UK Stockmarket 2009 and beyond

tradetime

At the intraday low the SPX was 12.6% off the years high, correction over?

sabretoothtigger

Hope you piled in, trade.

Yes I was leveraged long SP500 and FTSE earlier. :eek: Lucky I closed it 6:30 as it was resembling a slippy slope, its breezing through quite a bit of what should be support.

Dollar is rising strongly but its not parabolic (ie. to justify ftse 4400 ,etc) Its actually a fairly uniform trend

I have it at some resistance hence why I was long around the 5250 mark which did bounce briefly. I have FTSE futures at 5117 now

I do have some xuks short etf but not very much and Im quite doubtful I will be able to close it at 4700.


If a total meltdown should occur then 4500 is the start of major volume support. I would not aim to stay short beyond that really and I'd still be fairly surprised if we lose feb low as friday could be the apex

The Fat finger deal should be taken two ways. Could be a mistake or I would compare it to Barclays which jumped up to 150 from around 110 briefly, it fell back but we know how that ended

tonygee_3

Very Suprised if FTSE ONLY falls by 100 tomorrow,will think ANYONE with profits will be SELLING after this.

worldtraveller

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. stock slunged 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.

Citigroup said it has no evidence of a bad trade but it is investigating the situation.

The New York Stock Exchange reported there were no computer glitches in its systems 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.

CNBC

tonygee_3

Story probably intended to mask what was panic selling with a silly mistake
Find it extraordinary such a mistake possible,if it was it would happen more frequently and why tonight when markets panicky,why not when markets bullish

Stompa

worldtraveller wrote: »

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.

I have to say I find that very hard to believe. They surely must have safeguards in place, like an "Are you sure you mean that?" prompt or similar?

worldtraveller

You can follow some of todays action HERE

tradetime

It may have been an error, nobody runs a trading platform with "helpful hints" turned on, that said it's only rumor and speculation at this point, there was huge volume traded, and having already taken out 1150, when 1115 also went it's likely a couple of big programs kicked in, probably exacerbated by some sort of quoting error, I was seeing $20 stocks with bid /ask in the pennies.

lvader

I was out on a customer visit in Nottingham today so missed all the madness, I'm loveing my move to sell profitable shares to buy BP last Friday.

turbobob

I watched the earlier madness on CNBC but had to go out. Did they suspend trading at all? I thought there was a "circuit breaker" where trading was suspended if moves over a certain percentage happened in one go?

EDIT just to add CNBC commented something about the Dow being down 24% at one point, and they thought it was some kind of system error?