📄 test.lab
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now , at 3:07 , one of the market 's post-crash `` reforms '' took hold as the s&p 500 futures contract had plunged 12 points , equivalent to around a 100-point drop in the dow industrials .RB , IN CD , CD IN DT NN POS JJ `` NNS '' VBD NN IN DT NNP CD NNS NN VBD VBN CD NNS , JJ TO RB DT JJ NN IN DT NNP NNS .ADVP DEP PP NP DEP NP-SBJ PP DEP DEP NP DEP DEP NP DEP ROOT NP-OBJ SBAR DEP DEP DEP DEP NP-SBJ S VP DEP NP DEP ADJP PP QP DEP DEP NP PP DEP DEP NP DEP15 15 15 3 15 15 6 10 10 13 13 13 7 13 0 15 15 22 22 22 22 23 17 23 26 24 26 26 28 33 30 30 29 33 37 37 34 15under an agreement signed by the big board and the chicago mercantile exchange , trading was temporarily halted in chicago .IN DT NN VBN IN DT NNP NNP CC DT NNP NNP NNP , NN VBD RB VBN IN NNP .PP DEP NP VP PP DEP DEP NP DEP DEP DEP DEP NP DEP NP-SBJ ROOT ADVP VP PP NP DEP16 3 1 3 4 8 8 13 13 13 13 13 5 16 16 0 16 16 18 19 16after the trading halt in the s&p 500 pit in chicago , waves of selling continued to hit stocks themselves on the big board , and specialists continued to notch prices down .IN DT NN NN IN DT NNP CD NN IN NNP , NNS IN VBG VBN TO VB NNS PRP IN DT NNP NNP , CC NNS VBD TO VB NNS RB .PP DEP DEP NP PP DEP DEP DEP NP PP NP DEP NP-SBJ PP NP S DEP S NP NP-OBJ PP DEP DEP NP DEP DEP NP-SBJ ROOT DEP S NP-OBJ ADVP DEP28 4 4 1 4 9 9 9 5 9 10 28 16 13 14 28 18 16 20 18 18 24 24 21 28 28 28 0 30 28 30 30 28as a result , the link between the futures and stock markets ripped apart .IN DT NN , DT NN IN DT NNS CC NN NNS VBD RB .PP DEP NP DEP DEP NP-SBJ PP DEP DEP DEP DEP NP ROOT ADVP DEP13 3 1 13 6 13 6 12 12 12 12 7 0 13 13without the guidepost of stock-index futures -- the barometer of where traders think the overall stock market is headed -- many traders were afraid to trust stock prices quoted on the big board .IN DT NN IN NN NNS : DT NN IN WRB NNS VBP DT JJ NN NN VBZ VBN : JJ NNS VBD JJ TO VB NN NNS VBD IN DT NNP NNP .PP DEP NP PP DEP NP DEP DEP NP PP SBAR NP-SBJ S DEP DEP DEP NP-SBJ SBAR VP DEP DEP NP-SBJ ROOT ADJP DEP S DEP NP-OBJ VP PP DEP DEP NP DEP23 3 1 3 6 9 9 9 4 9 10 13 11 17 17 17 18 13 18 9 22 23 0 23 26 24 28 26 28 29 33 33 30 23the futures halt was even assailed by big board floor traders .DT NNS NN VBD RB VBN IN NNP NNP NN NNS .DEP DEP NP-SBJ ROOT ADVP VP PP DEP DEP DEP NP DEP3 3 4 0 4 4 6 11 11 11 7 4`` it screwed things up , '' said one major specialist .`` PRP VBD NNS RP , '' VBD CD JJ NN .DEP NP-SBJ S NP-OBJ PRT DEP DEP ROOT DEP DEP NP-SBJ DEP8 3 8 3 3 8 8 0 11 11 8 8this confusion effectively halted one form of program trading , stock index arbitrage , that closely links the futures and stock markets , and has been blamed by some for the market 's big swings .DT NN RB VBD CD NN IN NN NN , NNP NNP NN , WDT RB VBZ DT NNS CC NN NNS , CC VBZ VBN VBN IN DT IN DT NN POS JJ NNS .DEP NP-SBJ ADVP ROOT DEP NP PP DEP NP DEP DEP DEP NP-OBJ DEP SBAR ADVP S DEP DEP DEP DEP NP-OBJ DEP DEP VP VP VP PP NP PP DEP DEP NP DEP NP DEP2 4 4 0 6 13 6 9 7 13 13 13 4 13 13 17 15 22 22 22 22 17 17 17 17 25 26 27 28 27 33 33 35 35 30 4( in a stock-index arbitrage sell program , traders buy or sell big baskets of stocks and offset the trade in futures to lock in a price difference . )-LRB- IN DT NN NN NN NN , NNS VBP CC VBP JJ NNS IN NNS CC VBP DT NN IN NNS TO VB RP DT NN NN . -RRB-DEP PP DEP DEP DEP DEP NP DEP NP-SBJ ROOT DEP DEP DEP NP-OBJ PP NP DEP VP DEP NP-OBJ PP NP DEP S PRT DEP DEP NP-OBJ DEP DEP10 10 7 7 7 7 2 10 10 0 10 10 14 10 14 15 10 10 20 18 20 21 24 18 24 28 28 24 10 10`` when the airline information came through , it cracked every model we had for the marketplace , '' said a managing director at one of the largest program-trading firms .`` WRB DT NN NN VBD RB , PRP VBD DT NN PRP VBD IN DT NN , '' VBD DT NN NN IN CD IN DT JJS NN NNS .DEP SBAR DEP DEP NP-SBJ S PRT DEP NP-SBJ S DEP NP-OBJ NP-SBJ SBAR PP DEP NP DEP DEP ROOT DEP DEP NP-SBJ PP NP PP DEP DEP DEP NP DEP20 10 5 5 6 2 6 10 10 20 12 10 14 12 12 17 15 20 20 0 23 23 20 23 24 25 30 30 30 26 20`` we did n't even get a chance to do the programs we wanted to do . ''`` PRP VBD RB RB VB DT NN TO VB DT NNS PRP VBD TO VB . ''DEP NP-SBJ ROOT DEP ADVP VP DEP NP-OBJ DEP S DEP NP-OBJ NP-SBJ SBAR DEP S DEP DEP3 3 0 3 3 3 8 6 10 8 12 10 14 12 16 14 3 3but stocks kept falling .CC NNS VBD VBG .DEP NP-SBJ ROOT S DEP3 3 0 3 3the dow industrials were down 55 points at 3 p.m. before the futures-trading halt .DT NNP NNS VBD RB CD NNS IN CD NN IN DT JJ NN .DEP DEP NP-SBJ ROOT ADVP DEP NP PP NP DEP PP DEP DEP NP DEP3 3 4 0 4 7 5 4 8 9 4 14 14 11 4at 3:30 p.m. , at the end of the `` cooling off '' period , the average was down 114.76 points .IN CD RB , IN DT NN IN DT `` VBG RP '' NN , DT NN VBD RB CD NNS .PP NP DEP DEP PP DEP NP PP DEP DEP DEP DEP DEP NP DEP DEP NP-SBJ ROOT ADVP DEP NP DEP18 1 2 18 18 7 5 7 14 14 14 14 14 8 18 17 18 0 18 21 19 18meanwhile , during the the s&p trading halt , s&p futures sell orders began piling up , while stocks in new york kept falling sharply .RB , IN DT DT NNP NN NN , NNP NNS NN NNS VBD VBG RP , IN NNS IN NNP NNP VBD VBG RB .ADVP DEP PP DEP DEP DEP DEP NP DEP DEP DEP DEP NP-SBJ ROOT S PRT DEP SBAR NP-SBJ PP DEP NP S S ADVP DEP14 14 14 8 8 8 8 3 14 13 13 13 14 0 14 15 14 14 23 19 22 20 18 23 24 14big board chairman john j. phelan said yesterday the circuit breaker `` worked well mechanically .NNP NNP NNP NNP NNP NNP VBD NN DT NN NN `` VBD RB RB .DEP DEP DEP DEP DEP NP-SBJ ROOT NP DEP DEP NP-SBJ DEP SBAR ADVP ADVP DEP6 6 6 6 6 7 0 7 11 11 13 13 7 13 13 7i just think it 's nonproductive at this point to get into a debate if index arbitrage would have helped or hurt things . ''PRP RB VBP PRP VBZ JJ IN DT NN TO VB IN DT NN IN NN NN MD VB VBN CC VB NNS . ''NP-SBJ ADVP ROOT NP-SBJ SBAR ADJP PP DEP NP DEP S PP DEP NP SBAR DEP NP-SBJ S VP VP DEP DEP NP-OBJ DEP DEP3 3 0 5 3 5 5 9 7 11 5 11 14 12 14 17 18 15 18 19 20 20 20 3 3under another post-crash system , big board president richard grasso ( mr. phelan was flying to bangkok as the market was falling ) was talking on an `` inter-exchange hot line '' to the other exchanges , the securities and exchange commission and the federal reserve board .IN DT JJ NN , NNP NNP NN NNP NNP -LRB- NNP NNP VBD VBG TO NNP IN DT NN VBD VBG -RRB- VBD VBG IN DT `` JJ JJ NN '' TO DT JJ NNS , DT NNPS CC NNP NNP CC DT NNP NNP NNP .PP DEP DEP NP DEP DEP DEP DEP DEP NP-SBJ DEP DEP NP-SBJ PRN VP PP NP SBAR DEP NP-SBJ S VP DEP ROOT VP PP DEP DEP DEP DEP NP DEP PP DEP DEP NP DEP DEP DEP DEP DEP NP DEP DEP DEP DEP NP DEP24 4 4 1 24 10 10 10 10 24 14 13 14 24 14 15 16 15 20 21 18 21 14 0 24 25 31 31 31 31 26 31 31 36 36 47 47 42 42 42 42 47 47 47 47 47 33 24he camped out at a high-tech nerve center on the floor of the big board , where he could watch updates on prices and pending stock orders .PRP VBD RP IN DT JJ NN NN IN DT NN IN DT NNP NNP , WRB PRP MD VB NNS IN NNS CC VBG NN NNS .NP-SBJ ROOT PRT PP DEP DEP DEP NP PP DEP NP PP DEP DEP NP DEP SBAR NP-SBJ S VP NP-OBJ PP NP DEP DEP DEP NP DEP2 0 2 2 8 8 8 4 8 11 9 11 15 15 12 8 8 19 17 19 20 21 27 27 27 27 22 2at about 3:30 p.m. edt , s&p futures resumed trading , and for a brief time the futures and stock markets started to come back in line .IN IN CD RB NNP , NNP NNS VBD NN , CC IN DT JJ NN DT NNS CC NN NNS VBD TO VB RB IN NN .PP DEP DEP DEP NP DEP DEP NP-SBJ S S DEP DEP PP DEP DEP NP DEP DEP DEP DEP NP-SBJ ROOT DEP S ADVP PP NP DEP9 5 5 5 1 9 8 9 22 9 22 22 22 16 16 13 21 21 21 21 22 0 24 22 24 25 26 22buyers stepped in to the futures pit .NNS VBD RP TO DT NNS NN .NP-SBJ ROOT ADVP PP DEP DEP NP DEP2 0 2 3 7 7 4 2but the build-up of s&p futures sell orders weighed on the market , and the link with stocks began to fray again .CC DT JJ IN NNP NNS NN NNS VBD IN DT NN , CC DT NN IN NNS VBD TO NN RB .DEP DEP NP-SBJ PP DEP DEP DEP NP S PP DEP NP DEP DEP DEP NP-SBJ PP NP ROOT DEP S ADVP DEP9 3 9 3 8 8 8 4 19 9 12 10 19 19 16 19 16 17 0 21 19 21 19at about 3:45 , the s&p market careened to still another limit , of 30 points down , and trading was locked again .IN IN CD , DT NNP NN VBD TO RB DT NN , IN CD NNS RB , CC NN VBD VBN RB .PP DEP NP DEP DEP DEP NP-SBJ S PP DEP ADJP NP DEP PP DEP NP ADVP DEP DEP NP-SBJ ROOT VP ADVP DEP21 3 1 21 7 7 8 21 8 11 12 9 12 12 16 14 16 21 21 21 0 21 22 21futures traders say the s&p was signaling that the dow could fall as much as 200 points .NNS NNS VBP DT NNP VBD VBG IN DT NNP MD VB RB JJ IN CD NNS .DEP NP-SBJ ROOT DEP NP-SBJ SBAR VP SBAR DEP NP-SBJ S VP DEP NP PP DEP NP DEP2 3 0 5 6 3 6 7 10 11 8 11 14 12 14 17 15 3during this time , small investors began ringing their brokers , wondering whether another crash had begun .IN DT NN , JJ NNS VBD VBG PRP$ NNS , VBG IN DT NN VBD VBN .PP DEP NP DEP DEP NP-SBJ ROOT S DEP NP-OBJ DEP S SBAR DEP NP-SBJ S VP DEP7 3 1 7 6 7 0 7 10 8 7 7 12 15 16 13 16 7at prudential-bache securities inc. , which is trying to cater to small investors , some demoralized brokers thought this would be the final confidence-crusher .IN NNP NNPS NNP , WDT VBZ VBG TO VB TO JJ NNS , DT VBN NNS VBD DT MD VB DT JJ NN .PP DEP DEP NP DEP SBAR S VP DEP S PP DEP NP DEP DEP DEP NP-SBJ ROOT NP-SBJ SBAR VP DEP DEP NP-PRD DEP18 4 4 1 4 4 6 7 10 8 10 13 11 4 17 17 18 0 20 18 20 24 24 21 18that 's when george l. ball , chairman of the prudential insurance co. of america unit , took to the internal intercom system to declare that the plunge was only `` mechanical . ''DT VBZ WRB NNP NNP NNP , NN IN DT NNP NNP NNP IN NNP NN , VBD TO DT NNP NNP NNP TO VB IN DT NN VBD RB `` JJ . ''NP-SBJ ROOT SBAR DEP DEP NP DEP NP-SBJ PP DEP DEP DEP NAC PP NP NP DEP S PP DEP DEP DEP NP DEP S SBAR DEP NP-SBJ S DEP DEP ADJP DEP DEP2 0 2 6 6 8 8 18 8 16 13 13 16 13 14 9 8 3 18 23 23 23 19 25 18 25 28 29 26 32 32 29 2 2`` i have a hunch that this particular decline today is something ` more ado about less . '`` PRP VBP DT JJ IN DT JJ NN NN VBZ NN `` RBR JJ IN RBR . ''DEP NP-SBJ ROOT DEP NP-OBJ SBAR DEP DEP NP NP-SBJ S NP DEP DEP NP-PRD PP NP DEP DEP3 3 0 5 3 5 9 9 10 11 6 15 15 15 11 15 16 3 3it would be my inclination to advise clients not to sell , to look for an opportunity to buy , '' mr. ball told the brokers .PRP MD VB PRP$ NN TO VB NNS RB TO VB , TO VB IN DT NN TO VB , '' NNP NNP VBD DT NNS .NP-SBJ S VP DEP NP-PRD DEP S NP-OBJ DEP DEP S DEP DEP VP PP DEP NP DEP S DEP DEP DEP NP-SBJ ROOT DEP NP-OBJ DEP2 24 2 5 3 7 3 7 11 11 7 11 14 11 14 17 15 19 17 24 24 23 24 0 26 24 24at merrill lynch & co. , the nation 's biggest brokerage firm , a news release was prepared headlined `` merrill lynch comments on market drop . ''IN NNP NNP CC NNP , DT NN POS JJS NN NN , DT NN NN VBD JJ VBN `` NNP NNP NNS IN NN NN . ''PP DEP DEP DEP NP DEP DEP DEP NP DEP DEP NP DEP DEP DEP NP-SBJ ROOT VP VP DEP DEP NP-SBJ S PP DEP NP DEP DEP17 5 5 5 12 12 9 9 12 12 12 1 17 16 16 17 0 17 18 23 22 23 19 23 26 24 17 17the release cautioned that `` there are significant differences between the current environment and that of october 1987 '' and that there are still `` attractive investment opportunities '' in the stock market .DT NN VBD IN `` EX VBP JJ NNS IN DT JJ NN CC IN IN NNP CD '' CC IN EX VBP RB `` JJ NN NNS '' IN DT NN NN .DEP NP-SBJ ROOT SBAR DEP NP-SBJ S DEP NP-PRD PP DEP DEP NP DEP NP PP NP DEP DEP DEP SBAR NP-SBJ S ADVP DEP DEP DEP NP-PRD DEP PP DEP DEP NP DEP2 3 0 21 4 7 4 9 7 9 13 13 15 15 10 15 16 17 4 21 3 23 21 23 28 28 28 23 28 28 33 33 30 3however , jeffrey b. lane , president of shearson lehman hutton inc. , said that friday 's plunge is `` going to set back '' relations with customers , `` because it reinforces the concern of volatility .RB , NNP NNP NNP , NN IN NNP NNP NNP NNP , VBD IN NNP POS NN VBZ `` VBG TO VB RP '' NNS IN NNS , `` IN PRP VBZ DT NN IN NN .ADVP DEP DEP DEP NP DEP NP-SBJ PP DEP DEP DEP NP DEP ROOT SBAR DEP NP NP-SBJ S DEP VP DEP S PRT DEP NP-OBJ PP NP DEP DEP SBAR NP-SBJ S DEP NP-OBJ PP NP DEP14 14 5 5 7 7 14 7 12 12 12 8 7 0 14 17 18 19 15 19 19 23 21 23 23 23 26 27 21 21 21 33 31 35 33 35 36 14and i think a lot of people will harp on program trading .CC PRP VBP DT NN IN NNS MD VB IN NN NN .DEP NP-SBJ ROOT DEP NP-SBJ PP NP SBAR VP PP DEP NP DEP3 3 0 5 8 5 6 3 8 9 12 10 3it 's going to bring the debate right back to the forefront . ''PRP VBZ VBG TO VB DT NN RB RB TO DT NN . ''NP-SBJ ROOT VP DEP S DEP NP-OBJ ADVP DEP PP DEP NP DEP DEP2 0 2 5 3 7 5 5 8 8 12 10 2 2as the dow average ground to its final 190.58 loss friday , the s&p pit stayed locked at its 30-point trading limit .IN DT NNP NNP VBD TO PRP$ JJ CD NN NNP , DT NNP NN VBD VBN IN PRP$ JJ NN NN .SBAR DEP NP-SBJ DEP S PP DEP DEP DEP NP NP DEP DEP DEP NP-SBJ ROOT ADJP PP DEP DEP DEP NP DEP16 3 5 3 1 5 10 10 10 6 5 16 15 15 16 0 16 17 22 22 22 18 16jeffrey yass of program trader susquehanna investment group said 2,000 s&p contracts were for sale on the close , the equivalent of $ 330 million in stock .NNP NNP IN NN NN NNP NNP NNP VBD CD NN NNS VBD IN NN IN DT NN , DT NN IN $ CD CD IN NN .DEP NP-SBJ PP DEP DEP DEP DEP NP ROOT DEP DEP NP-SBJ SBAR PP NP PP DEP NP DEP DEP NP-OBJ PP NP DEP DEP PP NP DEP2 9 2 8 8 8 8 3 0 12 12 13 9 13 14 13 18 16 13 21 13 21 22 23 23 23 26 9but there were no buyers .CC EX VBD DT NNS .DEP NP-SBJ ROOT DEP NP-PRD DEP3 3 0 5 3 3while friday 's debacle involved mainly professional traders rather than investors , it left the market vulnerable to continued selling this morning , traders said .IN NNP POS NN VBN RB JJ NNS RB IN NNS , PRP VBD DT NN JJ TO VBD VBG DT NN , NNS VBD .SBAR DEP NP NP-SBJ S ADVP DEP NP-OBJ DEP PP NP DEP NP-SBJ S DEP NP-SBJ S PP DEP NP DEP NP DEP NP-SBJ ROOT DEP14 3 4 5 1 5 8 5 10 8 10 14 14 25 16 17 14 17 20 18 22 17 25 25 0 25
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