Computer Glitch in the Markets?

May 6th, 2010 by Potato

A weird, weird day in the markets today, as on basically no new news there was a huge negative spike at about 2:45pm. The markets are still down considerably as I write this (a few minutes before the close), but if you check there are a lot of companies with a big spike right at that time, some down 30% or more.

My day started off weird too, as I tried to put a bid in for SPB just to have it cancelled instantly by TD; the stock went down to $8.40 at one point with no bids (and that was when I really wanted to be the only low-ball bid!) before trading was halted. When it resumed it came back to the $13 range. Again, a weird computer issue at the exchange?

Update: it looks like they are indeed blaming a computer glitch, and are reversing some trades.

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