Does anyone really believe the 2:30 (Eastern) blowup was caused by human error? Come on. If all it takes is to type "BILLION" instead of "MILLION" for the Dow to tank almost 1,000 points, it would've happened many more times before today. Human errors don't happen once a decade or century.Every firm would have a built-in, fuck-up-proof program to prevent any dumb mistake like typing 'billion' instead of 'million.' I say it's a 1% chance this was actual human error. It's 90% pure manipulation. And 9% we just don't have a frickin clue yet.
AAPL got scooped up post-blowup at 240-242 by traders. Got to 249 before the close, selling off to 246.42. A steal here, but is the market really immune to another "human error" tomorrow or the day after?
Frankly, most of my gains since January have been obliterated in the past week. Frankly, it was my own fault for not staying in cash. Timing is everything, true today as much as yesterday.
Even my initial sell order on NBG (2.76), then the cancellation, didn't execute quite right. Another sell order, at 2.66, eventually executed. Brokers aren't built to handle these kind of days. Reminded me a little of the bear raid on DNDN a couple of years ago. Most shareholders got screwed.
To make things just a little worse, one of my favorite bloggers actually bought some NBG at 2.72. He's practically a genius, someone I've been studying much more lately as skill and selection prevail over irrational exuberance and sheer momentum. This selloff has created a universe of new (recent) lows for most stocks, and he's digging in.
No comments:
Post a Comment