STOCK MARKET WARNING! [View all]
If you have stocks, a very significant event took place this morning. The world's markets were down substantially last night. That set the stage for some NYSE panic selling at the opening bell. Here's what happened as reported by CNBC this afternoon. .
For the time being, the SEC has no curbs in effect for the first and last 15 minutes of each day’s trading. This morning, two thinly traded utility stocks were overwhelmed with sell orders. One of these stocks went from the mid seventies to the thirties within minutes. These trades were executed and will stand! Now here’s the kicker; because these stocks recovered, the abnormal trades were declared aberrant and the records of the trades were expunged.
Do not place any market orders during these time periods. I suspect we will see this again. Trying to get out of a position in a panic situation could prove very costly.
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