Globex Futures Really taking a beating : LUSENET : TimeBomb 2000 (Y2000) : One Thread

I don't know what set it off, Globex was running in the plus to -100 type range, now E-NasDaq is of -3450.

If this portends tomarrows opening, it will not be pretty.

Things will get worse before they get better.

-- Helium (, October 14, 1999


Chicago Mercantile Exchange GLOBEX PRICES AS OF 10/14/99 07:05 PM TRADE DATE: 10/15/99

CONTRACT LAST NET CHGE CONTRACT LAST NET CHGE S&P 500 DEC99 1275.90A -1410 EURO $ DEC99 93.90 +.5 E-MINI DEC99 1274.50 -1550 MAR00 93.96 +.5 MAR00 1305.00A -100 JUN00 93.68B +1 NSDQ100 DEC99 2470.00 -2450 SEP00 93.51 +1.5 E-NASDAQ DEC99 2460.00A -3450 DEC00 93.355B +1 GSCI OCT99 183.00P ---- MAR01 93.32P ---- HDD-ATL OCT99 117.0P ---- EURO CAN DEC99 94.66P ---- HDD-CHI OCT99 435.0P ---- LIBOR NOV99 94.495 UNCH HDD-CINN OCT99 320.0P ---- DEC99 93.325P ---- HDD-NY OCT99 225.0P ---- TURN DEC99 93.75B UNCH MEX CETE DEC99 83.00P ---- CONTRACT LAST NET CHGE MEX TIIE OCT99 80.25P ---- EUROFX DEC99 1.0855 +21 EMINI EC DEC99 1.0853B +19 FX/BP DEC99 .65085P ---- FX/JY DEC99 115.26P ---- FX/SF DEC99 1.5862P ---- J-YEN DEC99 9425B +25 EMINI JY DEC99 9415B +15 B-POUND DEC99 1.6644 -2 D-MARK DEC99 .5545 +6 SWISS FR DEC99 .6841 +11 CAND $ DEC99 .6762 +4 AUST $ DEC99 .6483A -10 F-FRANC DEC99 .16516P ---- M-PESO DEC99 .100875B UNCH REAL NOV99 .50550P ---- RAND FUT DEC99 .162150P ---- RUBLE DEC99 35000P ---- KIWI FUT DEC99 .5108P ----

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-- Helium (, October 14, 1999.

Is this man a poly gone GI?

Thursday October 14 8:15 PM ET

Greenspan Raises Concerns About Stocks

By Caren Bohan

WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan Thursday advised banks to set aside more money as insurance against a big market downturn, a sign he is concerned about a potential bubble in equity prices.

While emphasizing he was not predicting a stocks crash, Greenspan told a banking-related conference that sudden losses in investors' confidence ``will inevitably emerge from time to time'' and said financial institutions should boost their reserves to account of that possibility.

He said diversification among different types of assets -- a common strategy used by portfolio managers to guard against market risks -- may not be sufficient to account for all types of scenarios in which the value of their investments might decline sharply in value.

``At a minimum, risk managers need to stress test the assumptions underlying their models and set aside somewhat higher contingency resources -- reserves or capital -- to cover the losses,'' he said.

The Fed chairman noted that equity premiums -- the amount of return investors demand to cover the risks associated with investing in stocks -- had declined in recent years but he said it was unclear why.

``The key question is whether the recent decline in equity premiums is permanent or temporary,'' he said.

If the decline was only temporary then portfolio managers may find they were underestimating the credit risks of individual loans and could be too optimistic about how protected they were by spreading their risk.

He said investment professionals who specialize in risk management should take this factor into account and weigh carefully whether investors' were not paying enough heed to the risk associated with holding stocks.

``The decline in recent years in the equity premium ... should prompt careful consideration of the robustness of our portfolio risk-management models in the event this judgement proves wrong,'' he said.

Greenspan shocked financial markets in December 1996 when he asked whether U.S. equity prices were affected by ``irrational exuberance''. Since then he has repeatedly questioned whether the prices of U.S. were justified by corporate earnings.

But the Fed chairman, who was sharply criticized for appearing to second-guess investors with the famous 1996 comment, has in all of his discussions of the stock market since then been careful to be more circumspect.

In Thursday's speech, Greenspan noted that economists had failed to anticipate sharp reversals in market confidence. He also repeated his line that the prices of assets were determined by millions of investors, ``many of whom are highly knowledgeable about the prospects for the specific investments.''

Earlier Stories

Banks Must Prepare For Risks-Greenspan (October 14)

Info on 50,000+ Companies!

-- Helium (, October 14, 1999.

OH MY !!!!!!!!!!!! Batten down the hatches! Ugly doesn't begin to describe the possibility.

-- the Virginian (, October 14, 1999.

I was wondering if this would happen. He's made noise before about popping the bubble and having the tools to do it. This might be the first dart thrown by Big Al Greedspin. My theory here is that a controlled and timed pop is better than an unplanned meltdown. Calls are probably being made as we speak to people in the loop. Look for him to inject funds overnight like a demon to increase liquidity. These guys are simply amazing to me. I just got done reading the International Hearings by Darth Bennett and crew. Interesting stuff to say the least. Game over man. I'll post later on some oil shit related to that rather disconcerting dirge.

Tommorrow should be intersting day.

-- Gordon (, October 14, 1999.

You know its going to be a bad day when even Greenspan says "It's Toast"!!!

-- Helium (, October 14, 1999.

Full Text of Speech

-- Jerry B (, October 14, 1999.

Mr. Greenspan cannot say one word that could instigate a bank run. He would be spending a long time with Bubba in a cell.

Some of you are looking for gods where none exists. These ladies and gentlemen all have to abide by the law. Seek your gods elsewhere.

-- Paula (, October 14, 1999.

Bloo mberg report

-- Jerry B (, October 14, 1999.

Helium, Can you please explain the significance of your first post in terms I can understand? I am not that knowledgeable on what you are talking about, and know just the basics of stock markets and bonds. Thanks.

-- Psychotic (y2k@doom&, October 14, 1999.

Sorry about the double post - didn't see this *hidden* down here under Globex Futures.

Looks like Greenspan is taking some serious action here.

-- G (, October 14, 1999.

These are sobering words to me:

While emphasizing he was not predicting a stocks crash, Greenspan told a banking-related conference that sudden losses in investors' confidence ``will inevitably emerge from time to time'' and said financial institutions should boost their reserves to account of that possibility.,P.

-- G (, October 14, 1999.


Not to worry about the double post; this thread started because of the reaction in the ofter hours futures market, but it was later that the Greenspan speech was added in as the preciptator of that reaction. Therefore, the title of this thread did not refer to Greenspan.

I think your thread with Greenspan in the title may attract readers who may not have any idea what Globex is and so may skip this thread.


-- Jerry B (, October 14, 1999.

Golden friday...

-- Andy (, October 15, 1999.

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