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Black Wednesday 2008?

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General interest discussions, not necessarily related to depletion.
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Re: Black Tuesday 2008?

Unread postby PenultimateManStanding » Wed 23 Jan 2008, 13:11:20

$this->bbcode_second_pass_quote('dinopello', '
')5% isn't that much. The market plunged at open and he probably 'sold' his shorts after an initial plunge and it closed higher than that. I don't do the shorting thing so I don;t know the rules about covering your positions. Does that have to be done at the end of the day in every case ?
I think that's how it works. Say stock XYZ starts out at 500 at nine A.M. You offer to sell stock you haven't bought yet at 475. Someone offers to buy. XYZ then drops to 450 and you buy however many shares you need to have in order to cover the prior sale you made at 475. Then at the end of the day transactions clear and you have made 25 per stock.

Anybody here do short selling? I recall reading that short selling has been looked upon with suspicion in the past and even made illegal once in England. I suppose that would mean you can't sell shares unless you already own them.
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Re: Black Wednesday 2008?

Unread postby greenworm » Wed 23 Jan 2008, 13:13:19

Yes, google naked short selling. It is an ugly world out there. :lol:
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Re: Black Wednesday 2008?

Unread postby Plantagenet » Wed 23 Jan 2008, 13:14:16

$this->bbcode_second_pass_quote('Bas', '')$this->bbcode_second_pass_quote('Plantagenet', 'A')sian stocks went up after the US Fed cut, but the stock market panic resumed for another day with a big selloff in Europe on Wednesday. The UK's FTSE 100 index was off another 162.6 points, or 2.8%, lower at 5,577.5, erasing earlier gains on Wednesday. Germany's Dax lost 5%, while France's Cac 40 fell 4.7%. 8)


yeah, the European exchanges went down pretty fast during the early afternoon after Trichet said that he won't cut rates in the near future. They have recovered somewhat now though, Dax and Cac both at -3.8%


Maybe the ECB is correct to not cut interest rates. The EU economy is strong and the Euro is very strong.

However, I thought it was disengenuous of Trichet to blame the US for the stock panic in Europe, especially since the selloff began in Europe when the US markets were closed, and the panic continues in Europe in part because Trichet himself refuses to take action by cutting EU interest rates. I guess it would be too much to ask for Trichet to be honest and admit that he and the ECB, by refusing to take any action to cut rates in the Euro zone, are putting downward pressure on Euro zone stocks. 8)
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Re: Black Wednesday 2008?

Unread postby Bas » Wed 23 Jan 2008, 13:15:44

I think literally shortselling is illigal everywhere, but you can do basically the same thing using options/futures which is also more simple.
Last edited by Bas on Wed 23 Jan 2008, 13:34:09, edited 1 time in total.
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Re: Black Wednesday 2008?

Unread postby Bas » Wed 23 Jan 2008, 13:31:29

$this->bbcode_second_pass_quote('Plantagenet', '
')
Maybe the ECB is correct to not cut interest rates. The EU economy is strong and the Euro is very strong.

However, I thought it was disengenuous of Trichet to blame the US for the stock panic in Europe, especially since the selloff began in Europe when the US markets were closed, and the panic continues in Europe in part because Trichet himself refuses to take action by cutting EU interest rates. I guess it would be too much to ask for Trichet to be honest and admit that he and the ECB, by refusing to take any action to cut rates in the Euro zone, are putting downward pressure on Euro zone stocks. 8)


well, the strong Euro is not really an advantage considering exports. Haven't heard of Trichet blaming the US, and it's hard to say when it all began, you could say India/Asia on monday, but the trouble really began back in August and really at the basis of it all is the huge unregulated lending/reselling of debt scam in the US causing the credit crunch. Anyway, you're probably twisting words again because I can't imagine that Trichet would have said it the way you make it seem he said it, but ultimately it would be correct.
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Re: Black Wednesday 2008?

Unread postby Zardoz » Wed 23 Jan 2008, 14:36:49

Damn. DJI down about 265 now. They're not impressed with the rate cut or the "stimulus package", as they shouldn't be. Everybody knows the score. We all know how bad the overall situation is. It's way beyond patching up with tape and wire.

We're screwed.
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Re: Black Wednesday 2008?

Unread postby Niagara » Wed 23 Jan 2008, 14:41:41

Fess up. who bought into yesterday's "sucker rally"?

I shorted more QQQQ calls yesterday. I might even cover this afternoon, this panic selloff is getting ridiculous.
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Re: Black Wednesday 2008?

Unread postby dinopello » Wed 23 Jan 2008, 14:44:52

$this->bbcode_second_pass_quote('Zardoz', 'D')amn. DJI down about 265 now. They're not impressed with the rate cut or the "stimulus package", as they shouldn't be. Everybody knows the score. We all know how bad the overall situation is. It's way beyond patching up with tape and wire.

We're screwed.


My regional bank is up big-time BBT 34 (up 11% today and 25% from last week). The rate cut did something that helped money flow between them. all rate cutes are not the same. I don't pretend to understand it though.

Rail is also up nicely today. I'm in happy land. Except for my GE stock. The problem with GE is that although they are in some good industries (wind, power, water, locomotives etc) they are also in everything else so they tend to act a lot like the broader markets.
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Re: Black Wednesday 2008?

Unread postby strider3700 » Wed 23 Jan 2008, 14:49:49

$this->bbcode_second_pass_quote('Zardoz', 'D')amn. DJI down about 265 now. They're not impressed with the rate cut or the "stimulus package", as they shouldn't be. Everybody knows the score. We all know how bad the overall situation is. It's way beyond patching up with tape and wire.

We're screwed.


Didn't you hear Cramer last night? That 3/4 cut was just a good sign that maybe the fed has figured out what it needs to do. He wants another 3/4 cut at the next meeting. Apparently he figures 2.75% is what's needed to save the economy. Didn't japan basically go to 0% and it still hasn't fixed things?

It's funny. I haven't heard anyone talking about inflation which was the feds big concern just a couple of months ago.
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Re: Black Wednesday 2008?

Unread postby Eli » Wed 23 Jan 2008, 15:04:21

dinopello do you actually own that Bank stock?

What is happening is that shorts are covering and the Banks stocks are being off loaded.

We may bounce here but banks are terrible unless you are shorting them.
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Re: Black Wednesday 2008?

Unread postby dinopello » Wed 23 Jan 2008, 15:39:38

$this->bbcode_second_pass_quote('Eli', 'd')inopello do you actually own that Bank stock?

What is happening is that shorts are covering and the Banks stocks are being off loaded.

We may bounce here but banks are terrible unless you are shorting them.


Yep, I posted on one of these many threads that I bought at 27.3 a share last week. It's now over 34. If I wanted to make an easy buck I would sell now, not short. I'm in it for long term, so if it dropped to 20 it wouldn't bother me.

I know this particular bank well and know what banks they have acquired and what their tangible assets are like. None of that is a gaurantee of anything of course. But I am also making 6.5% yield on the dividend checks I will be getting. I'd be happy with just the 6.5% to be honest. Of course they could also stop that as well, but they have a history. Past performance is not an indicator of future performance. I am fully aware of that.

In offering advice to friends, I don't offer advice. I tell them what I did and say I could be stupid, but this is what I did. So, that's what I did, friends. :)
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Re: Black Wednesday 2008?

Unread postby Bas » Wed 23 Jan 2008, 15:53:59

ah, dino is a banker now then huh? tell us, are you spying here for the bilderbergers? huh?! spill it you dirrrty reptile!!




:P
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Re: Black Wednesday 2008?

Unread postby spear » Wed 23 Jan 2008, 16:05:48

Theres info on the happenings at Davos at

www.BBCWorld.com/Davos

That place must be on fire these days.

For the record,I got out, took a hit for close to 2000,today went and took a nice long hot spa and forgot all about it.
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Re: Black Wednesday 2008?

Unread postby dinopello » Wed 23 Jan 2008, 16:07:13

$this->bbcode_second_pass_quote('', 'a')h, dino is a banker now then huh? tell us, are you spying here for the bilderbergers? huh?! spill it you dirrrty reptile!!




I'll tell you, I've received so much shit for buying this bank stock from local and internet pals, that I've almost convinced myself that it was actually a good thing to do!

-Do the bilderbergers let you in if you have Sicilian blood ?
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Re: Black Wednesday 2008?

Unread postby Bas » Wed 23 Jan 2008, 16:19:16

$this->bbcode_second_pass_quote('dinopello', '
')
I'll tell you, I've received so much shit for buying this bank stock from local and internet pals, that I've almost convinced myself that it was actually a good thing to do!

-Do the bilderbergers let you in if you have Sicilian blood ?


oh great he's with the family, I'd better watch my big mouth then.... [smilie=5baby.gif]

Seriously though, good call on the banking stocks. Though weren't you a bit nervous when you pushed the button? I know you're in it for the long haul, but still...
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Re: Black Wednesday 2008?

Unread postby Flowerr » Wed 23 Jan 2008, 16:33:43

$this->bbcode_second_pass_quote('dinopello', '')$this->bbcode_second_pass_quote('Eli', ' ') I'm in it for long term, so if it dropped to 20 it wouldn't bother me. :)


Ah, you're a clown, then. :)

Long term, good joke.
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Re: Black Wednesday 2008?

Unread postby highlander » Wed 23 Jan 2008, 16:37:13

So over the last hour it looks like our PPT is doing its job. Nothing to see here folks, move along. Oh yes, I'll just have to cut a little off those greenbacks you are carrying while I'm at it.
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Re: Black Wednesday 2008?

Unread postby Prince » Wed 23 Jan 2008, 17:26:12

Jesus, what a crazy day. 25 mins left, and the Dow is now up 200 points. The PPT and did their jobs. I'm sure this will give us another faux boost for the next couple weeks.
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Re: Black Wednesday 2008?

Unread postby dinopello » Wed 23 Jan 2008, 17:35:49

$this->bbcode_second_pass_quote('Bas', 'S')eriously though, good call on the banking stocks. Though weren't you a bit nervous when you pushed the button? I know you're in it for the long haul, but still...


The short term bump was luck, didn't expect that. Nervous probably isn't the word. I believe the world is about to drastically change (although I unlike some on this board don't really "know" what that change will entail) but probably not for the easier side.

It always boils down to if you have excess, what do you do with it ? The old, if you had 10K what would you do. For me, a lot of the answer to that depends on what you have already done - I believe in diversification when uncertainty reigns.

I did check the stock just before I'm about to hit "send" to make sure it didn't all just come crashing down. And, what do you know I see this

DOW Stages Dramatic Rally - Up 200 pts

It's a crazy, uncertain world.
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Re: Black Wednesday 2008?

Unread postby Ludi » Wed 23 Jan 2008, 18:42:27

I don't expect the world to drastically change. I expect it to gradually change.


But, I might be wrong......... 8O
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