Wow - Is anyone else looking at what just happened in the market? - Chicagoland Sportbikes
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post #1 of 51 (permalink) Old 05-06-2010, 02:37 PM Thread Starter
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Wow - Is anyone else looking at what just happened in the market?

Dow Paring Losses After Plunging Almost 1,000 Points; Wall Street Hammered Amid European Debt Worries- Reuters

In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points on worries about the reports say a possible glitch in Procter & Gamble shares shares traded on the NYSE as a contributing factor...

http://finance.yahoo.com/
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post #2 of 51 (permalink) Old 05-06-2010, 02:43 PM
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You can thank the Greeks as being the catalyst for this "scare."
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post #3 of 51 (permalink) Old 05-06-2010, 02:44 PM
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so,... are you buying or selling ?

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post #4 of 51 (permalink) Old 05-06-2010, 02:45 PM
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Eh, it's really only down a little more than 330 right now. Not too worried about the spike. I'm sure some day traders made a killing due to that little dip though.

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post #5 of 51 (permalink) Old 05-06-2010, 02:49 PM
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Crazy freaking day. All the exchanges went on high alert. Market volume was incredible. It overwhelmed a lot of systems. Rumors are that most of this was the HSFT groups faults.

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post #6 of 51 (permalink) Old 05-06-2010, 02:49 PM Thread Starter
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Quote:
Originally Posted by Bek View Post
You can thank the Greeks as being the catalyst for this "scare."
I wonder if they are going to leave the EU?
Then they can do what Rob and co says we are going to do.. Hyperinflate their debts away (man.. if only I could do that)

rumor has it spain and portugal to follow.. then what?
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post #7 of 51 (permalink) Old 05-06-2010, 04:48 PM
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Anyone want a gyro?



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post #8 of 51 (permalink) Old 05-06-2010, 04:50 PM
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Quote:
Originally Posted by Odysseys View Post
Anyone want a gyro?
man, I could totally go for a gyro!!

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post #9 of 51 (permalink) Old 05-06-2010, 04:51 PM
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all I know is I lost over a grand in my stocks today. Not too happy, but it will bounce back.

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post #10 of 51 (permalink) Old 05-06-2010, 04:52 PM
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Anyone want a gyro?
i just ate, but you can stop by around dinner and buy me one. Theres a place near me that has awesome gyros. They toast the gyro meat on the skillet thingy.

Then buy me an italian beef, so i got something to eat later.


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post #11 of 51 (permalink) Old 05-06-2010, 04:55 PM
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Normally I would say: ass ,cash or grass

but in this case I'll just say your dining alone with my pictures again. Happy jerking



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post #12 of 51 (permalink) Old 05-06-2010, 05:00 PM
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Quote:
Originally Posted by Odysseys View Post
Normally I would say: ass ,cash or grass

but in this case I'll just say your dining alone with my pictures again. Happy jerking
i can't do that in front of the mexican cooks. And i dont want to make the senerita cashier drool when she sees how large my coat hanger is
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post #13 of 51 (permalink) Old 05-06-2010, 05:01 PM
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at least the dollar appreciated a ton -_-

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post #14 of 51 (permalink) Old 05-06-2010, 05:03 PM
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Man, now I totally want a gyro




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post #15 of 51 (permalink) Old 05-06-2010, 05:06 PM
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You want it in the can?

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post #16 of 51 (permalink) Old 05-06-2010, 05:09 PM
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I blame this whole mess on Obama



Somewhere Crazeincs bat phone just lit up, commissioner Pelosi is calling




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Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

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post #17 of 51 (permalink) Old 05-06-2010, 05:26 PM
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"Stock Selloff May Have Been Triggered by a Trader Error"
http://m.cnbc.com/id/36999483
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post #18 of 51 (permalink) Old 05-06-2010, 05:55 PM
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I heard on the news their going to VOID all trades below 60% of the market average.
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post #19 of 51 (permalink) Old 05-06-2010, 06:12 PM
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A fucking do-over ? Gimme a break.

It's called 'risk' for a reason.

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post #20 of 51 (permalink) Old 05-06-2010, 06:51 PM
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Quote:
Originally Posted by Arch View Post
A fucking do-over ? Gimme a break.

It's called 'risk' for a reason.
Its not risk when it was caused by a computer glitch.
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post #21 of 51 (permalink) Old 05-06-2010, 07:01 PM

 
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Its not risk when it was caused by a computer glitch.
Computers and the use of technology is risky ain't it?

Also, if a guy hits B instead of M, (million vs billion), that's not a computer glitch.

My .
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post #22 of 51 (permalink) Old 05-06-2010, 07:02 PM
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Its not risk when it was caused by a computer glitch.
Yes it is. A plane hits a building and certain stocks drop like a rock. No do over. Same unforseen problem... Shit happens.

Everyone Exaggerates

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post #23 of 51 (permalink) Old 05-06-2010, 08:10 PM
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It'll be very interesting to see what got hit, and if there's a common thread there. I'd buy that a fund got nailed by a fat-finger screwup on the computer, except that I saw one report that Sotheby's spiked to about $100k during the glitch, rather than falling.

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post #24 of 51 (permalink) Old 05-06-2010, 08:30 PM
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Quote:
Originally Posted by HDTony View Post
I blame this whole mess on Obama



Somewhere Crazeincs bat phone just lit up, commissioner Pelosi is calling


LOLOL



btw, italian express in bloomingdale, Spicy gyros!!!!!!
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post #25 of 51 (permalink) Old 05-06-2010, 09:06 PM
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Quote:
Originally Posted by PolishPete View Post
Computers and the use of technology is risky ain't it?

Also, if a guy hits B instead of M, (million vs billion), that's not a computer glitch.

My .
The first report I saw said computer glitch. I stand corrected, as now their saying it was a fat finger human error.

Quote:
Originally Posted by Arch View Post
Yes it is. A plane hits a building and certain stocks drop like a rock. No do over. Same unforseen problem... Shit happens.
By your logic, I could go out tomorrow, say that I want to sell a Billion futures of P&G (which I don't have), cause a complete market meltdown, but that's ok because shit happens.

The guy that put in the sell order, could not have filled it if all the futures were bought. It therefore makes that order VOID and any price that was driven by that order VOID.

You can't leave the markets unchecked or corrected when a mistake happens. Otherwise people would use that to their advantage to make HUGE sums of money.

Edit:// He fat fingered 15 Billion Futures, even worse since futures bundles shares of stock. There physically is not that much P&G stock on the market.

Last edited by TripleZ; 05-06-2010 at 09:15 PM.
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post #26 of 51 (permalink) Old 05-06-2010, 09:35 PM
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So explain why P&G futures takes the entire market into a tailspin..... There's more to it than that... and that 'more to it' is why I balk at the do-over.

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post #27 of 51 (permalink) Old 05-06-2010, 09:43 PM
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Quote:
Originally Posted by Arch View Post
So explain why P&G futures takes the entire market into a tailspin..... There's more to it than that... and that 'more to it' is why I balk at the do-over.
People panicked, they saw a sell off and sold. Cascade effect.

I do agree with you, in that all the trades should not be voided. But its a question of where the line should be drawn to say "these trades could not have happened without the screw up" and then "these trades are good".

I think that's why they drew the line at 60% (the last number I saw) of market average. So any trade within X% of the market close will not be Voided. But for those stocks that took a nose dive with P&G, beyond a reasonable daily change, those transactions will be voided.
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post #28 of 51 (permalink) Old 05-06-2010, 09:47 PM
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Heres some more info: http://finance.yahoo.com/news/Stocks...84148.html?x=0

Quote:
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.
People can set automatic sells at certain price points. This is what makes a glitch so dangerous. When a price point is hit, more people sell automatically, which drives the price lower, and more people sell.

Quote:
No one was sure what happened, other than automated orders were activated by erroneous trades. One possibilility 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.

No one was taking blame, either. The New York Stock Exchange said there was no problem with the Big Board's systems, and all the markets were on a conference call with the Securities and Exchange Commission.

Nasdaq issued a statement two hours after the market closed saying it was canceling trades that were executed between 2:40 p.m. and 3 p.m. that it called clearly erroneous. It did not, however, mention a cause of the plunge.
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post #29 of 51 (permalink) Old 05-06-2010, 10:03 PM
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Tomorrow is going to be nuts too...and there likely won't be a computer glitch or mistake to assist.

Tom

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post #30 of 51 (permalink) Old 05-06-2010, 10:43 PM
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P&G stock nosedives...

I better sell my Alcoa pronto!

Makes no sense.

Everyone Exaggerates

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