, or $100 without one."

I found that quite telling. While I have no doubt that spending cuts and a massive bailout are absolutely necessary to save Greece in the short term, they have a massive amount of work to do (overhauling the tax system/enforcement, public services and pensions) if they want to stay afloat long term.

[Wookie]

Originally Posted by CaptainCrunch

The investors are going to take it up the a$$ from the Greeks on this one.

Greek from the greeks

[transplant99]

Ugh....really bad day in the T99 household.

[bomber317]

So did anybody take advantage of that 8 minute blip where stocks tanked and then recovered 10%?

[Wookie]

Originally Posted by bomber317

So did anybody take advantage of that 8 minute blip where stocks tanked and then recovered 10%?

Someone bought me lunch at about 12:45, could have happened around the same time.

[Pastiche]

Required reading on Greece: http://www.economist.com/world/europ...=features_box4

[chummer]

Gold is the place to be,up $33 an ounce.

[MoneyGuy]

Originally Posted by red sky

I was going to start a thread on that. How does the DOW drop to 900 in one day and then within 20 minutes recovers 300 points. That is insanity. Loonie down, oil down over 10 bucks in the last few days. I guess it is May after all...

Actually, I've seen it happen lots of times, but I've been around a long time. It's not unusual to see a mid-day drop of hundreds of points, but the end-of-day decline is more muted because of buyers taking advantage. Don't forget also that as the point level is greater the variance by points will be greater also. For example, 900 points when the index is 11,000 is the equivalent of 450 points when the index was 5,500.

I can't say for sure if the market will rebound in the next couple of days and make up this "loss," or maybe it's the start of a bigger correction. This is unknowable. However, I've said it before and will continue to do so until you folks listen: If you're young and intend to be in the market for a very long time, these are great opportunities to buy into a rising tide at reduced prices. I'm about twice the age of the average person around here so my time line is shorter, but even I do this.

Buy, folks, buy. The price may be lower a month from now, but I'm pretty sure it will be way higher in 10, 20 or 30 years. Equities, real estate, it's all the same.

I preach this to my clients so I'm used to sounding like a broken record. Buy good companies, diversify, invest monthly or annually for your whole working life, ignore the noise and make smart (not emotional) decisions and be a contrarian and you'll be fine. This is not hard, if you do the right things.

[/LECTURE OVER]

[MoneyGuy]

Originally Posted by WilsonFourTwo

I met with the nice banker lady on Friday to liquidate a couple of (high volatility) Mutuals, with an eye on using the cash for some specific dividend investing. She couldn't do it because Toronto had closed.....fair enough, it'll happen on Monday I'm told.

Fast forward to 45 minutes ago.....I get a phone call to confirm that I'd like to proceed as we had discussed. WTF happened to doing it on Monday? Lost upwards of a grand because she didn't click a couple of buttons for four days.....argh!

Cripes.....I even lose money making smart moves.

Seems you would have cause for a complaint and maybe a make-up here. Can you prove that instructions were given? Maybe you have a copy of the signed form? Trades are supposed to be placed immediately - no delay. PM me if you want advice on taking this forward, assuming you did give definite instructions. I don't mind drop kicking a bank.

[Devil's Rule]

Originally Posted by Cowperson

Sounds like some kind of error over P&G stock which triggered technical program selling . . . . . . which triggered technical program buying to put us back where we were.

An unneccesarily exciting 10 or 20 minutes.

Cowperson

Man that is one serious Fata-finger!