Actually, it was quite the panic from everything I've heard (I barely remember it since I was in high school then). However, I'm sure the Internet would spread the panic much faster these days. 172 peak according to that blog.
Probably bunch of buying orders waiting at -1000, and those stupid market makers did not want to fill those orders. But, MM were MIA that day, who knows?
The idiots who were running the computers and were trying to auto-short everything finally figured out there was a problem when they were getting filled at .01 - and that was when the DOW was -998.
on April 26 the ES hit the 61.8 Retracement of the Oct 07/ Mar 09 decline resulting in the end of that rally and the beginning of the decline - to other fibo levels the question is if the top on the 26 was wave 5, or B of an ABC - now in the process of completing C - wave 4, prior to a HH wave 5
Perhaps. Or, buying started to pick up, which would lead me to think it was PPT getting involved. I don't think it's likely that there were a bunch of orders waiting in the market to buy down around that price
If you wanted to do a proper analysis, you would measure the basis of the index components and the index itself on the 6th... Something tells me there is nothing "suspicious" about it.
2 matters associated with the drop and speed of: first is that there's no common controls of the several markets, this is being discussed this week with reps from 'all' countries markets meeting with US markets officials second is that while much of the trading today is computer generated, unlike Germany for example US market regulation and others still depend on human intervention rather than having such regulation - activating slowdowns, pauses, halts being done not by human intervention/committee but computer programs