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Stock Market Crash! (merged) Pt. 3

Discussions about the economic and financial ramifications of PEAK OIL

New York Stock Exchange Suspends Trading

Unread postby Pops » Wed 08 Jul 2015, 11:18:45

New York Stock Exchange Suspends Trading
By NATHANIEL POPPER and MATTHEW GOLDSTEINJULY 8, 2015

The New York Stock Exchange unexpectedly shut down trading in all of its listed stocks late Wednesday morning.

The exchange did not immediately give an explanation for what caused the shutdown. In an alert on its website it wrote: “Additional information will follow as soon as possible.”

The New York Stock Exchange, which is now owned by Intercontinental Exchange, has been hit, like other stock exchanges, by technical difficulties in the past, but the scale of the problem on Wednesday has little precedent.

Nearly 45 minutes after the outage, there was still little clarity on what was causing the problem. Stocks listed on the New York Stock Exchange continued trading on other exchanges, such as Nasdaq.
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Re: New York Stock Exchange Suspends Trading

Unread postby GHung » Wed 08 Jul 2015, 11:25:23

Wall Street Journal and United Airlines also went down about the same time. Coincidence?
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Re: New York Stock Exchange Suspends Trading

Unread postby GASMON » Wed 08 Jul 2015, 11:32:51

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Re: New York Stock Exchange Suspends Trading

Unread postby Plantagenet » Wed 08 Jul 2015, 11:38:02

GHung wrote:Wall Street Journal and United Airlines also went down about the same time. Coincidence?


The WSJ is up.

Wall Street trading remains down.

I'm out of the market so I'm not following this too closely, but it is indeed curious.
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Re: New York Stock Exchange Suspends Trading

Unread postby GASMON » Wed 08 Jul 2015, 11:53:45

http://onlinedr.wsj.com/dr/2015/07/08/t ... d-on-nyse/

The New York Stock Exchange said it has temporarily suspended trading in all stocks, without providing further information. The update was issued at 11:32 a.m. New York time. The halt came amid a broad selloff in shares that was spurred by a deepening decline in China’s stock market. It’s unclear what’s causing the disruption. Representatives of the exchange couldn’t immediately be reached for comment. Meanwhile, trading in shares was continuing on other exchanges, and the S&P 500 and other stock indexes were little changed from where they had been trading before the outage.


China. Singapore, Japan, Hong Long all down overnight. London finished today up in the green. Budget day in the UK today. As usual the poor got screwed, rich get tax breaks etc.

http://www.bbc.co.uk/news/business/mark ... efault.stm

http://www.bbc.co.uk/news/business/mark ... efault.stm

Wonder what tomorrow (UK) will bring ?. The Euro / Greek malarkey doesn't help, and won't be sorted soon. The whole lot is a bloody great gambling casino. Big bang underway ?

Obama has been informed, so I guess were OK !!!!!!!!

http://www.bbc.co.uk/news/business-33450731

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Re: New York Stock Exchange Suspends Trading

Unread postby Sixstrings » Wed 08 Jul 2015, 12:00:04

Hm, a bit scary.. could be cyberattack.. no reason for 3 unrelated things to go down like that..

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Is This What The First World Cyber War Looks Like: Global Real Time Cyber Attack Map

After a series of cyber failures involving first UAL, then this website, then the NYSE which is still halted, then the WSJ, some have suggested that this could be a concerted cyber attack (perhaps by retaliatory China unhappy its stocks are plunging) focusing on the US. So we decided to look at a real-time cyber attack map courtesy of Norsecorp which provides real time visibility into global cyber attacks.

What clearly stands out is that for some reason Chinese DDOS attacks/hackers seem to be focusing on St. Louis this morning.

Image
http://www.zerohedge.com/news/2015-07-08/what-first-world-cyber-war-looks-global-real-time-cyber-attack-map
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Re: New York Stock Exchange Suspends Trading

Unread postby Tanada » Wed 08 Jul 2015, 12:01:48

NASDAQ is working just fine and it handles many of the same stocks as NYSE. Appears this is a localized software problem.

Just like the UAL grounding for several hours.

Paranoid fantasy or first stage of cyberwar?
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Re: New York Stock Exchange Suspends Trading

Unread postby Pops » Wed 08 Jul 2015, 12:13:30

What is funny is every story has some version of humans ostensibly on "trading floors" looking bewildered/whatever - except there are no humans on trading floors any more...
even the CBOT closed their "pits" 2 days ago.
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Re: New York Stock Exchange Suspends Trading

Unread postby Pops » Wed 08 Jul 2015, 12:21:02

Tanada wrote:Paranoid fantasy or first stage of cyberwar?

I think we will never know. Did anyone ever hear the why of the famous flash crash?
A glitch?
A software bug?
The UN?
Obama?
LoL

I think no one has any idea why any more because most of the trading is done by programs, in nanoseconds, and how programs interact with other programs when outlier triggers start tripping other triggers in a cascade is pretty well unknowable.
The legitimate object of government, is to do for a community of people, whatever they need to have done, but can not do, at all, or can not, so well do, for themselves -- in their separate, and individual capacities.
-- Abraham Lincoln, Fragment on Government (July 1, 1854)
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Re: New York Stock Exchange Suspends Trading

Unread postby Pops » Wed 08 Jul 2015, 12:21:46

One More:
Jade Helm?
The legitimate object of government, is to do for a community of people, whatever they need to have done, but can not do, at all, or can not, so well do, for themselves -- in their separate, and individual capacities.
-- Abraham Lincoln, Fragment on Government (July 1, 1854)
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Re: New York Stock Exchange Suspends Trading

Unread postby GHung » Wed 08 Jul 2015, 12:32:45

DHS saying "no malicious activity suspected". Well shit,, so these expensive, highly complex systems all went down on their own on the same morning? Not sure which is worse. Shades of Tainter......
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Re: New York Stock Exchange Suspends Trading

Unread postby MD » Wed 08 Jul 2015, 12:38:49

Speculate away. I won't, other than to say don't be surprised if fracturing continues.

And don't be fooled into thinking that the diminishing returns problem when it comes fossil fuels isn't fully understood by all.
Stop filling dumpsters, as much as you possibly can, and everything will get better.

Just think it through.
It's not hard to do.
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Re: New York Stock Exchange Suspends Trading

Unread postby Sixstrings » Wed 08 Jul 2015, 12:39:46

By the way, China's stock market has been crashing past few days. Headlines from drudgereport:

CHINA 'HEADING TOWARDS 1929 MARKET CRASH'...

PLUNGE PROTECTION ACTIVATED...

Bans Stock Sales by Major Shareholders for Six Months...

Savings 'fall into abyss'...


Banning stock holders from selling shares, or any other kind of capital controls, would just make the Chinese stocks crash accelerate. That's basic market psychology.

Could be some black swans here, of some kind, if not cyber attack.

Greece on the edge.. Chinese market crashes 30%.. next thing you know, the NYSE is shut down..

The really worrying financial crisis is happening in China, not Greece
China looks like it is heading for its version of the 1929 stock market crash
http://www.telegraph.co.uk/finance/china-business/11725236/The-really-worrying-financial-crisis-is-happening-in-China-not-Greece.html
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Re: New York Stock Exchange Suspends Trading

Unread postby pstarr » Wed 08 Jul 2015, 12:49:57

“The issue we are experiencing is an internal technical issue and is not the result of a cyberbreach.” so say the NYT. Yeah right. :-x

It's a dusty looking glass in the mid-east. Very reputable third-eye informatics says otherwise. ISIS has inserted a SAND-WORM into the analytics. Call in the Plunge-Team.

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Re: New York Stock Exchange Suspends Trading

Unread postby Cog » Wed 08 Jul 2015, 12:53:59

All is well. Another buying opportunity when trading resumes.


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Re: New York Stock Exchange Suspends Trading

Unread postby Pops » Wed 08 Jul 2015, 12:58:07

pstarr wrote: ISIS has inserted a SAND-WORM into the analytics. Call in the Plunge-Team.

Exactly! All part of the plot to overthrow Texas and impose sharia law on Oklahoma!
The legitimate object of government, is to do for a community of people, whatever they need to have done, but can not do, at all, or can not, so well do, for themselves -- in their separate, and individual capacities.
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Re: New York Stock Exchange Suspends Trading

Unread postby ritter » Wed 08 Jul 2015, 12:59:59

Strange convergence of odd events, I'll give it that much.
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Re: New York Stock Exchange Suspends Trading

Unread postby Outcast_Searcher » Wed 08 Jul 2015, 13:01:13

GHung wrote:Wall Street Journal and United Airlines also went down about the same time. Coincidence?

No. United Airlines went down at 6:26 AM Mountain time, i.e. hours earlier than the NYSE outage. Also, a similar outage occurred June 2nd with united. United said the problem was a bad router.

http://mashable.com/2015/07/08/united-c ... -grounded/

http://kdvr.com/2015/07/08/all-united-a ... m-crashes/

What I find astounding as a computer tech. who kept mission critical database systems going for years at IBM (and never lost a byte of data in 17 years (on stuff I had control over) on hundreds of subsystems) is in this day and age, when they let ONE hardware failure take down an entire national or global system. If my discount broker can now have 100% reliability for trading with 100% hardware redundancy, it's not like the cost to do this is crippling -- especially for systems where an outage is "completely unacceptable" to your customers.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
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Re: New York Stock Exchange Suspends Trading

Unread postby Outcast_Searcher » Wed 08 Jul 2015, 13:24:26

Pops wrote:What is funny is every story has some version of humans ostensibly on "trading floors" looking bewildered/whatever - except there are no humans on trading floors any more...
even the CBOT closed their "pits" 2 days ago.

No question such scenes of human traders on many exchanges are often from the past, but:

There are still some human traders. There are less and less humans on trading floors, as more and more stock exchanges and futures pits get shut down and the floors are automated (which is better for the customers). That's NOT the same as there "are no humans on trading floors any more".

Example: On July 2nd, the CME just shut down over half of its 35 trading pits (implying some are still open).

http://www.chicagobusiness.com/section/ ... pits#intro

I was just reading an article (link below) this week on how some of the traders claimed they were still going to drive in to work and trade electronically in offices near the floor and be ready to "step in" if the computers went down. (Kind of reminds me of buggy whip factory labor being ready to "step in" if everyone suddenly decided going back to horses was preferable to the car).

Traders and brokers said ending open outcry to rely entirely on electronic trading does carry some risk.

“I’m waiting for the first computer glitch when business can’t be done and they’ll say, ’What about the human element?,’” said BRG’s Grossman.


Yeah, what about the "human element"? :roll:

When humans handled thinly traded options (say, in the early 90's), you had to watch them like a hawk and sometimes have the broker step in and threaten requesting an SEC investigation to get them to honor quoted prices instead of ripping you off (to the tune of several hundred dollars or more). Trades took several minutes to complete (from paper forms, which a wire operator entered by hand) and commissions routinely were over 10x what now is completely reliable and takes roughly a second to get confirmation on (from my keyboard, in my underwear, at home).

Yeah, it's just so awful now the informed customers can barely contain their glee. :shock:

And it's not like the stocks stopped trading when the NYSE went down. Orders could be routed to any of several other exchanges by any competent broker. In fact, brokers are via regulation, are normally REQUIRED to look at competitive bids/offers on multiple exchanges and give the customer the best price.

http://www.chicagobusiness.com/article/ ... hop-nearby
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
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Re: New York Stock Exchange Suspends Trading

Unread postby GHung » Wed 08 Jul 2015, 13:39:30

Pstarr: "Call in the Plunge-Team" .... and a few household chemicals in the proper proportions, eh?
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