Thursday, May 6, 2010

Holy Crap

WOW. If you didn't watch the market today turn on your TV because I'm sure they are still talking about it. DOW dropped 998.50 points intra-day. VIX was up the highest in a year around 41-42. From what I know now there was a faulty trade on PG where a trader at a big firm entered a 16 B as in billion instead of million on an e-mini. A lot of rumors going around saying it was CITI. CTL traded down to a penny which HAS to be a market error. NASDAQ is saying there were no errors on their end. I could not get through over the phone to my broker. I could get no trades placed. I have no idea what my options are worth at this point. My broker was showing spreads on my options of up to $105!!! We're going to be hearing about this for a while.  CNBC is saying that some stocks actually traded at ZERO. Tell me that's not a computer error. LOL I just heard some guy on the floor of the NYSE on CNBC yelling "That's why we need people" hahah very good point, we can't let computers do everything. NYSE traded 2.5 bill shares

Dow closed the day at 10,520 down 347 so we made back a lot of the losses.
I will post later if I can figure out what I own is actually worth.
Stock Twits is selling "I survived the crash of 2:45pm" t-shirts hahahaha.

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