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Fat Finger Halts, Unhalts AAPL Shares Which Hit $542.80
When the largest market cap company in the world loses 10% of its market cap thanks to a fat finger from a 100-lot retail-momo-monkey (hitting market order not stop?), questioning your sanity (or the sanity of the hedge fund hotel it has become) is perhaps worthwhile. At 10:57, AAPL was halted as Bloomberg noted: *APPLE HALTED AFTER TRADE AT $542.80/SHR for Reason Code T7 (which seems entirely irrelevant) and then reopened at 11:03 with a small loss. Nothing to see here, move along (except the irony of the fact that the trade occurred on BATS which just IPO'd and the SEC investigation in general on HFT/colos).
Courtesy of NANEX - BATS executed an ugly stub quote...
Looking at the ticks initially doesn't look like a flash-crash tumble and more likely a fat-finger indeed.
Chart: Bloomberg
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This is your captain, we are hearing there may be some air pockets up ahead, so keep your seatbelts on.
I think I'm gonna hurl.
Hey someone removed all the air sickness bags......real funny!
Apple trading halted after someone takes a bite out of it.
so, does that close all the gap ups in the last month? these criminals are the best.
I guess reason code T7 doesn't apply to the silver crusher.
Steve Jobs' theories on the value-added activity of dropping acid is vindicated, at least in the realm of these markets, because one would stand a far, far, far, FAR better of not losing as much fiat, and possibly even makin some fiat (e.g. BATS, PCLN, CMG), if they were trading it whilst on acid.
Maybe somebody was trading on their new iPad, it got too hot, and they pressed some buttons by accident as they flung it from their on-fire crotch. Nothing to see here.
Didnt the same thing happen on tuesday at about the same time?
The criminals are finally handing off their positions
Or trying to anyway. Must be kinda tough passing off the pump to a volumeless market.
It doesn't f'ing matter...SPX has ramped 7 points since shitty home building data. It's a piece of shit crooked system. period,
Precursor to whats going to happen on Judgement Day. They are just testing the circuit breakers out to see if they are working a week before the calling.
I think you meant to say "culling"
Bullish!
Everything is bullisht...
But I would have to say that the circuit breaker rule is not in effect if this was a fat finger BUY...
Good News: Bullish!
Bad News: Comrade Bernanke turns the printers on - Bullish!
It's a win-win market out there ... unless you're retail.
Apple is all the retail!
Thats a large market crap!
What a shit show.
Patience, it will get there again.
yup
uh, when you input market order don't most trading platforms ignore your price unless you choose "limit."
i call b.s. on the fat finger excuse
I'm sure it's a bug in the GetMeOutOfHere algo, likely due to latency
That would be a default setting, usually easy to disable.
-Reason Code T-7: Thats an Error-
iFUBAR
I wondered why the markets were not up today. Good job they got it sorted quick.
They cleaned that chart up quick.
The Procter & Gamble chart flash crash not so much:
http://stockcharts.com/h-sc/ui?s=PG&p=W&b=5&g=0&id=p87629369884
They doing a test run of a future crash today? Something smells fishy...and I say that as we sit in the depths of a sardine trawler they call a market...
Or just give credit to the algo-guy/gal behind it (not that I will, though)
Same like the P&G one where some just made 10% in seconds (they could even afford transaction tax on that one)
A market of fat fingered psychopaths. Great! Gimmie more of that, for sure. Generational opportunity is stocks, as the market itself shows time and time again that it is not a market.
Nihilists! The Big Lebowski: Nihilists - YouTube
That can"t be allowed to happen. It's the only growth stock left in the country.
Guess it's true, anyway, the market-overseers really have found a way to prevent flash-crashes.
I guess I dont get it. Someone tries to dump A bunch of shars that Would drop the price to 542 so circuit breaker engages and dissallowed the trade?
Hi...I am a HFT I provide liquidity in AAPL ! You need me!!!
Dave, although you took very thorough precautions in the pod against my hearing you, I could see your lips move.
Why are Wedell and Reed even allowed to trade such a vital stock as AAPL? They have proven time and again their sausage fingers cannot handle the delicacy of trading Systemically Important equities.
Someone saw the Bubble and paniced.
Ooops......my bad.
too big to fail lol
Too fuked to function.
The man behind the curtain dropped his cafe' au lait and banged his head on his key board.
fat finger or fat algo on crude markets minutes ago - no closure of oil market though and tough if you got stopped out . All well on the ICE exchange then !
Interesting. Sweep this under the rug a day after announcing a focus on HFT. That'll inspire confidence in the markets. LOL
Overheated Algo IPad?
perhaps he meant to dump into the shadow market and fat fingered it into the open exchanges. We probably weren't suppose to see the institutions bailing out yet.
I think the term you are looking for is 'dark pools'.
100 share trade drops the largest market crap stock -10%....LULZ shall ensue from here on out, big time.
Was Tyler joking or was it really just 100 shares?
So selling 100 shares knocks off 10%?
Is this right?
When I was like 6 and played whiffleball in my neighbors back yard and there was a close play at 1st base, some times we would simply do a redo. Nice to know that our gazillion dollar ponzi stockmarket follows suit and does the same as 6 year olds playing whiffle ball.
Calvinball.
Man, I loved wiffleball.
Wow, I wonder why retail is so hesitant to get back in the equity pool? Maybe they need a new rule that people with 'fat fingers' aren't allowed to enter trades any more.
Corporate Gyms been closed for a while now.
Nein! See Lebowski vee vill only execute zee Apple trades at Zee $600, ya if you try it again vee come back and cut off your johnzon vee believe in nothing!
The Big Lebowski: Nihilists - YouTube
I think 200 hedge fund managers just soiled themselves for at least 20 microseconds, which is like an eternity in HFT world.
Its just an anomaly folks, trade was most likely made on an overheated iPad.
What a confidence builder
I work right down the street from BATS, want me to stop in and see what's up?
That is the problem with HFT. No one has an order in to buy below the current buy, ask quote because they do not want the Computer to trade based on trades below current bid ask. no one wants to tip off the Computer on their intentions.
...somebody spilled their patchouli oil on their Apple, reaching for their burnt cup of Starbucks, because their nails where still wet on their right hand. http://www.youtube.com/watch?v=ufYYOXiEtxM
This someone just found the real value of his shares.
Funny how when this happens in silver, nothing is stopped...
iPlunge!
Would they stop trading if it went up 10%?
fat finger?
Maybe the bots were scanning Twitter feeds and one had the word combinations of 'AAPL'...'product'...'recall'....'lawsuits'
The Israeli Federal Reserve has jets gassed up and on the runway...
"All stop loss orders stand, all limit orders cancelled" - the jew
"Orderly markets" will stand... Nothing to see here, move along.
These flash crashes further motivate the working group to maintain complete control at all times. We can't have people losing confidence in the system, its the only one we have. Rig it until it hurts.
@Tyler
Off topic from post last night on HFT/UN article---repeat question
"@ Tyler or anyone in operations:
In the old days, no matter whether it was a day trade or back office error or a simple typo, there had to be a confirmation generated and on the errors a separate confirmation cancelling and/or correcting the first confirmation. If this is still the case, then why can't the CFTC do an audit to see whether each tick represents a trade and then match up the confirmations with the trades to be certain that these are not wash trades to launder money or hide the theft from the Fed by the banks?
It has been obvious since December that the game has really changed in gold or, at least what is represented by the tick activity on netdania. If I wanted to wash money or steal from the Fed---I would certainly take advantage of these HFT trades---they are dream to steal with because no one has to report the day trades and certainly not the nanosecond trades to the CFTC. Is there a connection here?
" thanks om"
Last year during the August crash I went into my brokerage account and it said my shares of AAPL had been suspended with the last trade at $87 a share. I can't remember the exact date, it was sometime in the middle of the beserk mid-August crash.
If you have active stop losses I would turn them off.
9% thats damn impressive. Almost double my estimate for the first of possibly many sells.
If you eat a virtual apple will it still fill your tummy?
AAPL as the " Hedge Fund Hotel" . I almost chocked up my orange juice on the keypad. That was funny.
You guys are damn good, Tylers. Keep it up.
Here...pull my fat finger.
reason code T7 - Terminator VII
I've never owned nor intend to own any crApple toys, but, goddam, it's the best stock I've got!
Easy explanation: the e-Trade kid was in time out and pitched a fit.
E-Tade baby's fat finger http://youtu.be/N6oNJHvExBI
I don't understand how a fat finger trade of 100 shares can mess up the stock that much. Doesn't it trade 100x a second? Wouldn't the computers have churned over that trade, and gone back to normal before a human even noticed?
Now I have 100 shares of AAPL at 542. I can't complain.
The Wile E. Coyote scenario continues...
SPX daily chart with rising wedge enclosed by substantial megaphone pattern.
http://stks.co/31QM