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The most expensive cup of coffee ever

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May 06, 2010 – Comments (13) | RELATED TICKERS: PG

I just walked past my television on the way to get a cup of coffee and I said "Wow the Dow's down 400 points.  I wonder what it will be at when my Keurig's done."

Two minutes later I walked back past the TV and the Dow was down a freaking thousand points?!?!  P&G was down twenty-something percent.  Twenty percent, on NOTHING.  How is that even possible?  It certainly gives one a lot of confidence in the system.   

Someone must have made a killing on the irrational movement.  Quite frankly, I'm skeptical that anyone outside of an investment bank or hedge fund would have even been able to take advantage of that momentary blip.  

Deej 

13 Comments – Post Your Own

#1) On May 06, 2010 at 3:10 PM, TMFDeej (99.43) wrote:

BTW, I told you that it was too early to buy NBG.  If I had only shorted it in CAPS.  Greece is a complete disaster.

Stay the Heck Away from Greek Stocks

Deej 

 

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#2) On May 06, 2010 at 3:12 PM, goldminingXpert (29.40) wrote:

I got some TYP in the 3s. It's at 8.50 now.

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#3) On May 06, 2010 at 3:22 PM, JakilaTheHun (99.93) wrote:

This was ridiculous.  I actually sold off some things in order to buy some others.  But my buying attempts were thwarted by Schwab.  For some reason, the website seemed to go berserk right at the bottom.  I've never had any problems with execution before today. 

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#4) On May 06, 2010 at 3:34 PM, russiangambit (29.16) wrote:

> It certainly gives one a lot of confidence in the system.   

Yes, exactly. Everything is under control, as usual.

Of course, I am doing to know who was selling and who was buying.  It happened so fast it had to be investment banks and hedge funds. Did somebody got a margin call?

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#5) On May 06, 2010 at 3:34 PM, russiangambit (29.16) wrote:

>  I am doing to know

dying to know

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#6) On May 06, 2010 at 3:35 PM, Starfirenv (< 20) wrote:

Schwab is back up @ 12:34p Pacific

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#7) On May 06, 2010 at 3:39 PM, SwingCorey (27.27) wrote:

The Greece and Euro woes only drove the Dow down about 200 pts.  It was a mass sell-off (possibly computer glitch) of Proctor & Gamble that hit the Dow so hard all of a sudden.
 
PG went from $60/share at 2:45pm down to $39 two minutes later and then back up to 58 another 2 minutes after that!  It literally dropped 35% in 2 minutes and then gained 74% in the same amount of time.  But those 4 minutes of high volatility showed up in the Dow 30 and caused a Domino effect of other selling (like Dow Index funds) causing everyone else to take a hit.

Computer bug?  Conspiracy?  Who knows - I doubt we ever will.

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#8) On May 06, 2010 at 3:44 PM, ragedmaximus (< 20) wrote:

 there was a professional trader that said it was a tech error in the system and no way it could have gone down that fast that far that quick and now on msnbc they are saying there was no error WHAT A LOAD OF BS you mean every stock like apple went from 250-199  dndn went from 49-42 joez jeans went from 2.14-1.5   I mean come on do they think were stupid,the floor traders were too busy fill their pockets cause they knew it was a glitch and took advantage of it when they realised it! this is bs I could have made 15 k in 2 minutes if i bought apple 199 and sold 2 minutes later 245 come on mm mother fers yeah right!WHAT A COVER UP!

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#9) On May 06, 2010 at 4:05 PM, IBDvalueinvestin (99.66) wrote:

Guys its even worse than that, Stocks that should be up 15%-30% today on great news are basically flat to negative.

KERX - fast track by FDA on cancer drug.

PCS - huge turnaround in Revenue and Churn

SIRO,

TRW,

SXCI,

 

 

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#10) On May 06, 2010 at 4:11 PM, memoandstitch (< 20) wrote:

Leaving some wishful limit orders open is never a bad thing.  Sometimes your wish is granted.  I woke up today just before market close and saw that my limit orders made me nice money while I was sleeping.

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#11) On May 06, 2010 at 5:08 PM, TMFDeej (99.43) wrote:

Man, I thought that the P&G action was nuts, Accenture actually hit ZERO for a moment today.  I'm no fan of the company, but for free I'd certainly be tempted to pick up a few shares :)

http://finance.yahoo.com/q/bc?s=ACN+Basic+Chart&t=1d 

Deej 

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#12) On May 06, 2010 at 6:32 PM, russiangambit (29.16) wrote:

>Man, I thought that the P&G action was nuts, Accenture actually hit ZERO for a moment today.  I'm no fan of the company, but for free I'd certainly be tempted to pick up a few shares :)

I suspect many of these trades will not stand. Plus it all happened so fast not many retail investors were able to take advntage of them anyway.

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#13) On May 19, 2010 at 2:22 AM, sienna24 (< 20) wrote:

Agents in the call center philippines are very fond of drinking coffee. If that's the price of coffee in the Philippines, I think no one will dare to drink coffee anymore.hahaha..

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