Bad Wigins wrote:
The thing is, it opened way up because the futures traders put it there between sessions. During the session it lost those gains, then gained them back to where the futures traders had put it in the first place.
Guess what those futures traders are doing now? Back down 2% at the moment, complete opposite of what they thought last night. They're just driving these repeated stampedes and cashing in. Jail them!
And so it went. Limiting these jerks to 5% swings makes no difference, by the time wall street opened today everyone zipped right past that. These limits almost make things worse - people start wondering where prices would be without them and they get spooked - literally by someone's self-fulfilling prophecy that they will get spooked.
Now futures are ticking back up again. Countless people were in a huge hurry to dump their positions at a huge loss, nothing can stop it until... oops, there's the bell. Now it's about face as the real market drivers start cashing in. Unless that's you, you'll be buying 5% higher prices tomorrow than at 3:59pm today.