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Author: Subject: Was it a 'glitch' or wasn't it?

Zen Peach





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  posted on 5/7/2010 at 07:24 AM
Or was it Albanian's?!?!?!

I know we have some people posting here in WP who are involved in the stock market professionally (or active and knowledgable traders) ... interested in getting your educated views on this. Just starting to hear news reports this AM and mentions of 'millions' being mistaken for 'billions' (and made a quick trip over to check my 401K coughcough - this too shall pass).

http://www.nytimes.com/2010/05/07/business/economy/07trade.html?partner=rss &emc=rss

 

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Maximum Peach



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  posted on 5/7/2010 at 07:27 AM
In a way I am shocked that this could happen, but having said that....

There will always be errors if humans are involved.

I just laugh and laugh when some clerk tells me that my personal info is "safe" on their system.

Or that "safeguards" are in place to prevent problems....uh huh, riiiiight....

 

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Universal Peach



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  posted on 5/7/2010 at 07:53 AM
If it was a mistake, it's a hell of a day to go shopping as I assume some stocks are very low compared with their actual value. It'll be an interesting day if others have the same thought.
 

True Peach



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  posted on 5/7/2010 at 07:57 AM
There seems to be a correlation between the level of discourse in the WP and the DJIA.

 

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Zen Peach



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  posted on 5/7/2010 at 08:45 AM
It wasn't a glitch, Jim did it.

 

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True Peach



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  posted on 5/7/2010 at 08:47 AM
They still aren't sure what happened, but they suspect it was a glitch triggered by an incorrect trading order.

 

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Universal Peach



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  posted on 5/7/2010 at 09:09 AM
I think it was Oliver Stone. Drumming up publicity for his soon to be released sequel to "Wall Street." And he's buying a crap load of under valued stocks as we speak in order to "hedge" his bet against the success of the movie. Smart guy, that Oliver.....
 

True Peach



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  posted on 5/7/2010 at 09:14 AM
Too bad there doesn't seem to be an audit trail of all transactions that take place on the exchange(s).

 

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True Peach



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  posted on 5/7/2010 at 09:51 AM
quote:
Too bad there doesn't seem to be an audit trail of all transactions that take place on the exchange(s).

There must be a pretty good record because it was reported on MCNBC this morning that all "erroneous" trades between 2:20 and 3:00 would be reversed.

 

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Zen Peach



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  posted on 5/7/2010 at 09:56 AM
quote:
It wasn't a glitch, Jim did it.




About time it was somebody else............

 

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True Peach



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  posted on 5/7/2010 at 09:58 AM
He meant Sang......just misspelled it

 

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True Peach



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  posted on 5/7/2010 at 10:39 AM
quote:
quote:
Too bad there doesn't seem to be an audit trail of all transactions that take place on the exchange(s).

There must be a pretty good record because it was reported on MCNBC this morning that all "erroneous" trades between 2:20 and 3:00 would be reversed.


I agree, I was wrong. I did some checking and the NYSE does have a monitoring system in place:

http://www.nyse.com/regulation/nyse/1022221394213.html

 

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Maximum Peach



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  posted on 5/7/2010 at 11:03 AM
quote:
It wasn't a glitch, Jim did it.


I wish, could have made some money. I have an alibi though….. I was in the crapper at the time. Actually, maybe that was fortunate, because if I was defecating at my desk, that would have been really unfortunate, not to mention disgusting!! Funny how the market and I take dumps at the same time. Talk about market timing!!

 

Universal Peach



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  posted on 5/7/2010 at 11:32 AM
quote:
quote:
It wasn't a glitch, Jim did it.


I wish, could have made some money. I have an alibi though….. I was in the crapper at the time. Actually, maybe that was fortunate, because if I was defecating at my desk, that would have been really unfortunate, not to mention disgusting!! Funny how the market and I take dumps at the same time. Talk about market timing!!


Jim,

Please email me the minute you feel your next dump coming. I need at least 5 minutes to call my broker. I promise to give you a percentage of any proceeds garnered from said bowel movement. Thanks in advance.

[Edited on 5/7/2010 by Chain]

 

Maximum Peach



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  posted on 5/7/2010 at 11:49 AM
quote:
Jim,

Please email me the minute you feel your next dump coming. I need at least 5 minutes to call my broker. I promise to give you a percentage of any proceeds garnered from said bowel movement. Thanks in advance.


I use Charles Schwab, and I couldn't even log on to my account...guess everything was backed up!!!

 

World Class Peach



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  posted on 5/7/2010 at 11:50 AM
All this was happening while the Albanians were hacking. Does anyone else smell a conspiracy?
 

Zen Peach



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  posted on 5/7/2010 at 11:50 AM
Buy, buy, buy

 

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Zen Peach



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  posted on 5/7/2010 at 12:03 PM
quote:
quote:
Too bad there doesn't seem to be an audit trail of all transactions that take place on the exchange(s).
There must be a pretty good record because it was reported on MCNBC this morning that all "erroneous" trades between 2:20 and 3:00 would be reversed.
So if I bought a bunch of P&G stock around this time frame and sold it today I didn't just double my money?

 

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World Class Peach



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  posted on 5/7/2010 at 12:08 PM
quote:
quote:
quote:
Too bad there doesn't seem to be an audit trail of all transactions that take place on the exchange(s).
There must be a pretty good record because it was reported on MCNBC this morning that all "erroneous" trades between 2:20 and 3:00 would be reversed.
So if I bought a bunch of P&G stock around this time frame and sold it today I didn't just double my money?


Deb, I say this all the time. For the guys who run the show it's like 3 card monte

 

Zen Peach



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  posted on 5/7/2010 at 12:17 PM
quote:
quote:
quote:
Too bad there doesn't seem to be an audit trail of all transactions that take place on the exchange(s).
There must be a pretty good record because it was reported on MCNBC this morning that all "erroneous" trades between 2:20 and 3:00 would be reversed.
So if I bought a bunch of P&G stock around this time frame and sold it today I didn't just double my money?


I think you did! I heard it was only some Nasdaq trades that could be reversed.

 

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Universal Peach



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  posted on 5/7/2010 at 12:20 PM
Look at some of these fluctuations. Wow!!!

296 'funked up' stocks -- trades canceled
By David Goldman, staff writerMay 7, 2010: 11:20 AM ET


NEW YORK (CNNMoney.com) -- After one of the most wild days on Wall Street, Nasdaq canceled trades of 296 stocks whose prices fluctuated the most.

At around 2:45 p.m. ET on Thursday, trades of a number of stocks listed on the New York Stock Exchange were slowed for about a minute due to excessive volatility. During that short time, those stocks were opened up to electronic markets like the Nasdaq.

That's when at least 296 stock prices saw enormous price changes. Nasdaq has said it will cancel all trades that were executed between 2 p.m. and 3 p.m. ET, in which the stock price traded more than than 60% off of the stock's price at 2:40 p.m. (See chart below for a list of the stocks with canceled trades.)

Nasdaq coordinated the cancellations with other U.S. stock exchanges, and said the decision could not be appealed. After investigating the incident, Nasdaq found that the excessive movements in those stock prices were not due to a technical glitch on its end.

Some have speculated that the bizarre trades were caused by glitches in the computers that were trading the stocks electronically when NYSE slowed some stocks down.

Duncan Niederauer, chief executive of NYSE Euronext told CNNMoney.com on Thursday that stocks are very thinly traded in such situations, which can lead to wild volatility.
0:00 /6:02NYSE CEO explains selloff

Accenture (ACN) fell from $40.13 at 2:45 p.m. all the way to just 1 cent before quickly rising back to $39.57.

Sam Adams maker Boston Beer Co. (SAM) also fell to a penny before recovering to $55.82.

Oxford Industries (OXM) tanked to $1.34 before soaring back to $19.51 a minute later.

But some other wild trades were not canceled by Nasdaq. For instance, Apple (AAPL, Fortune 500) traded down 22% to $199.25 before recovering, but those trades were upheld.

Most notably, Nasdaq did not cancel trades of Procter & Gamble (PG, Fortune 500) or 3M (MMM, Fortune 500), which momentarily fell 37% and 22%, respectively.

Both are components of the Dow Jones industrial average, and their combined drop in price at around 2:45 contributed a loss 315 points to the Dow index. The Dow fell nearly 1,000 points before storming back to finish the day down 348 points.

Here is a list of the canceled stock trades, courtesy of Nasdaq:

 

Zen Peach



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  posted on 5/7/2010 at 12:33 PM
quote:
quote:
quote:
quote:
Too bad there doesn't seem to be an audit trail of all transactions that take place on the exchange(s).
There must be a pretty good record because it was reported on MCNBC this morning that all "erroneous" trades between 2:20 and 3:00 would be reversed.
So if I bought a bunch of P&G stock around this time frame and sold it today I didn't just double my money?
I think you did! I heard it was only some Nasdaq trades that could be reversed.
Well - no I didn't since I didn't listen to the news yesterday and only found out about it this morning but I can see how some money could have been made off this mistake for those paying attention.

 

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Zen Peach



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  posted on 5/7/2010 at 12:38 PM
quote:
Accenture (ACN) fell from $40.13 at 2:45 p.m. all the way to just 1 cent before quickly rising back to $39.57.

Sam Adams maker Boston Beer Co. (SAM) also fell to a penny before recovering to $55.82.

Oxford Industries (OXM) tanked to $1.34 before soaring back to $19.51 a minute later.

With stuff like this occurring surely there were some alert folks who made out very nicely yesterday. (And they say a penny isn't worth anything tangible ... )

[Edited on 5/7/2010 by lolasdeb]

 

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Extreme Peach



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  posted on 5/7/2010 at 01:32 PM
Plenty of people made a fortune yesterday; guess who?

What happened yesterday was not human error, it was intentional. You have to realize that IT IS LEGAL to trade stocks electronically. Therefore IT IS LEGAL for individuals, institutions, or groups, to build their own computer system networks, develop their own software programs, and use them to buy and sell stocks at the speed of light with the sole purpose of building and dumping positions in individual stocks.

This gives the organized groups a huge advantage over everyone else. Given this opportunity, it is hard to imagine a case where the ultra-rich in this country are not part of such a group.

Let’s get real. The ultra-rich community has all the top minds in the world working for them. They hire the best and brightest software and network engineers in the world. These people are not working for NASA or the government, they are working for these clandestine organizations developing and operating these mega-trading computer networks.

Here is how it works: John, an average retail investor, decides to invest in the stock market. He is sold on the idea of long term investing. His broker suggests purchasing Proctor and Gamble, one of the world’s most solid companies. On Wednesday he buys 5000 shares at $60 a share, an investment of $300,000.

When you own individual stocks, you always have to have a STOP set. That means you have a sell order placed at a certain point to dump your stock if the stock price hits a certain level. John is told that there is no need for a tight stop of 2 or 3 dollars below the current price; instead he selects an improbable stop at 20 points below his buy price, or $40.

On Thursday, the organized computer systems forced the price of PG down. It goes so far down that it hits the $40 mark. This triggers John’s stop order. At this point John’s 3000 shares of PG are offered up to the market place and swiftly bought up by one of the accounts on the organized computer network. By the end of the day, PG is back up to $60 a share.

John has lost $100,000 in one day, and the buyer has made $100,000. And John is not the only one. Accenture went from $40 to 1 cent, all in a matter of minutes. There were so many retail investors stopped out of their positions on Thursday, the losses are incomprehensible. The estimates are in the billions; billions of dollars taken out of individual investors hands and placed in the ultra-rich organized computer network investor hands, within a matter of minutes.

There is a rumor that Goldman Sachs is running this system for the ultra-rich. Whoever is running the system, there is one thing you can be certain of: they will not stop.

 

Zen Peach



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  posted on 5/7/2010 at 02:12 PM
quote:
quote:
There is a rumor that Goldman Sachs is running this system for the ultra-rich. Whoever is running the system, there is one thing you can be certain of: they will not stop.
I heard it was the Serbians.
Nope ... definitely the Albanians.

 

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