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EsnRedshirt Special user Newark, CA 895 Posts |
Who noticed the flash crash on Wall Street yesterday? Over the course of about 20 minutes, the DOW Jones dropped nearly 1000 points, only to rocket back up. Some stocks, like Sam Adams Brewery, went from $30 a share to $0.00; other stocks, like Sotheby's, went from $30 to $100,000 (giving the company a worth of nearly $6 trillion dollars, for a brief few minutes.)
Nobody's exactly sure what happened, but rumor is that a trader accidentally hit a 'b' for billion instead of an 'm' for million. Due to computerized bidding programs and human nature, the result was a panicked cascade of trading chaos. The NYSE is, for the first time in history, going to annul the trades which occurred during that time. So- one of the backbones of the American economy can be thrown into freefall by a single person making a typo. Isn't it a grand system we've got?
Self-proclaimed Jack-of-all-trades and google expert*.
* = Take any advice from this person with a grain of salt. |
Voldemort Special user Florida 562 Posts |
I just wish I would have had about 100 shares of Sotheby's to sell in those few minutes!!
"Flight from death"
Buy the WILD AT HEART e-book to help Rachael Columbini here: http://www.lybrary.com/wild-heart-p-76110.html |
Magnus Eisengrim Inner circle Sulla placed heads on 1053 Posts |
Bargain shopping, anyone?
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned; The best lack all conviction, while the worst Are full of passionate intensity.--Yeats |
EsnRedshirt Special user Newark, CA 895 Posts |
I know- if I'd been quicker, I might have been a majority shareholder of a brewery.
Self-proclaimed Jack-of-all-trades and google expert*.
* = Take any advice from this person with a grain of salt. |
Chance Inner circle 1385 Posts |
Any trades taken during the melee yesterday will be rescinded.
On the other hand, the FOREX is going crazy in a good way. In the past 48 hrs I've done nearly ten times my usual trading. The sheer trading volume is amazing. |
critter Inner circle Spokane, WA 2653 Posts |
It only took a half hour to fix. No harm, no foul.
"The fool is one who doesn't know what you have just found out."
~Will Rogers |
balducci Loyal user Canada 227 Posts |
Quote:
On 2010-05-07 16:33, Chance wrote: On most of the U.S. exchanges that may be the case, but it is not like that everywhere. For instance, in Canada, only a relatively small number of trades were repriced or cancelled. Personally, I think some of the really big traders using programmed trades should be made to suck up their losses.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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kcg5 Inner circle who wants four fried chickens and a coke 1868 Posts |
It's computerized trading, they are all automated and use the same stuff. . I doubt it was a B instead of an M..
Nobody expects the spanish inquisition!!!!!
"History will be kind to me, as I intend to write it"- Sir Winston Churchill |
NicholasD Inner circle 1458 Posts |
The stock market's main problem is panicky investors.
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tommy Eternal Order Devil's Island 16544 Posts |
That is not a problem that is an asset. Greed and Fear, its what makes the world go around.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
gaddy Inner circle Agent of Chaos 3526 Posts |
Annulled?
What a joke. What a sham. What a masquerade. Does anybody take this system seriously any more? Truly, the emperor wears no clothes.
*due to the editorial policies here, words on this site attributed to me cannot necessarily be held to be my own.*
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HerbLarry Special user Poof! 731 Posts |
"I call doozys overs!"
The market was a sham, is a sham, and will always be a sham. A stupid game with bogus rules and officials played with fake money.
You know why don't act naive.
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insight Inner circle 3095 Posts |
Just buy Altria Corporation...that stock will always go up in the long-term, and pays a good dividend yield...listen to me! LOL.
Regards, Mike |
tommy Eternal Order Devil's Island 16544 Posts |
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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