This is what happened to the Dow Jones Industrial Average Thursday May 6th.
Now look at my post regarding POZN from last week.
Now look at them side by side...
I'm not sure, but it certainly looks like the same programed buying and selling patterns and glitches were in effect for both events.
Unconfirmed reports regarding Thursdays Sell Off of the entire market say the following...
CNBC reported that numerous sources said that a trader entered a "b" instead of an "m" for million in a trade possibly involving Procter & Gamble (PG), a Dow component. The trader reportedly placed a sell order of $16 billion, instead of $16 million, worth of e-minis, futures contracts tied to equity indexes.
This incorrect trade sent stock future prices so low that it even triggered other programed sell events to take place which in turn caused others.
And so on and so on. Of course, prices dropped to a point which kicked in programmed buy options. Which drove prices back up.
Not too far off from my "somebody sneezed and hit the OMG it's Armageddon button" reasoning for POZN's chart.
It is mind boggling to think that a typo could cause such an event.
I mean really, how do you mis-type Million by typing Billion? The keys are close but not next to each other
and if my own fat fingering typing skills are remotely correct (I use the ancient two handed / 10 finger technique) instead of the ever popular hunt and peck with only 1 finger technique...
one types each with different hands.
I still say somebody sneezed and missed the button / key they meant to hit.
So in reality, last weeks anomaly and Thursdays were probably caused by the same "glitch".
And to that we should all say a collective