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| Name: |
lotowner
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| Subject: |
Computer Error
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Date:
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5/6/2010 8:37:52 PM
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If today's catastrophe was caused by a human error, what else is waiting out there that could be damaging. The middle class continues to be beat up. who is in charge? Greece today, USA tomorrow!
NEW YORK (AP) -- A computerized selloff possibly caused by a simple typographical error triggered one of the most turbulent days in Wall Street history Thursday and sent the Dow Jones industrials to a loss of almost 1,000 points, nearly a tenth of their value, in less than half an hour. It was the biggest drop ever during a trading day.
The Dow recovered two-thirds of the loss before the closing bell, but that was still the biggest point loss since February of last year. The lightning-fast plummet temporarily knocked normally stable stocks such as Procter & Gamble to a tiny fraction of their former value and sent chills down investors' spines.
"Today ... caused me to fall out of my chair at one point. It felt like we lost control," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.
No one was sure what happened, other than automated orders were activated by erroneous trades. One possibility being investigated was that a trader accidentally placed an order to sell $16 billion, instead of $16 million, worth of futures, and that was enough to trigger sell orders across the market.
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| Name: |
Talullahhound
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I'm curious
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Date:
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5/6/2010 8:39:49 PM
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exactly how you came to the conclusion that this is part of "beating up the middle class". Could you explain, please?
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| Name: |
lotowner
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| Subject: |
Market Manipulation
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Date:
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5/6/2010 8:43:07 PM
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CNBC's Bartiromo: 'That is Ridiculous. This Really Sounds Like Market Manipulation to Me'
Network reports 8 stocks went to one penny or zero, which contributed to freefall and drawing ire of 'Closing Bell' anchor.
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| Name: |
lotowner
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| Subject: |
I'm curious
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Date:
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5/6/2010 8:45:42 PM
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I lost money today and I'm pis^%$ if this was an error (Was it!)or market manipulation.
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| Name: |
GoneFishin
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| Subject: |
Computer Error
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Date:
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5/6/2010 8:51:07 PM
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It was not a computer error. The computer did exactly what the trader keyed in Billion rather than Million. I am extremely surprised there was not an edit that would not allow a trade that exceeded a number of options or shares well below a Billion.
Do we need Federal regulation requiring some obvious safeguards? I guess it depends on how how much you made or lost today in the market from trades that were actually executed and allowed to stand. They are going to rescind trades that were executed within a specific timeframe and lost at least 60% of their value.
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| Name: |
willallie
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I'm curious...and looking
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Date:
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5/7/2010 9:24:38 PM
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for a trip to Greece for $300, including airfare, this fall. What do you think?
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