I am not sure if it is one word or two words: Blood Bath in the markets

[Nimrod2005]

today...Total devastation to your retirement IRAs 401K plans.

To summarize:

1) Your job is in India or China
2) Your Social Security account has been liquidated (raped)
3) Your pension has been retired
4) Your health care coverage in on life support, and now
5) Your 401 plan is evaporating before your own eyes


Mr. Bush: "Give me back my country you bastard!!!!"

[Jigarotta]

1. link please. nt

[Dr.Phool]

23. He's been reading my mail.

Lost job, company bankrupt so I retired.

10 days ago, I get letter from PBGC saying company pension is being cut in half.

7 days ago, I get a letter from Health Insurance company. Health care coverage terminated June 30th.

And I already cashed in the 401K, but by then it was only a 201K.

[Jigarotta]

27. o man, so sorry!

how can this be happening? are there no guarantees left at all?

[dysfunctional press]

2. that's 5 words. 4 if you use bloodbath instead of blood bath...

nt

[Sanity Claws]

3. Dow down 165 points as of now

Isn't the market down about 500-600 points over the last 2-3 weeks?

[Nimrod2005]

5. Yes, but I did not want to know about last 2 weeks...nt

[movonne]

4. These are very scary times...everyday I'm waiting for something

awful to happen..

[Nimrod2005]

7. Same here...nt

[chimpymustgo]

9. Down 189...down 177...plunge protection kicking in?

nt

[TechBear_Seattle]

17. None of the triggers have been hit... yet (Updated with info on triggers)

I work in a brokerage office, so I'm familiar with the triggers. None of the actual traders are available for me to ask, so I'm trying to remember as best I can....

The New York Exchange will close for a short "cooling off period" if the Dow drops 100 points in a two hour period. I believe it will close for the rest of the trading day if the Dow drops 500 points since open. I remember there being a third, in between those extremes, but I don't remember the details.

I will try to get the info and update this post.

Added

There are a number of rules in place that, in theory, will help to keep stock prices from being too volatile. First is the NYSE "collar" (Rule 80A), which states that if the Dow Jones Industrial Average moves beyond 2% of it's opening value, certain trading restrictions kick in until the Dow comes back within range.

Second, and probably the ones you are thinking about, are the "circuit breakers" (Rule 80B.) Every quarter, new trigger points are set at 10%, 20% and 30% of the Dow Jones Industrial Average, rounded to the nearest 50. The current trigger points went in to effect 4/1/2006 and are 1,100, 2,250 and 3,350 points.

If the Dow drops to level one (opening price minus 1,100) before 2pm Eastern time, trading is halted for one hour; if between 2pm and 2:30 trading is halted for 30 minutes, and has no effect after 2:30 unless level 2 is hit.

If level two (opening price minus 2,250) is hit before 1pm, trading is halted for two hours. Between 1pm and 2pm trading is halted for one hour, and trading is halted for the remainder of the day after 2pm.

Hitting the level three trigger point (opening price minus 3,350) will halt trading for the remainder of the day no matter when that point is hit.

(See this link for the 3/31/2005 press release from the New York Stock Exchange giving this information.)

With the Dow opening this morning at 11,278.61, it would have had to drop down to 10,178.61 or lower to hit the level one circuit breaker. The day's low was at 11,094.35; a drop of only 184.26, or about 1.63% of the Dow's value. No where near the 10% needed.

[paparush]

19. Every day, I turn on NPR, then jump on DU to see if Bush** resigned

in disgrace.. Though this has been disappointing, I remain hopeful. C'mon, a guy can dream, right?

[StClone]

22. I listen to NPR too

Seems that the economy as reported by them is moving right along.

[LARED]

6. Ii'm pretty sure life will go on

after a market ajustment.

http://ichart.finance.yahoo.com/z?s=%5EDJI&t=my&q=l&l=on&z=m&p=m50,m200&a=v

It's always does

[Nimrod2005]

12. Chart shows 75 years? How long do you plan to live in total?

How long do you plan to work?

Seriously, we never had this much debt at one time, any idea how long it will take to pay this off and repair the damage?

[LARED]

28. The debt does not concern me as much as our deficients do

The debt is not necessary bad. It depend on how much debt you carry compared to assets. I think if we get some sensibility into the WH it is not a great concern.

The deficient is alarmingly high.

[LARED]

30. Deleted

[LARED]

31. Deleted

[Flirtus]

14. whoa! that chart plateaued after clinton!

no wonder i can't retire!

[LARED]

26. Actually it plateaued

after the dot.com bubble burst in 2000. Bush has not helped to situation since.

[bananas]

38. Actually it dropped quite a bit when adjusted for inflation

http://www.urbansurvival.com/nl20060422a.htm
"...the Dow is just now completing an 80% retracement from its all-time-highs when measured on an inflation corrected basis. Using the government's annual inflation figures, applying them the first week of trading in May each year, you come up with an inflation-adjusted Dow (green) that clearly shows inflation impacts hidden by the daily drone of Dow numbers not inflation-adjusted (yellow)."

[ShortnFiery]

18. Market Adjustment = Recession or Crash?

[StClone]

21. Don't worry the "experts" as always

Will call it an expected and needed "adjustment." Dig?

[ShortnFiery]

24. I'm happy, for a change, to NOT to be a member of the Investor Classes

You Betcha! I'm hip, I'm hip. :hippie: :hi:

[StClone]

36. Some made a killing off 9-11

How'd they know to short the Insurers of WTC and like stocks so heavily? It's like they knew it was going to happen.:hi:

[hfojvt]

35. thank you, I am pretty sure it is two words

Chicken Little.

DJIA was 10,600 one year ago. It was 10,200 in October of last year. In March it was at 11,000. It has fallen now, but only to erase most of the GAINS made since March.

So a 401K has not lost anything unless it has made all of its investments since April.

Interesting though that I read that the DJIA broke 11,000 in 1999, so seven years later, we have gone nowhere. Still, I thought things were way over-valued in 1999 and I was afraid that a crash was going to hurt alot more than it did.

[Junkdrawer]

8. Patience. The extremely wealthy are pumping and dumping as fast...

as they can. Your chicken-little statements just don't help. :evilgrin:

[htuttle]

10. It's quite a confidence builder for the new Treasury Secretary

Look at how much they support him!

[magellan]

11. There's no need for all the gloom and doom

Doncha know, the economy is doing great!

:sarcasm: (DOW down 170.17 at 15:42....)

[chimpymustgo]

13. Down 164...come on, Plunge protection!

nt

Edited for spelling...uh up...back down more...172...169...oh sh*t.

[JNelson6563]

15. Here are your closing numbers, blood everywhere

Dow 11,094.43 -184.18 (1.63%)
Nasdaq 2,164.74 -45.63 (2.06%)
S&P 500 1,259.88 -20.28 (1.58%)
10-Yr Bond 5.086% +0.34

Money fled Treasuries and stocks today. that's not good.

As always, feel free to check out all the market action every business day....


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2312841

:toast:

[ShortnFiery]

16. + 6) Your Children are serving in The Sunni Triangle, Iraq

Where Real World, up close and personal, BLOOD BATHS are taking place.

[muriel_volestrangler]

20. It's up about 5% on the level a year ago

How devastating is that? "Stock prices rise slightly more than GDP" - hold the front page!

[savemefromdumbya]

25. Just keep watching American Idol

if it's over just watch some re-runs.

What economy?

[ShortnFiery]

34. Oh, Nancy Grace just announced that she'll obsess on Natalie again tonight

Watch THAT!

Or perhaps add some to the Duke Lacrosse Saga's threads.

But please don't think!?! :sarcasm:

[savemefromdumbya]

37. don't forget the man-eating alligators!

[ninkasi]

29. Wasn't Lord Pissypants in a snit

not long ago, complaining that people weren't giving him enough credit for the great economy? I wonder if he still wants to take credit for the shape the economy's in now. His solution will be more tax cuts for billionaires.

[Bake]

32. The market's reaction to new Treasury Secretary?

The guy from Goldman Sachs? What a welcome! HAHAHAHAHAHAHAHAHA!

Bake

edited to fix typos

[Nimrod2005]

33. How sad for him..........

:rofl: