Posted on 05/06/2010 2:03:52 PM PDT by Eepsy
Pick a news site this afternoon and you’ll find plenty of analysis, speculation or theory over what happened on Wall Street today to cause the Dow to plunge before heading back toward a recovery.
But to illustrate how dramatic the plunge was, look no further than Accenture.
Accenture opened at $41.78 and then climbed a bit before flattening out for most of the day. Then, right around 2:45 p.m., with the stock trading at around $40, it plummeted - down to 1 cent. Yes, a penny.
And then, two minutes later, it bounced right back up to that $40 level. (Anyone happen to buy in those two minutes?)
So, what happened? Like I said, theories galore, including human error involving a trader who typed a “b” for billion, instead of an “m” for million. There’s also talk that it was a computer glitch.
By the way, Accenture was down slightly - 2.56 percent, to be exact - for the day. It closed at $41.09
it's the best argument for specialists there is.
apparently they are still using "snakes" -- apps that sniff for obvious price-entry errors on sent orders in order to fill 'em.
Riots in Greece caused much of today’s drop. A bad trade gave nervous investors everywhere a reason to sell. Normally one bad trade does not move a market. In this case it is the concern about global national debt.
The correct answer is that it became public I didn’t get that Accenture job in the London office.
Well, this speaks for itself.
Can you imagine being an Accenture executive for those 2 minutes?
Computers don’t glitch
can you imagine being the individual that had an open market order to buy $10,000 worth... only to find you received 1m shares
If that did happen, then somebody got rich quick
Are you serious? Is software driving enough of these trades to cause this? Having been a coder for 20+ years, I’d say it’s time to get out then. What’s the old line, “to err is human but to really screw things up, it takes a computer”?
“Honey, I told you we should have bought!”
My hope is that the drop was caused by hordes of illegals withdrawing their dollars from their investment advisers and deciding to pack up and head home ;) well I can dream....
Would you like to play a game?
It's OK, I did get the job and that's why it shot back up...;)
5.56mm
LOL.......this old broad just figured out how to log on.
So, who bought it at 0.01c? It should be a small universe.
I wonder if Prairie Capital made any money also.
5.56mm
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