Stock market fell 1000 points instantaneously, may be due to trader typo
 

http://www.cnbc.com/id/36999483

One trader out there is probably shitting his pants right now for their little typo... Entered "Billion" instead of "Million"

Jim Cramer discussing live wtf was going on: http://www.cnbc.com/id/15840232/?vid...7022682&play=1

lol shit

its a trap

Something certainly went awry but it wasn't the actions of a single typo from a trader. The entire market plummeted, not just P&G so it wasn't the actions of one trader. Accenture PLC went from 42 to a penny than back up to 41. Apple also took a dive in the double digits. Hell at one point the S&P500 was sitting at -11%.

The trader wasn't from P&G, reports say he was from Citibank.

It was probably a snowball effect that started from the typo...

I think they blocked trading during that error because my buy order of apple didnt go through when it fell 20%.

Europe is in a shit situation right now, the funny thing is Greek people rioting because of taxes/budget cuts. Your country needs that otherwise its going to be bankrupt and you riot in response lol.

Then next problem will be spain, then portugal, then italy... people are asking will this break up the European Union? Highly doubtful but if it does...

...and where's the guy who said "who gives a shit about Greece"? :p

Yeah they are saying all P&G transactions during that time will be wiped due to the error.

yeah communists and anarchists are protesting. Nothing new in greece.

kind of hard to believe it was a mistake

A stock doesn't just go from $40 to $0.01 without some kind of an error.

That's actually probably because your broker sucks.

what i meant was i could see someone doing it on purpose, and then saying it was a "type-o" or some other excuse ;)

It's a fire sale!

i think they should let Greece go bankrupt cuz the world now doesn't need another bailout
if they get bailed out, then Spain...probably all of Europe needs a bailout
let them tank like Iceland

Fuckk... Imagine shorting that :D

hft's to blame?

The whole "typo" thing doesn't make any sense to me. What trader would have a trade limit in the billions? Furthermore, to be able to have that trade go through without having to see approval? If you look at the volume today for aapl, pg, acn... none of these stocks show abnormal volume that would suggest a huge drop and the an equally huge recover. Large amount of shares would have to change hands.

One of my buddies actually did something similar before. On the trading terminals, some of the keyboards have a double 0 and a triple 0 key to save time from typing out all the 0s. He sold 5,000,000 shares instead of the 500,000 shares he meant to sell, dangerous if you're not paying attention.

but what if someone was trying to sell a stock at say 40, but hit Enter too fast and the price was set a 0.01?

Should've short sold on margin.

wow, he must be shitting his pants right now

You should have seen the $100,000 high for aapl on the free streaming sites.

thank god we still have open outcry pit traders
70% of volume on nyse is program trading meaning its computers trading against computers

http://www.zerohedge.com/sites/defau...et%20Crash.mp3

lol. Am I related to this guy?

today isn't look as bad. its moving away from the lows...i think ppl are going to get out and wait till next week and also see what takes place in euro over the weekend =]