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Author Topic: Dow Plummeting  (Read 2409 times)

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Offline thundley4

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Dow Plummeting
« on: May 06, 2010, 01:46:42 PM »
It's dropped 600+, crap over 700 now.
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Offline NHSparky

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Re: Dow Plummeting
« Reply #1 on: May 06, 2010, 01:51:45 PM »
Now down nearly 1000 in last hour.  Gold over $1200.

http://finance.yahoo.com/

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Offline Lord Undies

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Re: Dow Plummeting
« Reply #2 on: May 06, 2010, 01:53:40 PM »
I thought there were triggers in place to stop trading if a slide gets too steep.  I wonder where those are?
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Offline thundley4

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Re: Dow Plummeting
« Reply #3 on: May 06, 2010, 01:55:08 PM »
It hadn't hit those triggers yet, but it's coming back up. Down less than 500 now.
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Offline NHSparky

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Re: Dow Plummeting
« Reply #4 on: May 06, 2010, 01:55:47 PM »
Quote from: thundley4 on May 06, 2010, 01:55:08 PM
It hadn't hit those triggers yet, but it's coming back up. Down less than 500 now.

Still, a 500-point drop is, to quote Slow Joe Biden, "A big ****ing deal..."
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Offline The Village Idiot

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Re: Dow Plummeting
« Reply #5 on: May 06, 2010, 01:55:54 PM »
Its gone back up some.

It looks like the Greece riot were stopped by the police this time, temporarily.
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Offline NHSparky

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Re: Dow Plummeting
« Reply #6 on: May 06, 2010, 01:58:16 PM »
Currently down -410.  Part of that might also be profit-taking.  What's going on in Greece is a microcosm of what's going on in most of the EU, and will be here in a few years at the rate Obama's going.
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Offline NHSparky

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Re: Dow Plummeting
« Reply #7 on: May 06, 2010, 02:13:18 PM »


FYI...
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Offline The Village Idiot

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Re: Dow Plummeting
« Reply #8 on: May 06, 2010, 02:14:44 PM »
They sure got close to the 1050 mark didn't they?
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Offline NHSparky

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Re: Dow Plummeting
« Reply #9 on: May 06, 2010, 02:16:03 PM »
Quote from: FGL on May 06, 2010, 02:14:44 PM
They sure got close to the 1050 mark didn't they?

Down 993 at one point.
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Offline The Village Idiot

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Re: Dow Plummeting
« Reply #10 on: May 06, 2010, 02:27:38 PM »
did you miss the other thread? The one in 'Breaking News'??

 :tongue:
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Offline thundley4

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Re: Dow Plummeting
« Reply #11 on: May 06, 2010, 02:40:00 PM »
Quote from: FGL on May 06, 2010, 02:27:38 PM
did you miss the other thread? The one in 'Breaking News'??

 :tongue:

Nope.  I posted this one first.  Check the time stamp.

Dow Collapsing!!!!
« on: Today at 01:51:45 pm »
 :tongue:
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Offline Chris

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Re: Dow Plummeting
« Reply #12 on: May 06, 2010, 02:51:46 PM »
CNBC: HUMAN ERROR IN TRADING CAUSED PLUNGE? TRADER PUSHED 'B' INSTEAD OF 'M'...

I think someone might be looking for a job in the morning...

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Offline The Village Idiot

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Re: Dow Plummeting
« Reply #13 on: May 06, 2010, 02:53:01 PM »
?? say what?
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Offline Chris

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Re: Dow Plummeting
« Reply #14 on: May 06, 2010, 02:56:02 PM »
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Offline BlueStateSaint

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Re: Dow Plummeting
« Reply #15 on: May 06, 2010, 03:05:18 PM »
Quote from: Chris on May 06, 2010, 02:56:02 PM
No details yet, just headlines.

Trading Error at Major Firm Blamed for Market Plunge: Sources (Story Developing)

According to the headline at Drudge, some trader pushed a b when he should have pushed an m.  The trading systems are that touchy . . .  :o
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Offline Chris

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Re: Dow Plummeting
« Reply #16 on: May 06, 2010, 03:08:57 PM »
The B and M keys aren't that close.  Unless you have a hangover from Sinko de Mayo.
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Offline Happy Fun Ball

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Re: Dow Plummeting
« Reply #17 on: May 06, 2010, 03:09:27 PM »
Quote from: FGL on May 06, 2010, 02:53:01 PM
?? say what?
B = Billion, M = Million

In other words, it seems that someone accidentally traded 1,000 times the amount intended.

Just imagine if he typed in 'T'...
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Offline IassaFTots

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Re: Dow Plummeting
« Reply #18 on: May 06, 2010, 03:11:36 PM »
http://www.cnbc.com/id/36999483

Quote
In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses in what possibly could have been a trader error.   

According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble [PG  60.75    -1.41  (-2.27%)   ], a component in the Dow. (CNBC's Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff. Watch.)

Sources tell CNBC the firm in question that handled the erroneous trade is Citigroup. The bank said it has no evidence of a bad trade but is investigating the situation


Somebody out there is NOT having the Best Week Ever. 
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Offline The Village Idiot

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Re: Dow Plummeting
« Reply #19 on: May 06, 2010, 03:12:26 PM »
keyboard fail!
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Offline Lord Undies

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Re: Dow Plummeting
« Reply #20 on: May 06, 2010, 03:16:54 PM »
Quote from: Happy Fun Ball on May 06, 2010, 03:09:27 PM
B = Billion, M = Million

In other words, it seems that someone accidentally traded 1,000 times the amount intended.

Just imagine if he typed in 'T'...

Or, God forbid, a 'Z'.
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Offline Happy Fun Ball

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Re: Dow Plummeting
« Reply #21 on: May 06, 2010, 03:25:31 PM »
If this does turn out to be the reason behind this, I just know what's going to happen next. The idiots in the media, and the government (but I repeat myself) will use this opportunity to smear Wall Street further and they will call for even more regulations and use this to push that horrible bill through Congress.

Now that I think about it, aren't there protections in place that can detect this sort of thing and prevent it from happening? I can understand if someone misplaced a decimal point and traded 1,000 of something instead of 100, but this sounds far too big to not be noticed by someone.
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Offline BlueStateSaint

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Re: Dow Plummeting
« Reply #22 on: May 06, 2010, 03:53:42 PM »
Quote from: Chris on May 06, 2010, 03:08:57 PM
The B and M keys aren't that close.  Unless you have a hangover from Sinko de Mayo.

That wouldn't surprise me.
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Offline thundley4

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Re: Dow Plummeting
« Reply #23 on: May 06, 2010, 04:02:49 PM »
WTF?  Are there even a million shares of  P&G, let alone a billion?   Okay, there might be a million shares, but I would think it's unlikely that there are a billion shares of any stock.  Maybe that should have been a clue.
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Offline Hawkgirl

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Re: Dow Plummeting
« Reply #24 on: May 06, 2010, 04:04:34 PM »
 :censored:
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