Quick explanation of the “Algos Gone Autosell Wild”

From Zerohedge.com

Here is a quick summary of what happened (courtesy of www.zerohedge.com):

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

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…

Josey Wales from “Before It’s News” wrote yesterday:

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.

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