Posted on 10/28/2012 8:33:38 PM PDT by InMemoriam
Late Updates - after a day of consultation and realization that if the algos were left alone to play then things could go a little pear-shaped - NYSE and NASDAQ will now be totally closed tomorrow:
*U.S. EQUITY MARKETS TO CLOSE ON OCT. 29 FOR STORM, SEC SAYS
*NEW YORK STOCK EXCHANGE TO CLOSE MARKETS FOR STORM
*NASDAQ OMX MARKETS CLOSED TOMORROW ON HURRICANE SANDY :NDAQ US
(Excerpt) Read more at zerohedge.com ...
Casinos in Atlantic City also closed.
Nobody is gambling on this storm.
Halloween Wednesday... guess that’s better than a Black Monday.
Halloween Wednesday... guess that’s better than a Black Monday.
I literally just came the brokerage website where i confirmed my Tuesday purchase. Nothing on the sharebuilder page about this at all..
Just wait till The Messiah decides that election day can’t happen and puts it off another month or so until he can buy some more votes.
ZH is known for breaking news.
Wow, like share builder wasn’t notified. I’m shocked,
NYSE.com says they are closed
They open during blizzards. What bull. The only reason they closed and likely the day after is the city shut buses,trains and likely bridges. Their hand was forced on this.
And i don’t mean i’m upset they’re closed but only the release making it sound like they really care about people. What tripe.
There is no reason why these markets need to be centralized in one place. Everything else takes place over the internet. Why does this still operate the same way it did in the 1800’s?
Antiquated and outdated.
There is no reason why these markets need to be centralized in one place. Everything else takes place over the internet. Why does this still operate the same way it did in the 1800’s?
Antiquated and outdated.
The irony is that in the past, all the exchange personnel would have just hunkered down at a hotel (like the Millennium at the WTC) but it looks like they have realized that they will be stuck in a truly nonfunctional city today.
People often forget that one of the great fears is that a storm surge from a hurricane doing a landfall anywhere close to New York City could make lower Manhattan extremely vulnerable to flooding, especially in the area around the stock exchanges all the way south to Battery Park. Indeed, when Irene passed very close to New York City last year, the storm surges came very close to causing serious flooding problems in lower Manhattan.
Isn’t it possible to trade electronically anyway? Perhaps I’m wrong but I believe they are way, WAY over hyping this storm.
I mean wind gusts to 75 mph is hardly catastrophic and even the rain totals of 4 to as much as 10 inches is deceiving because this is over a projected 2 day or more period. Were that amount to fall in 5-6 hours it would overwhelm storm drains for sure but over 2 days or more it amounts to about 1/4 inch per hr or less on average.
Why can’t stocks be bid on like anything else? We really need “market makers”? Why don’t we need these same people for any other aspect of our lives?
Why can’t stocks be bid on like anything else? We really need “market makers”? Why don’t we need these same people for any other aspect of our lives?
“I mean wind gusts to 75 mph is hardly catastrophic and even the rain totals of 4 to as much as 10 inches is deceiving because this is over a projected 2 day or more period. Were that amount to fall in 5-6 hours it would overwhelm storm drains for sure but over 2 days or more it amounts to about 1/4 inch per hr or less on average.”
True, this is “only” a cat. 1, but it’s a HUGE cat. 1 that will hit NYC for the better part of 2 days. And it isn’t the rain that causes the problems in most instances, it’s the storm surge. Manhattan is not on it’s own planet, although I often wonder. It’s a city on the coast. It’s going to take some damage.
Water also seeks the lowest point. A great deal of NYC’s infrastructure is underground. Subways, electrical, water, sewer, cable, etc.
Believe it or not, Market Makers stabilize the process. They consolidate and bundle orders into Block trades. Price movements are smother than if every odd piece was executed on the fly.
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