US Market spike
Discussion
Mattt said:
Someone just made a s
tload of cash.
Yep no kidding but on the opposite side alot of people would have got stopped out of their position.tload of cash.Apple droped to 199 and now back to 244
Google from 517 to 460 and now back to 498
Theres loads more shares that did the same.
Edited by twinturboz on Thursday 6th May 20:40
I don't think we've seen the bottom of EURUSD yet but dropping 100 pips in 5 mins and giving them all back in 3 mins like it did today is making it pretty hard to stay in the trade unless you run with large stops.
More news on the spike http://www.reuters.com/article/idUSTRE6455ZG201005...
More news on the spike http://www.reuters.com/article/idUSTRE6455ZG201005...
ShadownINja said:
What was the cause? FX took a hit, too. Gutted I wasn't short as I'd planned to be last week. 
Supposedly a human error trade that started in Proctor and Gamble. Nasdaq are cancelling any trades at +/- 60% and Nyse at +/- 30%. There will be some seriously unhappy brokers and some very relieved people.
FTSE not going to look pretty tomorrow imo.
Representatives of major U.S. exchanges and the Securities and Exchange Commission convened a series of conference calls late Thursday to determine which trades will be voided in the aftermath of Thursday’s market chaos.
Initial plans called for exchanges to void trades taking place in that period of time at prices more than 30% below or above the pre-2:40 p.m. time period, according to a person briefed on the discussions.
A notice from Nasdaq OMX Group Inc. Thursday evening said that the exchange was working with other markets to cancel all trades executed at prices that were greater than or less than 60% away from the last printed price prior to 2:40 p.m. EDT.
The cancellations will affect trades made between 2:40 p.m. and 3:00 p.m. EDT, and the decisions aren’t able to be appealed, according to the notice. BATS, NYSE Euronext and Direct Edge made similar moves.
Exchanges and regulators debated which trades ought to be honored following a dramatic sell-off in stocks Thursday, said to be triggered by an erroneous trade in electronic futures on the S&P 500 stock index.
“It’s a coordinated effort to determine which trades to honor,” said a person involved in the discussions.
The move would let traders break up trades in stocks whose prices plunged to pennies at the height of Thursday’s market chaos, when the Dow Jones Industrial Average at one point was down by nearly 1,000 points
Initial plans called for exchanges to void trades taking place in that period of time at prices more than 30% below or above the pre-2:40 p.m. time period, according to a person briefed on the discussions.
A notice from Nasdaq OMX Group Inc. Thursday evening said that the exchange was working with other markets to cancel all trades executed at prices that were greater than or less than 60% away from the last printed price prior to 2:40 p.m. EDT.
The cancellations will affect trades made between 2:40 p.m. and 3:00 p.m. EDT, and the decisions aren’t able to be appealed, according to the notice. BATS, NYSE Euronext and Direct Edge made similar moves.
Exchanges and regulators debated which trades ought to be honored following a dramatic sell-off in stocks Thursday, said to be triggered by an erroneous trade in electronic futures on the S&P 500 stock index.
“It’s a coordinated effort to determine which trades to honor,” said a person involved in the discussions.
The move would let traders break up trades in stocks whose prices plunged to pennies at the height of Thursday’s market chaos, when the Dow Jones Industrial Average at one point was down by nearly 1,000 points
twinturboz said:
ShadownINja said:
What was the cause? FX took a hit, too. Gutted I wasn't short as I'd planned to be last week.
Supposedly a human error trade that started in Proctor and Gamble. Nasdaq are cancelling any trades at +/- 60% and Nyse at +/- 30%. There will be some seriously unhappy brokers and some very relieved people.
FTSE not going to look pretty tomorrow imo.
I wonder if anyone got raped thanks to overleverage.Gassing Station | Finance | Top of Page | What's New | My Stuff