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Friday, May 7, 2010

Wall Street has Glitchy Greek Day

Items of Interest:

CNBC:
Stock Selloff May Have Been Triggered by a Trader Error  —  In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses—all apparently due to a trader error.  —  According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble …
related:
Zero Hedge:
The Day The Market Almost Died (Courtesy Of High Frequency Trading) — In 20 minutes the market showed that it is as broken as it was at the nadir of the market crash. Through its inactivity to investigate the market structure, the SEC has made things a million times worse, as HFT-trading seminars for idiots are now rampant. HFT killed over 12 months of hard fought propaganda by the likes of CNBC which has valiantly tried to restore faith in our broken capital markets...
----
ZeroHedge.com:
The Near 1,000 Point Slide of the DJIA Compels Further Investigation of the Wall Street Casino Scam -- Yesterday’s slide in the US stock markets provides further proof that the world’s financial markets are nothing more than a rigged casino where the house (Wall Street) holds by far the better odds in every game (currency markets, stock markets, derivative markets, commodity markets) it offers the mark (the retail investor). How else could the US DJIA lose 700 points in a 10-minute span and a number of blue chip stocks lose 25%, or 30% in a matter of minutes as well? The answer? Wall Street’s use of predatory algorithmic High Frequency Trading (HFT) programs that are designed to trigger cascade-like buying and selling. To believe that, as an individual investor, you have a snowball’s chance in hell of beating these Wall Street trading programs that front run your trades or block your trade executions faster than you can blink your eye is tantamount to believing that skill is involved in winning when you shimmy up to the slot machine stool at the Bellagio in Vegas...
related:
ZeroHedge.com: Panic And Loathing From The S&P 500 Pits
----
Wall Street Journal
Dow Takes Harrowing 1,010.14-Point Trip  —  Biggest Point Fall, Before a Snapback; A Data Jumble  —  Traders work on the floor of the New York Stock Exchange May 6.  —  A bad day in the financial markets was made worse by an apparent trading glitch, leaving traders and investors nervous … 

Jeff Cox / CNBC:
Greek Debt Crisis On Verge Of ‘Going Global’: Pimco's El-Erian
discussion:
Derek Thompson / The Atlantic Online:   Did Greece or a Glitch Cause the Stock Market Plunge?

Christine Hause / New York Times: 
Markets Plunge, Then Stage a Rebound
discussion:
Scott Patterson / Wall Street Journal:   Did Shutdowns Make Plunge Worse?
Jack McHugh / The Big Picture:   Was Today's Plunge Really Just a Mistake?
Latest Open Salon Blog:   My Big, Fat Greek Default
Hamilton Nolan / Gawker:   It's Happening Again
Megan McArdle / The Atlantic Online:
What the Hell Just Happened in the Market?
discussion:
James Joyner / New Atlanticist:   Greek Meltdown Sends Dow Plunging
Alexandra Twin / CNNMoney.com:
Dow falls almost 1000, recovers 600
discussion:
CNBC:
Dow Plunges Amid Europe Lending Worries 
discussion:
Allahpundit / Hot Air:   Stock market in panic after Greece austerity bill passes; Update: Trading error?
J.D. Foster / The Foundry:   No US Taxpayer Dollars for Greek Bailouts
Brian Darling / RedState:   No More U.S. Taxpayer Funded Bailouts....for Greece
Scared Monkeys:   Stock Market Plunges with EU Lending Fears and Greece Bankruptcy …
Katherine Mangu-Ward / Hit & Run:   Used Car Prices Rise as Administration Declares Victory on Cash for Clunkers
Jen Chung / Gothamist:   Dow Falls Almost 1,000 Points Amid Europe Worries
Update:
ZeroHedge:
Dylan Ratigan's Explanation For The Crash
TheBigPicture:
NYSE Euronext CEO Niederauer Blames Electronic Markets

Calculated Risk

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