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NYSE invokes Rule 48, braces for volatile open
Chicago Tribune ^ | August 18, 2011 | CNN Money

Posted on 08/18/2011 6:41:05 AM PDT by NoNAIS

Rule 48 allows the exchange to suspend price indications that help determine the floor price at the open during regular sessions. Bypassing the requirement helps speed the beginning of trading.

Among the triggers for invoking the rule are “substantial activity in the futures market before the open,” according to the exchange's website.

U.S. stock index futures pointed to a sharply lower open as a report that regulators were intensifying their review of European banks' U.S. units shook up investors.

(Excerpt) Read more at chicagotribune.com ...


TOPICS: Business/Economy
KEYWORDS: dow; obamanomics; stockexchange
Brakes?
1 posted on 08/18/2011 6:41:08 AM PDT by NoNAIS
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To: NoNAIS

Fasten your seat belts, folks. Looks like the flight today will be rough.


2 posted on 08/18/2011 6:43:39 AM PDT by Responsibility2nd (The views and opinions expressed in this post are true and correct. Deal with it.)
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To: NoNAIS

3 posted on 08/18/2011 6:43:46 AM PDT by TSgt (When in the Course of human events...)
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To: NoNAIS

Stock market opened down 3%

http://finance.yahoo.com/news/US-stock-futures-tumble-apf-515292663.html?x=0&sec=topStories&pos=main&asset=&ccode=


4 posted on 08/18/2011 6:43:58 AM PDT by SoftwareEngineer
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To: NoNAIS

holy shi-ite, look at that DOW

Looks like I picked a good time to buy my first gold yesterday- gold is climbing well over $1800


5 posted on 08/18/2011 6:47:05 AM PDT by silverleaf (The super rich do not pay taxes, they collect taxes.)
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To: NoNAIS

6 posted on 08/18/2011 6:47:14 AM PDT by Huck (Read Antifederalist Brutus)
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To: Huck
11058.70 -351.51‎ (-3.08%‎) Aug 18 9:49am ET
7 posted on 08/18/2011 6:50:29 AM PDT by TSgt (When in the Course of human events...)
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To: NoNAIS

As a co-worker said to me the other day, “I hope it goes to zero.” in reference to the market. He’s a former Federal government employee on a comfortable pension and with health benefits. They honestly believe they’ll never be affected by anything. They actually believe that.


8 posted on 08/18/2011 6:54:10 AM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: TSgt

I hope this car has functional air bags! When it crashes its gonna hurt. I’m thinking Ron white was right. Just take her down. I don’t want to walk away from the crash.


9 posted on 08/18/2011 6:56:30 AM PDT by cableguymn
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To: NoNAIS

-332 already.


10 posted on 08/18/2011 6:57:50 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: cableguymn

Of course the guy next to me was freaking out, he must have had a lot to live for - Ron White.


11 posted on 08/18/2011 6:59:00 AM PDT by NeoCaveman (All your gold are belong to Beck)
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To: NoNAIS

NYSE invokes Rule 48, braces for volatile open

"In other news, President Barack Obama leaves today for a 10-day summer vacation on Martha's Vinyard"


12 posted on 08/18/2011 6:59:35 AM PDT by COBOL2Java (Obama is the least qualified guy in whatever room he walks into.)
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To: NoNAIS
Rule 48 allows the exchange to suspend price indications that help determine the floor price at the open during regular sessions.

Can someone please translate marketspeak?

13 posted on 08/18/2011 6:59:59 AM PDT by OB1kNOb (Word to the wise....never sweat the petty things, and more importantly, never pet the sweaty things.)
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To: concerned about politics

and baraq smiles and eats ice cream on the golf course.


14 posted on 08/18/2011 7:01:28 AM PDT by Texas resident (Hunkered Down)
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To: COBOL2Java
In other news, President Barack Obama leaves today for a 10-day summer vacation on Martha's Vinyard"

Oh yeah. Obomas luxurious vineyard vacation. Fine wine, caviar, and Delmonico steaks for everyone! (Except the tax slaves. Let them eat.....whatever they can dig up.)

15 posted on 08/18/2011 7:03:25 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: concerned about politics

Obama needs to take a permanent vacation.


16 posted on 08/18/2011 7:03:56 AM PDT by dfwgator
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To: NeoCaveman
-450. It blew right past the 10:00 AM bump. Normally the market takes a break to reconsider the opening half an hour in. Today they just aimed the nose down and hit the afterburners. This is going to get very ugly very fast. When does Obama speak live from the Bus-o-Debt.
17 posted on 08/18/2011 7:07:15 AM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: NoNAIS
Brakes?

nooo. not enough buy limit orders.

18 posted on 08/18/2011 7:09:18 AM PDT by the invisib1e hand
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To: GonzoGOP
Down over 500.

19 posted on 08/18/2011 7:09:52 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: NeoCaveman

How long will the one engine last?!?!? All they way to the scene of the crash!


20 posted on 08/18/2011 7:10:00 AM PDT by cableguymn
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To: GonzoGOP
When does Obama speak live from the Bus-o-Debt.

He'll have a press conference from Martha's Vinyard, sipping from one of those drinks with a little umbrella and declaring his allegiance to "working Americans".

21 posted on 08/18/2011 7:10:08 AM PDT by COBOL2Java (Obama is the least qualified guy in whatever room he walks into.)
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To: NoNAIS
With apologies, posthumously, to Mr. Joseph Heller:

'Doc' Daneeka: You got it, that's Catch-22 Rule 48.

Yossarian: Whoo... That's some catch, that Catch-22 Rule 48.

'Doc' Daneeka: It's the best there is.

22 posted on 08/18/2011 7:10:25 AM PDT by WayneS (Enlightened statesmen will not always be at the helm. -- James Madison)
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To: NoNAIS
With apologies, posthumously, to Mr. Joseph Heller:

'Doc' Daneeka: You got it, that's Catch-22 Rule 48.

Yossarian: Whoo... That's some catch rule, that Catch-22 Rule 48.

'Doc' Daneeka: It's the best there is.

23 posted on 08/18/2011 7:11:17 AM PDT by WayneS (Enlightened statesmen will not always be at the helm. -- James Madison)
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To: concerned about politics

Punched through 11,000. Watch for a small uptick as the short covering kicks in.


24 posted on 08/18/2011 7:11:41 AM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: OB1kNOb
early indications reflect the standing orders held by market makers.

if there aren't many, or any, then there really can't be any early indications, can there?

25 posted on 08/18/2011 7:11:53 AM PDT by the invisib1e hand
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To: GonzoGOP
Gold up over 33 Dollars today.

Dow is now down 500 Points

Obama have a nice time on vacation

26 posted on 08/18/2011 7:14:26 AM PDT by scooby321
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To: COBOL2Java
He'll have a press conference from Martha's Vineyard, sipping from one of those drinks with a little umbrella and declaring his allegiance to "working Americans".

Obama: "Everyone I have had contact with is doing well. Because if they are not doing well they do not have contact with me."

27 posted on 08/18/2011 7:15:43 AM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: cableguymn

“How long will the one engine last?!?!? All they way to the scene of the crash!”

We should beat the paramedics there by a good half an hour.


28 posted on 08/18/2011 7:17:09 AM PDT by NeoCaveman (All your gold are belong to Beck)
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To: GonzoGOP
When does Obama speak live from the Bus-o-Debt.

Debt Man Talking.

29 posted on 08/18/2011 7:18:22 AM PDT by NeoCaveman (All your gold are belong to Beck)
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To: scooby321
Dow is now down 500 Points

Back to only -432. That is the short cover kicking in. By 10:30 Eastern we will know what this market is actually going to do today.
30 posted on 08/18/2011 7:18:40 AM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: GonzoGOP

Quick! Invest in food stamps!


31 posted on 08/18/2011 7:19:42 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: OB1kNOb
Exactly What is ‘Rule 48′ http://blogs.wsj.com/marketbeat/2010/05/20/exactly-what-is-rule-48/ ------------------- I think of it as a bandage to slow the bleeding process. Once the scab forms (normal investors don't see the panic right away), then the Market will form a clot (hopefully preventing the infection of panic).
32 posted on 08/18/2011 7:27:24 AM PDT by NoNAIS (Yet another Government program not needed.)
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To: TSgt

QE3 will be on its way shortly.


33 posted on 08/18/2011 7:28:41 AM PDT by Huck (Read Antifederalist Brutus)
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To: Huck
QE3 will be on its way shortly.


34 posted on 08/18/2011 7:31:47 AM PDT by NeoCaveman (All your gold are belong to Beck)
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To: NoNAIS

From Wall Street Journal-
“BY KELLY EVANS

The recent surge in money supply is flashing a warning sign. Ironically, it is a deflationary one.

On Thursday, the Federal Reserve will issue its weekly update on a slew of monetary indicators and bank-loan data. Typically, these aren’t market movers. But a sharp recent increase in the money supply has raised some eyebrows. The benchmark M2 gauge of money supply, which includes cash in circulation plus bank deposits and retail money-market funds, jumped by $159 billion ...”

This is NOT panic. The fundamentals of money supply does not change. This is capitulation. French banks will fail. Greece, Portugal, and Italy are insolvent and must liquidate.


35 posted on 08/18/2011 7:33:57 AM PDT by JustAnotherOne (Rick Perry-Ron Paul 2012)
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Not too long now...10-289

There's already smaller banks goin' Galt.

36 posted on 08/18/2011 7:39:22 AM PDT by Michael Barnes (Obamaa+ Downgrade)
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To: GonzoGOP

So, now that its -486 at 10:43 AM, what do we know about what it is actually going to do today?


37 posted on 08/18/2011 7:45:13 AM PDT by John W (Natural-born US citizen since 1955)
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To: John W
So, now that its -486 at 10:43 AM, what do we know about what it is actually going to do today?

It didn't immediately head back down. If it was a true panic then as soon as the shorts were covered you would have seen an immediate move back down. We now have a trading range on low volume. It will probably stay in that range until one of the talking heads comes on TV. If there isn't any news and Obama stays on vacation expect a close around 11,000 for the day. If Obama comes out of his ice cream shop and proposes more taxes and regulations then expect a continued drop.
38 posted on 08/18/2011 7:52:38 AM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: GonzoGOP

That makes sense. Of course, everyone knows as long as he is president just that very fact means more taxes and regulations no matter what he says or even if he shuts up for more than twenty-four hours (doubtful).


39 posted on 08/18/2011 7:56:39 AM PDT by John W (Natural-born US citizen since 1955)
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To: John W
Of course, everyone knows as long as he is president just that very fact means more taxes and regulations no matter what he says or even if he shuts up for more than twenty-four hours

There are still a lot of people who want out of this market. But for the moment at least they are willing to wait for a better price. Yahoo has a good chart that shows not only the price, but the volume of sales. The upticks are on low volume, the down ticks are on high volume. They don't want to take the hit ans sell below 10,900 but as soon as the price gets close to 11,000 they start pulling their money back out. If they thought more bad news was imminent they would take the hit and pull the plug at whatever price they could get.

Think about it like a fish market. In the morning the guy at the table will haggle with you because he figures if he doesn't get his price from you he might be able to get it from someone else. But at five minutes to close he is either going to close the deal or get stuck with the inventory that won't be any good tomorrow. So he will take whatever price he can get.
40 posted on 08/18/2011 8:05:50 AM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: NoNAIS

I think we can all be very glad they did not invoke Rule 34.


41 posted on 08/18/2011 8:06:05 AM PDT by yefragetuwrabrumuy
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To: yefragetuwrabrumuy

I think we can all be very glad they did not invoke Rule 34.

Okay - I’ll bite........


42 posted on 08/18/2011 8:18:11 AM PDT by NoNAIS (Yet another Government program not needed.)
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To: NoNAIS

The infamous “Internet Rule 34”, is:

“If it exists, there is porn of it. No exceptions.”

It was created by the even more infamous website ‘4chan’, for their /b/ board, which is home to the troublesome group known as ‘Anonymous’.

Oddly enough, there is no “Internet Rule 48”, in that the rules end with “Rule 47”.


43 posted on 08/18/2011 8:29:25 AM PDT by yefragetuwrabrumuy
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To: NoNAIS
I think we can all be very glad they did not invoke Rule 34.
Okay - I’ll bite........

It regulates short sales. Might end up like Rule .303 (breaker Morant). :-)

44 posted on 08/18/2011 8:36:18 AM PDT by Oatka ("A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


45 posted on 08/18/2011 9:11:48 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


46 posted on 08/18/2011 9:12:24 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


47 posted on 08/18/2011 9:12:29 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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