Suck it, technology!

A false report of explosions at the White House that wiped out $136 billion from the Standard & Poor’s 500 Index in about two minutes highlighted the risks of the computerized trading that dominates the $18 trillion market. [...] “Trades should not be busted,” Rick Fier, director of equity trading at Conifer Securities LLC in New York, said in a interview. His firm oversees $8 billion in assets. “No human believed the story. Only the computers react to something that serious disseminated in such a way. I bought some stock well and did not sell into it. Humans win.”

Fake Report Erasing $136 Billion Shows Market’s Fragility [Bloomberg]

23 comments (hidden to protect delicate sensibilities)
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Comments (23)

  1. Posted by STAR | April 23, 2013 at 4:53 PM

    beep beep Oh yeah? beep beep whirr Well I had sex with your mother! beep beep

  2. Posted by HighFrequencyHater | April 23, 2013 at 5:01 PM

    No humans believed the story must be why everything sold off the instant that news hit squak, amirite? I'm never quite sure why they pose algo trading questions to people that struggle with MS Office.

  3. Posted by VonSloneker | April 23, 2013 at 5:03 PM

    Trust fall…gotcha.

    – Skynet

  4. Posted by Quant me maybe... | April 23, 2013 at 5:03 PM

    Let me enhance a great comment:

    bzzzzz, bzzzzz Oh Yeah? bzzzz, bzzzzz. I had sex with your mother (for like 3 hours)! bzzz bzzzzzzzzzzzzzzzz.

  5. Posted by Dick Fuld | April 23, 2013 at 5:07 PM

    Bess, no love for homo neanderthalensis?

  6. Posted by Mr. Pitt | April 23, 2013 at 5:39 PM

    I sold it first, then flipped and bought it back better.
    Byte me.

    CPCCEFCM.exe
    Director of Equity Trading
    Moland Spring Capital LLC

  7. Posted by Fewdollarsmore | April 23, 2013 at 5:46 PM

    They just moved me from the trading floor. Going back to play Jeopardy.
    – IBM Watson

  8. Posted by Bess | April 23, 2013 at 6:00 PM

    nolomo

  9. Posted by New one | April 23, 2013 at 6:00 PM

    …in my other account..

  10. Posted by UBS Quant | April 23, 2013 at 6:10 PM

    We mourn the tragic injury to President Obama. Fortunately, our algos sold off after only only a 100-point drop in the Dow.

    -UBS Quant

  11. Posted by VINNY THE WOP | April 23, 2013 at 6:54 PM

    BWAHAHAHAHAHAHAHA FUCK ALL YOU ASSHOLES LIVE BY ALGOS SUCK MY COCK BY ALGOS

  12. Posted by Johnny B | April 23, 2013 at 8:28 PM

    right…like humans normally win the other 251 trading days of the year

  13. Posted by hmmm | April 23, 2013 at 8:58 PM

    …swing and a miss.

  14. Posted by Guest | April 23, 2013 at 9:37 PM

    Just imagine the number of movies you could have playing at one time. What fund is this?
    -SEC Staff

  15. Posted by Costanza | April 23, 2013 at 10:31 PM

    The jerk store called and said they're running out of you.

  16. Posted by settle down | April 23, 2013 at 10:33 PM

    it's a google image of a bunch of montiors

  17. Posted by vkool | April 24, 2013 at 12:20 AM

    Always looking ahead!

  18. Posted by Hazlitt rsk | April 24, 2013 at 3:46 AM

    |

  19. Posted by 110101001010001110101 | April 24, 2013 at 8:21 AM

    101010101001000001110101010110101001101010101010000101011101010001101001010011010010101010010000001111010110101010101010101110101110110101001010101010001111010101000110101001101010101001000001110101010110101001101010101010000101011101010001101001010011010010101010010000001111010110101010101010101110101110110101001010101010001111010101000110101001101010101001000001110101010110101001101010101010000101011101010001101001010011010010101010010000001111010110101010101010101110101110110101001010101010001111010101000110101001

  20. Posted by Guest | April 24, 2013 at 8:28 AM

    I typed in "A Bunch of Monitors Fund" into our database and it returned zero results. Is this fund still in pre-launch?
    -SEC Staff

  21. Posted by Linnaeus | April 24, 2013 at 10:00 AM

    “Trades should not be busted,” Rick Fier, director of equity trading at Conifer Securities LLC in New York, said in a interview.

    Rick has been needled by computers one too many times. Yesterday was his day to flower.

  22. Posted by History Major | April 24, 2013 at 11:32 AM

    What about a pleasure robot?
    -Awesimo

  23. Posted by Commodity Tips | April 26, 2013 at 7:13 AM

    Trading is risk based business, so please trade carefully and don't trust any types of face news.
    and please keep sharing this types of post .