APEC 2024 Peru. Biden shafted to a corner in the back row. Xi in front row next to Peru's President
5/07/2010
Dow plunged 998.5 pts at its worst
Dow was trading weak yesterday but still within reasonable limits until a sudden plunge one and a half hour before closing. This is almost a 10% drop in a day and panic was in the air. It quickly recovered 650 pts to close at 10520, losing 347.8 pts. Though buy orders kicked in after the sharp plunge, the sentiment was badly hit.
It was reported that it could be due to a trading error and programmed sell orders just kicked in to complete the massacre. Many people must have lost a lot of money during that 20 minutes. The stock Accenture fell from $42 to 4c but recovered to close losing only $1.
Nasdaq has announced that it would cancel all trades between 2.40pm and 3pm on grounds that they were obviously error trades.
What we have seen is the destructiveness of programme trading. When machine takes over, they can kill without any qualms. Programme trading in itself is an unfair advantage in favour of those with cash and machines. It is better that this process be curtailed and remove from the system before it inflicts more severe damages to the financial systems around the world.
No one is pointing a finger to the possibility of an act of terror, an intentional as opposed to accidental error. Even if it is not a sabo act, a sabo act can still happen one day. This over reliance on the machine must be tempered with human control and not machine control.
It's a mad world !
ReplyDeleteMaybe another 500 points or more down tonight will make more people sane or wake up.
And that's just about half of 998.5.
Watch it coming and comes.
Those with capitals must be wishing for this day to make their kills.
patriot
Hehe,
ReplyDeleteMaybe the machines are getting to be humans too with the herd mentality. Never mind about the fundamentals or the fact that the PIIGS will definitely not roll over and go belly up. Too much is at stake. As always, the calvary will be there. The calvary is not only saving the PIIGS but themselves mostly.
Fools. And that includes the damn machines, oops the programmers I meant.
Patriot,
I like the part about the contrarians making a killing.
What are you doing in your mundane job eh?
:-)
p/s Those who bought into all the over valued properties must be having the sinking feeling and feel their balls growing heavier by the minute! Ha Ha.
That's right Wally, the machines are behaving like humans, and have herd instinct.
ReplyDeleteA big drop in one country is all it needs to trigger all the sell positions. That is how treacherous the American system is. And so are all the pretenders who believe in the great American system.
Some terrorist organisations could pay someone to do a big error and the whole system collapses, and people will be falling from the sky.
We can replace all the supertalents with machines. They work more efficiently.
Wally;
ReplyDeleteme does little; watch the world goes by and takes few peeks into cyberspace and kpkb a bit.
And before my days are up, would wish to see SIN repents for the sakes of my offsprings and the others as well. A fat hope that seems to have a ray of light with Redbean and his likes doing great favours to us SINNERS.
Ya Wally, please do not make too much 'kills' yourself before You get to be considered mercenary.
patriot
Wally;
ReplyDeleteme does little; watch the world goes by and takes few peeks into cyberspace and kpkb a bit.
And before my days are up, would wish to see SIN repents for the sakes of my offsprings and the others as well. A fat hope that seems to have a ray of light with Redbean and his likes doing great favours to us SINNERS.
Ya Wally, please do not make too much 'kills' yourself before You get to be considered mercenary.
And machines are made to replace man, many live depend on machines. And each machine can contain the intelligence of many professors of different faculties and can react within milliseconds and soon nanoseconds. They will supplant and consumed mankind. So feel blessed that You are born early to be useful or of use.
patriot
Don't worry about the property buyers. They are optimistic people. They are all what I call 'Legends of the 'Condo' heroes' here to create the property buzz so sought after by our immortal masters.
ReplyDelete