Oops- 1,000 point Dow drop

[ctenidae]

In one of the most gut-wrenching hours in Wall Street history, the Dow plunged almost 1,000 points Thursday, before recovering some, on a technical glitch in the trading of Procter & Gamble stock and fears about the European debt crisis spreading

http://money.cnn.com/2010/05/06/markets/markets_newyork/

My wife was pissed- trading desks and quotes everywhere completely backed up, everything froze.

 

[dmc]

crazy day for sure

 

[Warp Daddy]

smells fishy to me

 

[wa-loaf]

I thought some dude typed in billions instead of millions?

 

[ctenidae]

I thought some dude typed in billions instead of millions?

Potenitally part of it. Great day for the markets, to be sure.

 

[Marc]

Yeah. It's selfish of me but when I see red, all I think is "oh boy, the next month's auto stock buys are going to be cheaper... w00t."

But I am selfish. So sue me.

 

[skijay]

If you had a buy limit order for 400 shares of PG at $40, do you think it would have gotten filled and do you think the execution (if it happened) would be legitimate or do you think it may be busted?

 

[wintersyndrome]

Yeah. It's selfish of me but when I see red, all I think is "oh boy, the next month's auto stock buys are going to be cheaper... w00t."

But I am selfish. So sue me.

It's not selfish to to think strategically, markets are overbought, remember "Buy on the dips"

Benjamin Graham, Warren Buffet and many others agree, you don't create wealth buying at market highs.

 

[Glenn]

I blame this on on Greece. And France too...just because.

Oh, and Howard Berg.

 

[EOS]

Benjamin Graham, Warren Buffet and many others agree, you don't create wealth buying at market highs.

Two brilliant investors!

Side note - Have you read the book Snowball?
________
Kawasaki KH500

 

[roark]

If you believe this was the result of someone fat fingering it I'd like you to meet my Nigerian prince friend.

 

[Warp Daddy]

If you believe this was the result of someone fat fingering it I'd like you to meet my Nigerian prince friend.

+1000-- uuuhhhh huuhh and the guy with the fat fingers was abducted by aliens too and is related to Jabba the Hut

 

[billski]

The explanation is simple. A-Basin announced their closing date of June 7th. The high season in Argentina does not start until July. Major crisis.
:flag:

 

[drjeff]

I was listening to CNBC yesterday while in my car as this was all playing out - the chaos that was going and all the yelling and screaming back and forth between Maria Bartorommo(?sp) and her crew sounded more like your typical Jerry Springer Show! Sounds like something really funky happened more than just the European economic issues - probably going to end up with a couple of folks from various brokerage houses infront of a senate panel being berrated by the various "I really think i'm important" senators