What happened at 3:45est???

Discussion in 'Trading' started by Dustin, Oct 2, 2002.

  1. I was short (MWD) almost got stopped...looked like it was gonna work..then I noticed CSCO under $10 and boom everything started falling...took a nice gain from that MWD short, but unfortunatley I churned too much/got whipped and ended up with a red day.
    #11     Oct 2, 2002
  2. Someone's head is going to be on a platter.
    #12     Oct 2, 2002
  3. it looks like I'm not the only one making mistakes when entering orders :D. When exactly did the program start?
    #13     Oct 2, 2002
  4. HL Camp has the # for the programs to trigger at -2.12

    to reverse back to fair value of .66

    so -3.89 is extreme

    #14     Oct 2, 2002
  5. sd, was that the shooter in mission valley ive been hearing about?
    #15     Oct 2, 2002
  6. lescor


    I run a filter during the day to catch large gaps. I had dozens of them hitting at once, when I usually get about 10 a day. Luckily I heard the rumour of the accidental sell program soon enough and recognized it as an opportunity and started buying whatever I could get a fill on.

    It was crazy, like those tv programs where someone is throwing buckets of cash out of an office window onto the sidewalk. Only got 6 fills but it turned a losing day into a decent win.
    #16     Oct 2, 2002
  7. from the nyse:

    "As a result of a clerical error at approximately 3:40 p.m. today, Bear Stearns entered orders to sell $4 billion worth of S&P securities. The orders should have been entered as $4 million. All but $622 million of the orders were cancelled prior to execution. The firm has advised the NYSE that the risk from the executed orders has been substantially hedged."
    #17     Oct 2, 2002
  8. nitro



    Somehow, 4M got turned into 4B. Apparantly the exposure has been hedged...

    #18     Oct 2, 2002
  9. crazy....someone was buying ETF's like mad right afterward and into after hours, maybe this was their hedge?
    #19     Oct 2, 2002
  10. JayS


    Yeah, futures spiked to 832.50 right after the cash close. Now back down to 826/27 area.

    #20     Oct 2, 2002