Well folks, today is the real deal. Wake up!!! How can you guys sleep at a time like this when the world is unraveling faster than a LTCM derivatives gamble??
Futures aren't limit down or anything, but they were up 12 points and now they are down 9 points, trading inline with the cash. Still early. I posted last Q circuit breaker levels below, but we are in Q4 now so they probably have been changed.
--Germany has broken below 4,000 and is currently down 8.26%
--France has broken below 3,000 and is currently down 4.89%
--The FTSE is back below 5,000, down over 3.2% in London.
--Japan would be below 13,000 if it weren't for short-covering. Closed up 26 points.
--Hong Kong was closed
--Japan reported record unemployment today, they've been calculating since 1953.
--The Chairman of UBS (Europe's largest bank) stepped down in the wake of the Long-Term Capital Management debacle.
--Everest hit by $1.3 bln hedge fund losses - WSJ
NEW YORK, Oct 2 (Reuters) - Everest Capital Ltd., a hedge fund operator, lost $1.3 billion of the $2.7 billion under management as of the start of the year in two hedge funds, the Wall Street Journal reported Friday.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Release Date: Tuesday, June 30, 1998
Subject Category:Other
NYSE Announces Circuit Breaker Levels for Third-Quarter 1998
NEW YORK, June 30, 1998 -- The New York Stock Exchange will
implement new circuit breaker trigger levels for third-quarter 1998,
effective Wednesday, July 1. The points represent the thresholds
at which trading is halted market wide for single-day declines in the
Dow Jones Industrial Average.
The 10, 20 and 30 percent decline levels, respectively, in the DJIA
will be as follows:
A 900-point drop in the DJIA will halt trading for one hour if the decline occurs before
2 p.m.; for 30 minutes if before 2:30 p.m.; and have no effect between 2:30 p.m. and 4
p.m. A 1,750-point drop will halt trading for two hours if the decline occurs before 1
p.m.; for one hour if before 2 p.m.; and for the remainder of the day if between 2 p.m.
and 4 p.m. A 2,650-point drop will halt trading for the remainder of the day regardless
of when the decline occurs.
Point levels are set quarterly by using the DJIA average closing
values of the previous month, rounded to the nearest 50 points.
The percentage levels were first implemented last April and are adjusted quarterly on
Jan. 1, April 1, July 1 and Oct. 1.
Adopted on Oct. 19, 1988, circuit breakers originally halted trading
for one hour with a 250-point drop and two hours with a 400-point
decline. From Feb. 3, 1997 until last April, circuit breakers called for trading halts of
30 minutes and one hour with 350- and 550-point
declines, respectively. If triggered in the last 30 or 60 minutes of the trading session,
respectively, the market was closed until the next trading day.
Circuit breakers were triggered for the first and only time on Oct.
27, 1997, when the DJIA fell 350 points at 2:35 p.m. and 550 points
at 3:30 p.m. That reflected an approximate 7% overall decline and
shut the market for the remainder of the day. |
