GOOG @$38 fat fingers or manipulation

shocking, is the no justice.

for some this was the only good trade they have made in 5 years.

and to be taken away like this makes you want to

 

how did they determine the cut off point of 353.07? what formula/rule do they apply?

 

that's one fat finger indeed...according to the afterhours quotes on the Nasdaq website about 40K went off @ 38. Hope no one cleared their position.

 

Can some one please briefly explain how something like this could happen? Did some put in an order to sell at 38? Also, it looks like it hit 38 more than once, and 37.99. Was it the same order? Thanks for your help

 

Edit...the break price is 352.07...not 353.07.

Not sure why they randomly chose that price. They should have made it the previous AH low (somewhere around 365).

 

40k x $40= only 1.6 mil

congrat to those lucky sob who bought at 352

 

You've come to the right place, as ET is known as the source of just this kind of wisdom. DO NOT attempt to ask these questions on RB or Yahoo boards, you will be injured.

What happened is this. Someone went to sell some large 380 GOOG on isld. They forgot the extra zero , and swept the book down to the 38 level.

Simple as that.

 

More than likely someone wanted to sell @ 380 and forgot a zero.

I'm guessing that they chose 352 b/c it's roughly 10% away from where it was trading. Trading @ 392....352+39 = 391.

 

Is only 100 shares.

 

Man the great quality posts we have in the last few hours....we get a "ok" post in one thread and one here that makes no sense whatsoever. Go team!