SFE calls a Trading HALT!"

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deanrosario

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Thursday, August 16, 2007 - 01:02 pm:

For the first time in my trading life, which commenced in 2002, the SFE has called a halt to trading, presumably to "cool the market sell-off".

UPDATE: My latest information is that the trading halt is a result of "hardware issues" at the SFE and not due to "volume limits" being hit.

In which case, I should add, such "hardware and software issues" - whilst very rare - have occurred on the SFE in the past 6 years.

Rumour has it that overseas hedge funds are unwinding long positions in a hurry.

At 1230 p.m. today, the September 2007 SPI200 Futures have fallen over 500 points from Monday's high.

The biggest & quickest fall I can recall.

(Message edited by deanrosario on August 16, 2007)

"Never commit yourself to anything you can't walk away from in 30 seconds." Neil McCauley (played by Robert de Niro) in 'Heat'.

"Hope is a dangerous thing. Hope can drive a man insane." Ellis Boyd "Red" Redding, played by Morgan Freeman, in 'The Shawshank Redemption'.

cjb

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Thursday, August 16, 2007 - 02:41 pm:

Seems a bit suspicious, but what a day! I think it may have more to do with chasing margin calls. I hope you are on the long coming back though :-)

CB

(Message edited by cjb on August 16, 2007)

deanrosario

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Thursday, August 16, 2007 - 02:55 pm:

G'day Chris

Happy with my morning trade so I'm staying out of the market this afternoon since all my charts have been "dirtied" by the lengthy trading halt.

Tomorrow is a new day!
Dean

kate

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Thursday, August 16, 2007 - 04:17 pm:

Dean, you don't know whether the central banks stepped in again do you? China and Japan went down as much as we did then there was a miraculous recovery everywhere?

Regards
Kate

deanrosario

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Thursday, August 16, 2007 - 04:28 pm:

Kate - I've not heard any news about the Asia Pacific central banks, but the US Fed last night again added more cash to US banking system.

http://biz.yahoo.com/ap/070815/wall_street.html?.v=67

kate

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Thursday, August 16, 2007 - 04:39 pm:

Thanks Dean, I knew about the bailout in the USA, just wondered about here.
I'll just have to be patient and wait for a couple of hours!

Kate

gohard

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Thursday, August 16, 2007 - 04:43 pm:

Trading halt news was for hardware rectification
http://www.sfe.com.au/content/notices/2007/notice2007_102.pdf
Cheers G

captain_chaza

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Thursday, August 16, 2007 - 06:28 pm:

ENnRON revisited

At least Enron only turned off the power supply
I am getting a bit Sea-Sick

Heads are going to roll if this was not the bottom today

I am Now 85% committed

Salute and Gods' speed

PS
Anybody got any good ideas regarding my Last 15%
I have a good mind to piss it up & down the Wall
LOL!!!

"While we stop and think, we often miss our opportunity." Publilius Syrus, 1st century B.C.

"I believe the future is only the past again, entered through another gate."
Sir Arthur Wing Pinero 1893

"There are two times in a man's life when he should not speculate: When he can't afford it, and when he can." Mark Twain, 1897

deanrosario

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Thursday, August 16, 2007 - 10:19 pm:

At 1000 p.m., the Sept 2007 SPI200 has dropped 120 points from where it closed at 430 p.m.

Currently trading at 5580. The XJO, closed at 5711 this evening.

Doesn't look good for tomorrow's opening; but, then again, the US may turn around and all will be rosy.

julles

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Friday, August 17, 2007 - 01:50 am:

You do always make me laugh Captain, 200 day moving average has now been touched by the djia, that index always respects that moving average. The Russell crashed through it a day or too before. Time to get out when the most expensive index doesn't respect support.

I'd like to be smart and say that I pulled it out and trusted my instincts, however it really just was circumstances beyond my control that got me out of the market before the sell off.

Hope your all fairing well in the storm. Julles

julles

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Friday, August 17, 2007 - 01:56 am:

I know I'm putting my job on the line when I say that's it time to Mop the Deck and Clean up.

And I also know that I will be too busy on land to Help with the clean up.

God speed. Braveheart

deanrosario

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Friday, August 17, 2007 - 07:40 am:

What a rollercoaster ride whilst we slept!

After dropping below 5500 and almost the year's low, the SPI200 has rallied 200+ points in 3 hours to finish where it started the night session!

Will traders keep long positions over the w/e or can we expect dumping between 300-400 p.m. today?

Either way, the volatility should be useful for intra-day trading.

In the phrase immortalised by Sergeant Phil Esterhaus from the Blues: "Hey, let's be careful out there".

resillent1

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Friday, August 17, 2007 - 08:06 am:

Dean

The physical (XJO) went to 5483 during the trading halt in the SPI.

If that was included in the chart then the night session tested the same low as the day.

Cheers
Resillent1

sway

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Friday, August 17, 2007 - 09:29 am:

Hi Julles
Looking at the S&P500 on a weekly chart, we have been in similar territory (with respect to the 30W EMA) on 5 other times since the start of 2003. Each time it has gone on to make a new high. Just out of interest I played around with EMA averaging periods to find a "support" level which could define the trend. It looks like if we drop below a 75W EMA, then it's Titanic time.
spx_in_price_weekly.13aug01_to_31oct07

Cheers
Geoff

hilarius

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Friday, August 17, 2007 - 10:33 am:

Dean

The world must learn to trade only during ASX hours

Hilarius

I come in peace to share my thoughts and to shine my candle light on possible long term opportunities

kate

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Friday, August 17, 2007 - 10:53 am:

Hilarius, it isn't over yet, BOJ releasing $13 billion into the market again today.

hilarius

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Friday, August 17, 2007 - 11:16 am:

Friar Smallworld

The market is fickle ... this morning's bounce up lasted all of 30 minutes ... it seems to have stalled as I write and I have no clue where it will go from here ... particularly as it's Friday

Even when you are on a winning run someone is always testing the stops beneath the trend up or above the trend down ... we are trying to beat big institutions and their computers and I think we have to be screen addicts to have the slightest chance of winning

It is no life at all unless you are young and keen like Dean

With Best Wishes

Hilarius

I come in peace to share my thoughts and to shine my candle light on possible long term opportunities

hilarius

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Friday, August 17, 2007 - 11:47 am:

Thanks Kate

I am sure there is more bad news to come

Fear escalates beyond people's expectations

What is your prediction for the XAO at ...

End Aug, Sep, Oct, Nov, Dec ?

I believe there comes a point where the big players return as strong buyers ... the question is when ... they could even be buying quietly now .. absorbing the panic sales

After major panic ends we will see them play their hands more strongly, I believe

With Best Wishes

Hilarius

I come in peace to share my thoughts and to shine my candle light on possible long term opportunities

deanrosario

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Friday, August 17, 2007 - 11:52 am:

Hilarius - thank you for your kind description which is, alas, only partly accurate.

You must also realise, for some of us, this is our job. This is our business.

So, if sitting still for 6 hours staring at a screen is required to succeed in this business, well, I have to do it; or, find an alternative business.

I can't think of a better way to earn a living!

Best wishes
Dean

PS: I've done my trade for the day, so unless something screams out in the p.m., bring on the week-end!

kate

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Friday, August 17, 2007 - 08:41 pm:

Hilarius

I can't believe you are asking for predictions, I thought you are supposed to trade the "what is" not the "what maybe"!

The only thing I know is that the end of the honeymoon period for a lot of mortgages in the US is in October. That might not auger well for that particular month.

In the end who knows, certainly not me. I'm still trading with P plates

Regards
Kate

hilarius

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Friday, August 17, 2007 - 11:35 pm:

Kate

In a former life I was sacked if I failed to make predictions

They are useful as a model against which to measure actual performance

They don't have to be believed to be useful ... predictions are just a tool for comparison of actual to forecast ... adding clarity if actuals are close and requiring rethinking if they are not

Surely the charts tell us EVERYTHING WE NEED TO KNOW ... including future turning points

If they are not predictive what is their use?

A map with no roads past where you are today is not much of a map :-)

With Best Wishes

Hilarius

I come in peace to share my thoughts and to shine my candle light on possible long term opportunities

kate

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Saturday, August 18, 2007 - 09:00 am:

Hilarius,

Granted, most charts are predictive. However what is the point at looking at them now? No matter how wonderful a company may be, if our share market loses another 200 points it is more than likely individual companies will decline also.

The only thing I'm looking at are the implications for sectors eg consumer discretionary if our dollar keeps falling. Or, the impact of higher pump prices if the oil price continues to rise.

Personally I think time might be better invested in working out watchlists of shares that do well with a low dollar, high dollar, high interest rates etc etc then work out individual shares at a later stage.

Not sure whether this answers your question.

Regards
Kate

deanrosario

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Friday, August 31, 2007 - 11:33 am:

More "technical issues" affecting the Aussie market today - this time the problem is occurring at Standard & Poors.

Trading levels for Australian stock exchange indices were unavailable this morning after index provider Standard & Poor's (S&P) said it was experiencing technical problems.

Dealings screens showed no change in levels for the All Ordinaries index and the benchmark S&P/ASX 200 index.

Share price movements were being recorded, however.

http://www.theage.com.au/news/business/technical-glitch-blocks-market-pricing/20 07/08/31/1188067326295.html