Canadian Money Forum banner

1 - 20 of 23 Posts

·
Registered
Joined
·
450 Posts
I hoped to be a lucky vulture, but there looked to be a computer glitch on SPB in the morning that prevented bids from going through, and then by the time I got my bids in this afternoon (~3:15pm), many of the big ~30% decliners had recovered.
 

·
Registered
Joined
·
333 Posts

·
Registered
Joined
·
15,839 Posts
during acute times like today i always retreat to sidelines. Sold some puts during the mayhem.

far more concerned about news from europe than about an hour of freak trading in north America.
 

·
Registered
Joined
·
7,253 Posts
What do you guys think happened today? Panic selling? Computerized trading glitch from one of the big movers?
A combination of many things...perfect storm I guess.
And these days with automated trading by the large institutional investors, including some mutual funds/ETFs with automatic rebalancing built into their trading, things become snowball very fast.
Indicators kick off each other, kicking off automated re-balancing - further accelerating the selling.
 

·
Registered
Joined
·
2,925 Posts
I didn't have any short positions because it has been an awful hard thing to do in the last year. I did however have a core gold position and had a holding in HGU which I picked up earlier in the day so I broke out a little ahead today.
 

·
Registered
Joined
·
274 Posts
The major part of the drop was due to a "glitch". The system is not idiot or criminal proof unfortunately.

Markets sank about 3% which seems about right. Nothing to get excited about.

PS: Europe is largely irrelevant in this day and age.
 

·
Registered
Joined
·
12,236 Posts
I can't imagine how you can be allowed to 'accidentally' sell billions of anything. Someone lost a lot of money yesterday.
 

·
Registered
Joined
·
7,253 Posts
I can't imagine how you can be allowed to 'accidentally' sell billions of anything. Someone lost a lot of money yesterday.
Or made....
Who knows what is going on under the covers.
Unless they identify and reveal the name of this super trader guy/gal I don't believe this story.
I'd think it's rather easy to find the name of such a person - just look for the 1 trade that is in billions.
And even if they "find" him/her, who's to say it is not scapegoating?
 

·
Registered
Joined
·
87 Posts
I missed all the excitement too :(

12,900 shares of FTS sold at $17.15

I'm assuming these are stink bids that got filled?

Someone panics, clicks sell at market price and has more supply than all the current open buy bids - meaning some stinky guy gets his dream order filled?

Where is one able to find out how many current bids are open? Or even better, what a historical level of bids is? Ie. how do I find things I can pillage at March 09 lows or better?
 

·
Registered
Joined
·
7,253 Posts
Where is one able to find out how many current bids are open? Or even better, what a historical level of bids is? Ie. how do I find things I can pillage at March 09 lows or better?
If you have real-time quotes at your brokerage you can take advantage of some of that.
Like yesterday, the big drop in DOW and TSX lasted a little over 30 mins.
Those with the 20-min. quotes will miss most of this opportunity.

Beyond that, I suppose day traders and professional traders have custom platforms (there's one by Bloomberg that I've heard of, can't recall the name) that provide real time monitoring of trades that most retail investors don't have access to.
 

·
Banned
Joined
·
5 Posts
I haven't been here in a long time, but that's precisely because I've been consumed day trading... Now my share on what happened to me yesterday: I made ~$400 with 10K on TZA from 1:56 PM to 3:04 PM... For a while I was making like $200/min!!!

Jeeesh! I wasn't before my window when that happened, but I came short after the near sudden death experience... and was so nervous about what was happening... and what was going to happen... Orders where almost impossible to make at that time. :eek:

Now I bought 5K of TNA this morning at 51.99 expecting an optimistic rally... but so far have lost ~$400... :(

At least I can tell my kids I was part of the May 6th, 2010 stock market sudden near death experience... And made a profit out of it... :p Just to lose it a day later... LOL
 

·
Registered
Joined
·
333 Posts
I'm assuming these are stink bids that got filled?

Someone panics, clicks sell at market price and has more supply than all the current open buy bids - meaning some stinky guy gets his dream order filled?
FYI: Many "stink" trades were canceled yesterday (and today), especially from NASDAQ, NYSE ARCA, BATS, DIRECT EDGE, ISE and NATIONAL STOCK EXCHANGE. They intend to cancel all trades executed between 14:40:00 and 15:00:00 which were executed at a price greater or less that 60% away from the consolidated last print in that security at 14:40:00 or prior. There are so called no "bust range" in most exchanges to identify the erroneous trades and to prevent the "stink" transactions.

Where is one able to find out how many current bids are open? Or even better, what a historical level of bids is? Ie. how do I find things I can pillage at March 09 lows or better?
You see them through by subscribing to the market depth on most direct access brokers; however, the orders not placed or stored at the exchange might not be seen (eg. some simulated orders, hidden, etc). Some brokers keep your order at their server instead.

The historical tick data can be purchased from many vendors. You can google them.
 
1 - 20 of 23 Posts
Top