It was described by someone at Procter and Gamble (PG) as an errant trade. The media labeled it a mini Flash Crash. Whatever, at 12:11 yesterday prices of PG common stock dipped from
what looks like something a tad over 77.50 down to 73.61, and
then bounced right back to the 77.50+ level within that same minute. The New York Stock Exchange later announced
that all trades would stand, including, according to one blogger, one for
65,000 shares at 75.11, indicating that multiple transactions got triggered,
not just the one.
Subscribers,
as we stated immediately after the catastrophic 2010 Flash Crash, do not place
market orders anytime anywhere ever again.
The humans formerly in place to prevent this kind of thing from
happening to you no longer exist.
The
system we've been left with is whacked.
