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Strategies & Market Trends : Ask Vendit Off-Topic Questions
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To: DOUG H who wrote (4977)2/16/2005 6:50:21 AM
From: Walkingshadow  Read Replies (1) of 8752
 
According to the WSJ, some of the volume yesterday in the morning rally that carried QQQQ above $38 was due to a $7 million dollar trading error that created a big volume spike in QQQQ:

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QQQQs impacted yesterday by trading error -- WSJ

A market-data glitch led to about $7 million in trading losses over a seven-second timespan for Citigroup Inc., which placed bad bets on the options contracts known as QQQQs that track the Nasdaq-100 stock index, people familiar with the matter say. The incident raised eyebrows across U.S. options exchanges, where traders noticed a volume surge around midmorning. A Citigroup spokeswoman said none of the firm's customers lost money. "We received an incorrect price quote from a third-party data vendor, which we resolved within seconds," said Danielle Romero-Apsilos. "The impact to our business financially was de minimis. " Traders and analysts outside Citigroup said it appeared the firm received information that misstated the price of QQQQs by a factor of 100 or more. A spokesman for the Pacific Exchange, where the trades were executed, said about 950,000 of the QQQQ contracts changed hands there yesterday, sharply above the approx 325,000 contracts that traded across all exchanges on a typical day over the past week. He said an undetermined number of the trades will have to be reversed under exchange rules governing erroneous transactions. But he said no disciplinary action is planned, following consultation with the SEC.

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So maybe that rally needs to be taken with a big grain of salt since it seems to be an anomaly.

Futures markets still pointing to a flat to weak opening in NY.

T
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