Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Interesting. Most funds let you buy or sell that day up to the official NYSE close. So, technically, guess they're still gona be open ... Until what time may still be in question.
All Markets Closed Monday and maybe Tuesday !! Some bad information given in this thread thanks to ZeroHedge.Com, the "National Inquirer" of the financial world. In the future, I would suggest one get their facts right before they post. Lead ! Follow ! Or Get Out Of The Way ! http://www.marketwatch.com/Story/story/print?guid=CC8541B2-1FA7-11E2-9DE3-002128040CF6
ZH did say that there was going to be electronic trading only and that WAS CORRECT LAST NIGHT. EARLY THIS MORNING it was decided that there would be no trading AT ALL Monday and possibly Tuesday.
Bloomberg and Fox business, as well as CNN all had similar reports on Sunday afternoon regarding partial/electronic trading as was first announced by the exchanges. The most recent change is an update to what was accurate information as first posted at ZH. I don't understand how ZH or other business networks can be indicated to have posted inaccurate information; as they only reported what was published at any given time frame.
Ted's right! CNBC & Bloomberg be damned. Tune into TWC or just stick your head out the door & ya could tell ain't gonna be trading in NY today! I'm more concerned how they gonna hold a election without power in large areas or workers to staff the polls. Here in the midwest they're predicting 25 foot waves on Lake Michigan & serious storm surge in Chicago. Finally, all that "batton down the hatches" talk I get tired of here has come to fruition!
- Music to sooth the nerves this morning ("The Wreck of the Edmund Fitzgerald"):
Ted had the right comment for the wrong reason. The only value "added" by ZH was its headline - everything else was quoting press releases (for a change, it looks like full quotes, rather than selective editing).
But look at that headline: " Algos Only" Tomorrow As NYSE Shuts Floor Trading Due To Sandy. (Emphasis in original!)
Algorithmic trading (algos) refers to the algorithmic determination of what to trade (quants, HFT, etc.), not how the trades are executed on an exchange (automated pairing in the case of electronic communications networks such as Arca). The headline erroneously suggests that only computer-generated orders would be accepted. Bzzzt.
Reply to @hank: Yay! Gordon Lightfoot makes it into MFO! (FWIW, Gord's looking a lot older these days than he does in the video. Our loss when he stops touring ....)
Reply to @Ted: I've gotten more useful financial information from both of those gentlemen than from the 9 million (and counting) links that some folks like to think are so important.
Reply to @InformalEconomist: You have chosen to "debunk" a remark I made earlier about predicted 25 foot waves for Lake Michigan. Here's link to U.S. govt. NOAA Maritime Warning for Lake Michigan, Oct. 30, 2012. In specific, it references an area south of a line from Sheboygan WI to Pentwater, MI. Have excerpted relevant portion.
"848 AM CDT TUE OCT 30 2012 SHEBOYGAN WI TO PENTWATER MI SOUTH ...STORM WARNING IN EFFECT UNTIL 4 PM CDT THIS AFTERNOON... ...GALE WARNING IN EFFECT FROM 4 PM CDT THIS AFTERNOON THROUGH WEDNESDAY EVENING... .REST OF TODAY...NORTH STORM FORCE WINDS TO 50 KT DIMINISHING TO GALES TO 45 KT MID AFTERNOON. SHOWERS. WAVES 19 TO 24 FT OCCASIONALLY TO 31 FT."
Can't tell you if waves as high as 31 feet actually materialized, but that's what government meteorologists were forecasting.
While your Sun Times article on Chicago surfboarding is amusing, as one who grew up on the great lakes, I'll attest that conditions like those described in the NOAA forecast do pose a significant maritime hazard. It's worth noting that the crew of the Arthur Anderson, nearest known vessel to the 728' Edmund Fitzgerald the night it sank in 1975 with loss of life, reported seas running at 18-25 feet. (There were likely other contributing factors)
Yes, such storms are not unheard of here in the great lakes. But the magnitude of a storm capable of devastating the Eastern seaboard and yet remaining extremely potent as it moved through the Midwest was awe inspiring - at least to me
Comments
ZH did say that there was going to be electronic trading only and that WAS CORRECT LAST NIGHT. EARLY THIS MORNING it was decided that there would be no trading AT ALL Monday and possibly Tuesday.
http://www.zerohedge.com/news/2012-10-28/all-us-equity-markets-closed-monday-due-sandy
You may also want to bring up your "concern" with all of the other news outlets that posted that there would be electronic trading only within the last day: http://www.google.com/news?ncl=dAGfr5aJHupbz0MWB3JLYYUAesWTM&q=Electronic+Trading&lr=English&hl=en
I don't understand how ZH or other business networks can be indicated to have posted inaccurate information; as they only reported what was published at any given time frame.
Yep, tons of outlets reported electronic trading only yesterday. No trading was announced overnight.
- Music to sooth the nerves this morning ("The Wreck of the Edmund Fitzgerald"):
But look at that headline: " Algos Only" Tomorrow As NYSE Shuts Floor Trading Due To Sandy. (Emphasis in original!)
Algorithmic trading (algos) refers to the algorithmic determination of what to trade (quants, HFT, etc.), not how the trades are executed on an exchange (automated pairing in the case of electronic communications networks such as Arca). The headline erroneously suggests that only computer-generated orders would be accepted. Bzzzt.
Regards,
Ted
Surfers yesterday:
http://www.suntimes.com/news/steinberg/16031682-452/surfs-up-on-lake-michigan-thanks-to-hurricane-sandy.html
As you can see, not many big rides.
- http://weather.noaa.gov/pub/data/raw/fz/fzus63.klot.glf.lm.txt
"848 AM CDT TUE OCT 30 2012
SHEBOYGAN WI TO PENTWATER MI SOUTH
...STORM WARNING IN EFFECT UNTIL 4 PM CDT THIS AFTERNOON...
...GALE WARNING IN EFFECT FROM 4 PM CDT THIS AFTERNOON THROUGH
WEDNESDAY EVENING...
.REST OF TODAY...NORTH STORM FORCE WINDS TO 50 KT DIMINISHING
TO GALES TO 45 KT MID AFTERNOON. SHOWERS. WAVES 19 TO 24 FT
OCCASIONALLY TO 31 FT."
Can't tell you if waves as high as 31 feet actually materialized, but that's what government meteorologists were forecasting.
While your Sun Times article on Chicago surfboarding is amusing, as one who grew up on the great lakes, I'll attest that conditions like those described in the NOAA forecast do pose a significant maritime hazard. It's worth noting that the crew of the Arthur Anderson, nearest known vessel to the 728' Edmund Fitzgerald the night it sank in 1975 with loss of life, reported seas running at 18-25 feet. (There were likely other contributing factors)
Here's a link to the NTSB investigation.
-http://www.uscg.mil/history/WEBSHIPWRECKS/EdmundFitzgeraldNTSBReport.pdf
Yes, such storms are not unheard of here in the great lakes. But the magnitude of a storm capable of devastating the Eastern seaboard and yet remaining extremely potent as it moved through the Midwest was awe inspiring - at least to me
Regards, hank