Oops . . . wrong bronco
I put this together at various times this afternoon. As I hit publish, we’re down by 307.29 points . . . 1/3 of the drop at the worst point.
It’s almost impossible to believe, but the Dow Jones Industrial Average hit 9,867.13 today. Here’s a look at the crazy aciton. It almost feels good to be down just 400 450 300 425 460. Wow! It would be fascinating to watch were it not so terrifying. Here’s a look at the minute-by-minute action–and the minutes count today. The VIX index, which I highlighted on Friday, spiked by 60%+ to 40.71!
Unfortunately, we still have 32 minutes to go.
Here’s a look at the top stories.
We received a call from one of our key services today. Here are their bullet points:
- Markets factoring in worst
- Quant fund selling produced the spike
- Fears of banks being downgraded by 4-5 notches
- Selling because of uncertainty
Supposedly, a trader screwed up a Procter & Gamble sell. Instead of something like 100,000 shares (routine activity), the trader apparently entered something like 100 million shares. That probably fired up some quant algorhithm somewhere. Still, Apple was selling for less than $200 today. It closed last night at $255. It’s now at $246.25.