Broken Market Chronicles: Algos Go Autosell Wild On Wall Street

Since the SEC and Media won’t dare reveal to the public what happened on Wall Street this morning, here’s a breakdown of this mornings Wall Street meltdown.

Still scratching your head over what happened this morning (this would be everyone at the SEC but not their porn webstream vendors – even they by now realize just how broken the market is)? Don’t be – courtesy of Dennis Dick and Premarket Info, here is a 20 minute video explanation parsing the tape and showing precisely what happened that impacted nearly 150 stocks.

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

And since nobody at the SEC will move a finger to fix what we have been pounding the table on since April 2009, we can only hope that we get more and more increasingly more ridiculous market swings such as this one which will finally get absolutely everyone out of the markets. Even the vacuum tubes

Categories: ECONOMY

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