Thanks a lot Europe. Dow nosedives 550 points, S&P down almost 5 percent.
Procter & Gamble went from a modest 3 percent decline to a 25 percent drop in a matter of seconds. Most likely a trading glitch, but still someone probably made some serious dough. Goldman dropped about 5 percent before regaining some ground.
Update: CNBC Reports a Citigroup trader was responsible for a mistaken “fat finger” trade that caused “million” to turn into “billion.” Citi told CNBC it has no evidence of such a trade.
Financial stocks and tech getting killed. Where will it end? Predict the close. Ready go.
I bet my market’s ass can bleed faster than your market’s ass.
10,345
That’s a nice looking bulldog!
-DK
9987 – TARP 2 Please
Call the close:
10,475
Up on the day!!!
Laura, that is not funny. Give me back my sack.
-LB
10,608
remember what i told you bitches? greece yesterday = america today
-zh
http://www.youtube.com/watch?v=ngf6awfhQoI
10,688
grab your fuckin’ tear gas masks.
-ZH
MEET US IN FRONT OF 200 WEST. THE REVOLUTION WILL BE TELEVISED (BY CNBC)
-ZH
fucking PIIGS
Whose intern has the fat finger?
@9, 12, 13 how come you guys still have internet access? I thought we blacked you out.
-TPTB
See what happens when you eliminate the human factor on the NYSE?
PG trades from $60 to $40 in milliseconds. Stick your flash trading, algorithms,and program trading up your collective asses. FUCK YOU ALL. HAHAHAHAHAHAHAHAHAHAHAHAHA
-Is that Obama in the picture?
10,580
1131 – dow is for retail
@18, yes, it is I, Obama. And that is my golden scrote. LB will bow to ME now.
Please note that the Obama portfolio is still up nicely since inception.
DO YOU SEE? DO YOU SEE WHAT HAPPENS WHEN YOU FUCK GS IN THE ASS?
-LLOYD “WALTER” BLANKFEIN
10,866
1132
@22 why don’t you go leave that comment for marla singer on ZH, since she was the one who did that stupid feature here? thanks.
10,237 close…..I win, I think?
ohh how I miss those good ol’ days.
this is becausa my report on Goldman Sachs.
-CG
10,317 – Vito Fatfinger
Chaz: Please provide a more in-depth analysis of the cause of this massive volatility. People need to know what to do!!!
Buy side whores.
Boss, we can EXPLOIT this situation!
- Rahmbo
Don’t let the pain bother you…….when? Make your notes and remember to vote November 2010 and next Presidental election. This has been a public service.
Bess, is that a picture of Art Cashin picking up his dropped Scotch glass?
I was cheering for smoke break!
http://www.nyse.com/press/circuit_breakers.html
is that a Greek bull, I would like to provide a little payback…
@31 sell side fags
10,604.80
I will never vacation in Greece….
SAC is liquidating
JK
-40
best thing on business “insider” right now:
Hi Joe. It’s mom. I know you’ve been all excited about your special day, but I think you’re over reacting, honey. Take a deep breath. The market will close down around 300. And please try to stop being such a faggot.
Love,
Mommy
Read more: http://www.businessinsider.com/market-in-total-freefall-down-down-over-400-2010-5#ixzz0nBAoUion
DJIA: 10,450
S&P 500: 1,120
GS: 145.25
EUR: 1.26
@40 – seriously?
@44 do you think I’m serious?
-40/41
If you’re guessing numbers on the DJIA, go back to your Charles Schwab account in your mother’s basement.
1120 S&P
I wonder how much money Goldman made with its shorts today? But, shiiiiiiit, Chanos probably cleaned it up!
Yes SAC is liquidating – Seth A. Cowen Management that is.
I am moving all of my money into cash….
Whores and fags
Fags and whores
Sell, Mortimer, SELL!
10,550 Someone’s getting fired tonight.
…so, in short, the Greeks f#cked us in the a$$?
How long until Congress inquires if Goldman Sachs shorted P&G and the global markets?
CNBC makes the McLaughlin Group look like Gregorian Monks what a bunch of ass clowns
@52 – yeah, being Greeks and all.
@54 – wait, what?
Jim Simmons just coded a stochastic orgasm
Shouldn’t the cavalry be riding in right about now?
Accenture went to $0.01?!?
http://www.google.com/finance?q=NYSE:ACN
Hopefully the dump stopped at 1445 as some nice intra-day bottoms got put in, even on that dog, Goldman Sachs.
@44 you are an idiot, sac is paid on assets under management, they don’t care what way the market goes…
i always get confused – is it bid or ask?
- AIG quant
greek bond holders currently looking at a map of the isles and figuring out how to split them up.
@52/55 – is GS “hedging” using Greek sensitivities?
which firm caused the error? Goldman?
I LOVE THIS SHIT!!!!!!!!!!!!!!!! Sold my citi $4 puts for double tha money! I just made my monthly goal in 3 seconds!!!! Now I can sell some puts to some sucker bitch panic-traders. I came, I saw, I conquered.
cnbc says someone sent a sell ticket with a B instead of M and it trigger all sorts of blackbox rules. Crazy.
Human error? What was he typing on an IBM Selectric? Assholes.
you guys let zach get away for far too long with such a hackneyed storyline. guess the close. pls.
@66: Are you prepared for the hearings? For Claire McCaskill?
WHAT IS YOUR VIG?
fat finger, fat finger, what you gonna do when the Citi comes for you, fat finger, fat finger.
word on the street is it was a 13B emini sale by a Citi trader
@66 no. it was a fund liquidating or blowing up.
Maria please STFU so I can explain what happened (B. Pisani) – fuck !!
@72 you don’t liquidate 11 figure portfolio in one ticket
my guess it was a Japanese bank, or Citi
That was the biggest point drop ever (-998). Almost 10%. For perspective, that’s about half of 1987 crash (20%)
That was my bad guys. I smoked about 3 packs today near our servers. They overheated and fucked everything up.
-J. Simmons
@44 you are an idiot, @57 its Simons (you are also an idiot), @66 nice work
@71 Citi !!! We, the taxpayers, own that thing, looks like we will need more TARP money……
@77 i know you and 57 went to barnes and noble and picked up a book on quants or maybe your boy friends bought you the book but its Simons, please go back to your etrade accounts and never post again
citi scores again, now reported by cnbc
apparently program trading is not Citi’s best skill….
IT WAS ME!!!
-KG
I worked on the NYSE for years and over the last 3 years I saw HUNDREDS of prints outside the realm of the National Market quote. The NYSE and NASDAQ are fully aware of this.
I miss the days when dealbreaker actually covered shit like today and had some scoops…
80 – Simmons your Master does not trade on etrade!
Stupidass.
thos guys over at citi get pensions now too
@80 go back to Yahoo Finance. GTF off of DB. Tool.
Why attribute to incompetence what can easily be explained by terrorism?
82, for that matter, what is skills does Citi even have.
@85 and yet you’re still here reading an commenting. doesn’t take much, eh? (also, if you’re looking for bull shit “scoops” try cnbc/BI.)
The probable reason Citi didn’t know of any fat fingering was because who the fuck wants to report fat fingering to management these days?
To anyone who had the balls to buy ES in the 1060s, well done.
WTF, Citi? How can a 16bil order even be permitted by the system? Even bucket shops have better order verification systems.
All this talk of fat-fingering…..hmmm….Kouwanus, is that you??
Stop with all the fat fingering talk. It reminds me of my college days.
~Mays School of Business MBA
Texas A&M University
86 and 88 get real, please provide a link where you see it spelled with two m’s, ill wait
The Simmons typo was due to a fat finger. Maybe the same trader?
People like #85 is what the subprime is in trouble.
10,520.32…..I win!
That was me.
-PJ
Hi everybody! What’s the topic?? I just got back from a stock trading course and I can’t wait to see what my first purchase of GXC did when I bought it at that thing called “support” a couple of days ago!! Hope you all had a good day in the markets!!!
~Guy From Yahoo’s “Depressed Singles over 30″ Chat Room
@95 – That’s how I heard about the Citi trader first. Going to continue to be on here, just pointing out a trend of less scoopy info. Isn’t DB supposed to be a tabloid, after all? I would rather they print rumors and be wrong than hear about something first on CNBC. I don’t need Zach to tell me how much the S&P has dropped – your mom does that really well.
Hey @101 I’ll sell you some Greek AAA Bonds for a yield of 6% is that cool? It’s a great deal. 6% is 6% more than what you had before that’s not bad! Can I get your name on the order ticket please?
Opps… @91
-102
http://www.nytimes.com/reuters/2010/05/06/business/business-us-market-selloff.html?_r=1&src=busln
Errant Trade May Have Caused Market Plunge: Sources
The so-called “fat finger” trade apparently involved an exchange-traded fund that holds shares of some of the biggest and most widely traded stocks, sources said. The trade apparently was put in on the Nasdaq Stock Market, sources said.
Several sources said the speculation is that the trade was entered by someone at Citigroup. A Citigroup spokesman said it was investigating the rumor but that the bank currently had no evidence that an erroneous trade had been made.
103 – i’ll take a trillion of those
THE FINGERS YOU HAVE USED TO DIAL ARE..TOO FAT. PLEASE MASH YOUR PALM AGAINST THE KEYPAD TO OBTAIN A SPECIAL DIALING WAND.
@102 maybe they hadn’t heard the c rumor? db (ie BL) still prints plenty of rumors. and DB (BL) happens to be the only media outlet on citi’s private conference call taking place right now. how do you like dem apples?
UPDATE: Jimmy Cayne smoke some wacky weed, and went a little apeshit with the zero button because it said he looked old. Totally cool now though, JC has mellowed.
@85/102 Bess posted a tabloid-style piece earlier today about SAC, with an internet-winning graphic, so there’s that. And, plus, the GMAC bonus post this morning, too.
OK, so I exchanged the “B” and the “M.” Big whoop. I still confuse “B”ombay and “M”umbai, my friends.
Vik.
That’s ok, Citi, we taxpayers got your back. We’re a major shareholder; we’ll cover your losses….. errrrr, except that the Senate just proposed a new rule that no-one’s too big to fail.
Sorry. Just like Jimmy Cayne, 45 minutes too late to be saved….
#73…..you can’t really believe either Maria or Bob know what the hell is going on. Come on. You have been touted some time that the knowledge in on FOX Business news.
@95 GED > TX A&M MBA
103 – Put me down for a trillion of those as well. It’s cool, the financial products division will help cover it.
-AIG Quant
@113…and by knowledge you mean pussy
Welcome Zachery. Let me know if I (Europe) can be of further assistance. #103 I would take 6% Greece for maturity 3m in exchange for US-CDO with WTF-yield. Please quote only if u are from DB or Citi. I know that u are capable.
@118 Deal. At least the CDO’s have accurate yields to fit the risk. Damn German Banks oversubscribing issues and driving down yields so that risk can diversify to U.S. investors.
No need to thank Europe when everybody knows that it is US market participants that have been encouraging the financial newspapers (for months) to make up all the fuss about the Greek debt. Now, those guys must be happy the market is volatile enough to rip gigantic trading profits. California has been piling up huge debt, nobody has so far requested it should get out of dollar zone!!! (And believe Greek is not as strategic an asset for Europe compared to what California is for US.
@120 If you want to start the push on CA I will gladly join you.
I heard it was a Fab Finger, not a Fat Finger
@122 no, Fat Fanger (Dracula)
In other news, Jerome Kerviel was spotted in an internet cafe with a big-ass laptop and a big-ass grin on his face.
@118 – any particular type of CDO? Or just generic “CDO”?
why would anyone sell even 16mil ES futures in one trade, forget fat-fingering it to 16bil.. BS
now they say someone fat fingered PG or ACN stock on Nasdaq, seriously what algo would drop ES by 1000 points if just one stock was fat fingered, wouldn’t all those algos rather absorb that drop in one stock or throw it out as an outlier?.. BS
i am sure someone can make up better rumors than these?
is a down 4% close better than a low of down 10% intraday?
just asking….
-AIG quant
It was me.
-Shia
Weekend may have halted the decline but see what happens next week.
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