Stock Selloff May Have Been Triggered by a Trader Error (enter billions shares instead of millions)

According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble a component in the Dow. (CNBC's Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff.

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http://www.cnbc.com/id/36999483


Come on there are suppose to be safeguards which limit the flow the majors have in/out of the market.

Unless we entrust it to them. All of my stuff is in either money market funds, or bond funds, except for a few hundred bucks that is my gambling money. And I recognize it as gambling.

with a fat finger, but the federal goverment does not have the power to step in and prop markets?

:rofl:

If you're selling billions instead of millions, that's creating a whole lot more supply than demand, which drives the price way down. So yeah, a fat finger could definitely accomplish that.

Please don't spam yet another thread with your tinfoil PPT nonsense.

Given there are only 166 million shares of P&G trying to sell a couple billion of them could destroy that stock price and create a run on the market.

and crashed the Mars Orbiter.

Maybe he should consider a less technical line of work. :silly:

Did the situation in Greece get massively worse in few minutes and then get 5% better in roughly 20 minutes?

The market has (and will continue to IMHO) trend downward for the last couple days due to Greece but it doesn't explain this almost vertical downward move and then almost same vertical upward move.

It gives traders a reason to be fearful and want to pull out of the market after a sharp decline. They see the market crashing down, so assume that news is out somewhere.

Greece contaigen story likely added fuel to the fire.

The public wants a Jerry Springer reason.

Some boob pushing a button. Thank god Bush didn't get anywhere near that button.

uh-huh

...or capital "B" which stands for Brazillion.

Keep it up!

:rofl:

nt

He bought one share of a pricey stock, and was billed for 1,000 shares. He about had a heart attack when he got the bill.

I don't believe it.

I think Wall Street is trying to prevent further selling, by
concocting some story about an "error." If the cause is
exogenous, the sheep will rest easy--and maybe even buy
some more shares (cuz hey, the markets are down!).

I don't believe one damn thing they say and today's
headlines sound like marketeering from the elites
who are afraid of losing their billions.

Not buying it.

You'd think they'd have some sort of checks to protect against typos, out of place decimals, and added zeros. WHO KNEW!

:sarcasm:

...by one person making one little "Ooops!" you have to wonder why
his has never happened before this this country.

It doesn't make any sense.

They think we're nimrods.

10 years ago markets were made by humans or computer operating at trades every few seconds.

Major markets movers now push hundreds of thousands of trades per second. The raw feed from NYSE is not 16.7 GB of trade data a second.

Even many brokers and traders say this makes the system far too vulnerable to catastrophic failure.

With reaction time of program trading system measure in miliseconds (1/1000th of second) and the ability for them to move billions of dollars a second large moves by errors are going to be larger and larger issue in future.

SEC is currently investigating the risks of flash or high frequency trading.

stop running from thread to thread with your silly nonsense.

...and not buy into the spin.

You, on the other hand, want us to believe that you know EXACTLY what happened
today. You have all of the answers. You believe that it was a glitch because
certain Wall Street PR mouthpieces told you so.

I am suggesting that this glitch theory is problematic. Thinking for yourself
isn't nonsense. Buying into PR spin, spewed by an industry run by greedmongers,
liars and charlatans--isn't exactly my idea of brilliant logic.

Cramer is even backing off from this "glitch" and so are most financial talking
heads on CNN and CNBC.

Once you need to start lying to support your claim you have already lost.

...on CNBC late this afternoon and early evening--saying that the drop
was due to uncertainty in global markets, the problems in Greece and one
finanical expert said that we were due for a correction--and that we will
be seeing many drops like this in the coming days.

I listened to it for a couple of hours with my husband.

It's a FACT that many talking heads are now tamping down the "glitch"
theory.

And that's a pretty big accusation---saying that I'm lying. Clearly, I am
not lying. Anyone who has caught 20 minutes of CNBC can hear it for
themselves.

The fact remains that many theories are floating about what caused the 1,000-point
drop. Many are suggesting that it wasn't some "glitch."

I do not lie. You are very misguided and ill informed.

then snapped back up 600 pts to roughly 100pts prior to the decline.

All of that took place on extremely low volume and over span on roughly 40 minutes roundtrip.

You don't think that was caused by technical issues.


You honestly think trades though a boring safe company like P&G value declined by 30%+ in minutes and then suddenly changed their minds to have stock go right back to its pre crash price in less than 4 minutes.

I am short the Euro and SPX because this market is going lower but that 1000pts decline was an aberration.

:rofl:

Tinfoil on isle six.

why would I believe any other financial organization is any better or worse? I believe they whole system is about to go belly up and back into default mode.

The video is fascinating.

that have yet to be addressed.

Unfortunately, like the too big to fail banks and financial or insurance corporations, I wouldn't be placing any bets that they will be effectively addressed.