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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: peter michaelson who wrote (37796)	5/6/2010 3:54:05 PM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 79047

The Skynet became self-aware!

To: peter michaelson who wrote (37796)	5/6/2010 4:43:24 PM
From: Dan Meleney	Respond to of 79047

Craziness looks like it came from a "typo"...I love it when those wall street guys let me fill some of my limit orders. By Tiernan Ray What caused the sell-off? Well, consider this highly speculative, but here goes: One proprietary trader at a major bank tells my colleague Steven Sears that “basket trading” at Citigroup (C), meaning, the trading of groups of stocks that investors structure on their own to resemble indices, caused the decline. Speculation is that a trader wanted to sell $1 million notional of stocks and instead entered $1 billion notional — a typo, in effect — and that that triggered a sell-off in some stocks and some stocks traded to zero, such as Accenture (ACN). Steven has calls in to Citi but has received no comment yet. A fund manager at a major money management house relates in an email this afternoon that “Procter [& Gamble (PG)] and Accenture stocks had the huge hit. Have heard massive program error by Citi. One of those trades where there were likely three extra zeros added.”