Today, short sellers had a marvellous day. The DOW dropped over 1000 points at around 3 pm before recovering from the steep dip. I believe this was the second biggest drop in the DOW's history and supposedly it was because a trader punched in "B" for Billions instead of "M" for Millions when logging a trade for Proctor & Gamble and the ensuing drop had a domino effect as the automated sell orders from all and sundry came into play. IMO, the stench of George Soros is still lingering all over the NY exchange. Some are already suspecting major manipulation.
Our TMX too dipped at around the same time by almost 500 points. Scary stuff. If you had the guts and were lucky enough to have a good balance or margin leverage in your trading account, today was a fantastic day to buy some stocks. I bought some and I am hoping they make some grocery money for me in a couple of weeks.
links above via: Matt Drudge
Thursday, May 6, 2010
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The fat finger story does not make senses. Gold and the gold stocks did not sell off. If this was caused by the algos then everything would have been sold and this would be a one day event. Unfortunate it looks like the sovereign debt crises is spreading to other countries and that is more likely the cause. The manipulation was probably the ppt stepping in at the bottom to arrest the fall. Stay tuned this is probably not over.
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