Ride 'Em Algos!
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
Video Explanation Of What Happened
Algos Gone Wild - YouTube
