Would that mean a massive move on short sales using the Breakdown Trading System?
Market plunge may have been caused by glitch
Posted: May 06, 2010, 3:18 PM by Jonathan Ratner
Market Call
A massive plunge of nearly 1000 points and a quick recovery for the Dow Jones Industrial Average might have been the result of a glitch.
Shares of Proctor & Gamble Co. nosedived from more than US$60 a share to below US$40, roughly a third of its value, around 2:45 p.m. ET before quickly rebounding.
“Computer glitch on P&G sends down down 900+ in less than 2 minutes!” BMO Capital Markets currency strategist Andrew Busch said in a Twitter posting.
A similarly dramatic move was seen in share of TSX-listed Fortis Inc.
The sudden dive had some speculating that automated trading programs may have been triggered somewhere around 10,600 for the Dow.
“The way it plunged so fast and then came roaring right back makes you think either a tons of stops got hit or somebody’s automated trading program kicked in,” said Colin Cieszynski, market analyst at CMC Markets Canada.
Jonathan Ratner
Is that the one you can only use once every few years (which gives the 'longs' time to forget)??