What's 7% of US stock market capitalization?

[Kurt_and_Hunter]

It's odd watching the ostensible valuation of all US corporations drop 5%, 6%, 7% over worries about Greece.

I am guessing that kind of drop represents enough money to finance Greece for quite a long time. (If not buy the nation outright!)

I suspect that in reality, the market is too high and a lot of people have been waiting for any excuse to sell, thus the tail-wagging-the-dog effect.

[gmoney]

1. Wall street is a bunch of panicky chickenshits

Any possible rumor or sign of adversity, they sell sell sell! Everyone's trying to time the market.

[cbdo2007]

3. Many people and most banks have their sells automated....

so if something drops 3% or 4% or 10% it will sell automatically as a safety procedure. Then, that picks up steam and the next person who has it automatically a few cents lower will sell and so on.

I'm guessing a lot of people are selling today and don't even know it yet unless their staring at all their stocks falling before their eyes.

[Nederland]

2. A little under one trillion dollars

Technically the Wilshire 5000 isn't everything, but it's close in dollar terms.

http://www.wilshire.com/Indexes/Broad/Wilshire5000/Characteristics.html

Total market capitalization on 3/31/10: 14.2 trillion.

Take 7% of that and you get slightly under a trillion, but 14.2 is probably too high given what April looked like...

[WeDidIt]

4. If I had extra capital, I'd be buying the fuck out of that shit today

Buying while those around you are selling is good business. It'll go back up later.

[Change Happens]

5. I just did...a bunch too!!!

:)

[FBaggins]

6. It isn't "worries over Greece"

The market value of the decline (at it's worst) is several times the total problem in Greece. Greece, in fact, makes up a pretty small part of the EU.

This is "worries" that the problem will spread throughout Europe.

[Birthmark]

7. You'll note...

...that there's a lot of talk about the Invisible Hand, but no mention of a brain at all --not even an invisible one.

[Turbineguy]

8. The problem lies in the nomenclature.

They call them "Investors". They're not. They're Traders. Some are Gamblers.

[liberal_at_heart]

9. I read on Morningstar's website there could be a computer glitch involved

[Uzybone]

10. CNBC saying someone fat fingered a trade

hitting B for billion instead of M for million.

[liberal_at_heart]

11. Wow talking about the mother of all fat fingered mistakes