UPDATE: Wall Street ‘Glitch’

In another laughable moment, the New York Stock Exchange described Tuesdays’ Wall Street ‘Glitch’ in two words… “manual error.”

Seriously?

The NYSE said a “manual error” caused wild price swings and trading halts for hundreds of company stocks when the market opened on Tuesday.

And it was never made clear just how easy it is to trigger such an error.

Nor who was responsible for the rollercoaster trades which sparked shock and outrage across Wall Street.

We’d love to see the trading logs for the companies affected and their surrogates.

Maybe this was a test of the cutoff switch.

Or maybe someone named BlackRock was liquidating stocks and might have dumped too much.

Or Maybe, JUST MAYBE it wasn’t an error if it was done on purpose.

FLASHBACK:  Flash Crash, May 6, 2010.

From Wikipedia:

The May 6, 2010 flash crash,^[1][2][3] also known as the crash of 2:45 or simply the flash crash, was a United States trillion-dollar^[4] flash crash (a type of stock market crash) which started at 2:32 p.m. EDT and lasted for approximately 36 minutes.^{[5]:  1}

Back then they blamed it on a trader’s “Fat Finger” on the order button.

LMAO!

And it wasn’t until five years later that the Boyz laid the blame against Navinder Singh Sarao, a British Indian financial trader.

Sarao was charged with “Spoofing, Layering, and Front Running.”

Ironically (or NOT) spoofing, layering, and front running have supposedly been banned.

But that’s a crock because the Boyz have been using those techniques for decades.

And even politicians (Cough! Pelosi, Cough! Cough!) have used those techniques in addition to their inside trading secrets.

But that’s another story for another time.

Wall Street ‘Glitch’ Manual Error

Suffice it to say that the Boyz won’t fess up to why the manual error occurred or who was the “Fat Finger” involved.

But you can rest assured this will happen again.

And you’ll hear:  “I’m shocked I tell you…Shocked. Who could’ve foreseen this happening.”

And when it happens again, the question becomes:  How many trillions in damage will be done?

Learn how to insulate your investments from Wall Street ‘Glitches’ in our February issue of “…In Plain English” (HERE).

Share this with a friend…especially if they’ve not heard of a “Fat Finger.”

They’ll thank YOU later.

We’re Not Just About Finance.

But we use finance to give you hope.

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