Like I said in 'Strictly Biz' I'm known to cause an illusion
to create total chaos?... No, mass confusion
What an appropriate lyric for today's market. It was total chaos in the last hour of trading due to an erroneous order in the e-Mini S&P futures:
"At 3:08 p.m. EDT, a price drop occurred in E-mini S&P futures that lasted four seconds, and [sent E-mini prices] from 1000 to 990.50," according to Maryellen Theilen, a spokeswoman for the MERC. "The drop was triggered by a series of cascading stop orders during relatively thin market activity."
So I have even more reason not to say anything about the market today. There was a lot of optimism today as evidenced by the huge gap-up opening. Yet the S&P and Dow couldn't take out their June highs... even before the chaos kicked in. The NASDAQ, of course, made another new 52-week high today.
Update: OK, it looks like I was still caught up in the chaos when I linked that story. Thanks to MaoXian for pointing out my error. I linked to the trading error 2 weeks ago. I've now fixed the link. But I find it odd that this one was barely mentioned in the press. CNBC made such a big deal about yesterday... even saying that a lot of trades were being cancelled. So now I'm not sure if there really was an error, but something spooked the market in the last hour yesterday.
The story you linked to is about a different erroneous order entry made back on 7/3, I think.
good catch. I'm still lost in the chaos. I'v efixed the link. It's interesting that nobody's really reporting on that trading SNAFU. CNBC made such a huge deal about it. The article I linked to now has a passing mention. hmm...