...There were 146,083 contracts traded in that one-minute period between 14:59 and 15:00 (Central); the next minute, when the real dislocation hit, traded 91,774 - after the cash market bell had rung.
The closing bell is usually busy. But this sort of volume is absolutely unheard of. To put it in perspective yesterday the same time recorded 26,540 contracts, and 36,642 the minute after.
Volume was light all day, as is somewhat common in the summer on a Friday. The close started its usual increase, and was up to 23,000 contracts at 14:57 with two minutes remaining.
Then all hell broke loose...
But don't worry. They'll take care of your money, alright.
The FDIC insures 4.8 trillion dollars in deposits in US banks and thrifts, and yet they have 0.27% - more than two-thirds less than they had a bit more than a year ago - in money to "cover" those deposits.
But don't worry, be happy!
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