Thursday, May 06, 2010
I hate it when that happens. lol
CNBC: Stock Selloff May Have Been Triggered by a Trader Error
In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses in what possibly could have been a trader error.
According to multiple sources, a trader entered a "b" for billion instead of an "m" for million
Posted by devo @ 09:35 PM (2213 views) Add Comment
28 Comments
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1. devo said...
hope he doesn't accidentally type a 'tr' tomorrow
2. Atex31@btinternet. Com said...
Lucky it was only an American Billion and not a real one or things could have been
3. chrisa said...
'In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses in what possibly could have been a trader error.
According to multiple sources, a trader entered a "b" for billion instead of an "m" for million'
Absolute rubbish explanation. Should be: the Dow plunged nearly 1000 points after the market manipulators decided to see what would happen if they stopped propping it up. They then quickly activated the plunge protection team and a miraculous rebound swiftly followed. How can anyone look at the chart and not see that it is all manipulated after that rebound?!
4. techieman said...
As i said Devo:
"There is a rumour that someone at one of the banks may have fat fingered a sell order and caused the break to below Dow 10,000. Its probably a good idea for the authorities to spread that rumour - so the falls were never justified... Blimey im begining to sound like i have been devo'd or malct'd etc."
:-)...make that devo'd or malct'd or chrisa...
5. devo said...
enlighten us techieman
call it algorhythms, call it high frequency trading, call it corruptiom
6. techieman said...
Devo i thought i was pretty clear....wasn't i?
7. devo said...
@techieman
is this your first admission that your career-to-date has been basically to second-guess the market manipulators?
8. techieman said...
wow thats a quantum leap devo!
No my point is basically that the authorities dont want a panic so its no surprise if the fat finger story IS a story - i.e. what chrisa says..
I think my career to date might have been blighted by algos and market manipulators, particularly i would say over the last few years, but then you have to adapt to the game. Know what are true moves and know what to ignore.... or at least think yo know. That explains why i didnt sell into weakness below dow 10,000 and waited for the dow to hit 10520 (when risk reward looked better) to have another go. Having said that i didnt liquidate or go long below dow 10,000 either!!
I am quite sanguine about this and will have another look tomorrow. My view is the same - due some more downside before a more generous retracement rally. The manipulators may push it further in one direction than the other but i dont think they can completely stop where it wants to go eventually. Thats probably where we differ in our outlook.
If i truly believed that every move was determined by the bad boys, then i dont think i would carry on with the game. The move back from March 09 lows is a case in point... it perhaps shouldnt have got as far as it did, but it did so we have to live in that world.
9. techieman said...
http://www.cnbc.com/id/15840232/?video=1487022682&play=1
Classic Cramer - hes such a tw4t :-)
10. rumble said...
"one of the most dizzying half-hours in stock market history"
lol..techie, no wonder you needed to lie down.
11. titaniccaptain said...
Gold just hit £821 per troy ounce!!!!..............bloomin Norah!!!
12. devo said...
@ wow thats a quantum leap devo!
that's how i do it
here's another...
you and your ilk are starting to realise what you've done...
think charlton heston/statue of liberty/planet of the apes...
"You maniacs! You blew it up! Damn you! Damn you all to hell!
13. techieman said...
http://www.cnbc.com/id/15840232?video=1487130975&play=1 see im not the only one who says "fat fingered" :-).
14. titaniccaptain said...
http://www.bloomberg.com/apps/news?pid=20601009&sid=aEVsCBWonAgo
http://www.bloomberg.com/apps/news?pid=20601009&sid=alvMyj.DSrdw
If someone wants to put them up go for it.........can't be @rsed.
15. titaniccaptain said...
I can't believe what I am seeing!!!!
16. titaniccaptain said...
In the words of Jimminy Cricket or whatever his name was "And there's more"
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7687790/ECB-paralysis-rattles-markets-as-debt-costs-hit-new-highs.html
http://www.telegraph.co.uk/finance/economics/7688396/General-Election-2010-Pound-falls-as-exit-polls-point-to-hung-parliament.html
17. devo said...
understand it and believe it
i will explain it all soon
18. titaniccaptain said...
This is all Blooooooody exciting!!!!!
19. titaniccaptain said...
Devo I have a pretty good idea but I never thought it would happen!!!!
20. techieman said...
and last before i have a well earned rest : http://market-ticker.org/archives/2282-Mr.-President-Unplug-the-Fing-Computers.html
21. rumble said...
Eh? What's just happened? Time warp? You revealed too much of humanity's future!
22. devo said...
accidentalism at work
23. alan said...
GOLD priced in EUROS hits RECORD AT 918.74 Euros an ounce.
...can't think why!
24. mdmick said...
As an aside,
In a situation where everyone wants to react to big market change,
how good is online trading if everyone is trying to log in at once?
http://www.pcworld.com/businesscenter/article/195801/financial_sites_struggle_after_market_crash.html
25. debtfree said...
The NYSE, however, has clarified with CNBC that there has been no system errors. Duncan Niederauer, CEO at NYSE said, “This is the market structure we have all signed up for in the US and so we will have to accept that things like this are going to happen in periods of exacerbate volatility. It doesn’t take much volume to move some of these stocks a lot.”
26. Notyethomeless said...
A big drop followed by a medium bounce isn't conspiracy (necessarily - chrisa) if some people think it's oversold, and buy what they see as bargains. It is possible this happened naturally. Buy at the bottom, sell at the top, even if the time difference between those 2 states is only minutes.
Agree with titanic captain tho - so exciting!
I had a dream the Chinese market dropped 10% in minutes...but that was just a dream. Right?
27. techieman said...
dfree -this is the video of yrs @ 24
http://www.cnbc.com/id/15840232?video=1487130975&play=1.
So it was all down to "skynet"...... and we all thought the terminator films were fiction ;-).
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