Thursday, May 6, 2010

Someone tripped over the power cord

What an unreal unraveling of the market today!  The SPY was dropping off a cliff, caused by PG company stock puking its guts out, from a hedge fund short circuit, dogs and cats- living together, mass hysteria!  I was shaking my head the rest of the day.  Just wow.

Here's what CNBC are calling the culprit:

According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble 
It goes on to say "the erroneous trade may have been made at Citigroup"...I wonder how much losses resulted in this mistake?  A sell market order for over a billion shares?  It made over a 20 point move during the sell off...I would hate to be that guy.



I wonder if that is an accurate tick, that almost is too hard to believe if it is.

The SPY was ripped open as well, the big elevator shaft in the middle of the chart, followed with an incredible price swing from off the bottom.  The resulting move took the SPY back 9.3 points (in 3 minutes 33 seconds!)


Time and sales of the tops and bottoms





Just unreal  
As far as my savings go - I will have a pretty good May (even with having the decent expenditure to get some car repairs for state inspections) which is great since I will be able to execute on my plan to consolidate my debt into my 401k faster.  Now to stay on track I next need to set up a budget...more to follow with that.

No comments: