Trading in all symbols was halted on the New York Stock Exchange floor Wednesday due to an apparent technical issue.
Related? “Here’s a real time map of global cyber attacks. Note China is hammering at St Louis which is one of the US’s network hubs. This might have something to do with network issues this morning.”
We crosed!
I always wondered what “technical analysis” was. Now I know – it’s figuring out why the exchange stopped working.
Why don’t they ask the Chinese what happened.
Is “apparent technical issue” the same as “Apparently, we are technically out of money?”
We know what happened in China, speculators drove up the market 150% in one year, and the inevitable ‘correction’ taking away the excess leveraged speculative froth of the parabolic rise.
Institutional trading is 75% of the American market, while 85% is individual investors in the Chinese market.
Translation, some individual investors in China will be very unhappy but the world will continue to turn.
Notably, the NYSE was experiencing glitches before the open, thought they had fixed them, and they reoccurred. Perhaps a less than robust software bug patch…
Cheers
Hans Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group ‘True North’
Here’s a real time map of global cyber attacks. Note China is hammering at St Louis which is one of the US’s network hubs. This might have something to do with network issues this morning.
http://map.norsecorp.com/
Via Zerohedge.
ha, China Syndrome
Ontario should be up next with “technical issues”. S&P have downgraded Ontario fro AA- to A+, think they’re being very generous, the worst is yet to come. Meanwhile Ms Wynne continues with her running, now has a new ad out showing how well she can run…not sure what it’s about beyond giving us all the message everything’s tickety-boo and we should all be happy as the ship goes down. It could also be her keeping ahigh profile to help her prodigy Justin win the election come October.
http://www.economist.com/news/finance-and-economics/21652337-economic-dangers-chinas-manic-bull-market-goring-concern?zid=306&ah=1b164dbd43b0cb27ba0d4c3b12a5e227
Examples of excess abound. A pet-food company trades on 221 times earnings, a sauna-maker on 285 and a manufacturer of fans on 732. Chinese stocks have long had a tenuous relationship with economic reality, but the current rally has gone to new extremes. Growth in the first quarter fell to 7% year on year, the weakest figure since 2009. And monthly data suggest that the slowdown has deepened in the second quarter. But stocks are still racing ahead (see chart 3). Almost 8m brokerage accounts were opened in the first quarter of 2015 alone (see chart 4). A shift to monetary easing and fiscal stimulus—and expectations of more to come—help explain why the rally began. But the longer it continues, the more it looks like irrational exuberance.
…
Credit Suisse estimates that 6-9% of China’s market capitalisation is funded by credit, nearly five times the average in the rich world.
The presence of so much leverage means that the eventual correction is likely to be sharp as investors race to repay loans. This is new territory for China. When its last bubble burst in 2007, the government had yet to allow margin financing. “Now, the odds are that it will inflict a much bigger loss on households,” says Helen Qiao of Morgan Stanley, a bank.
Nevertheless, the immediate damage from a crash should be manageable for China. The free-float capitalisation of the stockmarket is just about 40% of GDP; in rich countries it is typically more than 100%.
If a fan manufacturer is trading at 732 times earnings, it means investors are functionally insane…the correction is long overdue and probably healthy in the long run.
Cheers
Hans Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group ‘True North’
Me thinks Barry’s Fed reserve will come to the rescue of Wall st and all the big banks that have gambled with the Chinese house of cards…2008 redux x 3…eh, what’s 3 trillion anyway.
“Technical glitches” also hit United Airlines today, I see.
Gee-whiz graphics aside, a “glitch”?
Apparently United Airlines and the NYT were down due to “technical issues” as well.
Canada seems so insignificant that no one is picking on her. Kinda feel left out because we keep hearing how we punch above our weight. The Norse attack map seems to have a lot in common with the old Maytag repair man ads. We should hire some young teen hackers just to get into the game. Could start by hacking into Preparation H and find out what happened to Preparation A through G…or something light like that.
Preparation A through G apparently didnèt work. Seems the only result was an explosion of Liberals!