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man, I just thought it was funny because clearly no one has a real explanation for it, so some asshat on marketwatch's desk said "Aha! It must be technicals!"
2
Posted on 5/6/10 at 2:11 pm to kfizzle85
quote:You misspelled azzhat.....
some asshat on marketwatch's
Posted on 5/6/10 at 2:12 pm to John Merlyn
Man this is really fricked. There's no telling how many people got stopped out on that 1 single tick. The amount of volume that had to have been sold on that tick is truly unfathomable. Who sold it?
Posted on 5/6/10 at 2:13 pm to LSURussian
That is the correct spelling. 
Posted on 5/6/10 at 2:13 pm to mikeytig
quote:
what happened to the automatic shut-off switch?
I could be wrong, but I don't think they halt trading after 3:00PM.
Posted on 5/6/10 at 2:14 pm to dutchdanish
I thinks its 10% down shuts it off. (Which we didn't hit).
Posted on 5/6/10 at 2:14 pm to John Merlyn
quote:
clearly some people just abused other invesetors, but you can't really get rid of stop losses
Im gonna show my ignorance here, but what do you mean and what are "stop losses"?
Posted on 5/6/10 at 2:14 pm to kfizzle85
Oh. I guess I'm just accustomed to seeing it spelled with 'z's'.
This post was edited on 5/6/10 at 2:16 pm
Posted on 5/6/10 at 2:14 pm to LSURussian
quote:
P & G dropped $17/share within a minute, then recovered within 3 or 4 minutes. Something broke down. That alone was = more than 120 points on the Dow Jones.
i agree ....
Posted on 5/6/10 at 2:17 pm to Zilla
Something smells like California in here.
Posted on 5/6/10 at 2:19 pm to crimsonsaint
quote:It's a sell order based on a stock hitting a lower price. It automatically sells at the stop loss price and it could involve huge volumes all at once.
Im gonna show my ignorance here, but what do you mean and what are "stop losses"?
Posted on 5/6/10 at 2:21 pm to LSURussian
Thank you 
So is the Dow really down that much?
So is the Dow really down that much?Posted on 5/6/10 at 2:22 pm to LSURussian
Marketwatch is now saying it might be due to a "glitch" (whatever that means in this context) with the aforementioned P&G.
Posted on 5/6/10 at 2:24 pm to crimsonsaint
DJ was down over 1,000 points. It is now down 430.
CNBC is reporting a HFT program flooded the market with sell orders within a minute or so. Caused the massive down tick all at once, which triggered many stop loss orders, which triggered margin calls, which triggered.......etc. Once humans got involved, the averages started recovering.
I can't wait for the congressional hearings Henry Waxman will hold on this incident..... I'll bring the popcorn.
CNBC is reporting a HFT program flooded the market with sell orders within a minute or so. Caused the massive down tick all at once, which triggered many stop loss orders, which triggered margin calls, which triggered.......etc. Once humans got involved, the averages started recovering.
I can't wait for the congressional hearings Henry Waxman will hold on this incident..... I'll bring the popcorn.
Posted on 5/6/10 at 2:24 pm to John Merlyn
Yeah the 1st threshold for the market circuit breaker is 10%.
Posted on 5/6/10 at 2:29 pm to kfizzle85
Was down about 10grand today but rebound and only down 900. 
Sorl hit 5.07
Sorl hit 5.07
Posted on 5/6/10 at 2:40 pm to LSURussian
quote:
CNBC is reporting a HFT program flooded the market with sell orders within a minute or so. Caused the massive down tick all at once, which triggered many stop loss orders, which triggered margin calls, which triggered.......etc. Once humans got involved, the averages started recovering.
Can you recommend any good books on stocks, wall street, trading, investing, etc. for beginners to get a grasp of how all this shite works?
Posted on 5/6/10 at 2:41 pm to kfizzle85
I knew something was up at about 3 PM EST when my email inbox started getting Price Trigger Alerts. I thought a war must have broken out or a new terrorist had struck.
Posted on 5/6/10 at 2:44 pm to PlanoPrivateer
Thank God for GDX. My account is down less than a % today.
Posted on 5/6/10 at 2:45 pm to crimsonsaint
quote:
Can you recommend any good books on stocks, wall street, trading, investing, etc. for beginners to get a grasp of how all this shite works?
This might help.
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