On: Today the Dow dropped 1000 points in about ten minutes.

[far33d]

This makes me think that I should just place limit orders for every S+P 500 company at $.10. Chances are the orders will never be filled but if this happens again I'll get rich.

[wr1472 → far33d]

Sounds like Nassim Taleb's Black Swan theory. I wonder if he made any money out of it at his Empirica hedge fund?

[pchristensen → wr1472]

IIRC, he ran out of money before the crash hit. If he had more capital, he would have cleaned up.

[dkimball → pchristensen]

As the old saying goes, "The market can stay irrational for longer than you can stay solvent"...

[blantonl → far33d]

limit orders typically expire at the end of the day

[inferno0069 → blantonl]

GTC (good 'til canceled) are available to me (nobody special--just a margin account at Zecco) as nothing more than an option to change on a normal order. The only difference is that they stay open across the end of the day. (Supposedly they'll be canceled by something after 30-90 days if I don't cancel them and they don't execute.)