Actually, the front page of today's Inquirer states that someone may have fat-fingered a trade at the NYSE which resulted in a boatload of AmeriTrade/E-Trade computerized activity which drove the bungee-market we saw yesterday. If this is indeed the case, expect to see some new rules and regulations concerning computerized trading in the near future.
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Originally Posted by TheSpec.com/business
A trading glitch, dubbed a fat-finger trade, was suspected of sparking the sell-off. CNBC and other financial news outlets reported that a Citigroup trader may have erroneously substituted "billion" for "million" in a large sale. And computer-generated trading may have made matters worse.
Citigroup and Procter & Gamble said they are examining trading activity on their stocks.
There was no major news to justify the sell-off. Neither the U.S. nor Canada released any significant economic reports, and what was released -- building permits in Canada and initial jobless claims in the U.S. -- was mildly positive.
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