Here is a quick summary of what happened (courtesy of www.zerohedge.com):
- 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
But wait! There’s more!
I hate to sound like a conspiracy nut (there are a few out there believe it or not) but there have been a few reports of the stock market doing the same things right before 9/11…
Today Stock Exchange trading went off the charts with 2000% increases instantly. This is EXACTLY what happened 2 days before 911. It’s happening again!
I honestly don’t know what to make of this. I don’t want to turn into a chicken little, yet I also don’t want to ignore this data. I suppose each one of us will have to decide what this means for ourselves. Keep an eye on the market in the next few days/weeks.