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Sep 29, 2008

TARP Vote Fails

Congress rejected the bank bailout. The Dow fell 778 points — its largest point drop ever at the time.

-7.0%DJIA drop

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Jul 31, 2008TARP Vote FailsNov 28, 2008
±60 trading days around the event

S&P 500 Around This Event

SPY · ±60 days
Jul 31Aug 7Aug 14Aug 20Aug 26Aug 29Sep 5Sep 10Sep 16Sep 22Sep 26Oct 1Oct 6Oct 9Oct 15Oct 20Oct 24Oct 30Nov 4Nov 7Nov 13Nov 18Nov 28$75$90$105$120$135
SPY Intraday Trading Activity

Open

$117.11

Close

$111.37

High

$121.18

Low

$110.52

Daily Change
-5.74 (-4.90%)
$109$113$117$1220M0M0M0M0M09:3010:0010:3011:0011:30
  • volumeM
  • high
  • close
09:30 — 11:55•30 of 78 candles
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Key Market Events

09:30 — Market Open
16:00 — Market Close

Circuit Breaker Levels

-7% Halt
-13% Halt
-20% Halt (Close for day)

Event Day Price

$111.38

Period High

$130.71

Period Low

$75.45

Period Change

-29.0%

What Happened Next?

1 Week Later

-5.8%

1 Year Later

+13.2%

Key Takeaway

TARP passed 4 days later, bottom in March 2009

“It’s human nature to do things in groups. This is extreme in markets. I’ve seen first hand large allocators who, as an organisation, seem to prefer losing money in a conventional way, than making money by themselves.”

“The market isn’t efficient or inefficient. That’s too simple. To me it’s just a thing, made up of players each of whom have different goals, different time horizons and different strategies.”

DS

David Steinberg

Founder, Marlowe

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Historical data for educational purposes only. Not financial advice.