Listening to the “experts” explain it off as a trading error yesterday – basically a “typo” – doesn’t wash. If you know anything about compliance, approving trades, and computer systems, blaming it on a single computer glitch is a stretch. A REAL stretch.
The market “hiccupped” yesterday on a problem that has yet to be fully determined, both in its origination as well as its full impact. What firm? What transaction? What stock?
Both CEOs of the NASDAQ and NYSE were on this morning on CNBC trying to explain what happened and saying that the SEC is examining all of the trades.
To make any type of conclusion on what really happened yesterday is very premature and inaccurate based on not having the facts completely sifted through until next week. The SEC is still invesigating.
Yesterday was a definite wake-up call to the stock market as well as the SEC (Securities & Exchange Commission). The DOW dropping 1,000 points in a fifteen minute period took a trillion dollars of value off the market for a period of time according to CNBC. Many experts are coming out with their thesis on why it happened and some do not pass the credibility test.