Stock Market Crash 6 May 2010: Live Panic from the S&P 500 Pits

[Subdivisions]

Run time: 09:49 https://www.youtube.com/watch?v=ZiZtPTLuPtw   Posted on YouTube: May 07, 2010 By YouTube Member: agore111 Views on YouTube: 1146   Posted on DU: May 08, 2010 By DU Member: Subdivisions Views on DU: 866

 
Wow! That sounds intense!

[Drunken Irishman]

1. Wow...that guy sounds like a 70 year old former lounge singer.

[James48]

2. More details?

Is this Chicago Board of Trade (CME)? What are they trading?
I'd love to have more context-
Thanks!

[Cali_Democrat]

5. E-mini S&P 500 futures contracts at the CME in Chicago

These are cash settled futures contracts. Trading at this pit basically started the entire market crash.

A HUGE order (billions of dollars worth) came in at 1053 when the S&P was trading at about 1138 and that's what basically started the entire market crash because people started selling stocks when they saw the huge bearish trade in the futures contracts.

That's what you hear in the beginning when you hear the guy equate a move to 1053 (S&P 500 points) to a loss of 1,000 Dow points and sure enough the entire market came down to that level.

[BumRushDaShow]

3. Wow. Thank you for posting.

This is one of the most fascinating things I have ever heard. Thanks to technology one can hear the real-time stuff on the floor when something as freakish as this happens! Poor guy had to have gotten laryngitis after that! :rofl:

[Cali_Democrat]

4. This audio captures the fall of the S&P 500 from 1115 to 1060

Craziness.