Ruby the Liberal
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Thu May-06-10 08:41 PM
Original message |
Here is the list of stocks whose 2:40-3pm trades are cancelled |
underpants
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Thu May-06-10 08:43 PM
Response to Original message |
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well, its not. You have to count the day's activity.
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Ruby the Liberal
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Thu May-06-10 08:48 PM
Response to Reply #1 |
2. I understand why they are doing this, but |
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it is the chicken shit way out.
What about all the people who lost their position(s) because stops were triggered on false pricing?
The chips should fall where they may and set off a firestorm of activity against high frequency trading and its lovely algorithms that no one can understand.
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RandomThoughts
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Thu May-06-10 10:42 PM
Response to Reply #2 |
18. It is probably about who lost the money. |
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If it was just a planned tanking by big money, they would have made money, but since they lost money, they want a mulligan.
It is like the guy in Caddyshack that tries to cheat on his score.
They build a machine to run their lives, then get mad when they can not control it, even after they built it to only help themselves.
It is really ironic.
Capitalism is investment and modest profit off of investment.
Most of that system is skimming by having a system that is faster, and by rigging the casino. I would not want to be on the receiving end of those rules applied back.
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FBaggins
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Thu May-06-10 08:50 PM
Response to Reply #1 |
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If the trading activity is caused by an error, it isn't "anti-capitalist" to fix it.
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Ruby the Liberal
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Thu May-06-10 08:55 PM
Response to Reply #3 |
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It was a network of computers programmed with algorithms in a scheme called "high frequency trading" that took on a life of its own.
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FBaggins
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Thu May-06-10 09:18 PM
Response to Reply #5 |
6. Do you have anything at all to base that on? |
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Edited on Thu May-06-10 09:21 PM by FBaggins
There's no way that the action in (for instance) PG was anything but an anomaly.
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Ruby the Liberal
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Thu May-06-10 09:22 PM
Response to Reply #6 |
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1. How quickly it happened (and then corrected)
2. The number of stocks whose value went to $0 in minutes for no reason.
3. Low volume
4. No liquidity
I don't discount that someone may have fat fingered a trade, but that would not cause systemic failure.
The algorithms took over and started trading as programmed and the whole system was at risk.
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girl gone mad
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Thu May-06-10 09:27 PM
Response to Reply #7 |
9. They love it when it causes a spectacular 80% climb on no fundamentals, though. |
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LOL. "Capitalism" in America, where the financiers are never allowed to fail.
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Ruby the Liberal
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Thu May-06-10 09:31 PM
Response to Reply #9 |
Ruby the Liberal
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Thu May-06-10 09:24 PM
Response to Reply #6 |
8. Sotheby's auction house was in the $30s and ended in the $30s. During that 15 minute crunch, |
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they temp traded at $100,000/share.
It works both ways.
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TheWatcher
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Thu May-06-10 10:27 PM
Response to Reply #6 |
14. Do YOU have anything to base that on? |
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So far there has been no verifiable evidence produced of human error, computer error, any glitches whatsoever.
Just the Media and Wall Street saying "Well, there was obviously an error."
I know it's too much to ask most people to think outside the sound bytes they are told and fed, and I guess I have to accept that.
I suppose I could hope for a miracle.
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Rex
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Thu May-06-10 08:52 PM
Response to Reply #1 |
4. You know what, it is capitalism because all of it is speculative risk. |
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Like when we let that idiot and his evil uncle into office...for 2 terms...:( Man that is depressing...
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spin
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Thu May-06-10 10:09 PM
Response to Original message |
11. If you knew what was up, you could have made a fortune ... |
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in just an hour.
I'm sure a few people did.
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givemebackmycountry
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Thu May-06-10 10:17 PM
Response to Reply #11 |
12. There was a guy bragging on one of the Yahoo Financial boards... |
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Earlier today people were posting about Accenture. At 2:47 it was trading at roughly 40 and at 2:48 it was 0.01 A penny. Some guy was bragging he bought a million shares at 0.01
Is that even possible?
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A HERETIC I AM
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Thu May-06-10 10:24 PM
Response to Reply #12 |
13. "Is that even possible" |
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Only if he was able to get executed for that price.
He might have been bragging that he THOUGHT he bought a million shares at a penny, but I'm willing to bet he didn't get executed on even a fraction of that million at one cent and he'll be lucky if the broker doesn't bust the trade entirely.
There had to be a million shares willing to be sold for one cent in order for his order to be filled. I find that highly unlikely.
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spin
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Thu May-06-10 10:28 PM
Response to Reply #12 |
15. That's a question I wish I could answer ... |
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but if he did and Accenture stock regains its value, he won the stock market lotto.
I've often heard that it takes money to make money.
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A HERETIC I AM
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Thu May-06-10 10:41 PM
Response to Reply #15 |
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The only way that guy got one million shares at a penny each was if there were one million being offered at a penny each.
It ain't bloody likely. Not by a long shot.
He might have placed the buy order but I'll bet a days wages it didn't get filled in any way near to what he hoped for.
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spin
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Thu May-06-10 10:47 PM
Response to Reply #17 |
19. Well that's a relief. Thanks.... |
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I don't claim to be an expert of the stock market nor do I play one on TV.
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nilram
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Fri May-07-10 11:16 PM
Response to Reply #11 |
21. that, in a nutshell, is the short story of my life. |
derby378
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Thu May-06-10 10:33 PM
Response to Original message |
16. I earned that $1 trillion fair and square, dammit... |
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...and I will not be deterred from my childhood dream of purchasing New Hampshire.
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depakid
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Thu May-06-10 10:49 PM
Response to Original message |
20. This is going to be a huge mess- and arbitrary time and percentage limits will only do so much |
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Wed Apr 24th 2024, 08:28 PM
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