18 October 2010

18 OCT 2010, Monday

  • OK...is it live or is it Memorex?
  • Above is a chart of the SPY which is the ETF that tracks the SP500...it shows normal trading hours which close at 4PM.
  • At precisely 4:15 EST, as the after hours market was closing, it flash crashed down to 106.4 (SP 1064)...down 10% in 15 minutes.  On the chart above I highlighted it via the horizontal black line.
  • Oddly, it coincides with the green uptrend channel highlighted in yesterday's SP500 chart....take a look at it and you'll see what I'm talking about.
  • I guess those trades will get cancelled.  But, it's insane that this happens at all.
  • Another reason why you can't trust this market...or maybe I just can't trust it.
  • IBM and Apple getting crunched in after hours...but, of course, that can all change by the morning.  Who knows?
  • Good luck.
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