505.8 points down. Off 22%. $500 billion vaporized. Oct. 19, 1987. The end, or maybe not. Black Monday 1987 was the making or breaking point for many traders.
Cancel Crash, the documentary that premieres today revisits that fateful time and the trade heard ‘round the world.
Below are more of the stories of people who were affected by 1987. We invite you to add your own stories to the comment area below, or to email them to me at email@example.com
Ben Rubin was the trader in the famous Chicago Tribune cover shot.
Where were you on Oct. 19, 1987 and what do you remember most vividly?
I was in the S&P Pit. What I remember most was that the clearing firms came down and took most guys out of the pit and didn't let them trade because it was too dangerous. Only a few of us were left and we just tried to stay short because we knew what was going down.
What were your lessons learned from that crash that carried you through other market crashes, such as 2008-09?
Same lesson every other event teaches every trader. Discipline! I left the pit in 2006 and traded S&P e- mini's for three years and broke even! Now I make a living playing poker in Vegas with guys who have no discipline. Perfect for an ex-pit trader.
How do you see the current fiscal situation playing out?
If I had to look right now I would say somewhere soon we will see a down movement particularly if there is a big swing towards the conservatives in our political climate.