DOW just dropped 800+ points

scorza · 6 May 2010 at 20:24

dowie said:
lots of people probably made a profit

quite a few probably made some loss, whoever was behind the initial fat finger mistake lost a lot....

What's the betting it was a British bank? :rolleyes:

dowie · 6 May 2010 at 20:24

Westyfield2 said:
WTF happened then?

someone sold a whole load of P&G by the sounds of it- its one of the 30 stocks which make up the dow... massive sell off spooks market triggers other massive sell offs, other indicies follow very quickly etc...

JBod · 6 May 2010 at 20:26

I''m blaming gordon brown.

Rotty · 6 May 2010 at 20:27

dowie said:
someone sold a whole load of P&G by the sounds of it- its one of the 30 stocks which make up the dow... massive sell off spooks market triggers other massive sell offs, other indicies follow very quickly etc...

at 35% below normal value

looks like a trade in 3M too

LOAM · 6 May 2010 at 20:27

Rotty said:
Now

Fantastic, they'll not expect it.

Strife212 · 6 May 2010 at 20:28

No where near as bad as the time I mentioned then, that was a total disaster

sim0n · 6 May 2010 at 20:34

aardvark said:
damn thats crazy.

gold also at an all time high at almost £810 - thats a £60 increase in a week!

^^This
For the last fortnight i have considered buying myself 1oz Krugerrand or Maple leaf as very long term investment/novelty. The Krugerrand could be got for £772 about 10 days ago now the cheapest i can find is about £860.
Still recon i will get myself one this payday.

kaiowas · 6 May 2010 at 20:39

It's all about perspective. That drop almost looks like a non-event on the "1-yr" scale.

rexehuk · 6 May 2010 at 20:40

I really wish I was still trading... I just seen this thread and haven't kept up with markets for a few months atleast.

Do I return to the game... :rolleyes:

Take it you guys already seen this article - http://www.businessweek.com/news/20...-next-9-to-12-months-faber-says-update3-.html

Iraklis F.C. · 6 May 2010 at 20:42

obviously its the Greeks fault.

aardvark · 6 May 2010 at 20:45

pirate said:
Spain, Portugal, Ireland and Italy are next, I am afraid.

and us.

rexehuk · 6 May 2010 at 20:46

pirate said:
Spain, Portugal, Ireland, Italy and UK are next, I am afraid.

Fixed

Dam you aardvark!

Iraklis F.C. · 6 May 2010 at 20:47

UK cant be one of the next , european finance center is based in London. Cant imagine it will shoot its feet

OzyOly · 6 May 2010 at 20:48

scorza said:
Probably concerns about a Conservative government in this country as of tomorrow. You just know they're going to screw up the economy again.

I'm waiting for the reintroduction of poll tax.

Lil old me · 6 May 2010 at 20:55

Is it just me or is this terrifying?!

'Machines took over'
"This is an electronic market where bids can be cancelled at the flick of a button, and everyone cancelled at the same time," said Joe Saluzzi, of Themis Trading in New Jersey.

"We should be down big today, but not 1,000 points. This is an equity market structure issue, there's no major problem going on."

Computer trading is thought to have cranked up the losses, as programmes designed to sell stocks at a specified level came into action when the market started falling.

"I think the machines just took over," said Charlie Smith, chief investment officer at Fort Pitt Capital Group.

"There's not a lot of human interaction. We've known that automated trading can run away from you, and I think that's what we saw happen today."

Sauce : http://news.bbc.co.uk/1/hi/business/10101581.stm

Xordium · 6 May 2010 at 21:20

Lil old me said:
Is it just me or is this terrifying?!
Sauce : http://news.bbc.co.uk/1/hi/business/10101581.stm

This was a plot device in a Tom Clancy book I even think it was the same one where they crashed the jumbo jet into the pentagon. Years ago since I read that book. Conspiracy theories away ...

Cosimo · 6 May 2010 at 21:24

JBod said:
I''m blaming gordon brown.

Who’s he?

Duke · 6 May 2010 at 21:27

pirate said:
I think it is best to stay away from all stock markets especially American and European ones.

Now is the time to make a quick buck actually

Dr House · 6 May 2010 at 21:32

http://www.cnbc.com/id/36999483

mavers · 7 May 2010 at 00:19

Been a bit of a crazy day in the markets, it was one of the most serene 30 mins of watching the old stock ticker!

Seems like an error by an Citigroup trader when selling PG stock. TBH i'm more worried by the significant appreciation of the yen against the dollar!