***Official*** 2010 Stock Market Thread

[Regs]

anyone buying GNVC for the earning/CC tomorrow? I have enough already, and might unload them all tomorrow if no good news from management.

GenVec? All this company is going to do is slowly crawl back from the gutter it came from and sit on equity like it did the previous 20 years.

 

[Slew Foot]

So I have a question that came up in conversation with my brother today. Could major mutual fund managers sell off a particular stock or sector intentionally lowering stock prices enough to trigger stop orders thus causing a major crash and then buying back into these same stocks at a much lower price?

Is it possible that this rumor of a keystroke error could in fact have been done intentionally?

Or was this a "trial run" and now that they know how it works, could become something more common?

 

[darkxshade]

So I have a question that came up in conversation with my brother today. Could major mutual fund managers sell off a particular stock or sector intentionally lowering stock prices enough to trigger stop orders thus causing a major crash and then buying back into these same stocks at a much lower price?

Is it possible that this rumor of a keystroke error could in fact have been done intentionally?

Institutional investors have to announce or file some forms in advance and approved with the SEC before they can place such trades... it's not like they can just go out and do what they want when they want it. On top of that, everything they buy/sell are logged and audited year round. And even if they did accidentally sell off a sector without any of the above... how do you plan on explaining to the SEC how you accidentally bought it all back?

 

[Punter]

I see, good to know. Think I am going to buy "stock market for dummies".

 

[goog40]

Nasdaq is canceling certain trades for stocks that experienced extreme volatility (> 60&#37 in that 20 minute window.

http://www.reuters.com/article/idUSTRE6456QB20100506

Sounds like the other exchanges are set to do the same:

http://www.easybourse.com/bourse/ac...es-sec-determining-which-trades-to-honor.html

 

[Slew Foot]

Institutional investors have to announce or file some forms in advance and approved with the SEC before they can place such trades... it's not like they can just go out and do what they want when they want it. On top of that, everything they buy/sell are logged and audited year round. And even if they did accidentally sell off a sector without any of the above... how do you plan on explaining to the SEC how you accidentally bought it all back?

So how did this guy get away with "accidentally" dumping a billion shares? Does anyone even control that many shares?

 

[PepePeru]

Nasdaq is canceling certain trades for stocks that experienced extreme volatility (> 60%) in that 20 minute window.

http://www.reuters.com/article/idUSTRE6456QB20100506

Sounds like the other exchanges are set to do the same:

http://www.easybourse.com/bourse/ac...es-sec-determining-which-trades-to-honor.html

I was just going to ask this question, one ETF I own, IJT went from 60 some odd bucks a share to .10.
Please tell me they are not going to honor a trade at that price?

 

[goog40]

Nope, here's a list of the stocks which had cancelled trades along with the boundaries:

http://media.globenewswire.com/cache/6948/file/8211.htm

Someone on Fatwallet was lucky enough to pick up some shares of AAPL at 200 today and that trade will stand since it wasn't over the 60% threshold.

 

[JEDI]

so was the 900point slide caused by a ticker malfunction
on Proctoor and Gamble?

they went down 20% or something like that at one point.

 

[Jeffg010]

http://finance.yahoo.com/news/HighS...1.html?x=0&sec=topStories&pos=2&asset=&ccode=

Anther story on what happen I went from 1.12 to 1.02 on siri =(

 

[FelixDeCat]

Here we go again.

 

[Azurik]

Here we go again.

Weeeeeeeeeeeeeeeeeeeeeeeeeeeee!

 

[TheBDB]

I wish I had more money to buy right now

 

[MotF Bane]

Dive dive dive! *klaxon horn*

 

[FelixDeCat]

I wish I had more money to buy right now

If one man can legally take down the entire market (on purpose?), can you trust anything? They need to fix that, or find and prosecute this person. Why have millions in a market if it can evaporate in seconds?

It reminds of me this rat who bet his life savings on puts back around 2000 or so. It was a tech stock that had blowout earnings and he bet wrong. So what did he do? Cheat! He put out a fake press release on the wire services (that wasnt verified for some reason despite its shocking nature).

It basically said the CEO of the company was tendering his immediate resignation because he had cooked the books and released fraudulent earnings. After this hit the wires, the stock fell 50% at one point, and this criminal twit walked away with a temporary six figure profit on his otherwise worthless puts.

The stock was halted AFTER the release (usually responsible companies halt trading PRIOR to market moving news) but not before he dumped his puts. The SEC saw his trades and picked him up in 24 hours.

edit: I found it (I had to rack my brain from 10 years ago) - http://en.wikipedia.org/wiki/Emulex_hoax

 

[endervalentine]

oops, meant that as a question ...
good opportunity to get in DNDN? it dropped to $43 levels ....

 

[manlymatt83]

Question: if I wanted to get in on this potential, would it be more wise to buy a few front month puts in case things continue to slide, or is there a better chance the market will merely recover and even more stronger and I should by some cheap calls (that were otherwise more expensive a few days ago).

 

[MotF Bane]

good opportunity to get in DNDN, it drop to $43 levels ....

Yep, just jumped on that ship.

 

[SSSnail]

Or was this a "trial run" and now that they know how it works, could become something more common?

What do you mean "trial run", they have been manipulating this shit for years, ever since "intermarket sweep" was introduced.

I see manipulation EVERY SINGLE FUCKING DAY.

That's exactly how it works, beat a stock down with 100shares blocks, then spike it to trigger stop losses, then buy.

 

[SSSnail]

If one man can legally take down the entire market (on purpose?), can you trust anything? They need to fix that, or find and prosecute this person. Why have millions in a market if it can evaporate in seconds?

It reminds of me this rat who bet his life savings on puts back around 2000 or so. It was a tech stock that had blowout earnings and he bet wrong. So what did he do? Cheat! He put out a fake press release on the wire services (that wasnt verified for some reason despite its shocking nature).

It basically said the CEO of the company was tendering his immediate resignation because he had cooked the books and released fraudulent earnings. After this hit the wires, the stock fell 50% at one point, and this criminal twit walked away with a temporary six figure profit on his otherwise worthless puts.

The stock was halted AFTER the release (usually responsible companies halt trading PRIOR to market moving news) but not before he dumped his puts. The SEC saw his trades and picked him up in 24 hours.

edit: I found it (I had to rack my brain from 10 years ago) - http://en.wikipedia.org/wiki/Emulex_hoax

There are no accountability on press releases, EVERYBODY is doing it. For instance, a few days ago Thestreet.com released an erroneous article regarding MPEL earnings (in which they beat ALL analysts estimates), which sent the stock down, then later released another article stating a mistake and retracted the article. Everything is a sham.

 

[wpd7]

First GNVC, 15K drop there.

Now 14K drop in this past week.

And of course no funds to buy in at these lows. Sad, very sad.

 

[endervalentine]

Yep, just jumped on that ship.

Oops, I meant it as a question but yeah, I'm thinking of getting on.

Any other thoughts?

 

[KDKPSJ]

Can't believe DNDN is sitting at pre-approval level.

 

[JS80]

Can't believe DNDN is sitting at pre-approval level.

The May 50 calls look like a bargain

 

[SKC]

The May 50 calls look like a bargain

Not seeing the 50 calls, just up to 45. Is there a symbol for these?