S&P 500 Futures Reach `Limit Down' Level
#1
S&P 500 Futures Reach `Limit Down' Level
It's a meltdown
Trading in Standard & Poor's 500 Index futures expiring in December on the Chicago Mercantile Exchange has been limited to stop the contracts from falling below 855.20, the exchange said.
Trading below that level will resume when U.S. exchanges open for regular trading at 9:30 a.m. New York time, said Jeremy Hughes, a London-based spokesman for the CME. The so-called limit down suspension allows the contracts to trade above 855.20, he said.
Trading in Standard & Poor's 500 Index futures expiring in December on the Chicago Mercantile Exchange has been limited to stop the contracts from falling below 855.20, the exchange said.
Trading below that level will resume when U.S. exchanges open for regular trading at 9:30 a.m. New York time, said Jeremy Hughes, a London-based spokesman for the CME. The so-called limit down suspension allows the contracts to trade above 855.20, he said.
#2
Re: S&P 500 Futures Reach `Limit Down' Level
But Gordon Brown was going to save us all the other day? Imagine how you'd feel if you where a taxpayer in the UK having your money squandered on one of their nationalisation projects? This will be a scandal IMO.
On the brighter side Indie, my word there are a lot of fantastic oppertunities out there at the moment in terms of shares! I'm still looking at GS or maybe NZX: OIC if they get hammered when the NZSE opens tomorrow.
#6
Re: S&P 500 Futures Reach `Limit Down' Level
Well, my aunt once told me not to look at someone's serious face when they're talking, so that you can actually hear the crap that come out...
She was right a lot of times...
She was right a lot of times...
#7
Re: S&P 500 Futures Reach `Limit Down' Level
My mentor sent me an email just giving his thoughts about the current state of play:
Fri AM, 11/24
Am getting uncomfortable with long side of dollar so now prefer not to be long there.
See sharp strength of Yen vs dollar here as negative warning sign for dollar.
...
Am afraid stocks may be headed for a crash type down move next couple/few days. Big down today would set stage for panic down move Monday. Govt would try to stop this but not sure what they can do anymore.
Commodities being pulled down by stocks and until stocks hit some kind of bottom too risky to be long any commodity and if want can make case to be short. Personally prefer longs in Bonds/notes, Yen and now Swiss.
Unfortunately this looks like catastrophe coming, worst may be ahead, next few days could see some really extreme moves, much bigger than anything have seen past couple months.
Good luck.
Gent
Fri AM, 11/24
Am getting uncomfortable with long side of dollar so now prefer not to be long there.
See sharp strength of Yen vs dollar here as negative warning sign for dollar.
...
Am afraid stocks may be headed for a crash type down move next couple/few days. Big down today would set stage for panic down move Monday. Govt would try to stop this but not sure what they can do anymore.
Commodities being pulled down by stocks and until stocks hit some kind of bottom too risky to be long any commodity and if want can make case to be short. Personally prefer longs in Bonds/notes, Yen and now Swiss.
Unfortunately this looks like catastrophe coming, worst may be ahead, next few days could see some really extreme moves, much bigger than anything have seen past couple months.
Good luck.
Gent
#8
Re: S&P 500 Futures Reach `Limit Down' Level
How is that crystal ball going for him?
Have you all started stockpiling essential supplies like shotgun cartridges and cans of creamed rice? . The end is near!
Have you all started stockpiling essential supplies like shotgun cartridges and cans of creamed rice? . The end is near!
#9
Re: S&P 500 Futures Reach `Limit Down' Level
He's also out to save his own political skin...he's gone against the usual trend of PMs not going to by-elections (although Tony Blair did)...he's out and about at Glenrothes in Fife today ! By-election on November 6th and fighting off an SNP challenge...but with the world's financial crises..Labour should retain the seat
#10
Lost in BE Cyberspace
Joined: Jul 2007
Posts: 13,553
Re: S&P 500 Futures Reach `Limit Down' Level
But Gordon Brown was going to save us all the other day? Imagine how you'd feel if you where a taxpayer in the UK having your money squandered on one of their nationalisation projects? This will be a scandal IMO.
On the brighter side Indie, my word there are a lot of fantastic oppertunities out there at the moment in terms of shares! I'm still looking at GS or maybe NZX: OIC if they get hammered when the NZSE opens tomorrow.
Scandalous? Perhaps - but have you considered the alternative? Had to happen.
In my view, what we are seeing now is merely a reaction to the global slowdown (a reaction we would have seen anyway), not another credit or liquidity related problem......... when in doubt, head for the comfort of good old dollar-denominated assets, which requires you to buy the damn things first.......
#11
Re: S&P 500 Futures Reach `Limit Down' Level
I thought that at first. I thought foolishly that perhaps if they could save one or two they'd restore confidence by stemming the flow but it didn't work, banks needed to be revalued very quickly by markets.
That's where I would have stopped, that and offering a full backing on all accounts (Which never happened, bit strange? The Irish did it). Let the assets get sold including government holdings (NR etc.) taking a bit of a hit but in the knolege that the purchase of very cheap assets would help stabalise other banks in a better "liquid" position.
I'd be more worried about the human effect later like people being fired, losing their houses etc. and re-building afterwards.
That's where I would have stopped, that and offering a full backing on all accounts (Which never happened, bit strange? The Irish did it). Let the assets get sold including government holdings (NR etc.) taking a bit of a hit but in the knolege that the purchase of very cheap assets would help stabalise other banks in a better "liquid" position.
I'd be more worried about the human effect later like people being fired, losing their houses etc. and re-building afterwards.