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MSNBC: A trading error at a major firm to blame for drop in market???

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Skidmore Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-06-10 02:50 PM
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MSNBC: A trading error at a major firm to blame for drop in market???
BS meter is off the charts.
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Oceansaway Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-06-10 02:53 PM
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1. i agree...n/t
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JuniperLea Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-06-10 02:54 PM
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2. That was my guess too... about an hour ago...
Edited on Thu May-06-10 02:55 PM by JuniperLea
When you work with sytem calculations, all it takes is to have your decimal point one spot off...

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=8285170&mesg_id=8285256
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-06-10 02:56 PM
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3. Today shows how manipulated the market really is

It drops 1,000, it comes back (after all that selling) 700 points in the last hour.

They can take it down or up anytime they want.

If it was a roulette wheel in a Vegas hotel they would be shut down for using magnets to rig the game.
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Ruby the Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-06-10 02:59 PM
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4. They are saying the order was for $15million entered at $15billiion
of S&P e-minis.

I'm not buying it. It isn't like they actually type out the word and triggers would go off like crazy on an order like that. I dont care what HFT algorithm you are using, that is an off the charts mistake not to be flagged.
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Change Happens Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-06-10 03:02 PM
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5. No, wil trades stand....nt
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