Comment from a reader who took advantage of my AMZN report: “Dave: sold 1/2 of my amazon Jan, 16 puts, thx man”
From Bloomberg: If losses in the U.S. stock market worsen, keep in mind there might be a 15-minute break. The New York Stock Exchange said it will halt trading for 15 minutes if the Standard & Poor’s 500 Index drops 7 percent.
The stock exchange will pause trading if the benchmark for U.S. equities slumps to 1,832.92 before 3:25 p.m. New York time, Sara Rich, a NYSE spokeswoman said in an e-mail. The S&P 500 slid 3.9 percent to 1,894.93 at 9:42 a.m. in New York as markets were convulsed by a surge in selling.
Trading will stop for a second time if the gauge extends its losses to 13 percent before 3:25 p.m. If the plunge reaches 20 percent at any point during today’s session, NYSE will shut the market for the rest of the day.
Let’s see if the NY Fed and the Exchange Stabilization Fund – the Plunge Protection Team – can hold this up and prevent major embarrassment on the world’s stage. Halting the market will make it worse because every time they re-open, anyone with half a brain cell left will try to sell.
Anyone out there brave enough to buy the dip? C’mon dip buyers…