Hmmmm....
Isn’t little Chelsey a hedge fund manager?
Didn’t they say they were going to zero-out the trades during part of that time?
It sounds like they should let everything stay in place.
No more bailing out people or entities.
It is just as David Horowitz has stated before, “We have Communist and Criminals” running Washington DC.
The reason this sounds like complete malarky is that hedge funds have BOTH short AND compensating long positions AT THE SAME TIME, don’t they? Unless I’m completely mistaken THAT’S why they’re called HEDGE funds!
Maria Bartiromo also said she thot it was market manipulation.
I posted this the other day.
http://www.freerepublic.com/focus/news/2509164/posts?page=1#1
Don't get pulled into this conspiracy crap.
Fat finger BS !!!
It's a simple function of market mechanics.
1. If there are no willing buyers at a given time the bid is 0. This has always been the case.
2. If the market declines (when I say market, it's the market for individual securities) to a level that has been identified as my exit, my stop loss, the number that says get me out NOW. My stop orders (sell orders are triggered).
3. There is NO SUCH THING as a MARKET order when you use a Direct Access platform. They built algo’s that mimic market orders. The (automated market orders are actually IOC, immediate or cancel, orders) They will hit the best bid if your a seller with a selectnet preference and if your filled BUT still have more shares to sell it will hit the next best bid. A lot of individuals are now trading on direct access platforms and have no idea what they are doing.
4. All it takes is one guy with a few (10,000 shares or less) to get the ball rolling. These are STUPID orders but there is no one to say so and stop it.
5. Once a level (price point) has been broken it will trigger these STUPID orders. I used to make a lot of money off these guys.
6. If you recognized a Stupid order that was willing to sell at ANY price, What price would you be willing to buy at ? How about $1.00 or less on a $40.00 stock ? I would buy that all day, if I could. I once bot 3000 share of GE at $3.00 a share when it was trading at $53.00 (clearly an error, and the trade was busted)
7. There was a vacuum that was a perfect storm of events that can happen anytime and will happen again. It happened to DNDN about a year or so ago. The stock dropped from about 24 to 7 in less than 3 minutes. It was one big seller that had no clue how the system works beyond his keyboard. I looked at all the trades for ACN, a stock that went from 38 to .01 (whatever), it was no more than 10,000 shares that triggered the selloff. The best offer, when it traded at a buck was $ 33.00. It was a seller on auto pilot without safeguards or a clue of the way this market works.
8. SELL NOW !!!!
Are you sure ?
Yes
But,,,,,,,,,,,,,At this price ?,,,,,,,,,,,,,
The computer says yes, at any price.
It was kinda funny that as this was happening you could see that traders saw the stupidity, started to put in bids at sub $10.00 levels not knowing how many shares this bozo had, just hoping to catch a few shares.
I've been doing this for over 20 years. There are a lot of folks that have no clue how the market works.
I've seen “fat finger” errors, and this was not one.
This is the result of technology and efficiency that drive all aspects of business.
It's the wild wild west again !!!!
Time to make some money !!!!!
Sorry, but I have no patience for idiots that think they know what they are doing.
BTW, this same thing happened in the 90’s to the upside.
Order types:
Market
Limit
Stop market
Stop limit
Limit AON
Market “not held” (love this one)
Fill or Kill (generally stupid)
IOC (immediate or cancel)
MOO (market on open)
MOC (market on close) (because they have too) this is easy cash.
These are your basic order types. There are variations and combinations that are used for various reasons.
At the end of the the day, you need to know what your doing and WHERE you are playing. This is the most competitive arena you can engage.
Be Safe
The market is going down because it’s trash covered in lies, and over valued to boot. The only scandal is the 500+ point rocket shot back up. PPT anyone?
The only thing that stopped a total plunge [ even further that is ] was a Reagan era law which kicked in to put the brakes on the spiraling drop.
Manipulated so the gov’t can bury Wall Street with regulations as to justify, yet another segment of the economy, to be controlled and owned.
Reference bump! Nite! ;-)
At first I thought it might have been possible for the Chinese to have hacked the computer systems.
Imagine the carnage if this “glitch” had happened 15 minutes before the closing bell?
Unregulated hedge fund short sellers,no word from George Soros.
remember that you libertarians and you folks that hate the pubs so much...THE DEMOCRAT PARTY IS A CRIMINAL ENTERPRISE...