I’m hearing on CNBC that the sharp plunge may have been from somebody at a big firm pushing the B key for billion instead of the M key for million. I don’t believe that for one second. Those firms should all have software to check for input errors like that and stop them from being sent into the market. My trading workstation has that kind of software and it’s just a java-based workstation from a firm where anyone can set up an account. I have it set to stop any trades greater than 200 shares and ask me for confirmation on any share amounts above 200. That way I can’t accidentally type in 2000 instead of 200.
Someone is spreading BS rumors on Wall Street. This looks more like a breakdown in orderly functioning of market maker firms. I’ve seen a great deal of that behavior before in the first 15 minutes of the day, but never to this extent in the middle of the day.
“I’m hearing on CNBC that the sharp plunge may have been from somebody at a big firm pushing the B key for billion instead of the M key for million.”
In order for any one person to do that then that “B” would have to stand for Helicopter Ben.
I do. Well, I don't necessarily believe this -- but I do recognize that it's a distinct possibility.
I read a great book written some years ago by Benjamin Graham . . . who was Warren Buffet's mentor. One chapter is filled with examples of wild gyrations in stock prices due to investors making mistakes with the actual stock symbols of the companies they were trading.