Posted on 05/06/2010 3:59:06 PM PDT by The Magical Mischief Tour
Nasdaq Operations said it will cancel all trades executed between 2:40 p.m. to 3 p.m. showing a rise or fall of more than 60 percent from the last trade in that security at 2:40 p.m or immediately prior.
Nasdaq said the stocks affected and break points will be disseminated soon.
Mooooooooooooooooooooooooooooooooooooooooooooooooooooo
I know that after hours trading goes one say between 2 banks and they are not really considered market makers. I’ve been out of the market (as a broker) for ten years so no doubt things changed. I don’t remember that type of trading going on during market hours. I always thought that area offered a potential for funny business. Does it look like that’s what happened or do you think this could have originated from an error? Have you read anything you consider to be a good review of what transpired?
I watched the plunge in 1987 with two clients in my office who had about 2 mil in margin calls at the bottom and were OK by the following afternoon. Nerve wracking as hell. I bought the next morning which turned out to be a good move, but I wouldn’t be doing that now.
Read page 2854 of their fine print. Scary, isn’t it? Livelihoods and fortunes destroyed in minutes
Proctor & Gamble was selling at 50 cents, I hear.
I’ve seen nothing written nor heard any sound explanation for what happened.
Unlike ‘87 this took place quickly and bounced. In 1987 we closed on the bottom.
There must be some serious problems going on for this to even be considered.
Or the wrong people "lost" money and were promised otherwise...
Heard that also...could be the Mini-SP500s??. Also saw on Fri a Bloomberg curve showing that the Yen did a swan dive a half hour before the SP500 crash...Yen diving could be a new Olympic sport in China...perhaps Nanjing massacre payback? The cognacenti are of course calling for a return of Reg NMS (?) uptick rule to keep shorters and bear raiders at bay...I'd vote for that in a hearbeat, since that's been one of the problems all along (its repeal by the SEC that is). Can't believe it's taking them this long to 'perform the operation' to cure the patient! Guess they plan to wait til it's too late...ie, you can Hope for Change but you don't always get what yuan!
Never mind.
I don't think what was going on May 7 can be written off to "fat fingers."
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