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Reply #98: With Cramer screaming that the NYSE was at fault [View All]

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Robbien

(1000+ posts) Send PM | Profile | Ignore

Thu May-06-10 02:46 PM
Response to Reply #93

98. With Cramer screaming that the NYSE was at fault

it is no wonder the NYSE came out so fast saying their computers are working just fine thank you.

The best explanation I've read so far is:

“Hedge funds look at the screen and are indiscriminately selling to lock in profits and raise cash,” said Steve Grasso, a trader on the NYSE floor for Stuart Frankel. If they survived the credit crisis and posted big gains in the last year, they and their clients are not going to take their chances navigating a foreign debt crisis, according to Grasso.

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