I understand all-electronic NYSE Arca platform that deviated over 60 percent from their last point at 2:40 p.m. between 2:40 and 3 p.m.
How does that affect me? If say one or two of my mutual funds hit the sell point on some automated software because of the freefall am I going to recoup some losses from yesterday? Is anyone recouping some losses? Will funds restate their ending prices or will this not affect ending prices. The short question is -- What does it affect?
Thanks,
JW
On May 8, 5:24 am, "JW" wrote: [snip]
Last I've heard is that trades falling within the glitch period (presumably those noticeably affected, or those known to have been causal) will be busted (reversed). The exchanges and the SEC are studying the tapes; perhaps when or if a cause is found, the situation for trades executed will be further clarified. Offhand, I don't know either the share volume of equities, the number of trades, or that same data for each of all the various indices and instruments. Sure do feel sorry for the guys sorting this mess out. (I had no orders in - I was fixing my lawn and missed the excitement. I'm still upset about that.)
On May 8, 5:24 am, "JW" wrote: [snip]
Here's what's on the SEC website
It looks to me like a major operation to hide the fact that the market is overbought and that traders are ready to dump stocks in a heartbeat. When trades can be airbrushed out of existence at whim, it gives market manipulation a new meaning.
I didn't have any losses. Wednesday overnight I put in a limit order for VBR with some extra cash in my Roth. I selected a price about buck under the close. That hit on Thursday of course. As far as I know it will probably stand.
Brian
Has anyone actually had a reversed trade yet? One source suggests it may take a couple weeks to correct errors.
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