NYSE Lowers Trade-Halt Threshold
Source: http://www.contrarianprofits.comPosted on Wednesday, October 1st, 2008 | In Market Commentary
The NYSE is bracing itself for more trouble. The Wall Street Journal reports that the exchange has lowered the threshold for halting trade on single-day losses. A 1,100 point fall (roughly 10%) before 2pm will prompt a shutdown of the market for at least 30 minutes.
Monday’s 778-point slump on the Dow was the largest loss in nominal value for any single day. But to put that in perspective, the DJI plunged 22.6% on October 19, 1987. That would mean a 2,450 point loss at today’s opening level.
Tonight the $700 billion bailout bill gets a second chance in front of the U.S. Senate. A failure here would be devastating for the markets on Thursday. Interestingly, this is also the day that the SEC’s temporary ban on short-selling for financials is due to expire…
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contrarian profits, DJI, Market Commentary, NYSE Lowers Trade, Securities And Exchange Commission, The Wall Street Journal, United States Senate, USD, Wall Street Journal
 About Aaron Katsman (http://israelnewsletter.com/)
Aaron is a managing director and the senior portfolio manager of America Israel Investment Associates, Israel Growth Portfolio (www.israelgrowth.com) where he manages a portfolio of Israeli stocks that trade in the US. He is also president of the Global Investments for Profile Investments. Aaron is a frequent contributor to StraightStocks.com, focusing on Israeli stocks. He was a founder and managed the private banking group for Citigroup in Israel for three and a half years. From 1999-2001, he was a senior analyst at a leading Israeli venture capital fund, where he gained an intimate working knowledge of the Israeli hi-tech scene. Aaron holds a B.A. in Political Science from Yeshiva University in New York. He is licensed as an investment advisor by the Israel Securities Authority and holds NASD series 7, 63, 65 in the US. |
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