Hi Marty

I think it is still the biggest single day loss in DJ history....but I’ll take you back 2 months before the crash, in August. I was on a TV show, in Canada, called Venture which was about finance and business in Canada. One of my clients was the host of the show and he wanted to do a show on the stock market. I think it was 15 minutes long. The market had been moving up rapidly over the previous few months so he wanted to get my take on it..Near the end of the interview he asked the question...”So, Steve, where is the market headed now? My response “well, the markets moved up pretty much in a straight line, It could come down in a straight line too. How’s that for a prophecy, Tony??LOL

On Black Monday, the market (forgive my memory, here) started out bad and just deteriorated the entire day. Yes. I too spent the entire day staring at the screen. But I was one of the lucky ones...I had no orders in the system. Those that had orders in could not cancel them and their clients took a beating....this was also a time before circuit breakers to shut the system down so everyone could take a deep breath. They came into play because of Black Monday...Of course the client calls by the thousands came in to the office wanting us to cancel their orders...no can do...it was pretty abusive for many brokers.
What most people forget is that the next morning the market tanked again but the saving grace was President Reagan had his people phone the brokerage firms and told them to start buying or the result would be catastrophic..they did and the market turned on a dime...that may have saved the markets from total collapse....

Steve

Last edited by VNORTH2; 04/05/25 03:38 PM.
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