bigruss Posted May 6, 2010 Share Posted May 6, 2010 Did I just read somewhere that Accenture fell from $43 ish a share to $.04? I think it was back up to $41 by closing though, but thats crazy if true. Link to comment Share on other sites More sharing options...
SoxFan562004 Posted May 6, 2010 Share Posted May 6, 2010 Can someone with a little experience explain the P & G thing? CNN glossed over it because it wouldn't be as scary. It sounded like the P & G stock fell (falsely?) a ton and it triggered a lot of computer programs to sell off. Link to comment Share on other sites More sharing options...
Balta1701 Posted May 6, 2010 Share Posted May 6, 2010 QUOTE (SoxFan562004 @ May 6, 2010 -> 04:34 PM) Can someone with a little experience explain the P & G thing? CNN glossed over it because it wouldn't be as scary. It sounded like the P & G stock fell (falsely?) a ton and it triggered a lot of computer programs to sell off. That's basically a very good summary of it. Somehow, there was a faulty price processed for P & G. Lots of electronic systems have settings that say "sell if it gets to this price". A faulty low price would trigger all of those sell orders. Then, once people realized something was wrong, people would go in and start buying. Link to comment Share on other sites More sharing options...
Balta1701 Posted May 6, 2010 Share Posted May 6, 2010 QUOTE (bigruss22 @ May 6, 2010 -> 04:34 PM) Did I just read somewhere that Accenture fell from $43 ish a share to $.04? I think it was back up to $41 by closing though, but thats crazy if true. Yes. Link to comment Share on other sites More sharing options...
SoxFan562004 Posted May 6, 2010 Share Posted May 6, 2010 QUOTE (Balta1701 @ May 6, 2010 -> 03:36 PM) That's basically a very good summary of it. Somehow, there was a faulty price processed for P & G. Lots of electronic systems have settings that say "sell if it gets to this price". A faulty low price would trigger all of those sell orders. Then, once people realized something was wrong, people would go in and start buying. Thank you, like I said, it seemed like that was the P & G thing was a big part of the huge drop, (and don't get me wrong, from what I understand the EU situation is very serious but I was talking about the 900 point drop that happened in like minutes) but news stations would rather be sensational than give people a valid reason. Link to comment Share on other sites More sharing options...
BigSqwert Posted May 6, 2010 Share Posted May 6, 2010 QUOTE (Balta1701 @ May 6, 2010 -> 03:36 PM) Yes. Damn. I wish I bought 10K shares at the moment it went to .41. Link to comment Share on other sites More sharing options...
Balta1701 Posted May 6, 2010 Share Posted May 6, 2010 QUOTE (BigSqwert @ May 6, 2010 -> 04:42 PM) Damn. I wish I bought 10K shares at the moment it went to .41. I'll bet there's going to be more than a few fraud investigations coming out of whatever happened today. Edit: and I have a feeling GS just made a fortune. Link to comment Share on other sites More sharing options...
Heads22 Posted May 6, 2010 Share Posted May 6, 2010 I love how people are looking to seriously blame everyone in the government for something that happened because of a f***up by one person at Citigroup. Link to comment Share on other sites More sharing options...
BigSqwert Posted May 6, 2010 Share Posted May 6, 2010 QUOTE (Balta1701 @ May 6, 2010 -> 03:36 PM) That's basically a very good summary of it. Somehow, there was a faulty price processed for P & G. Lots of electronic systems have settings that say "sell if it gets to this price". A faulty low price would trigger all of those sell orders. Then, once people realized something was wrong, people would go in and start buying. Aren't there any controls in place to prevent such a thing from happening more often? Something is fishy here. Link to comment Share on other sites More sharing options...
Balta1701 Posted May 6, 2010 Share Posted May 6, 2010 QUOTE (BigSqwert @ May 6, 2010 -> 05:15 PM) Aren't there any controls in place to prevent such a thing from happening more often? Something is fishy here. There are supposed to be "Curbs" that kick in, designed after the automated sell-off effect was discovered dramatically in 1987. I think this burp happened so fast that they couldn't get triggered. Link to comment Share on other sites More sharing options...
Balta1701 Posted May 6, 2010 Share Posted May 6, 2010 Get your "I survived the crash of 2:45 p.m." shirts Link to comment Share on other sites More sharing options...
southsider2k5 Posted May 7, 2010 Share Posted May 7, 2010 QUOTE (Heads22 @ May 6, 2010 -> 04:14 PM) I love how people are looking to seriously blame everyone in the government for something that happened because of a f***up by one person at Citigroup. If it is indeed a fat fingered trade, it does happen. I have seen it happen first hand in a futures market, but never in a stock. Link to comment Share on other sites More sharing options...
kapkomet Posted May 7, 2010 Share Posted May 7, 2010 QUOTE (southsider2k5 @ May 6, 2010 -> 08:18 PM) If it is indeed a fat fingered trade, it does happen. I have seen it happen first hand in a futures market, but never in a stock. A fat finger at that level should not have happened. Usually there's some sort of override that has to be done on that stuff, IIRC. Link to comment Share on other sites More sharing options...
southsider2k5 Posted May 7, 2010 Share Posted May 7, 2010 QUOTE (kapkomet @ May 6, 2010 -> 07:23 PM) A fat finger at that level should not have happened. Usually there's some sort of override that has to be done on that stuff, IIRC. Trust me, it can. The face that I have yet to hear of the marketplace busting trades tells me that it was human error. Link to comment Share on other sites More sharing options...
jasonxctf Posted May 7, 2010 Author Share Posted May 7, 2010 according to someone on the tv from the motley fool, is was s&p futures sell orders. supposedly the guy hit 16 billion rather an 16 million. supposedly he hit 16B rather than 16M Link to comment Share on other sites More sharing options...
southsider2k5 Posted May 7, 2010 Share Posted May 7, 2010 QUOTE (jasonxctf @ May 6, 2010 -> 07:36 PM) according to someone on the tv from the motley fool, is was s&p futures sell orders. supposedly the guy hit 16 billion rather an 16 million. supposedly he hit 16B rather than 16M I actually had a VP at a company I worked for enter a trade in the Dow Jones futures where they switched the amount of contracts (250) and the Dow Jones price at the time (8500ish) on a sell order. So they put in an order to sell 8500 Dow contracts all of the way down to 250. About a thousand contracts got filled before the market got ran and the exchange cancelled the order. The funny thing was that the lucky ass made about $250k off of it because the market rallied right after it happened. Link to comment Share on other sites More sharing options...
HuskyCaucasian Posted May 7, 2010 Share Posted May 7, 2010 Someone getting fired ... Link to comment Share on other sites More sharing options...
southsider2k5 Posted May 7, 2010 Share Posted May 7, 2010 So we are something like 10 hours after this, and they still have no idea exactly what happened. The funny part, look at all of the different agencies involved. http://www.nytimes.com/2010/05/07/business/07markets.html?hp Next Mr. Geithner spoke with European central bankers. After the markets closed, at 4:15 and again at 5:45, he joined conference calls with the heads of the Fed, the New York Fed, the S.E.C. and the Commodity Futures Trading Commission; the calls were expected to continue into the evening. None of these regulating bodies work together, or have any communications with each other. If it does indeed trace back to one marketplace, the others would have no way of knowing there is a problem before it is too late. Link to comment Share on other sites More sharing options...
lostfan Posted May 7, 2010 Share Posted May 7, 2010 Yeah I know this was argued before but holy s*** do stockholders ever act like irrational tween girls or what? Do these things happen automatically or something? Apple plummeted like $60 for pretty much no reason, for instance. Link to comment Share on other sites More sharing options...
Rex Kickass Posted May 7, 2010 Share Posted May 7, 2010 Unemployment rate is up to 9.9% BUT 290,000 new jobs in April! Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted May 7, 2010 Share Posted May 7, 2010 QUOTE (Rex Kicka** @ May 7, 2010 -> 08:12 AM) Unemployment rate is up to 9.9% BUT 290,000 new jobs in April! People jumping back into the job market now, since its improving. This will be the theme for a while I think - net job addition, but steady UE rates. Link to comment Share on other sites More sharing options...
bmags Posted May 7, 2010 Share Posted May 7, 2010 WORD i have an interview today at 10. USA USA USA Link to comment Share on other sites More sharing options...
southsider2k5 Posted May 7, 2010 Share Posted May 7, 2010 QUOTE (lostfan @ May 6, 2010 -> 11:48 PM) Yeah I know this was argued before but holy s*** do stockholders ever act like irrational tween girls or what? Do these things happen automatically or something? Apple plummeted like $60 for pretty much no reason, for instance. The whole system is super jittery right now. Every single country on the planet with any amount of debt and deficit is thinking that they could be the next Greece in the back of their minds. If this does end up being an error, the only reason this tanked the market like it did is because there was legitimate fear that something real could be happening. Usually when this happens, and it does more often than you know, everyone knows it is just an error, and not something collapsing. Link to comment Share on other sites More sharing options...
southsider2k5 Posted May 7, 2010 Share Posted May 7, 2010 QUOTE (Rex Kicka** @ May 7, 2010 -> 08:12 AM) Unemployment rate is up to 9.9% BUT 290,000 new jobs in April! How much of that was census? Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted May 7, 2010 Share Posted May 7, 2010 QUOTE (southsider2k5 @ May 7, 2010 -> 09:06 AM) How much of that was census? 231,000 were private sector jobs - so at most, about 50k. Still well above concensus expectations for the private market. Link to comment Share on other sites More sharing options...
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