So I was browsing on the computer as my phone is going off. Text messages and Blackberry Messenger pings going off.
Text messages read:
1) Dow down 900 points
2) Armageddon
3) Blood on the streets - Buy Buy Buy
I try and visit Bloomberg but its appears that the site was crashing. I than go to Google finance and WOW.
It felt like the world was falling, I saw the DOW -934 Points and it was jumping within seconds. It appears as though it tanked and was free falling and all of a sudden its stopped on a dime and reversed. The volume was rapidly growing as this was happening.
Big Moves at 2:45:
Accenture Plc
(Public, NYSE:ACN) Went from $40 down to $0.01 than back up to $40Google Inc.
(Public, NASDAQ:GOOG) Went from $500 down to $460 than back up to $500The Procter & Gamble Company
(Public, NYSE:PG) Went from $60 down to $39 than back up to $59Apple Inc.
(Public, NASDAQ:AAPL) Went from $245 down to $200 than back up to $240What happened here?
"Fat Finger" Trade?
This is currently being investigated but rumor has it that a manager at Citigroup meant to sell $15 million dollars worth of PG but instead sold $15 Billion dollars. This has not confirmed true and there is no evidence at this time but it may not be an impossible human error.
Keyboard: zxcvBnM not too far? What do you think?
Computer Glitch?
Cancelled Trades:
NASDAQ cancelled nearly 300 trades that happened during this wild period. Some speculated that the bizarre trades were caused by technical glitches in the computers that caused trading to slow down causing stock prices to make big moves.
It would be nice if this happened on an up day!
Today's Headlines:
Euro recovers from 14-month lows
Payrolls increase but unemployment rises
Germany approves of Greece's bailout
Oil Hovers at $75
One hot stock to watch over the weekend and next week:
National Bank of Greece (ADR)
(Public, NYSE:NBG) Currently trading at 2.63 is near its 52-week low.I will not be surprised if at some point next week this stock is up close to 20% on recovery hopes.
This is a speculative stock and investors should know the risk involved in investing.
Other stocks to watch with potential upside for next week:
Bank of America Corporation
(Public, NYSE:BAC)Google Inc.
(Public, NASDAQ:GOOG)Kraft Foods Inc.
(Public, NYSE:KFT)The Coca-Cola Company
(Public, NYSE:KO)Las Vegas Sands Corp.
(Public, NYSE:LVS)Apple Inc.
(Public, NASDAQ:AAPL)General Electric Company
(Public, NYSE:GE)Have a good weekend,
Mr. Stock Pick
These are brief explanations if you have any questions or would like additional information please contact me directly through the blog. Leave your email and I will try to respond quickly. These are just opinions of mine and you should not use a specific opinion to make an investment. Investors should be aware of the risk involved in making investments.
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