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05-06-2010, 05:13 PM #1
Dow plunges 950+ points...triggered by typing error
From 1p to 2:46p, the Dow fell 950+ points, sending the financial world into a panic. The cause:
There was a bad print (trade) in Proctor and Gamble (PG) It went from the low $60 to $40’s for no reason. I worked on the NYSE for 10 years now daytrade and this is what set off the stampede. The market was primed for any reason for a sell off, the spill in the gulf and Greece, so it was the straw that broke the camels back. When something like that happens it sets off machine generated sell orders adding a pile on effect. Not good, but the recent bull market has been based on unicorns and fairy dust, it will be a very interesting summer...
...According to multiple sources, a trader entered a “b” for billion instead of an “m” for million in a trade possibly involving Procter & Gamble, a component in the Dow.
That guy's slip up caused lots of people to lose lots of money.
At the closing bell, it had rebounded to 10,520 (the bottom of the plunge was at 9,872), but it was still a loss of 326 points on the day...still a bad day and mostly caused by butterfingers.
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05-06-2010, 08:28 PM #2
What a dip that guy was, and I own a pile of P&G, so it was good to see that it didn't go down to 40. We will get above 11,000 again very soon.
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05-06-2010, 09:44 PM #3
If i were a savvy investor i would have capitalized on this guys mistake and bought low today...
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05-06-2010, 10:20 PM #4
Bet that guy is severely cursing himself...
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05-06-2010, 10:30 PM #5
...all the way to the unemployment line.
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Originally Posted by garnett_21 
