Joined MeWe.com this morning. This was the last straw: they respond to criticism that they're destroying democracy by fanning fake anti-Semitic and anti-democratic conspiracies. Fuck them, I'm done.
I've been considering dumping Facebook and FB-owned Instagram for a while. This finally pushed me over the edge - they respond to criticism that they're destroying democracy by fanning vile, anti-Semitic and anti-democratic conspiracies. Fuck them, I joined MeWe.com today.
...is the role of the patchwork system of individual stock circuit breakers. When the NYSE briefly halted trading on a few stocks like PG, they plunged in electronic trading elsewhere. No doubt high-frequency trading made it all worse, but can we fix the obvious simple problem first?
Congratulations on surviving 2007-2008. I did too.
Now that we're past that, the market has fundamentally changed in the last three years and by any measure is the most volatile in 70 years. I'm not advocating banning short-selling, but the timing of the removal of the uptick rule sure is interesting (the removal of the uptick rule was based on "academic" studies, by the way). Maybe the problem is algo trading; it's more than doubled in the last three years. Whatever it is, technology, trading vehicles and leverage seem to have outstripped our ability to anticipate the worst-case scenario, or at least the combination of them mixed with good old-fashioned greed and fear have proven to be a potent combination.
And my other point has been lost in this - the NYSE individual stock circuit breaker system has got to be fixed. Pronto. Why there aren't consistent rules for all exchanges is mind-boggling.
The uptick rule started at the end of the last 60% bear market (1937-1938) and was removed at the start of the next one (2007-2008). Without banning short selling, it seems to have contributed to stability, or at least made declines more orderly. Makes logical sense - if you can't pile on a falling market, the decline should be more orderly.
1987 was about computerized program trading, or at least that's the most common explanation - which seems to have been a contributing factor today too (high-frequency algo trading).
Let's face it, traders are better armed and funded; the best regulators can do is clean up the last mess. Sure would be good if they actually got in front of something for a change...
The brief halts on the NYSE when stocks fall 10% allow for big moves on low volume elsewhere, where they continue to trade electronically. Hence Procter & Gamble was halted at $56 on the NYSE, fell to $39 elsewhere, and then reopened back near $56 on the NYSE. That's what really triggered that 15-minute, 7% decline in the market, and it's the real culprit that needs fixing here - we either need a real circuit breaker system, or the good old fashioned uptick rule brought back.
http://www.internetnews.com/bus-news/article.php/3880681
Slashdot Mirror
Joined MeWe.com this morning. This was the last straw: they respond to criticism that they're destroying democracy by fanning fake anti-Semitic and anti-democratic conspiracies. Fuck them, I'm done.
I've been considering dumping Facebook and FB-owned Instagram for a while. This finally pushed me over the edge - they respond to criticism that they're destroying democracy by fanning vile, anti-Semitic and anti-democratic conspiracies. Fuck them, I joined MeWe.com today.
Agreed. The site hasn't been archived successfully since June 2009. Did Dice fire all the competent Slashdot editors?
If they use search history, hypochondriacs and people with OCD are hosed.
http://online.wsj.com/article/SB10001424052748703338004575230440147772822.html?mod=WSJ_hpp_LEADNewsCollection
Now that we're past that, the market has fundamentally changed in the last three years and by any measure is the most volatile in 70 years. I'm not advocating banning short-selling, but the timing of the removal of the uptick rule sure is interesting (the removal of the uptick rule was based on "academic" studies, by the way). Maybe the problem is algo trading; it's more than doubled in the last three years. Whatever it is, technology, trading vehicles and leverage seem to have outstripped our ability to anticipate the worst-case scenario, or at least the combination of them mixed with good old-fashioned greed and fear have proven to be a potent combination.
And my other point has been lost in this - the NYSE individual stock circuit breaker system has got to be fixed. Pronto. Why there aren't consistent rules for all exchanges is mind-boggling.
1987 was about computerized program trading, or at least that's the most common explanation - which seems to have been a contributing factor today too (high-frequency algo trading).
Let's face it, traders are better armed and funded; the best regulators can do is clean up the last mess. Sure would be good if they actually got in front of something for a change...
The brief halts on the NYSE when stocks fall 10% allow for big moves on low volume elsewhere, where they continue to trade electronically. Hence Procter & Gamble was halted at $56 on the NYSE, fell to $39 elsewhere, and then reopened back near $56 on the NYSE. That's what really triggered that 15-minute, 7% decline in the market, and it's the real culprit that needs fixing here - we either need a real circuit breaker system, or the good old fashioned uptick rule brought back. http://www.internetnews.com/bus-news/article.php/3880681
http://www.enterprisestorageforum.com/ipstorage/news/article.php/3879726
They seem to have better than average data integrity and protection, FWIW. http://www.enterprisestorageforum.com/ipstorage/news/article.php/3813921