Scary virus outbreak in China

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  • Kex
    Kex Posts: 4,892
    edited March 2020
    The “circuit breaker” trading halts were introduced following the 20.5% (S&P 500) market drop on Black Monday in October 1987.
    • Applies to individual stocks, or the market as a whole.
    • Tier I is triggered after a 7% drop compared to the previous close. Trading will be halted for fifteen minutes.
    • Tier II is triggered after a 13% drop. Trading will be halted for fifteen minutes.
    • Tier III is triggered after a 20% drop. Trading will be halted for the remainder of the day.
    Tier I could have been triggered for the S&P 500 four times from September to December in 2008, but not since then. Judging just by that metric, this could be far from over.

    Multiple individual stock halts occurred this morning. The SEC maintains a list of trading halts HERE
    Alea jacta est!
  • nooshinjohn
    nooshinjohn Posts: 25,034
    dromunds wrote: »
    Take a deep breath fellas. Fear is the mind killer

    Not worried about the mind. It's the rest of me falling apart

    When they begin the overture, they start to end the show...

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  • Gardenstater
    Gardenstater Posts: 4,136
    Kex wrote: »
    The “circuit breaker” trading halts were introduced following the 20.5% (S&P 500) market drop on Black Monday in October 1987.
    • Applies to individual stocks, or the market as a whole.
    • Tier I is triggered after a 7% drop compared to the previous close. Trading will be halted for fifteen minutes.
    • Tier II is triggered after a 13% drop. Trading will be halted for fifteen minutes.
    • Tier III is triggered after a 20% drop. Trading will be halted for the remainder of the day.
    Tier I could have been triggered for the S&P 500 four times from September to December in 2008, but not since then. Judging just by that metric, this could be far from over.

    Multiple individual stock halts occurred this morning. The SEC maintains a list of trading halts HERE

    According to the wikipedia article I posted the link for, it didn't trigger then:

    "Instances of use
    On October 27, 1997, under different trading curb rules then in effect, trading at the New York Stock Exchange was halted early after the Dow Jones Industrial Average declined by 550 points.[6][7] This is the only time US stock markets have closed early due to trading curbs. Since then, circuit breakers have evolved from a Dow Jones Industrial Average points-based system into a percentage change system that tracks the S&P 500.

    Then SEC Chairman Arthur Levitt Jr. believes this instance of use was unnecessary,[8] and that market price levels had increased so much since circuit breakers were implemented that the point based system triggered a halt for a decline that was not considered a crisis.[9] Some, like Robert R. Glauber, suggested in the aftermath of the circuit breaker tripping that trigger points be increased, and automatically reset by formula on an annual basis.[8]

    On March 9, 2020, stocks fell more than 7% (1885 points) on fears of Coronavirus (COVID-19) and oil prices. The market was closed for 15 minutes.[10]"
    George / NJ

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  • Kex
    Kex Posts: 4,892
    Yeah, I saw that @Gardenstater, thanks.

    There seems to be some confusion because the S&P did drop by more than 7% four times in late 2008, and therefore should have triggered a trading halt. Some business wires report that at least one trading halt did occur in 2008, but Wikipedia states that it didn’t.

    The SEC list doesn’t seem to record any market halts in their archives, only those of individual stocks (which have separate thresholds, starting at 10%).
    Alea jacta est!
  • tonyb
    tonyb Posts: 32,902
    Even if the market crashed, it's still going to come back. The ones that will get hurt are the ones at or near retirement ages who don't have the time to wait for recovery. Wiki is not the most accurate at times.

    Saw this story today, and thought how irresponsible adults can be. To go to a dance yet, very important those dances.

    https://www.foxnews.com/health/family-missouri-first-coronavirus-patient-broke-self-quarantine

    This is why you'll never be able to stop the spread of viruses...stupid people abound.
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  • motorstereo
    motorstereo Posts: 2,043
    tonyb wrote: »
    Even if the market crashed, it's still going to come back. The ones that will get hurt are the ones at or near retirement ages who don't have the time to wait for recovery. Wiki is not the most accurate at times.

    That would be my situation. At 64 this was going to be my retirement year. But with the recent market losses I've made up my mind that I'll now be working one more year. At first I had a tantrum about this but after giving it some thought it could be a lot worse. In my case if this happened say 8-10 years from now it would've been much more costly and I would've been unable to go back to work to get my finances back on track.
    I feel bad for those that have retired and have lost a great deal of money already with more losses sure to come.

  • ZLTFUL
    ZLTFUL Posts: 5,640
    Kex wrote: »
    Wikipedia states that it didn’t.

    Bear in mind that Wikipedia is *not* infallible. It is editable by anyone and has been notoriously abused in the past.
    Not saying that they are in this instance, incorrect, just that articles that can be community edited can still hold misinformation.

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  • Willow
    Willow Posts: 10,862
    edited March 2020
    I invested all my money with hookers and blow! When Stocks fall people buy more of the products because they feel bad and down. When stocks go up they buy more because they can afford more!!
  • Gardenstater
    Gardenstater Posts: 4,136
    George / NJ

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  • Kex
    Kex Posts: 4,892
    Honestly, not sure that it matters a whole lot, but FWIW:

    buv0uq4ciqdi.jpeg
    Alea jacta est!
  • Gardenstater
    Gardenstater Posts: 4,136
    That's before they instituted the halt or curb system. That last day on 10/19/1987 was what prompted it.......Black Monday
    George / NJ

    Polk 7B main speakers, std. mods+ (1979, orig owner)
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  • motorhead43026
    motorhead43026 Posts: 3,892
    edited March 2020
    Oil prices are even scarier than the virus. The at the same time barrel war between Russia and the Saudis could put a real hurt on the US oil patch.
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  • pitdogg2
    pitdogg2 Posts: 24,481
    edited March 2020
    Oil prices are even scarier than the virus. The at the same time barrel war between Russia and the Saudis could put a real hurt on the US oil patch.

    Yep the Saudis ask the Rooskis to curtail some output to help both. The Rooskis told the Saudis to pound sand. The Saudis opened the taps to bottom out the price.
    Not to mention the Saudis have some disdain for the frackers as well two birds one turn of the spicket.

    Well that is the way I understood it.
  • Joey_V
    Joey_V Posts: 8,505
    I'm glad I rebalanced my entire portfolio at the start of the downward spiral... today was nuts.
    I am 50% bonds now, I feel about 30% of each market drop.
    This can't go on forever, this is painful.

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  • factorz
    factorz Posts: 353
    Just saw on another audio site that Axpona is getting pushed till Aug. We will see if it happens, but not surprised.
  • BlueFox
    BlueFox Posts: 15,251
    I can’t believe the numbers from China showing the infection rate is going down. That makes no sense. China has millions of people, and many live in cities. Until this virus spreads everywhere the infection rate isn’t going down.
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  • dromunds
    dromunds Posts: 9,969
    factorz wrote: »
    Just saw on another audio site that Axpona is getting pushed till Aug. We will see if it happens, but not surprised.

    That'll give Polk time to get the L800's there. :#
  • erniejade
    erniejade Posts: 6,288
    edited March 2020
    ZLTFUL wrote: »
    Kex wrote: »
    Wikipedia states that it didn’t.

    Bear in mind that Wikipedia is *not* infallible. It is editable by anyone and has been notoriously abused in the past.
    Not saying that they are in this instance, incorrect, just that articles that can be community edited can still hold misinformation.
    They can't put anything on the Internet that isn't true https://youtube.com/watch?v=3DZbSlkFoSU
    https://www.youtube.com/watch?v=3DZbSlkFoSU
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  • kevhed72
    kevhed72 Posts: 4,950
    BlueFox wrote: »
    I can’t believe the numbers from China showing the infection rate is going down. That makes no sense. China has millions of people, and many live in cities. Until this virus spreads everywhere the infection rate isn’t going down.
    Bad information coming out of 🇨🇳? Not possible my friend!
  • Joey_V
    Joey_V Posts: 8,505
    BlueFox wrote: »
    I can’t believe the numbers from China showing the infection rate is going down. That makes no sense. China has millions of people, and many live in cities. Until this virus spreads everywhere the infection rate isn’t going down.

    Viruses can die out. SARS for instance.
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  • erniejade
    erniejade Posts: 6,288
    edited March 2020
    AXPONA dates now changed to Aug 7-9 from the scare.
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  • Dennis Gardner
    Dennis Gardner Posts: 4,860
    Thankful that the market was at all time highs. Some room to correct.
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  • Willow
    Willow Posts: 10,862
    F1nut wrote: »
    I went into town today to do my usual grocery shopping. Plenty of TP, PT and water in both stores. I like living in an area where people exhibit common sense.

    Do those really exist?
  • Joey_V
    Joey_V Posts: 8,505
    Here is a slide from a hospital

    jm7htfvg0pbk.png
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  • Joey_V
    Joey_V Posts: 8,505
    edited March 2020
    10x the admit rate of flu
    40x the icu admit rate
    Even if you don't die... there are many very painful ways of surviving.

    And this is in 2 months.

    I hope they are wrong.
    Otherwise, we are in for a shocker.
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  • Tony M
    Tony M Posts: 11,009
    So where do the Flu patients go?

    The same place the new virus patients are going to go?

    That's like 2 high tides at once huh?
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  • Joey_V
    Joey_V Posts: 8,505
    Tony M wrote: »
    So where do the Flu patients go?

    The same place the new virus patients are going to go?

    That's like 2 high tides at once huh?

    Great... I didn't even think about that.

    :(
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  • nooshinjohn
    nooshinjohn Posts: 25,034
    Joey_V wrote: »
    10x the admit rate of flu
    40x the icu admit rate
    Even if you don't die... there are many very painful ways of surviving.

    And this is in 2 months.

    I hope they are wrong.
    Otherwise, we are in for a shocker.

    I have zero doubt they are wrong...
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    “When once a Republic is corrupted, there is no possibility of remedying any of the growing evils but by removing the corruption and restoring its lost principles; every other correction is either useless or a new evil.”— Thomas Jefferson
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