:lol:And people wonder why Wall Street needs regulated; they're not just greedy, they're panicky gazelles. :lol:
:agreed: :lol:And people wonder why Wall Street needs regulated; they're not just greedy, they're panicky gazelles. :lol:
That is basically what they were saying on NPR. I guess someone (Supposedly in the Citibank Chicago exchange) made a "fat fingers on keyboard" error which started the whole mess. The selling was mostly from automated system stop orders.I've heard a lot of talk about this "glitch" but no one's really described what happened.
My hunch, which early reports seemed to bear out, was this was driven by technical trading orders - There just happened to be a ton of stop-loss orders at and below a certain threshold, such that when normal trading brought P&G down that far, the stop loss orders triggered, causing further automated selling.
The weird thing was I had a ticker open watching Goldman Sachs, and the GS price was following the crash on a lag. At the time, it looked like something had happened somwhere and it was dragging the market down with it - I figured Greece had probably defaulted.
Probably less than you would think. There was a ton of fear and uncertainty in the marketplace anyway, thanks to Greece, so a lot of technical traders were keeping a close eye on index performance for early signs of a default and were probably being more conservative than normal with stop-loss orders. It was primed for a fall.A complete mess. Imagine what a cyber-terrorist attack on the stock system would do to the U.S. (or the world for that matter) :ugh: