Posted on 09/28/2010 7:01:40 AM PDT by blam
Another Mini Flash Crash? Shares Of Apple Briefly Plunge At The Open
Joe Weisenthal
Sep. 28, 2010, 9:41 AM
Another one.
Shares of Apple lost $15 at the open, before instantly recovering two thirds of that.
Yesterday shares of Progress Angry lost most of their value briefly.
That SEC report on the big May 6 Flash Crash couldn't come soon enough.
[snip]
(Excerpt) Read more at businessinsider.com ...
Rush says the Fed is buying stocks to prop up the market.
The Fed buying stocks?[PPT or OGA] That’s a conspiracy theory. I’m surprised Rush spoke of it.
$291 to $278 is a “plunge”? You need a new hobby besides constantly posting negative news.
He did. And he is 99.8% right. I am not surprised. A good way to take over private enterprise on the sly. I think it is some scam where they loan money to overseas investors and then they buy the stocks with it. Not direct purchase.
Yesterday’s was a true “mini-flash crash” since it showed that the circuit breakers did NOT work as intended.
Today’s....not so much.
The DJIA is too easily manipulated by the big market makers. There is no penalty for this, and it’s hugely profitable. A cadre of market makers decided to “whip ‘em and flip ‘em,” and thus Apple takes a tumble. A few dudes get mega-rich. Any small investors (known as “suckers” in the biz) get fleeced.
If you think the DJIA has *anything* to do with the country’s real economy, you’re fooling yourself. The DJIA at this point has only to do with how much cash can be gathered from working men and women hoping for a nest egg at retirement. It’s quoted every day because it’s the one number that changes on a daily basis, not because it reflects any real aspect of the national or world economy. Foreign exchange rates would be a better indicator of how we are doing.
Hell, and today I get an email telling me to dump my “paper IRA or 401K and buy gold”! Hahaha, another great scam. Persuade everyone to buy at the height of the market, then drop it into the toilet in another year - where it can circle the bowl for another decade or two.
At this rate, e’ll be chained to the galley oars, working, till we drop dead and they toss our corpses over the side.
Now down 60%.
CORREXTION!!! Not 60%, only 60 points! Sorry!
More fat fingers.
Excellent and correct.
Business Insider is a good popularizing business-related website except for Joe Wiesanthal. How can he be a writer and be absolutely unaware that stocks have gapped up or down tens of millions of times by even greater percentages, due to regular overnight news? The 5% he refers to here is trivial, and he must have needed something to write about The other writers do a better job of covering the news.
Might have been a fat finger or even naked manipulation (an HFT-driven order rapidly withdrawn), but more likely has to do with the rumor of Apple’s COO leaving the company for HP.
In my case, just dumb fingers.
It was a P.B.K.C. Problem Between Keyboard and Chair.
With the fed fund rate at .75% banks are using the loaned funds to buy stocks. They are playing a game of musical chairs, knowing that they are ‘too big to fail’ and can’t loose as they are already bankrupt (if real accounting rules applied). The problem comes when a nerve is struck, they all pull out at once = flash crash. The question is after November will the new congress go along with the fraud? Will they hold Ben and Tim accountable?
Heh- heh. My problem is slow fingers...both of them.
Is there a chance we could finally get that congressional audit of the Fed with the new congress? That is, could there be enough votes for it to override an obama veto?
Gotcha. I wondered how they did it. This market is a hoax. What a scam.
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