Stock market briefly tanks, Apple temporarily under $200/share...

Discussion in 'Apple, Inc and Tech Industry' started by Unspeaked, May 6, 2010.

  1. Unspeaked macrumors 68020

    Unspeaked

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    #1
    The market went temporarily insane around 3:00pm this afternoon...

    LINK

    [​IMG]
     
  2. jav6454 macrumors P6

    jav6454

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    #2
    Yes its obvious it will do that after a 1000 pt drop in the DOW... all courtesy of one company.

    For anyone wanting to see details, go directly to trading sites, using widgets or apps to check it going to work much, servers are being hammered down in NYC
     
  3. Unspeaked thread starter macrumors 68020

    Unspeaked

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    #3
    Greece, Inc?
     
  4. jav6454 macrumors P6

    jav6454

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    #4
    More like Greece the country and a misprint in price per share of a company under the stock ticker of PG
     
  5. Unspeaked thread starter macrumors 68020

    Unspeaked

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    #5
    That's still not confirmed but it would make sense - the news out of Europe has been bad all week, but not bad enough to hit the DOW by 1,000 points...
     
  6. Rocketman macrumors 603

    Rocketman

    #6
    Here's something you don't see every day

    Here's something you don't see every day

    Screen grab of CNBC aapl chart moments after initial post and options chain moments before updated edit:
     

    Attached Files:

  7. jav6454 macrumors P6

    jav6454

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    #7
    I'll pull a screen grab of it...

    Edit: here ya go!

    Link to article
     

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  8. jaw04005 macrumors 601

    jaw04005

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    AR
    #8
    CNBC reporting Citi is responsible for the errant trade in Proctor and Gamble. :rolleyes: Of all banks.

    What happens when there are trade errors? I’m sure many investors had automatic sell orders in place for stocks, funds, etc.
     
  9. Unspeaked thread starter macrumors 68020

    Unspeaked

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    #9
    For some reason, financial sites are reporting Apple hit $100,000 today:

    Open: 254.00
    High: 100000.00
    Low: 199.25


    They all go through - that's what accelerated the drop: all the stop losses being triggered.
     
  10. jaw04005 macrumors 601

    jaw04005

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    #10
    I meant now. I assume there will be some adjustment made?
     
  11. Rocketman macrumors 603

    Rocketman

    #11
    Correct. Today was a good day to be a speculative intraday momentum trader.

    It had to happen some day. :D

    The market systems will literally reverse some of the more extreme trades as invalid. Good for the guy who bought AAPL at $100,000 and bad for the guy who bought a million shares of Proctor & Gamble at $0.01.

    I suspect the guys who bought AAPL at $199 will get to enjoy it!

    Rocketman
     
  12. Unspeaked thread starter macrumors 68020

    Unspeaked

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    #12
    No, they all go through. There's no second chances in the stock market.

    CITI may have some recourse with the original PG typo, but Joe Average investor that had a $215 stop loss for his Apple shares is screwed.


    Look at the chart for PVR. A really solid NYSE company and today alone it almost spanned it's entire 52 week high/low!
     
  13. rhett7660 macrumors G4

    rhett7660

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    #13
    What great news to wake up to! LOL...... Well at least it started to climb back up..... Let's hope it recovery's most if not all by early next week.
     
  14. Rocketman macrumors 603

    Rocketman

    #14
    This is the type of activity that presages a bear market (downward trend).

    The prior March 2009 bottom was a liquidity crisis with a rapid V-shaped recovery. This one is more basic and real and caused by massive government spending and sucking activity from the private markets where real employment and growth comes from. Not to mention the governments running huge deficits and having unprecedented debt to revenue ratios.

    Those factors changing will solve it, but that would require smart political action and last I checked that was an oxymoron. There would be a time lag. :)

    If you own stock, "take profits" and employ practices to minimize risk. Put yourself in a cash position to buy amazing deals.

    Rocketman

    UPDATE: NASDAQ (the over the counter market AAPL trades on) canceled all trades more than 60% from the print at 2:40pm ET. As I suggested would happen.

    UPDATE 2: NYSE ARCA canceled all trades between 2:40 and 3:00. That is unprecedented!
     

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