If it did, then all the more reason NOT to trust the stock market, which some claim is already heavily manipulated .. I mean honestly - can you actually believe someone really mistakenly entered an order for Proctor and Gamble and accidentally typed in a "B" for billion instead of an "M" for a million shares? And if that was the case, how is it that a 20% drop in this ONE STOCK alone could affect the Dow to the tune of a 1000 points? or the S&P for 100 points? The Dow dropped all the way below 10k, with an Intraday low of 9,872! That is some "fat fingered" mistake!
Zerohedge posted this:
There is the danger of walking out of today's session with a sense of relief for equity traders, because that insane move was "just" a fat finger or at least it is the word in the media and on the street.
There are three things to keep in mind:
1) the market was down 3% already when the alleged input error happened
2) we are still in the middle of a major unresolved currency crisis threatening all of Europe and that led to deadly riots already
3) the financial industry does not need any bad press right now and detractors just got some more ammo to push tough regulation. - Nic Lenoir, ICAP
Some believe that it was really the debt crisis of Greece, and the erupting riots there, that triggered a worrisome 1000 point stock market free fall decline in the Dow Jones Industrial Average (DOW), and that the Plunge Protection Team (PPT) stepped in to halt the panic selling and triggered the 700 point reversal on the day's losses.
I mean, gee whiz... it was even talked about on "mainstream" Letterman:
and if you want a little edgier scoop - you can hear what Gerald Celente had to say:
The "fat finger" theory could be a way to put a different spin on a real emerging crisis. It seems pretty incredulous to be able to short a billion contracts, and explain it away as some sort of trader's "boo-boo". Most seasoned traders don't believe this story at all.
Think about it; the market is being manipulated, and at the same time 36.5 million people are relying on food stamps to feed their families. There is record unemployment (which is not even being calculated honestly) and based on that alone, some could claim that we are already in a Depression. The only reason we don't have long Depression Era soup lines, is because of our already established social safety nets. The food pantries and soup kitchen across America are busier than ever, and there are tent cities popping up as well, as more people become homeless.
There IS a very real global debt and currency crisis emerging, and it is NOT going away anytime soon .
Watch this Ron Paul interview:
and this from Peter Schiff:
I don't think so.
Brace yourself for another crazy Wall Street day!
Maybe it IS time to cash in that IRA or 401K and eat the tax consequence - better than losing it all in the market. Besides, your taxes will probably be lower now than they will be when Obama gets done. (Note: The previous statements are not to be construed as investment advice.)