The "up-to-the-minute Market Data" thread

reply to post by burntheships

just reported sources are telling it that a trading error, a human error, at a major firm, (the trader typed in "b" instead of "m") caused the Dow Jones to fall through the 10,000 floor. A CNBC reporter said that it appears it was a financial derivatives trade. If this turns out to true, there will be a lot of gnashing of teeth over this one

That is the single dumbest thing I have ever heard. I have to wonder.. how spread apart are the letters B and M on a traders key board.. because mine is separated by the letter N ......... Maybe they need to have the letter B in a glass box mounted on the wall with the "Break in Case of Emergency!" written on it. Seriously.. if that's the best excuse they got, I might fancy a career in TV Economics. I'd be much more creative.

Originally posted by Vitchilo
And so the denies begins : CITIGROUP denies a trading error crashed the market

Well guess what, computer financial algorithms crashed the market. Maybe you started it, maybe you didn't.... but even if you didn't ...

YOU CONTRIBUTED TO IT BECAUSE I'M SURE MOST OF THE ACCOUNTS YOU MANAGE ARE ON THOSE ALGORITHMS.

That could be, the programs are (with my understanding) not only supposed to take the market into account, but also world wide economic/political moves.. so seeing Greece's issues plus a few days of bad markets, along with credit downgrades.. someones program might have gotten a little jumpy. Who knows. I'd believe that over "someone hit the wrong letter" excuse.. which isn't hard to beat.. hell if a trader said his cat jumped on his keyboard and tanked the market, id believe that over "oops wrong button"..

Well people I am back, (had to got exercising my excitement of today)

Anyway I watched the CNBC market news people trying to figure out what happen, their guess were so stress out they look like ready to scramble.

Everybody is scare but good old damage control team is already making sure that we all know it was a simple human error.

Manipulation at its finest. . .

The dollar to be making headlines as investors are no very happy with the news

that the European Central Bank to leave its monetary policy unchanged has scared many investors around the globe. The ECB choice to leave monetary policies unchanged was not surprising, but investors would have liked to see defensive moves to keep the euro from dropping even lower.

www.economyincrisis.org...

In the US The government transfer the debt to its citizens to avoid a financial collapse, the European nations are trying to stay away from that.

So actually we Americans has been the losers in all this because we are also bailing falling nations.

What the government doesn't tell . . .

So the big fall today could be a response of what is going on with the euro



[edit on 6-5-2010 by marg6043]

Just got home and read a article about this..


Stunning to see the dow drop over a thousand points before recovering..

FYI, if I had not see this thread up on the board I would have had no clue the dow tanked today, thanks..

Maybe the FED did a deal with the ECB... let the euro slide and we bail you out under the table... who knows what those crooks are doing.

Free market only exists in dreams.

NIKKEI DOWN 370 (-3.5%) after 5 minutes of trading... nice.

Now down 426 (4%) after 10 minutes...

[edit on 6-5-2010 by Vitchilo]

reply to post by Vitchilo


That is what I am thinking but the fall today was unexpected perhaps the move was to be like you said under the table, but somebody made a mistake indeed



All indicators were for the markets to take a downfall today but not like it did due to the problems with the Euro.

The debt crisis in Greece has already pushed the euro to a 14-month low against the dollar. The ongoing worry in Europe is that the euro will drop even closer toward parity with the dollar. Such a drop would perhaps help European exporters, but it would also severely undermine consumer purchasing power and pillage the value of consumer savings.

www.economyincrisis.org...

[edit on 6-5-2010 by marg6043]

I had a gut feeling today was going to see a freakout on the NYSE somehow. Very very strange. Maybe it was seeing the Nikkei plunge yesterday, but I knew when I woke up the news would be ugly. I didn't realize how ugly.

So where to from here?

reply to post by marg6043


I think someone was playing a loaded hand for sure.

Someone ripped through all the bids on ES futures and there were a lot of chumps liquidated. All trades are standing on Futures but they did halt I am hearing for a certain time period. My IB account was totally locked because I don't have the processing power to handle all the volume.

If you look at what the day was before going into that drop it was certainly set up to fall like that. Nothing positive in the day AT ALL, plus just as this was happening the sun was going down in Greece and people started to get violent on TV.

That is how I remember it at least and I haven't left my computer in 8 hours. I need to do more investigating into the individual trades though. I will have that information sent to me.

reply to post by Vitchilo


Why though would the US want the Euro to slip? It will only increase the Dollar causing our exports to become more expensive.. not something we want at the moment no? I'm still pretty certain it was a single financial entity that is having problems, possibly a European bank.

Oh criminy the Nikkei is going nutso again. I'm sure Hang Seng will be fun too.



**** this, I'm going to take a swim or something. Too much excitemt for the old heart.

[edit on 5/6/10 by silent thunder]

reply to post by Rockpuck


So it would be cheaper to bail them out? Also kill their potential to be the next reserve currency? So it would stay loyal to the US financial dictatorship?

reply to post by GreenBicMan


Whatever happen today is going to be something to take into consideration in the days to come.

Be a mistake or not this is going to cause repercussions, after all the Euro, Greece down fall the next nations to fall and the countries that have taken money from the IMF to start passing the debt to their citizens is going to cause more riots and anger sentiments, in America all this is taking place and we just bend more and take it.

The world is a scary place this days and the Markets are not helping with performance like today.

Eh, at least it's not monday!

And the Iceland volcano is back in business to make matters even more doomy..

Iceland volcano to emit large new cloud: meteorologists

An Icelandic volcano which caused havoc to European aviation after erupting last month is to emit a large new ash cloud after surging back to life, meteorologists said Thursday.

A plume of ash measuring up to seven kilometers (more than four miles) high had been detected at the Eyjafjoll volcano, said a statement from the Icelandic Met Office and Institute of Earth Science.

"The eruption has changed back to an explosive eruption, lava has stopped flowing and most of the magma gets scattered due to explosions in the crater," said the statement in English.

"The ash plume rises high above the crater (4-7 km) and considerable ash fall can be expected in wind direction. No signs of the eruption ending soon."

Damn. My brother could be stuck in Europe for a LOOOOONNNNNGGGGG time...

And that is if KATLA doesn't go boom...

[edit on 6-5-2010 by Vitchilo]

Bank of Japan injecting 2trillion yen into money markets.

Ah, volcano! There was a huge protuberance on May 5th, too.

The eruption came from a spotless region near the sun's southwestern limb. Extreme ultraviolet images from SOHO pinpoint the blast site: movie. The billion-ton cloud is not heading directly for Earth, although it could deliver a glancing blow to our planet's magnetic field on or about May 8th. High-latitude sky watchers should be alert for auroras this weekend.

www.spaceweather.com...

RED RAINBOW: Yesterday in Muncie, Indiana, the sun was just about to set when--"Wow! This red rainbow popped up out of nowhere," reports Mike Hutchinson. "It hung there for about 15 minutes--just enough time to grab my camera and snap a rain-splattered picture."

People, you should be watching the sky!
Sky-watchers alert!

Everything is written in the stars.

reply to post by Rockpuck


Yes but it also makes our debt more attractive to debt holders, meaning the American debt becomes an investment.

Still the many reason for the fall today can be anything but one thing is for sure is linked to the Euro and the nation that are showing sign of economical trouble.

We aren’t in a position to comment on the details of an individual trade today but we believe the trade was an error,” P&G said. The stock recovered to close down 2.3 per cent at $60.75 on the day.

Doug Smith, chief economist for the Americas at Standard Chartered Bank, said: “We’re just in a big risk sell-off at the moment. Anything with risk is a four-letter word. Everything with risk associated with it is getting crushed.”

Joseph Saluzzi, co-manager of the US firm Themis Trading, said: “The markets have been leaking all day but it should not have dumped like that. Everyone walked away — it’s all machine and phantom.”

Other markets also saw some spectacular lurches, with US crude oil futures for June delivery collapsing by just under 4 per cent to $76.70, its lowest level since February. Amid signs of safe-haven buying, gold prices also hit a record high.

business.timesonline.co.uk...

The markets were to fall anyway today.

NEW EXCUSE ALERT NEW EXCUSE ALERT!!!!!

www.bloomberg.com...

Electronic Trading to Blame for Plunge, NYSE’s Leibowitz Says

While the first half of the Dow Jones Industrial Average’s 998.5-point plunge probably reflected normal trading, the selloff snowballed because of orders sent to venues with no investors willing to match them, Leibowitz said in an interview on Bloomberg Television.

“If you look at the charts you can see fairly clearly where the trades came in,” he said from New York. “It’s that V-shaped drop where it came down and snapped right back up. You had some very high-cap stocks trading down 50 percent or large percentages in a split instant because there really was no liquidity in electronic markets.”

The selloff briefly erased more than $1 trillion in market value as the Dow average tumbled 9.2 percent, its biggest intraday percentage loss since 1987, before paring the drop.

Firstly, he notes this was not an error per se , just a ..... incident. However it begs the question that who ever's program this was, had the ability to single handedly remove MORE than $1 TRILLION DOLLARS. *insert DR. Evil laugh* ....

Serious carnage.

reply to post by Rockpuck


Again nothing but a ponzi scheme that is what our markets are, manipulation, nothing but a game this days for those that have the power to play it.

reply to post by worldwatcher


I think USD/JPY can still fall to 80's. I base this off of monthly candles/technicals

My uncle who has basically made more than I am worth in currencies told me that it would be within a certain deviation according to his models. This guy does equations in his head and doesn't use a computer or calculator.

I didn't get that side of the family brains let's just say. But he did say it is a possibility like there is a certain plausible possibility that EUR USD goes to sub 1.00 he says.

I still like my 1.26 bottom of the barrel though. Under 1.26 IMO is like the equivalent of being worried when DOW was sub 8000. EUR USD that low isn't good for business here. He has moved all his money into USD long ago btw from EUR.

Anyway, real time SP 500 Futures

Real Time GBP AUD moves

If he was really smart he would have put it in YEN at the time haha.