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Thread Number: 35611
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Original Message
"Whoa"
Posted by moonbaby on 05-06-10 at 02:54 PM
Anyone watching the market?

Table of contents
Messages in this discussion
"RE: Whoa"
Posted by vince3 on 05-06-10 at 03:01 PM
It's bounced about halfway back, though.
"RE: Whoa"
Posted by cahaya on 05-06-10 at 09:12 PM
Between up and down?

That's an ancient art.

"RE: Whoa"
Posted by Max Headroom on 05-06-10 at 03:53 PM
A correction was inevitable after the big run-up. This may be it, or there may be another one in the near future.
"Spellling mistake?"
Posted by AZ_Leo on 05-06-10 at 04:17 PM
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 in a trade possibly involving Procter & Gamble, a component in the Dow. (CNBC's Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff. )

Sources tell CNBC the firm in question that handled the erroneous trade is Citigroup. The bank said it has no evidence of a bad trade but is investigating the situation

"and"
Posted by moonbaby on 05-06-10 at 04:43 PM
http://www.bloomberg.com/apps/news?pid=20601087&sid=aQKbTm0qCY0c&pos=1

"there were a number of erroneous trades" during an almost 1,000-point plunge..."

Crazy!

"RE: Whoa"
Posted by Maroonclown on 05-06-10 at 08:48 PM
LAST EDITED ON 05-06-10 AT 08:49 PM (EST)

Fat-finger trading. Someone hit a "b" instead of an "m" on Procter & Gamble. Sent their stock through the floor by 50%.

Just an indication as to how jumpy the traders are. No one seemed to want to question the stock drop and everyone just reacted. Not good

Millions? Billions? Makes a huge difference.

"RE: Whoa"
Posted by cahaya on 05-06-10 at 09:03 PM
I go long, baby.


Smurfed by Icey.

Short selling is for the short sellers.

"RE: Whoa"
Posted by Round Robin on 05-07-10 at 01:48 AM
I ain't going long on jack squat after a wacko day like that. I'll keep what I've already got, but after a wacked out day like that and with the monthly employment numbers coming out tomorrow, it'd be lunacy to go long tomorrow in any new stocks.
"RE: Whoa"
Posted by grit on 05-07-10 at 09:46 AM
I go long, baby.

I repeatedly try to tell my husband that. He freaks out with every dip in the market.

When he first opened a deferred compensation plan with his county government job, the market took a huge dive right after he made a 15K investment. He freaked out and wanted to pull all the money. I told him we already took the loss and that we should wait, that it would rebound. And it did. There's more money in the plan than what he's invested since he started making contributions.

Last year, when the market was around 6,000 I put more money into my SEP IRA. This year, when I got the statement, I showed my husband how much money it made for me. He's gotten better about not freaking out with every little fluctuation.


Chocolately deliciousness by agman

"I am Sam"
Posted by foonermints on 05-07-10 at 03:31 AM

Sam does not shop at this stand.
"RE: Whoa"
Posted by Estee on 05-07-10 at 07:51 AM
Which brings up at least one major question beyond the 'I didn't know it was bulls, bears, and sheep' factor: how many shares does P&G have out there? Does any company have a billion shares of stock outstanding? Because as a first-glance number, that seems a little high -- and unless there's some sort of precedent set, you'd think any skilled trader would recognize an error.
"RE: Whoa"
Posted by Max Headroom on 05-07-10 at 08:46 AM
LAST EDITED ON 05-07-10 AT 08:47 AM (EST)

But you said skilled trader. Silly Estee.

Edit: Most trading is done by automated programs these days anyway.

"RE: Whoa"
Posted by moonbaby on 05-07-10 at 10:41 AM
Looks like trades done in that weird twilight zone period of time where the big dip took place are going to be cancelled.

Now what can they do about today

"RE: Whoa"
Posted by Maroonclown on 05-07-10 at 12:49 PM
The investigation will be interesting.

While the "mistake" may have momentarily lost people a lot of money, I'm sure the investigators are more interested in who it might have benefitted and how much.

Thanks Cap'n