It was a trading error

[thewiseguy]

The CNBC Ticker: Trading Error at Major Firm Blamed for Market Plunge: Sources (Story Developing)

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Are you kidding me? :wtf:

[Blue Meany]

1. Another proof that these firms are too big n/t

[Jennicut]

2. WTF? I am listening to Rick Sanchez on CNN talk about it now.

[Lex]

3. wish I'd gotten some sweet P&G at .50 per share

haha

[Subdivisions]

4. Of course it was. n/t

[greencharlie]

5. maybe, maybe not.

>>>>>Computer trading intensified the losses as programs designed to sell stocks at a specified level kicked in. Traders use those programs to try to limit their losses when the market is falling. And the selling only led to more selling as prices fell.

"I think the machines just took over. There's not a lot of human interaction," said Charlie Smith, chief investment officer at Fort Pitt Capital Group. "We've known that automated trading can run away from you, and I think that's what we saw happen today."

There were reports that a technical glitch hastened the selling. Stock in the consulting firm Accenture fell to 4 cents after closing at $42.17 on Wednesday. It was priced at about $41 in the last half-hour of trading.

New York Stock Exchange spokesman Raymond Pellecchia said he was unaware of any problems with the exchange's trading systems but was looking into whether an error occurred.<<<<<

[AnArmyVeteran]

6. citigroup looks like they are part of an 'errant trade'...

You can bet that it wasn't an 'errant trade'. It was corruption. They are saying someone put a 'b' (billion) where it should have been an 'm' (million). Sorry, that doesn't wash. To put in trades of that magnitude you have to back up your purchase with collateral. Or have conservatives watered down the market laws so much you don't even need money to buy stocks? Hell, tomorrow I'm going to buy all the shares of the top 500 companies and declare myself CEO of all of them.

You can be sure, someone made a LOT of money today, and when people who manipulate the market to make money they are stealing it from other people. I wonder how many billions they stole from hard working Americans this time? How many 401k managers dumped stock at a loss for their clients?

Goddamn I tired of corporate ineptness and corporate corruption!

[Kurt_and_Hunter]

7. Wouldn't it be a sell order?

[BootinUp]

10. yer killin me, but maybe you could buy some for me

while you are at it. :rofl:

As for the corruption and shit I am getting too tired to be upset. I can't focus on what I need to and be mad all the time.

[Xenotime]

8. Trading Error = Wall Street Incompetence

[Dappleganger]

9. Fat Finger Syndrom?

[JuniperLea]

11. Bloomberg says otherwise...

The New York Stock Exchange told CNBC that there were no system errors during the Dow’s plunge as speculation of bad trades swirled through the market. The Nasdaq OMX Group Inc. said it is working with other markets to review the plunge.

http://www.businessweek.com/news/2010-05-06/dow-plunges-most-since-1987-before-paring-losses-euro-tumbles.html

[Arctic Dave]

12. Computers hacked?

That would be bad.