Reply With Quote
I think a "big" firm made a trading error and POOF. It should be okay.
. . . only to bounce back 700 pts in less than an hour. It was down by more than 300 pts, which is bot pocket change.
This going on in Greece appears to be serious. Just when the economies of the world appeared to be stabilizing . . .
I think a "big" firm made a trading error and POOF. It should be okay.
If that's the case, gonna be a lot of angry folks who had stop limits triggered by that "error"
Absolutely.
And if it is true, the market should recover some tomorrow...but I would guess that there will be another move to stabilize intra-trading mechanical factors.
Accenture dropped from $40 to ONE CENT per share, and then back up to $35. Oh, to be a day trader at that moment with a couple of grand to play with....
What a crock....there are only two real currency reserves in the world, the Euro and the Dollar...the Euro is gonna take a big hit because Greece is Euro...that means that if you have money you can do ine of two things with it, keep it in your mattress, hope it doesn't disappear and depreciate in value down to nothing before you need it, or put it into the American economy..
It'll be interesting to see who, exactly, did benefit from the "error."
Seriously, if a key entry error can trigger such a market anomaly, that's a ed up system.
There was talk of voiding the transactions that occurred during the "event." That would really piss off your day traders, exstatic.
It's been dropping like a rock the last few days. Right now 1 Euro equals just over $1.26 USD. The pound is taking a hit as well. Good news for me . . . I'm going to be in Europe most of June.
Last edited by Bartleby; 05-06-2010 at 09:16 PM.
lol greek govt
GFC 2 is looming....ir ur country out of ammo?
so what happens if the greeks forfeit? there bases belong to the other creditors?
CNBC's Bartiromo: 'That is Ridiculous. This Really Sounds Like Market Manipulation to Me'
If true, I hope they're able to figure out who's responsible.
Now, this is an investigation I'd like to see produce a suspect in 72 hours or less.
Apparently some trader moved shares and instead of doing 16m he did 16b...huge difference that turned a companies "futures" market worth into the combined total of the US & Chinese markets. The trade dealt with those thingies that got Goldman Sachs in trouble, those fake numbers that people put money on and expect to grow - I forgot the term for those things, think it starts with a D.
Anyway, all trades done within the time frame of the incident will be rolled back. People could have made hundreds of thousands and now it'll be taken back.
Derivatives?
Seriously, a typo did this? Seems to me there should be some formula that would have caught the errant "b," Such as, oh I don't know, a big red dialog box that popped up and told the idiot, "Dude, you're trading the entire US & Chinese markets in one transaction, are you sure?"
I see lawsuits...Anyway, all trades done within the time frame of the incident will be rolled back. People could have made hundreds of thousands and now it'll be taken back.
Yea, derivatives! Those things sounds dangerous.
And yea, the excuse that's been going around is some dude making a mistake with money he didn't even have
Remains a mystery, two days later.
http://www.nytimes.com/2010/05/08/bu...e&ref=businessOn Friday, the Nasdaq market said it would cancel all trades that had occurred in the 20-minute period between 2:40 p.m. and 3 p.m. on Thursday that were 60 percent higher or lower than the last trade at 2:40. “This decision,” the exchange noted on its Web site, “cannot be appealed.”
The *fat fingers* offered to the reading public as an initial possibility have begun to be ruled out. Nice one, guys.
cool, guy.
“Somebody got Accenture at a penny. They’re ready to announce their retirement,” joked Daniel Seiver, a finance professor at San Diego State University.
Last edited by Winehole23; 05-09-2010 at 04:48 AM. Reason: H/T, exstatic
It's going to be a very interesting Monday.
Black Monday II?
The discovery of a structural flaw in US trading, is not opportune.
The level of official understanding of the flaw expressed publicly so far, does not inspire confidence. JMO.
i think they usually cancel those type of transactions cause of the error
Uh. Hmm.
I meant I don't think the technical disruption is well understood at this point, at least, not that *they'll* give out publicly.
Were you making a point or just repeating one? I couldn't really tell.
Little help?
I should be long on SDS . . .
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
