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Day traders, forex, options, play this way. LOng term invetsments, work based upon fundamentals.The entire stock market game exists so that those in control of the mechanisms can profit at whim.
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Today's technology offers many tools to manipulate the stock market.
There are entire NOCs with servers stationed within a few hundred yards of physical proximity to the large stock markets of today - NYSE, LSE, TSE etc - which serve the goal of having as low of a network ping as possible. The milliseconds matter in trading, where thousands of transactions can be initiated and then canceled as 'junk' with the sole purpose of causing trends that cause waves that cause the big splash you saw today.
The entire stock market game exists so that those in control of the mechanisms can profit at whim.
Tomorrow's NYSE opening: a sizeable correction and by noon the losses of today will have adjusted by a nice profit.
That's the way things work when human emotion is involved, while the 'machines' coldly perform the number crunching.
Day traders, forex, options, play this way. LOng term invetsments, work based upon fundamentals.The entire stock market game exists so that those in control of the mechanisms can profit at whim.
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That explains the market's dive today. Emotion causes motion. Fundamentals come with annual reports and so far the economy looks good. The issue is, you cannot isolate short term gambling from long term investments. They affect eachother.Originally Posted by fab
Don't forget massive amounts of insider trading. Oh, wait, that's illegal - no one does that, right? Then I wonder why one to two days before a company comes out with a big announcement you see a lot of movement within their own stock. I've lost count the number of times I've seen it with my own company and its competitors.
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Greece and other countries wouldn't be in the mess today, had they managed their finances and debt levels responsibly.
The markets are just taking advantage of weak targets. IMHO
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NEW YORK, May 6 (Xinhua) -- U.S. stocks tumbled more than three percent across the board on Thursday after fears of contagion from Greece debt crisis triggered unprecedented sell-off during trading.
In early afternoon trading, about 10 minutes to 3 p.m. EDT, the Dow suddenly dropped 998.5 points to below 10,000 points. It was the biggest intra-day point plunge ever, and largest percentage intra-day loss since the market crash on Oct. 19, 1987, when the index closed 22.6 percent lower.
Both Dow and S&P 500 briefly fell into negative area for the year, while Nasdaq down more than nine percent early in the session.
Dow experienced a 1,010.14-point-swing, the second biggest intra-day point-swing ever, as it went down about 700 points in 15 minutes and rebounded about 600 points in 20 minutes.
Bottom line, emotion or not, this was tied to an event in Europe.
It goes to show how small the world has become interactive in the electronic age.
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And the truth: it was a typo.
Everyone assumed the 998-point midafternoon plunge in the Dow Jones industrial average Thursday reflected a contagion of fear over a possible Greek sovereign debt default. But as the markets recovered some ground toward the closing bell, closing down "just" 347 points, the rumor was far more troubling: a trader at a major dealer accidentally entered an order to sell 16 BILLION worth of stock market futures contracts instead of the intended 16 MILLION. Chaos ensued. Procter & Gamble shares plunged $20, or 33%. The company said it didn't know why.
That's actually very scary if its true.
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I heard on CNN that all of this was triggered by P&G being that it is a Blue Chip stock.
The good news is there is a precise event that this can be traced to. Hopefully, someone will get their ass kicked and Wall Street will study and implement more safeguards as a fail safe.
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Seems we owe Greece an apology. Hurray for fear mongering!The 1987 crash, when the Dow lost 20% in a matter of hours, was blamed squarely on program trading, in which computers are set to sell (or buy) when stocks hit a certain threshold.
Last edited by Tia Wood; 05-06-2010 at 07:43 PM.
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Last edited by 500,000; 01-12-2011 at 12:22 AM.
Everyone is looking at eachother, unable to find the glitch: amazing.
Eye-opening video with Cramer commenting how the P&G stock price can't be real.
Huffington Post summarizes it all.
Last edited by Acro; 05-06-2010 at 11:41 PM.
Yes its been proving over and over again.
I hear that Greece 'lied' about the state of their finances. I would then say that the loss of trust from the market (and peers) is a normal reaction.
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That's a very vague statement, Kate. One has to define what a 'lie' is first. If you watched the Congressional hearings of the Goldman Sachs executives, I don't think you'd catch any 'lies' in their responses. They were calculative variations and slices of truth, from various standpoints. If you sense some sarcasm, it's because when one weighs something by different standards, it won't have the same weight each time.
Well said.
The US is technically bankrupt too.
IMO when you're dead, you're dead. You cannot be half-dead.
However denial of death is possible. But it normally lasts for a while, not forever.
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Thus far, there is no solid reason for the sudden drop.
Investigators are still looking into it.
There is also no hard proof of a typo.
What is known is what those mysterious 15 minutes represented - a loss of 1 Trillion Dollars.
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
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There is plenty of proof and having worked in an industry that glorifies computerized 'bot' trading, I can assure you that the situation was exactly as described: a typo sale of several billion shares (instead of million) by a trader, triggered a chain reaction of bot bidding that are programmed to attack such volatility magnitude like piranhas on a bleeding cow. The end result was a stock price dive of monumental proportions and the eventual cancellation of most trades. Now, rest assured that a few cool billions will never be recovered.
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