SHOW me the person who "fat-fingered" the trade that caused this crash.

Discussion in 'Trading' started by wilburbear, May 6, 2010.

  1. Technical levels and stops were legitimately hit.

    And the entire market didn't sell off because of some bad prints in P&G.

    We may go much higher tomorrow, but I'll believe today's sell-off was legit, until they show me who entered those trades in error.
  2. olias


    I don't think anyone is saying the 'fat finger' error caused this. What I am reading is that the mistaken order simply added to the chaos, but wasn't even a major factor in today's action
  3. Sucks for the guy who sold his p&g at 0.01
  4. Illum


    If Euro banks are really freezing up, I can't see any rally tomorrow. Just looking at the chart, granted Im new, I see real stops being hit. There was really bleeding for more than an hour, and a real panic flush. I tried to sell a put spread near the flush just for a quick daytrade even tough I'm bearish, No market. Spreads all black swaned in many names. No one made a market lol, they walked. Real fear.
  5. Absolutely legit. And expected. After yesterday and what has been unfolding in greece/Pigs/ global economics etc I expected U.S. markets to be off 3% and that is where we ended up which to me is about right. The other 600+ point drop was attributable to the P&G fat finger. That portion was over done and caused chaos.
    I won't be long going into the weekend.

  6. I want to hear some stories about people that got filled on standing limit orders way below the market...AAPL traded $200 for a split second today, I would've loved to have been that guy that came home and saw that his order got filled there and he's up thousands of dollars.
  7. Giucco


    I really doubt this was a "legit" fat finger trade. Why? Because I'm sure it was computer program related and as such, the guilty parties should eat their mistakes for using programs to make all their decisions.
  8. Corelio


    Fat finger? So far nobody is able to specifically pinpoint the origin of the 'fat finger' seller. First it was a wrong order in PG now the story is morphing into big sell order on E-mini S&Ps.

    I would not discount the possibility of cyber attack.
  9. CNN had greek riots getting out of control when the crash occurred - DUH!!

    I would argue that this has been the first rational day we've seen in a year

    Only a fool would overlook the implications of this, although one could become insolvent before reality set in to the market

    (sorry, I hit reply to the wrong post)
  10. It's probably an emini fat finger.

    A bad print on a stock is unlikely to drag the S&P 500, EURUSD, 10yr into a spike no matter how big. This kind of financial space-time distortion is the work of macro instruments gone wild.

    I added up all the "excess over normal" volume in the minutes leading up to the selloff trough and it comes up to around $15bn - quick fact check on the fat finger story.
    #10     May 6, 2010