Ouch!! What happened here?
From
http:\www.briefingcom.com:
2:32PM Floor Talk: Crude Oil continues intraday run: $50.95 +1.23...n-t technical levels to watch are $51.40 and $52.20 :
2:17PM Point Losers List: Broker/Dealer :Issues posting the largest losses on a point basis include: NMG.A +6.14, CME -3.96, LEH -3.75, MWD -3.45, GS -3.18, FMD -2.74, ADBE -2.60, SFG -2.51, SSI -2.44, ZBRA -2.35, WYNN -2.27, MACR -1.90, MAR -1.77, ECLP -1.75, GOSHA -1.69, BSC -1.66, FOXH -1.66, TECD -1.58, HOT -1.41, AVP -1.41, MER -1.32, CCMP -1.32.
2:05PM Point Gainers List: Energy :Stocks pacing the way on a point basis include: SWN +6.72, ASF +3.93, HANS +3.57, EMN +2.95, ECA +2.94, MSTR +2.85, AIG +2.84 NFI +2.51, PNRA +2.38, QSII +2.35, USFC +2.35, PLCE +2.22, PHS +2.15, ANTP +2.12, YELL +1.75, KSWS +1.62, VMC +1.65, CNI +1.49, SKE +1.49, NEW +1.47, OIH +1.46, DECK +1.42, AFFX +1.34, RIG +1.34.
2:04PM Crude Oil continues vertical move higher [short covering rally], lifting 2% over the past 30 min... 50.80 +1.08... Stocks plunge to session lows [program trading with $49 set as the sell button. As more players pile into this game you will observe increased volatility. There are IT 8 nodes which carry web packets to NYSE, and these are overloaded as soon as four minutes into a panic. You don't get execution at your price and if the nodes are already overloaded, your sell order is "at market". This of course increases volatility >>> 1929. There is no way that wisdom is going to suddenly speak to oil and index traders. The Fed was obliged to postpone a very small, programmed, interest rate increase..... ] :
1:49PM MCI: Qwest says it is no longer in best interest to pursue bid (MCIP) 25.76 -0.77:-Update- "We believe that the decision of the MCI board to once again favor Verizon is another example of that board's failure to accept the offer that maximizes shareowner value... It is no longer in the best interests of shareowners, customers, and employees to continue in a process that seems to be permanently skewed against Qwest... Unfortunately, the latest in a string of decisions reconfirms what we have believed all along: that MCI never intended to negotiate in good faith with Qwest nor maximize shareowner value..."
1:40PM Market averages slip to new afternoon lows as oil pushes back above $50 :
1:27PM Crude Oil back to highs of day.. $49.85 +0.13 :
