Broken Market Chronicles: Algos Gone Autosell Wild - Video Explanation Of What Happened

Still scratching your head over what happened this morning (this would be everyone at the SEC but not their porn webstream vendors - even they by now realize just how broken the market is)? Don't be  - courtesy of Dennis Dick and Premarket Info, here is a 20 minute video explanation parsing the tape and showing precisely what happened that impacted nearly 150 stocks.

In summary:

  • Rogue algo strikes number of stocks: up to 148 symbols impacted
  • WFC preferred security JWF trades 4.9MM shares, and trades down more than 10%
  • VZ, PEP, RSH, BBY, WFC and many more all affected
  • Appears to be an auto buy program error on some issues
  • An auto-sell program on other issues

And since nobody at the SEC will move a finger to fix what we have been pounding the table on since April 2009, we can only hope that we get more and more increasingly more ridiculous market swings such as this one which will finally get absolutely everyone out of the markets. Even the vacuum tubes.

And for those curious, here is the list of 140 stocks that were BATSed, straight from the NYSE.