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Anatomy of a Crash

Published in Automated Trader Magazine Issue 18 Q3 2010

Drawing on official documents and news reports, Bob Giffords charts the course of one day’s trading in New York.

 

Market open

Market open British general election takes place with growing worries over a hung parliament

News bulletins feature rioting in Athens on the previous day over the government's austerity programme, including the firebombing of a bank. Greece is facing a €300 bn debt rollover on 19 May.

The CBOE Volatility Index (VIX), known as the fear gauge, opens at 25.88 and stays level during the morning, 25% higher than recent levels


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