You need to stop whatever it is you are doing …
Find a place on the internet where retail traders hang out …
And just read the comments regarding today’s events.
It’s a scream.
Trading in all symbols was halted on the New York Stock Exchange Wednesday due to technical issues. The New York Stock Exchange stated that this is not due to a cyber-attack, but instead is related to a technical malfunction. Trading continues as the NASDAQ, CME and other exchanges are all fine.
However, immediately upon news that any sort of trading halted on the NYSE … retail traders took to the internet, and began looking for (here’s a hint folks, that is called ‘Confirmation Bias’) every electrical issue that occured throughout the day on Planet Earth in order to try to find some wild and mysterious related point of causation. This ought to keep conspiracy theorists going for years, and the unsubstantiated invented stories read like something out of a James Bond movie.
Dr. No is attacking!
Some guy said that he was, and I quote him now … “I am choosing to panic“.
Yes … yes you are.
I guess that whole query of Warren Buffett’s “Would you be comfortable holding your positions if the stock market shut down?” is taking on a life of it’s own today? Is this a case of life imitating art?
I was actually sleeping. No joke. I started working around 6:00 AM this morning, and decided to lay down for a short nap before continuing to work. I wake up to find retail traders in a complete panic and melt-down, although stock markets are only down 0.4% for the year, and 1.52% for the day. I’m down a little bit today, but just a little. I’m still up for the month of July.
Good grief folks, what would retail do with an honest implimentation of halt due to the circuit breakers?