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I received this from a trader re: Friday's fun in the sun ... more like ...
move or get trampled <G>
"... Action this morning was dominated by the big Bear Sterns Boo Boo. They
got a customer order to sell 2 million bucks worth of the SPY from a
customer that normally trades the QQQ. It got so fouled up they sold 2
million shares of the QQQ, realized that mistake and covered, then sold 2
million shares of the SPY. Then they realized that it was supposed to be in
dollars, not shares, and were only off by 286 million dollars with their
fill.
Add to that the fact that Merrill sold 2000 cars in the S&P just before
downgrading Intel and you can guess why the nice downdraft and recovery
today. ..."
Gee ... Merrill wouldn't frontrun knowing that their "deadfish" was going
to downgrade would they? I wonder what TA indicator works with that kind of
market fun?
Best regards
Walter
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