Gold skyrocketing, stocks plunging
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  1. #1
    us
    May 2005
    Northern California
    8,312
    2994 times
    All Types Of Treasure Hunting

    Gold skyrocketing, stocks plunging

    I'm glad I'm in the government "G" fund today. Things look BAD for investors in stock, really bad! Check out the various sites.
    Banking off a Northeast wind, sailin' on a summer breeze

  2. #2
    us
    Jan 2006
    Houston, TX
    CTX3030, Excalibur II, V3i, TRX
    3,403
    206 times
    Metal Detecting

    Re: Gold skyrocketing, stocks plunging

    4:35 pm: Another broad-based wave of high-volume selling sent stocks to their worst percentage loss in more than one year, but things could have been far worse since the Dow was actually down nearly 1,000 points in its worst intraday drop on record.

    Weakness was widespread for the entire session as participants showed an aversion to risk. That theme caused sovereign debt credit spreads to widen and many of the global indices to drop so much that the Dow Jones World Index fell 2.7% in its worst single-session percentage slide since February.

    U.S. equities found little support as the Dow, Nasdaq, and S&P 500 spent the first part of the session with broad-based losses. Follow through selling caused a breakdown in technical support, including a violation of the 200-day moving average. Selling soon went from frantic to panic as the Dow dropped nearly 500 points in five minutes. That gap down put the Dow nearly 1,000 points into the red.

    Though there was talk that a program or system error led to the cascade of selling, media reports indicated that the major exchanges said there was no error on their part.

    While stocks had looked to be headed for something awful, computer programmed trades quickly clicked to buy and drove the Dow back up several hundred points in a matter of minutes. The Dow closed almost 650 points above its session low, but it still lost nearly 350 points on the session.

  3. #3
    us
    Jul 2009
    Whiting, NJ
    Ace 250
    10,503
    1066 times
    All Types Of Treasure Hunting

    Re: Gold skyrocketing, stocks plunging

    It wasn't an error. Proctor & Gamble starting to sell heavy which in turn caused the market to stop trading. P&G then continued to sell through online brokerage house at a tremendous loss of $20-30/per share. By the end of the day, P&G almost caught up with where it should have been. The news reported that it all started in Europe, where Greece is having huge financial trouble. It looks like tomorrow will be another roller coaster day, and this will not help the US one bit. It looks like this whole planet is owing each other tons of money and can't pay it when the bill comes in on their loan. Looks like still another long road ahead for everyone worldwide.

    I think I am going to invest in some liquor companies, they always seem to do well in crisis times :P

    Just remembered, I can't invest, I have no money

  4. #4
    us
    This aint no damn flea circus!!!

    Mar 2006
    Livin' in a tar-paper shack in the woods of Eastern Idaho!
    Fisher F70, Whites QXT, Garrett Pro-Pointer, "Mighty" Diggin' Tool
    3,058
    22 times

    Re: Gold skyrocketing, stocks plunging

    Quote Originally Posted by spartacus53
    It wasn't an error. Proctor & Gamble starting to sell heavy which in turn caused the market to stop trading. P&G then continued to sell through online brokerage house at a tremendous loss of $20-30/per share. By the end of the day, P&G almost caught up with where it should have been. The news reported that it all started in Europe, where Greece is having huge financial trouble. It looks like tomorrow will be another roller coaster day, and this will not help the US one bit. It looks like this whole planet is owing each other tons of money and can't pay it when the bill comes in on their loan. Looks like still another long road ahead for everyone worldwide.

    I think I am going to invest in some liquor companies, they always seem to do well in crisis times :P

    Just remembered, I can't invest, I have no money
    I'll loan ya $20 Spart. I just invested $28 in a foreign company, Chivas Regal..........not stock but a 5th.

    Mmmmm mmm!!! Mothers milk!
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    "Agitate! Agitate! Ought to be the motto of every reformer. Agitation is the opposite of stagnation...... one is life, the other death."
    -Ernestine L. Rose-

 

 

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