Thread: The reason for the big drop at 2:47 p.m.

Originally Posted by Birchtree

No way would I be out of this market - there is way too much money to be made.

Like Jim said earlier..I too am wondering if the little slip of the B word was not a very well calculated mistake....

If someone was waiting for P&G to bottom out and then spike back in 4 minutes, one would have made a ton of cash.

Why were disparate exchanges hit instantaeously?

All the trades from 1440 hours until 1500 hours will be expunged by the NYSE. No one will profit from an apparent mistake. Sure makes a nice roo tail though.

I find it hard to believe that it was an error that caused the market to drop so hard. Someone influenced the market and it was no error. Just my opinion.

Originally Posted by Birchtree

All the trades from 1440 hours until 1500 hours will be expunged by the NYSE. No one will profit from an apparent mistake. Sure makes a nice roo tail though.

How do you know this?..Not saying you're making it up..but does this usually happen in a case like this?..otherwise the DOW should have broke even today at worst, based on what you're claiming will/did happen.

Originally Posted by Birchtree

All the trades from 1440 hours until 1500 hours will be expunged by the NYSE. No one will profit from an apparent mistake. Sure makes a nice roo tail though.

Hope so, but Tom will have a heck of a problem with the AutoTraker - eh...

If they don't adjust I might just be

Lookin' up at the 'G Fund'!!!

this time tomorrow

Originally Posted by Buster

How do you know this?..Not saying you're making it up..but does this usually happen in a case like this?..otherwise the DOW should have broke even today at worst, based on what you're claiming will/did happen.

Here's an article:

Nasdaq to Cancel U.S. Trades That Moved More Than 60%

Nasdaq OMX Group Inc. said it will cancel trades of 286 securities that fell or rose more than 60 percent from their prices at 2:40 p.m. New York time, just before U.S. equities plummeted.

http://www.businessweek.com/news/201...-update2-.html

And another article saying that NYSE will do the same thing:

http://www.reuters.com/article/idUSN0614132620100506

I don't think this will settle down quickly. I think tomorrow we will still see a lot of volitality and that it will not settle until after the weekend and the news people talk about it endlessly. The average investor will still be running for the exit. I expect to see some administration or Fed types come out with comments and for Congress to take a look. All this will keep money out of the market. Don't think there will be a rebound with larger volume until at least next week. Do think that if there is large volume tomorrow that it will be to the down side considering today's trade and continuing worries about Europe. After today small investors are scared of loosing the rest of their retirement savings. Just my gut feeling.

Cancel all the trades between 14:40 and 15:00 that moved 60% or more?

Incredible.

I have never, in my life, heard of such a thing.

Well, there ya go- that ought to bring confidence into the markets. (NOT).

I think yesterday must have had something to do with a phase of the moon, or something. Anybody notice whether or not there is a full moon? Or if aliens have landed, or anything?

Great, they are canceling trades that dropped 60%. What about the ones that dropped 20%? I'm not impressed. 287 trades on a volume day of over 10 billion shares on NYSE alone. I'm actually laughing right now. Don't believe the bad guys are getting hit here.