GLOBAL FINANCIAL SYSTEM OPERATING SMOOTHLY: Remember how the Dow dropped 700 points in fifteen minutes between 2 and 3 p.m. today, and then got back 500 of those points a few minutes later? Some dingbat computer went nuts or whatever: “NEW YORK (Reuters) – A trading error at a major firm was to blame for the day’s market plunge, CNBC reported on Thursday. Separately, Nasdaq said it was working with other major markets to review the market activity that occurred between 2:00 p.m. and 3:00 p.m.” Ha ha, yes, “trading error.” GREATEST SHORT SELL IN HISTORY! Everyone in America wins. UPDATE: Oh my god. Is this really allowed to happen? “According to multiple sources, a trader entered a ‘b’ for billion instead of an ‘m’ for million in a trade possibly involving Procter & Gamble, a component in the Dow.” He works for Citigroup. [Reuters]
May 06 4:38 pm 2010
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