anyone else notice that the Emini S&P500 contract (ES) did NOT trade in the 16 million range or higher, from what I was told verbally (didn't bother to confirm this) it remained in the 5,000,000 range or there abouts weren't they saying some fat finger trader mistake entering 16 Billion instead of 16 million contracts? what a hoax and misdirection there also.....
If the full extent of your knowledge of high-frequency trading is: a lot of shops hire computer science grads from name-brand schools... then you indeed have a lot to be humble about.
I don't think anyone is claiming a fat finger in the Emini SP, just in a couple or a few different stocks. Again, not that they caused the meltdown, but they didn't help matters either.
found a Youtube video with the some of the squawk box calling on the big crash May 6 http://www.youtube.com/watch?v=1mC4tu1NhUA