Market cannot fall

No panic can happen: Bloomberg and Zero Hedge: Trading on the Italian exchange remained halted because of “technical issues” after the benchmark FTSE MIB Index fell the most in eight months yesterday on concern Libya’s unrest may affect Italian companies. Borsa Italiana SpA, owned by London Stock Exchange Group Plc, said in a statement on its website that “restoring operations” are underway after stocks failed to open and the futures market was halted at 12:10 p.m. All markets are suspended, the Milan bourse said in a separate statement. The trading suspension “is something unacceptable,” said Francesco Vercesi, a money manager at Fiduciaria Orefici Sim SpA in Milan. Investors were permitted to cancel orders submitted before the scheduled opening, the exchange said. Futures trading on the FTSE MIB was temporarily halted Jan. 3 because of technical “issues.” The FTSE MIB yesterday lost 3.6 percent to 22,230.2, the biggest decline since June 29. Impregilo SpA, the country’s largest construction company, plummeted 6.2 percent to 2.31 euros, the biggest loss since April 2009. The company has 1 billion euros ($1.4 billion) of projects in Libya, according to Milan broker Equita Sim SpA. UniCredit SpA, the nation’s biggest bank, sank 5.8 percent to 1.87 euros, the largest loss since May. UniCredit was down 2.1 percent to 1.83 euros at 12:44 p.m. local time on Chi-X Europe Ltd., Europe’s largest alternative trading system. Eni, Europe’s fourth-biggest oil company, was down 2 percent to 17.09 euros. Impregilo was down 6.3 percent to 2.16 euros.

Don't count on stops or exchange limits to save those playing the traffic today, maybe this week. The damage will come from premature buys, and late shorts. Best, Islander (oh yes watch AAPL for clues)

Edited by Islander, 22 February 2011 - 09:28 AM.

don't kid yourself, one day the stk mkt will be like pork bellies, and be lock limit down 2-3 days in a row.

yeah, and I just hope I am still alive and kickin to see it <G> klh