StockFetcher Forums · General Discussion · Buy the fear<< 1 2 3 >>Post Follow-up
miketranz
716 posts
msg #92264
Ignore miketranz
5/6/2010 11:04:49 PM

Luck & timing......

FuriousThug
256 posts
msg #92265
Ignore FuriousThug
5/6/2010 11:05:53 PM

w/r/t to the one trader fat-fingering a "b" instead of a "m", if it were indeed true, is not the REAL thing to be afraid of then a market so vulnerable to one trader's keystroke? Forget regulating banks, regulate traders. Make sure they know the alphabet before they're allowed to key in orders.

thanks


Eman93
4,659 posts
msg #92268
Ignore Eman93
5/6/2010 11:31:56 PM

Hey another good story..... have a neighbor who works in the coffee trading room of a major corp...... now she does not trade just works on the floor, went in when all the screaming started....... but....... they have standing limit buys for a cretin stock at about 15% below the open and did not get filled not one share...... this crap is going to stink already talking about breaking trades...... bull my coin is banked...

FuriousThug
256 posts
msg #92269
Ignore FuriousThug
5/6/2010 11:39:19 PM

damn skippy...time to upgrade the mattress

miketranz
716 posts
msg #92270
Ignore miketranz
5/6/2010 11:42:25 PM

Wherever there's big money,there's larceny.......

FuriousThug
256 posts
msg #92272
Ignore FuriousThug
5/6/2010 11:52:09 PM

And mattresses.

Eman93
4,659 posts
msg #92274
Ignore Eman93
modified
5/7/2010 12:36:10 AM

3rd UPDATE: Exchanges, SEC Determining Which Trades To Honor
06 May 10 22:29

(Updates with detail on broken trades)

By Jacob Bunge

Of DOW JONES NEWSWIRES

Nasdaq OMX Group Inc. (NDAQ) said late Thursday that it would cancel trades involving 267 U.S.-listed securities in the aftermath of the day's market chaos, though said it had no "no technology or system issues."

The announcement came after representatives of major U.S. exchanges and the Securities and Exchange Commission convened a series of conference calls late Thursday to determine which trades will be voided.

A notice from Nasdaq OMX Group Inc. Thursday evening said that the exchange was working with other markets to cancel all trades executed at prices that were greater than or less than 60% away from the last printed price prior to 2:40 p.m. EDT.

The cancellations will affect trades made between 2:40 p.m. and 3:00 p.m. EDT, and the decisions aren't able to be appealed, according to the notice. "There is no indication at this time that a Nasdaq market participant experienced a technological failure in connection with this event," said the company in a notice. "There is also no indication that any member firm had a trade error on any NASDAQ OMX system."

The U.S. exchange arms of BATS, NYSE Euronext (NYX) and Direct Edge made similar moves.

Exchanges and regulators debated which trades ought to be honored following a dramatic selloff in stocks Thursday, said to be triggered by an erroneous trade in electronic futures on the S&P 500 stock index.

"It's a coordinated effort to determine which trades to honor," said a person involved in the discussions.

The move would let traders break up trades in stocks whose prices plunged to pennies at the height of Thursday's market chaos, when the Dow Jones Industrial Average at one point was down by nearly 1,000 points.

Initial plans called for exchanges to void trades taking place in that period of time at prices more than 30% below or above the pre-2:40 p.m. time period, according to a person briefed on the discussions. This was later amended to the 60% level. A full list of the affected securities can be found at:http://www.nasdaqtrader.com/TraderNews.aspx?id=ETA2010-30

Eman93
4,659 posts
msg #92275
Ignore Eman93
modified
5/7/2010 12:42:46 AM

WTF????? we are sorry you picker retail trader we will limit your loss to 60%

Eman93
4,659 posts
msg #92276
Ignore Eman93
modified
5/7/2010 12:45:47 AM

"prices that were greater than or less than 60% away from the last printed price prior to 2:40 p.m. ED"

so 59% is OK..... I would be pissed if I got stopped out today on this BS...

....... I have read a lot of stuff from traders on the Internets..... most don't uses stops... they stop them selves out only if it closes below the mental stop...

what if you bought in at 61% a boat load........ all trades stand or this is BS,....

mystiq
650 posts
msg #92283
Ignore mystiq
5/7/2010 6:33:19 AM


That's $16 million, NOT $16 billion: Possible trader goof may have sparked 1,000-point Dow swing

Read more: http://www.nydailynews.com/money/2010/05/07/2010-05-07_thats_16_million_not_16_billion_possible_trader_goof_may_have_sparked_1000point_.html#ixzz0nEqpelm6


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