{"id":189206,"date":"2010-05-06T14:39:00","date_gmt":"2010-05-06T19:39:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/05\/06\/what-the-hell-is-this\/"},"modified":"2010-05-06T14:39:00","modified_gmt":"2010-05-06T19:39:00","slug":"what-the-hell-is-this","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/05\/06\/what-the-hell-is-this\/","title":{"rendered":"What the Hell is This?"},"content":{"rendered":"
Click for full size<\/p>\n
\n

<\/a> 1000+ point move in under an hour<\/span><\/div>\n

Normally, I don’t follow the stock market, and I follow the imperfect Dow Jones Industrial Market even less, but over the space of what looks to be about \u00bd an hour, the Dow fell 600 points, and then rose by 400 points.<\/p>\n

In percentage terms, that’s about 5\u00bd% down and about 4% up in a very<\/span> short time frame.<\/p>\n

I’m wondering if the whiz kids with the high frequency trading robots just screwed the pooch somehow.<\/p>\n

(Update<\/span><\/span>)<\/p>\n

We now have a potential cause, sloppiness and lack of controls<\/a>:<\/p>\n

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.<\/p>\n

According to multiple sources, a trader entered a “b” for billion instead of an “m” for million in a trade possibly involving Procter & Gamble , a component in the Dow. (CNBC’s<\/span> Jim Cramer<\/span> noted suspicious price movement in P&G stock on air during the height of the market selloff<\/span>. Watch.)<\/p>\n

Sources tell CNBC<\/span> the firm in question that handled the erroneous trade is Citigroup<\/span> . The bank said it has no evidence of a bad trade but is investigating the situation<\/p><\/blockquote>\n

We now have some hard numbers<\/a>:<\/p>\n

Here is the time frame, courtesy Scott (from MarketWatch<\/span>):<\/span><\/p>\n

2:38 PM: Dow down 360<\/span><\/p>\n

2:48 PM: Dow down 600<\/span><\/p>\n

2:51 PM: Dow down 900<\/span><\/p>\n

Dow is now down around 500<\/span> [around 3:40 pm]<\/p><\/blockquote>\n

Whatever is going on here, it appears that Bloomberg<\/span> News Service got absolutely hammered, and is now (about 4:30 pm) inaccessible.<\/p>\n","protected":false},"excerpt":{"rendered":"

Click for full size 1000+ point move in under an hour Normally, I don’t follow the stock market, and I follow the imperfect Dow Jones Industrial Market even less, but over the space of what looks to be about \u00bd an hour, the Dow fell 600 points, and then rose by 400 points. In percentage …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1004],"tags":[],"class_list":["post-189206","post","type-post","status-publish","format-standard","hentry","category-breaking-news","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189206"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=189206"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189206\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=189206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=189206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=189206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}