Financial News

[HuskyCaucasian]

People jumping back into the job market now, since its improving. This will be the theme for a while I think - net job addition, but steady UE rates.

When I first saw the numbers that there were tons of new jobs, but UE went up I thought "huh?". BUt then I saw on HUffPo: "As More Head Back Into Hunt For Work". That makes sense.

[Balta1701]

Unemployment rate is up to 9.9%

 

BUT 290,000 new jobs in April!

Wow, that is actually a good number.

[Balta1701]

When I first saw the numbers that there were tons of new jobs, but UE went up I thought "huh?". BUt then I saw on HUffPo: "As More Head Back Into Hunt For Work". That makes sense.

This is why the U3 number is just a bad number.

[Rex Kickass]

How much of that was census?

 

I believe it was around 66k for the census, about a third less than expected.

[Balta1701]

Remember that high-frequency trading scam I was whining about earlier this year, where GS was making money by having its servers closer to the NYSE so it could make money by seeing other trades coming and adjusting the price beforehand? It sounds like those trades are coming into the crosshairs after yesterday.

[HuskyCaucasian]

Remember that high-frequency trading scam I was whining about earlier this year, where GS was making money by having its servers closer to the NYSE so it could make money by seeing other trades coming and adjusting the price beforehand? It sounds like those trades are coming into the crosshairs after yesterday.

Mark my words, there will be some regulation put in place to slow the rate at which computers can make trades.

[Balta1701]

Mark my words, there will be some regulation put in place to slow the rate at which computers can make trades.

As with any other wall street regulations, I'll believe they'll get through the wholly-owned wall street subsidiary that is the U.S. Senate when I see it.

 

Although, the fact that there's already a bill on the floor could help make it possible...but there's probably not going to be time for a full investigation before the final votes come.

[Balta1701]

What the...why?

With today's nearly 1,000 intra-day drop in the Dow, investors and traders will be clamoring for the New York Stock Exchange (NYSE: NYX) to bring back computer-program trading curbs, which were removed in late-2007.

 

Today's 9.2% intra-day sell-off was the largest since 1987. The 998.50 point drop was the largest in history.

 

Under the old rules, curbs were placed on program trading after a drop of about 2%.

 

Now we only get a NYSE circuit breaker with a sell-off of 10%. According to the NYSE second quarter circuit breaker levels, a drop of 1050 points before 2PM ET would trigger a 1-hour halt, a 1050 point drop between 2:00-2:30PM ET would trigger a 30-minute halt, and a 1050 point after 2:30PM would not trigger any halt. Today's sell-off happened after 2:45PM ET, so none of the breakers would have triggered.

 

If the NYSE drops about 20%, or 2150 points, before 1PM that would trigger a 2-hour halt, a drop of 2150 points between 1-2PM ET would trigger a 1-hour halt and a 2150 point drop after 2PM ET would trigger a market close.

[NorthSideSox72]

What the...why?

I know it may shock you, but that event wasn't something anyone wanted to have happen, in the way it happened.

 

[Balta1701]

I know it may shock you, but that event wasn't something anyone wanted to have happen, in the way it happened.

I know, I'm being sarcastic in blaming GS. But seriously...why would they have gotten rid of those curbs in 2007? Were they convinced the market would never go down again?

 

With the way computers have evolved since 1987 and the amount of people and money now in that system, I'd think they'd be even more important to avoid panicked automated selling.

[HuskyCaucasian]

I know, I'm being sarcastic in blaming GS. But seriously...why would they have gotten rid of those curbs in 2007? Were they convinced the market would never go down again?

 

With the way computers have evolved since 1987 and the amount of people and money now in that system, I'd think they'd be even more important to avoid panicked automated selling.

I blame Obama

[southsider2k5]

What the...why?

 

The fun part is that we are 24 hours out, and we still have no idea what happened. Just great work by those regulating bodies that are supposed to be watching the system.

[mr_genius]

WORD i have an interview today at 10. USA USA USA

 

 

hope you get the job

[Balta1701]

The fun part is that we are 24 hours out, and we still have no idea what happened. Just great work by those regulating bodies that are supposed to be watching the system.

It's just the free market, unencumbered. That's what you guys tell us is the best.

[mr_genius]

i wonder how many of the new jobs were temporary or part time. still, some job is better than no job in most circumstances.

[southsider2k5]

It's just the free market, unencumbered. That's what you guys tell us is the best.

 

And all of this government that we are spending trillions of dollars is supposed to protect us from everything. That's what you guys tell us is the best.

[Cknolls]

The fun part is that we are 24 hours out, and we still have no idea what happened. Just great work by those regulating bodies that are supposed to be watching the system.

 

 

What happened was five specialist firms pulled their bids and the mkt tanked. The feds stepped in and stopped the bleeding and here we are on our way to 1085.75 or up to 1132.

[bmags]

Follow-up: Got the job. Quit my lowest paying job. Keeping the census. Hope to be debt free July 2010.

 

also: I don't know anyone working the census with me that doesn't have a dayjob. They basically sold it to everyone as flexible/nights and weekends.

Edited May 7, 2010 by bmags

[Balta1701]

Just to annoy 2k5...

There’s a very sensible idea going around that a simple way to deal with nearly all of these problems, at a single stroke, would be to implement a tiny tax on financial transactions. Historically, people have complained that such a tax harms liquidity, which is true. But the fact is that it harms the bad kind of liquidity — the liquidity which dries up to zero just when you need it most. Liquidity, if it’s spread across multiple electronic exchanges and can disappear in a microsecond, does very little actual good, and in fact does harm during tail events like this. Let’s tax it, and raise some money for the public fisc at the same time as slowing down markets and making them think before doing a trade.

[southsider2k5]

Just to annoy 2k5...

 

The only problem is that this wouldn't have actually worked. The problem was that orders were canceling at a massive clip, which is why the market fell apart quickly. Instituting a tax would only encourage less orders, which would make falls like this even bigger. That idea is just stupid.

[kapkomet]

What happened was five specialist firms pulled their bids and the mkt tanked. The feds stepped in and stopped the bleeding and here we are on our way to 1085.75 or up to 1132.

 

 

Sometimes, I wish you'd just stop posting. I don't think you've been right but once, maybe... and even then, it was a case of the sun shines on a dog's asscrack once in a while.

 

If you really know something, great, otherwise, I'm kind of tired of "tales from the crypt financial advice" posts.

[Cknolls]

Sometimes, I wish you'd just stop posting. I don't think you've been right but once, maybe... and even then, it was a case of the sun shines on a dog's asscrack once in a while.

 

If you really know something, great, otherwise, I'm kind of tired of "tales from the crypt financial advice" posts.

 

 

Oh, look there goes another clue bus with one less passenger...... I forgot you are all knowing. How many years have you been a market maker? If you know not what you speak silence is best. But thats hard for.....

 

[Rex Kickass]

Girls, you're both pretty.

[StrangeSox]

Oh, look there goes another clue bus with one less passenger...... I forgot you are all knowing. How many years have you been a market maker? If you know not what you speak silence is best. But thats hard for.....

95% of what you post is incomprehensible to most people. Not because you don't know what you're talking about (I have no ability to evaluate that), but because it's a bunch of technical jargon most people don't know.

[kapkomet]

Oh, look there goes another clue bus with one less passenger...... I forgot you are all knowing. How many years have you been a market maker? If you know not what you speak silence is best. But thats hard for.....

 

Go back through this thread and point out three times when you've been right. I can remember once, maybe twice.

 

You've been predicting 100% losses for three years now.

 

Holy s***, you should know better that I'm not a kool aid drinker, but I find that 80-90% of the time you don't know what you're talking about.

 

Then again, maybe I don't understand what you're trying to say, as Strange was trying to point out, I don't know. I just see you saying some pretty wild s*** about tanking markets that I don't see happen very often. That's all I know.