Re: Dow 11,000 — Too Much Cheering
Nathan Martin on Nathan’s economic edge thinks the swing came after Harry Reid made a comment that the audit the fed bill would come up for a vote . He postulates the central banks flexed their muscle with the 1700 point swing.
He also says Nasdaq is voiding all stock trades above or below 60 percent of the closing price.
They are now blaming the swing on a trading mistake by a trader who sold several billion in Proctor and gamble stack when he meant to sell a few million. Yep. damn those decimal spaces.
Reid couldn’t find his ass if he sat on his hands so I really doubt anything he said made the Central Banks pump some iron.
I went through more than 6000 lines of trades on Time and Sales sheets today. The programmed sell error story holds a lot of water. Whistle outs overnight and tomorrow will confirm it.
But someone will come up with a spooky dark story I’m sure.