Sudden 9% drop in Apple stock triggers temporary trading halt [u]

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Comments

  • Reply 41 of 65
    mdriftmeyermdriftmeyer Posts: 7,503member
    Quote:
    Originally Posted by digitalclips View Post


    I sincerely hope this was an accident!



    These aren't accidents. They are triggered actions by computer programs hoping to manipulate the markets. Ban them already.
  • Reply 42 of 65
    justflybobjustflybob Posts: 1,337member
    Quote:
    Originally Posted by monstrosity View Post


    I agree. You don't enter a game of football then get upset when the other team doesn't pass you the ball.

    It is a game, expect to play and outwit your opponent, else get burnt.



    So tell me, how did that "game" work out for you in 2008 and early 2009?
  • Reply 43 of 65
    Quote:
    Originally Posted by digitalclips View Post


    I sincerely hope this was an accident!



    I hope so too, because the alternatives are:

    1. Al Qaeda/Anonymous/China has hacked Wall Street, or

    2. At 5:42am EDT, the system became self aware



    Neither is a good thing.
  • Reply 44 of 65
    stelligentstelligent Posts: 2,680member
    The trader was using a 7" tablet and didn't have sandpaper.
  • Reply 45 of 65




    Quote:
    Originally Posted by SolipsismX View Post


    In other news Apple investors set the world record for the number of people exclaiming "Oh shit!" at the same time.



  • Reply 46 of 65
    macrrmacrr Posts: 488member
    You guys would be surprised how often this happens. Especially with the advent of black box trading, so really- it isn't that big of a deal. Bats just fucked up and published the trade. Another common issue with black box trading is executing with yourself and in some cases those erroneous trades will be responsible for all of the stock's volume. But this is why you shouldn't have stop orders. as fuked up as that is.



    Proximity trading is a huge product, and it's not just proximity. some firms are using microwaves point to point as well just to get nanosecond edges. It costs quite a bit of money to host in NASDAQ's racks, but the service exists, and all black box trading firms utilize it.





    There are orders called iceberg orders.. it's just a tag in the fix messaging. FIX is the electronic trading messaging that handles order flow- buy, sells, cancels, changes, etc. each tag represents data and it's become the electronic industry trading standard. So an iceberg order is basically as it sounds-for example, you put out a trade to buy/sell 1000 shares of a stock but only show 100 shares. The other 900 are there to execute, but it's hidden form the book.. aka like an iceberg. That is how you can also affect share prices in a big way.



    Another aspect of the markets nowadays that no one talks about is dark pools of liquidity. For example- instanet has a huge amount of order flow. And how a dark pool works is all of the order flow they have from internal clients go to an internal order book before it goes to the public markets.. basically, if you are a big client of instanets, you get to cherry pick orders from their internal clients before the trade goes to the market. They accomplish this with almost zero latency due to proximal trading. So is that a free and fair market?
  • Reply 47 of 65
    macrrmacrr Posts: 488member
    here's some info about what i was talking about if anyone is curious:



    fix messaging protocol http://fixprotocol.org/more_information/faq.shtml



    Dark liquidity pools http://en.wikipedia.org/wiki/Dark_liquidity



    iceberg trade definition http://www.investopedia.com/terms/i/...#axzz1pyTpJ54Q
  • Reply 48 of 65
    godzillagodzilla Posts: 156member
    Quote:
    Originally Posted by SolipsismX View Post


    In other news Apple investors set the world record for the number of people exclaiming "Oh shit!" at the same time.



    LOL.



    Quote:
    Originally Posted by Apple ][ View Post


    AAPL hasn't been doing that great for these past few days.



    And that's after Apple announced the dividend and the incredible iPad sales figures.



    I think that Apple should have spread that news out and not mentioned both on the same day.



    I don't think Apple are concerned about day to day stock boosts as much as long term focus. Regardless, their wouldn't really be a difference whether they announced them separately or not, as on Monday, after a big run-up due to the new iPad, the stock was poised to probably take a little breather, and even possibly do a small rally with the blowout numbers, however with the addition of the Dividend, etc. it had quite a big rally on a (I believe) down market day, after an already nice rally.



    It's the reason the stock comfortably got over $600. In the long term, both will be priced into the stock on an upward trend accordingly.
  • Reply 49 of 65
    galbigalbi Posts: 968member
    Short sellers must've been happy.
  • Reply 50 of 65
    Quote:
    Originally Posted by Godzilla View Post


    I don't think Apple are concerned about day to day stock boosts as much as long term focus. Regardless, their wouldn't really be a difference whether they announced them separately or not, as on Monday, after a big run-up due to the new iPad, the stock was poised to probably take a little breather, and even possibly do a small rally with the blowout numbers, however with the addition of the Dividend, etc. it had quite a big rally on a (I believe) down market day, after an already nice rally.



    It's the reason the stock comfortably got over $600. In the long term, both will be priced into the stock on an upward trend accordingly.



    Yeah... it's been a real shitty rally... AAPL only returned approximately 65% from its November low and approximately 40% return from its high in October.
  • Reply 51 of 65
    Seeing this reminded me of



    http://alerttheinternet.ytmnd.com/
  • Reply 52 of 65
    Ocean's Fourteen.
  • Reply 53 of 65
    godzillagodzilla Posts: 156member
    Wow, I read somewhere that this was during BATS first day as a public company.



    However, not sure if they were public just yet, as apparently they are withdrawing their IPO due to this stumble.



    http://www.bloomberg.com/news/2012-0...1-million.html
  • Reply 54 of 65
    buzzzbuzzz Posts: 84member
    There are a lot of investors out there who are in the stock market to make as much money as possible as fast as possible. It is all an elaborate game. Cannot help but think someone made a lot of money today.
  • Reply 55 of 65
    stourquestourque Posts: 360member
    How about the sucker who sold his 100 shares by placing a sell order at market price thinking he was getting $600. He got burned for 5 grand.
  • Reply 56 of 65
    ruagodruagod Posts: 1member
    Quote:
    Originally Posted by backdoc View Post


    This is interesting. I never thought about proximity to the markets and how that might trading.



    Watch this 15-minute TED talk:



    http://www.youtube.com/watch?v=TDaFwnOiKVE
  • Reply 57 of 65
    jragostajragosta Posts: 10,473member
    Quote:
    Originally Posted by Stourque View Post


    How about the sucker who sold his 100 shares by placing a sell order at market price thinking he was getting $600. He got burned for 5 grand.



    Share-price-gate.....
  • Reply 58 of 65
    godzillagodzilla Posts: 156member
    Guys, the transaction didn't get processed, it was cancelled. Basically, it didn't exist.



    .... though, I still would have been hella pissed about a stop order possibly going through if I had one, if the transaction actually did exist, or if they caught along with the glitch.
  • Reply 59 of 65
    misamisa Posts: 827member
    Quote:
    Originally Posted by Stourque View Post


    How about the sucker who sold his 100 shares by placing a sell order at market price thinking he was getting $600. He got burned for 5 grand.



    This is what's commonly known as stock manipulation.



    Google, Yahoo, and some brokerages others get their real-time quote data feeds from BATS, so someone throws up an bid/offer within that 10% circuit breaker via BATS in an effort to trip everyone's stop orders. In this case someone actually bought the shares and there was enough of a lag that the last price was registered, which meant that someone else had a "limit buy" open for everything under a certain value, and that 100 share order just happened to fill it.



    There was a day a few months (November 7th at 398) ago where eTrade, TDAmeritrade, Bloomberg, Google, and a few other sites were showing a stuck quote on AAPL all day.



    Suffice it to say, stuff isn't being caught if it's a "bug", otherwise it's a feature being abused and needs to be closed.



    I also recall hearing from the NYSE floor guys on another day were mentioning how quotes aren't syncronized between brokerages, and some show an internal quote that isn't the real quote, but the limit order still goes through. So whatever.



    This is a non-story for AAPL, but is a blackeye for BATS.
  • Reply 60 of 65
    envirogenvirog Posts: 188member
    What in the world!?!
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