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Why the New York Stock Exchange Is Closed on Wednesday, December 5

By , Money Morning -

On Saturday, U.S. President Donald Trump declared Dec. 5 a national day of mourning for former President George H.W. Bush, who passed away last Friday at the age of 94.

As is tradition for periods of national mourning, all major trading floors will be closed.

These include the New York Stock Exchange and the NASDAQ.

It also includes major indexes like the Dow Jones Industrial Average.

Trading will also be halted on the CME group exchange in Chicago, preventing investors from trading futures or options contracts.

Why the SEC Really Pulled the Plug on Stops – and What You Can Do About It

By , Chief Investment Strategist, Money Morning • @ShahGilani_TW -

stop orders

Last month the New York Stock Exchange (NYSE) announced that it would no longer accept stop-loss and good 'till cancelled (GTC) orders. It went on to say that it would cancel existing orders of those types in its books, too.

The policy, subject to Securities and Exchange Commission (SEC) rule filings, goes into effect on February 16, 2016, so there's plenty of time to prepare. Besides, GTC orders usually expire in 90 days, anyway. And of course the brokerages will continue to offer these types of orders. They'll simply trigger in-house and then be sent as limit or market orders for execution.

So, on the surface, this announcement doesn't seem like such a big deal.

But it is a very big deal. Partly for its effect on investors - though I'm going to show you how to get around it - but even more so for what the NYSE and its regulator, the SEC, are telegraphing with this decision: That they're essentially washing their hands of what's about to happen... Full Story

What Can Close the NYSE?

By , Associate Editor, Money Morning • @TaraKateClarke -

Dow Jones Industrial Average

On July 8, the New York Stock Exchange (NYSE) shut down for nearly four hours, without warning. A "technical issue" temporarily halted trading from 11:32 a.m. to 3:10 p.m. ET.

But the unexpected closing that rattled investors was actually just one in more than 400 "special closings" in the exchange's 223-year history.

Exactly what can close the NYSE?

Here's a look at some notable special and emergency closings that put Wednesday's glitch into perspective...

Update: New York Stock Exchange Reopens

By , Money Morning -

NYSE Closed Yesterday

It’s not unprecedented for the New York Stock Exchange to shut down. In its 223-year history, the index has had more than 400 “special closings.”

But Wednesday’s unexpected three-hour closing came without warning. It left investors confused — even panicked — and asking the question, “Why did the NYSE shut down today?”

Here's What Happened...

Why Did the NYSE Shut Down Today?

By , Associate Editor, Money Morning • @TaraKateClarke -

why did the nyse shut down today

It’s not unprecedented for the New York Stock Exchange to shut down. In its 223-year history, the index has had more than 400 “special closings.”

But Wednesday’s unexpected three-hour closing came without warning. It left investors confused -- even panicked -- and asking the question, “Why did the NYSE shut down today?”

You see, the NYSE “temporarily halted” trading at 11:32 a.m. ET. It resumed at roughly 3:10 p.m. ET.

Here’s what happened…

What the NYSE Deal Means for the Major Players – And You

By , Money Morning -

Best Investments Today The NYSE deal in which IntercontinentalExchange Inc. (NYSE: ICE) will acquire NYSE Euronext (NYSE: NYX), the operator of the New York Stock Exchange, is putting pressure on CME Group Inc. (Nasdaq: CME) to find a dance partner before closing time.

That's because the NYSE deal has highlighted the importance of futures and options exchanges like CME (Chicago Mercantile Exchange) in the future of trading.

A new regulatory environment, set up to address the issues thought to have caused the financial crisis of 2008, will require most over-the-counter derivatives - customized options and futures contracts between two companies - to be settled through clearing houses instead of as a private agreement between two investors.

Settling OTC derivatives through clearing houses will require market participants to put up collateral and adhere to specified margin requirements, which are not necessarily required in an OTC transaction.

Big derivatives exchanges, such as ICE and CME, see this as another money-making opportunity. And ICE just made a huge profit move with its NYSE deal.

"CME should be wary of this combination because it looks to be pretty formidable," Michael Holland, who oversees more than $4 billion in assets as chairman of New York-based Holland & Co., said in a phone interview with Bloomberg News. "The ICE people have done a very smart thing. CME should be concerned."

NYSE Deal Signals End of Era

ICE acknowledges the NYSE deal is all about NYSE LIFFE, Europe's second-largest futures exchange specializing in financial futures, which is operated by NYSE Euronext. ICE specializes in energy and agricultural commodity derivatives, so acquiring LIFFE gives ICE a broader, complementary product lineup as well as enhanced access to the European market.

By leveraging its existing clearing operations through the acquisition of NYSE LIFFE, ICE hopes to increase its clearing and settlement revenue as new regulation begins to take effect next year.

This seems to be the final nail in the coffin for the brick-and-mortar stock exchange and the ultimate triumph of electronic trading.

The NYSE and other stock exchanges around the world have lost market share to electronic exchanges, market makers and dark pools where the bulk of trading now takes place.

The idea of trading on the floor of a stock exchange now seems to be an anachronism -
a buggy whip in the Space Age.

Which brings us to the importance of CME.

To continue reading, please click here...

New York Stock Exchange Holiday Calendar 2011-2013

By , Associate Editor, Money Morning • @DavidGZeiler -

Under normal circumstances, the New York Stock Exchange (NYSE) is open from Monday through Friday 9:30 a.m. to 4:00 p.m. ET. It closes for official U.S. holidays; most U.S. exchanges follow the NYSE's schedule.
The NYSE will also close for special occasions or emergencies.

New York Stock Exchange Holiday Calendar 2011-2013


Notes on the Schedule

  • New Years' Day (January 1) in 2011 falls on a Saturday.The rules of the applicable exchanges state that when a holiday falls on a Saturday, we observe the preceding Friday unless the Friday is the end of a monthly or yearly accounting period. In this case, Friday, December 31, 2010 is the end of both a monthly and yearly accounting period; therefore the exchanges will be open that day and the following Monday.


To continue reading, please click here...

What Really Caused the Stock Market 'Flash Crash'

By , Chief Investment Strategist, Money Morning • @ShahGilani_TW -

Just when you thought it was safe to get back into U.S. stocks, you think you see a shark.

If you are searching - like the regulatory lifeguards and all the political beach bums - to pinpoint and kill the menacing shark that took a huge bite out of investor confidence when the Dow Jones Industrial Average tanked 1,000 points in a just a few minutes late in the day on May 6, don't bother to scan the horizon looking for the dorsal fin of some lurking predator.

The threat you fear isn't under the water: It is the water.

We're talking about market liquidity.

For the full story of the stock-market flash crash - and for some cautionary steps to take - please read on...

Question of the Week: Readers Respond to Money Morning's "Flash Crash" Query

By , Associate Editor, Money Morning -

The May 6 1000-point drop in the Dow Jones Industrial Average triggered a roar of theories on the cause of the "flash crash." Was it a "fat finger" that entered an incorrect trade, leading automated trading systems to hit a high-frenzied sell mode? Did the initial sell-off fuel panic that escalated sales before manual corrections could be implemented?

As the New York Stock Exchange slowed trading, orders were routed to electronic exchanges that were not operating under the same safeguards and some companies' stocks were briefly valued at just pennies.

The exchanges have agreed to revise circuit breakers designed to stop trading during periods of extreme volatility, and to develop standards for handling erroneous trades. Almost all exchanges admitted that the markets' varying policies on halting trading contributed to the roller coaster ride.

Read More…

We Want to Hear From You: How Has the Market's "Flash Crash" Affected Your Investment Behavior?

By , Associate Editor, Money Morning -

Thursday's Dow Jones Industrial Average 1000-point drop triggered a roar of theories on the cause of the "flash crash." Was it a "fat finger" that entered an incorrect trade, leading automated trading systems to hit a high-frenzied sell mode? Did the initial sell-off fuel panic that escalated sales before manual corrections could be implemented?

As the New York Stock Exchange slowed trading, orders were routed to electronic exchanges that were not operating under the same safeguards and some companies' stocks were briefly valued at just pennies.

"I still haven't heard a satisfactory answer as to what happened and what could be done about it," Frank C. Boucher, the head of a Virginia-based financial planning firm, told Bloomberg on Monday - four days after the market's drop.

Read More…

SEC, Major Exchanges, Working on New 'Circuit-Breaker' Rules to Avoid Another 1,000-Point Plunge in the Dow

By , Money Morning -

In response to the wild ride U.S. stocks endured Thursday, executives from six U.S. stock exchanges yesterday (Monday) agreed on a framework for "strengthening circuit breakers and handling erroneous trades," the U.S. Securities and Exchange Commission announced.

NYSE Euronext (NYSE: NYX), Nasdaq OMX Group Inc. (Nasdaq: NDAQ), Bats Global Markets, Direct Edge Holdings, International Securities Exchange Holdings Inc. and CBOE Holdings Inc. (Nasdaq: CME) met with SEC Chairwoman Mary L. Schapiro on Monday morning.

The SEC's Schapiro, Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler and officials from the various exchanges were also to meet later yesterday with U.S. Treasury Secretary Timothy Geithner. Officials from the CME Group Inc. (Nasdaq: CME), the largest U.S. futures exchange, also were to attend that meeting - after having met earlier in the day with CFTC leaders, The Wall Street Journal reported.

Read More…

Question of the Week: Overlooked Problems Will Kill the U.S. Bull Market

By , Associate Editor, Money Morning -

The U.S. stock market has staged one of its most powerful rallies in history, zooming nearly 70% in the 12 months that followed the March 9, 2009 market low. U.S. stocks soared another 5% during the first three months of 2010 - its best first quarter in a dozen years. But where do we go from here?

Between the New York Stock Exchange continuously reaching new highs, the Dow Jones Industrial Average rising up along its eight-day average, and a rebounding retail sector, there's reason to celebrate what appears to be a market recovery offering investors profit opportunities.

"You can't bury your head in the sand and ignore what's happening," said Money Morning Chief Investment Strategist Keith Fitz-Gerald. "If you did that, you've missed a 60%-plus rally in the [Standard & Poor's 500 Index] since early last March. You cannot fail to acknowledge what's happening" in the markets, even though top traders understand that cheap money from the government bailout - and not a well-rounded economic recovery - is most likely behind the torrid run-up in U.S. share prices.

Money Morning Question of the Week: Is this a true bull market? A year from now, are U.S. stocks - as measured by the Standard & Poor's 500 Index - trading higher, lower, or at the same level as they are today?

What follows are some of the most well thought-out responses we received (as well as a previous comment regarding the bull vs. bear market argument posted on our Web site) with many agreeing this bull market is too good to be true.

Read More…

Answer Our Question of the Week: Is This a True Bull Market?

By , Money Morning -

Money Morning Contributing Writer Jon D. Markman has been saying it every week now: The bulls have it! Between the New York Stock Exchange continuously reaching new highs, the Dow Jones Industrial Average rising up along its eight-day average (see chart), and a rebounding retail sector, there's reason to celebrate what appears to be a market recovery offering investors a profit.

Read More…

How to Profit From the "Evil Genius" of Goldman Sachs

By , Contributing Writer, Money Morning -

When references are made to the world's "oldest profession," I sometimes wonder if we're not exactly referring to market manipulation. In this country alone, market operators have been employing all sorts of market manipulations for more than 100 years.

What may surprise you is that most of it isn't illegal or even improper; in institutional circles, it's actually viewed as shrewd business.

One such manipulation was put on display this week - a news development that had me howling in disbelief and left me in awe of the evil genius of Goldman Sachs Group Inc. (NYSE: GS).

But if we step back, there's a lesson here - a lesson that points to real potential profits if we stop to understand what's about to happen before our very eyes. It's a lesson that I preach to investors - that the institutions that operate the market and maintain its very framework, also "influence" that market's movements. In fact, this real-market "case study" confirms the profit strategy that I've set out in this special report.

These machinations are completely legal. But they do happen and those who understand that also have the opportunity to profit from that knowledge. And you don't even have to be part of the institutional elite to do so if you know what to look for.

Let me explain...

Read More…

Investment News Briefs

By , Money Morning -

Hu Silent on Yuan; Troubled U.S. Banks May Get Chinese Bailout; SEC Sanctions Doubled in Last Fiscal Year; October PPI Gains; Playboy CFO Quits Amid Talk of Buyout; U.S. Home Builders Still Discouraged; GM Could Lay Off Up to 10,000 European Workers; Costco Stops Coke Product Orders Over Price Dispute

Read More…