ya well some stocks like Boston Beer fell from near #60 to a penny and Accenture fell from $40 to a penny in a matter of seconds. Sotheby’s went in the other direction. After opening at $34.61, its shares briefly touched $100,000 before closing at $33. see more info on that here http://blogs.wsj.com/deals/2010/05/06/four-mega-drops-of-the-flash-crash-sam-adams-goes-flat/ — The NYSE Arca unit of NYSE Euronext (NYX: 29.26, -0.59, -1.98%) and Nasdaq, as well as other markets, planned to cancel all trades executed at prices that were greater than or less than 60% away from the last printed price prior to 2:40 p.m. Eastern time, up to 3 p.m. you can read that story here http://www.foxbusiness.com/story/markets/nyse-nasdaq-cancel-trades-height-volatility-thursday/ Im sure there is an update on that last one since it was a may 6 story, but it gives you an idea anyway
So I mean I think that it was a prudent thing for them to cancel the trades — because obviously there is a huge error in the system if stocks are going from $34 a share to $100,000 a share and from $60 to a penny in a matter of seconds.
Huh? How can you justify anything from your words?
Those became excellent buying opportunities! If you could buy something worth $60 for a penny, what’s the problem there? If you think your share is still worth $60, you don’t sell. If you think a penny is great for it, when sold by someone for that, then buy it.
There’s absolutely NO REASON to cancel these trades!