Quote:
Originally Posted by DaddyTorgo
At around 2:45 p.m. ET, P&G's ( PG, Fortune 500) stock had fallen 10% to $56, triggering a "circuit breaker." At that point, other stock exchanges were allowed to report P&G's stock price on their own, instead of getting the price from NYSE.
According to the company and NYSE, the Nasdaq stock exchange misprinted a quote of $39.37 a share, even though the stock was really trading at $56. |
None of this adds up, a trader can't enter a 'b' instead of a 'm' and change the market price of a company. Even if it did, unless there actually is trade volume to SELL the shares at that price you can't buy at that price. Unless the entire stock market system is so heavilly broken that this is possible, in which case we need to shut that shit down ASAP.
Even if we do think for a minute that PG's price could somehow have gotten through everything... by itself it doesn't count for the entire DOW dropping by 1,000 points. It is a single component, it doesn't represent 1/11th of the DOW... so regardless of what happened with PG, that spike involves spot price gaming computers firing off a lot of sales to create the real volume.
So anyway, my explanation works and is the best one I've seen until I see something that comes even close to plausibility. You can believe the talking heads on frickin CNBC if you want to, I'm just some nutter I guess, I'll go buy a straightjacket with my multiple percentage points on my speculation portfolio.
EDIT: My insane comments are not directed at DT, but at the mainstream media (that doesn't read these boards) that always gets things so damn wrong.