Trading Error at Major Firm Blamed For Selloff

[dbackjon]

A human trading error at a major firm was the root cause of Thursday's sudden, 9 percent selloff in U.S. stocks, sources told CNBC.

Multiple sources said a trader entered the letter "b"-as in "billion"-when he or she meant to type "m," for "million," shortly before 2:47 p.m. New York time.

U.S. stocks plunged suddenly, briefly by more than 9 percent, before pulling back to a near 3 percent drop, as investor worries mounted that Greece's debt problems could spread.

Sources also told CNBC that the firm in question is Citigroup.

[AZGrizFan]

riiiiiight.

[Ivytalk]

I read that a misposting of a Procter & Gamble stock price -- someone said it was 39 or so when it was really 62 -- was involved.

[dbackjon]

riiiiiight.

have you seen some of the spreads on stocks - accenture went from 42 to .01, yes ONE CENT today briefly.

Proctor and Gamble had similar trades.

Something screwy happened today.

[danefan]

I hope all my trades get honored today. Hmmm....I better check again. I was lighitng up Sharebuilder this afternoon during that dip.

[danefan]

Here's some interesting video. Cramer (kind of a dbag) picking some serious buy points on P&G and then flat out saying the computer must have broke for 30 seconds.

http://www.cnbc.com/id/15840232?video=1487022682&play=1" onclick="window.open(this.href);return false;

Pretty interesting.

[danefan]

Now they're saying no error at Citi afterall.

Cyper attack anyone?

[grizzaholic]

Now they're saying no error at Citi afterall.

Cyper attack anyone?

One word.






















CHINA

[Ivytalk]

When in doubt, blame the Arabs.

[ASUG8]

Here's some interesting video. Cramer (kind of a dbag) picking some serious buy points on P&G and then flat out saying the computer must have broke for 30 seconds.

http://www.cnbc.com/id/15840232?video=1487022682&play=1" onclick="window.open(this.href);return false;

Pretty interesting.

No "kind of" about it......I can't stand that MF. I'd take a Seattle weatherman over his accuracy any day.

[danefan]

Here's some interesting video. Cramer (kind of a dbag) picking some serious buy points on P&G and then flat out saying the computer must have broke for 30 seconds.

http://www.cnbc.com/id/15840232?video=1487022682&play=1" onclick="window.open(this.href);return false;

Pretty interesting.

No "kind of" about it......I can't stand that MF. I'd take a Seattle weatherman over his accuracy any day.

he does have some good insight on certain industries though (telecom and railraod for example). I follow the rule that if he picks a stock to wait until about a month after he picks it to buy. There's usually a tick up with blind followers buying and then a sell-off from those who owned before he picked it. his show does have an impact, or should I say did have an impact before the market went nuts last year.

[native]

Nothing but Obama's chickens coming home to roost.

[SDHornet]

Now they're saying no error at Citi afterall.

Cyper attack anyone?

This is exactly what came to my mind when I saw the dip. I wonder if we will ever be told what happened.

[ASUG8]

No "kind of" about it......I can't stand that MF. I'd take a Seattle weatherman over his accuracy any day.

he does have some good insight on certain industries though (telecom and railraod for example). I follow the rule that if he picks a stock to wait until about a month after he picks it to buy. There's usually a tick up with blind followers buying and then a sell-off from those who owned before he picked it. his show does have an impact, or should I say did have an impact before the market went nuts last year.

kinda takes the whole "random walk" of the market out of the question. I'm sure he has trading rules he has to follow and I'll bet the SEC watches his every move. To his credit he appears to have a working knowledge of many of the companies that viewers call in about, but his ability to move the market should be watched with some scrutiny.

[travelinman67]

Sounds like we need financial market regulation...

[danefan]

Here we go again

[wideright82]

its days like these I'm glad I'm in a kitchen all the time now

[dbackjon]

its days like these I'm glad I'm in a kitchen all the time now

As opposed to being in a pressure cooker?


And good to see ya, Roberta

[danefan]

its days like these I'm glad I'm in a kitchen all the time now

These guys are pulling out their hair at 10:00am and celebrating with champagne at 10:30am, only to pull out more hair at 11:00am.

[grizzaholic]

its days like these I'm glad I'm in a kitchen all the time now

So, citdog decided that he wasn't getting enough sammiches from the women folk and had to get a line cook to get them out faster?

[93henfan]

NASDAQ has canceled almost 300 trades (without ability to appeal) made between 2 and 3 pm yesterday:

http://money.cnn.com/2010/05/07/markets ... yes&hpt=T3

People were balking about P&G, but look what happened to Accenture and Sam Adams during that timeframe :

Accenture (ACN) fell from $40.13 at 2:45 p.m. all the way to just 1 cent before quickly rising back to $39.57.

Sam Adams maker Boston Beer Co. (SAM) also fell to a penny before recovering to $55.82.

Damn. And here I was thinking SAM was my first 5,000-bagger.

[93henfan]

Now they're saying no error at Citi afterall.

Cyper attack anyone?

One word.

CHINA

That's not so far-fetched. US intelligence has all but confirmed that China has already been playing significant cyber-games around the world. Of particular note are some power grids that they knocked out in South America recently.

If we weren't such a gold-mine for them in terms of interest and consumption, they could send us back to the stone age (well, early industrial age anyway) at the flip of a switch.

[ALPHAGRIZ1]

The only problem we had with the stock market during the Bush administration was being over 12k alot.

This idiot Obama is running this country into the ground like a flight 93.

[93henfan]

The only problem we had with the stock market during the Bush administration was being over 12k alot.

That being said, the President doesn't exactly have a whole helluva lot to do with how the stock market performs.

[danefan]

The only problem we had with the stock market during the Bush administration was being over 12k alot.

That being said, the President doesn't exactly have a whole helluva lot to do with how the stock market performs.