Markets in free-fall. DOW down -225. This could

[Subdivisions]

get really bad...

[spanone]

1. but but but but rich people are doing great!!!!!

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[Subdivisions]

3. Alot of rich people are seeing their wealth slip away right now. n/t

[OrangeCountyDemocrat]

7. Yeah, Things Must Be Rough

The real pain will be suffered by those in the lower and middle class.

The wealthy just won't be As wealthy, but believe me, they'll be fine, and will be able to get out before it gets really ugly.

[OrangeCountyDemocrat]

4. Rich People ARE Doing Great

How is that sarcasm?

[TahitiNut]

14. Many fail to realize that the enormously wealthy benefit BOTH ways on the market.

Only the enormously wealthy can take advantage of hedge funds, for example. Furthermore, many are in positions to 'game' various funds - pension funds, mutual funds, corporate reserves, etc. - and take private advantage by shifting losses to the public. At the simplest level, cheaper stock prices mean greater dollar leverage.

[spanone]

22. sarcasm aimed at our supposed 'great' economy

[OrangeCountyDemocrat]

2. We'll See

It may be a slow drop, because they will do Everything they can to support it along the way.

But 14,000 might turn out to be the high water point, like 5,000 was for Nasdaq back in 2000.

[Blackhatjack]

5. The market stayed high enough long enough for the rich to cash out....

... stock sells and options exercised.

[tridim]

6. I'm going to buy stock in high-rise window glass companies. nt

[KansDem]

16. Smart move...I'm buying stock in sidewalk cleaning and repair companies

}(

[IChing]

20. The Kevorkian Stock Market Solution book is doing well also.

[RB TexLa]

8. Depending on the positions you've taken it can also be great

[iconoclastic cat]

9. Soon it will be time to buy lots of stock/real estate!

This downswing will bounce back up, most likely halfway into the next Democratic president's term.

[RB TexLa]

11. Looking at houses this weekend

[teenagebambam]

12. Putting mine on the market

Feel free to stop by!

[newportdadde]

10. Someone get the PPT on the phone we need cash injection.

One interesting note though, Sunday night NBC ran a segment about the stock market having trouble this week. I found that interesting.

[swag]

13. The S&P 500 is still up over 5% year-do-date.

Personally, I welcome the return of volatility.

[Uben]

15. No worries

I have been expecting this to happen. Most market savvy people have. The market has been bouncing up and down most of this year. You buy when it goes down like this, and sell when it hits a high mark. I'll bet it goes back up 150 points tomorrow before the market closes for the weekend. Just watch!

[Norquist Nemesis]

17. How soon before the automatic controls set in?

Anyone? :shrug:

[A HERETIC I AM]

19. Trading controls and curbs;

Circuit-Breaker Levels

The New York Stock Exchange resets its "trigger levels" each quarter to halt trading in the event of intraday DJIA declines of 10%, 20% or 30%. The triggers are converted into point values at the beginning of each calendar quarter by using the average closing value of the DJIA for the prior month (average closing value of DJIA in June, 2007 was 13,500). The point values of the declines are rounded to the nearest 50 points.

The duration of the trading halts are then determined by the time of day and extent of the decline. Trading in all stocks on the exchange will halt for the time periods specified below (all times are eastern):

Level 1 Halt

In the event of a 1,350-point decline in the DJIA (10%),

Before 2:00 p.m. Trading halts for one (1) hour
Between 2:00 p.m. and 2:30 p.m. Trading halts for 30 minutes
After 2:30 p.m. No trading halt

Level 2 Halt

In the event of a 2,700-point decline in the DJIA (20%),

Before 1:00 p.m. Trading halts for two (2) hours
Between 1:00 p.m. and 2:00 p.m. Trading halts for one (1) hour
After 2:00 p.m. MARKET CLOSES for remainder of session

Level 3 Halt

In the event of a 4,050-point decline in the DJIA (30%),

Regardless of time of day MARKET CLOSES for remainder of session

Program Trading Collar Levels for Third-Quarter 2007

The NYSE also has circuit breakers, called "program trading collars", that limit index arbitrage trading. These collars are used to reduce market volatility and promote investor confidence. NOTE: Effective Oct. 1, 2005, the NYSE Composite Index (ILX symbol .NYA) was adopted to calculate limitations on index arbitrage trading and no longer uses the DJIA to calculate these limits.

In the third-quarter 2007, trading collars will be implemented as follows:

- A decline in the NYA of 190 points or more will require all index-arbitrage sell orders of the S&P 500 stocks to be stabilizing, or sell plus, for the remainder of the day, unless on the same trading day, the NYA advances 90 points or less below its previous day's close.

- An advance in the NYA of 190 points or more will require all index-arbitrage buy orders of the S&P 500 stocks to be stabilizing, or buy minus, for the remainder of the day, unless the NYA retreats to 90 points or less above its previous day's close.

- The restrictions will be re-imposed each time the NYA advances or declines 190 points from its previous day's close.

Rule 80A – In effect each day for any component stock of the S&P 500 Composite, whenever the NYSE Composite advances or declines by an amount greater than or equal to 2% from the prior day's close. The restrictions are removed when the NYSE Composite increases or decreases to 1% or less, calculated pursuant to the rule, from the prior day's close.

If removed, the index arbitrage order entry restrictions will be re-imposed each time the NYSE Composite advances or declines by an amount greater than or equal to 2% from the prior day's close.

For instance, if the NYSE Composite (.NYA) closed at 10,200 the previous day, collars would be implemented with a move up or down by 204 points. For collars to be removed the index would have to move inversely 102 points.

Market Analysis Department

Sources: NYSE.com, Wall St. Journal and Dow Jones

(bold emphasis mine)

The only curbs in place so far would effect program trading. The Dow is a LONG way from 10% down.

You may now continue to irrationally panic

[originalpckelly]

18. OMG! They just lost 1.8% of their money!

That would be 1.8 million if you had invested $100 million.

That's actually not that much, this is a good correction, we have a bubbly market still because of the giant ass real estate bubble.

[Swede]

21. Volatility generates you money.

That's how it works.

[MADem]

23. It's hit .300 now!!! n.t.