Thursday, May 6, 2010

Nasdaq to Cancel U.S. Trades Moving More Than 60% Before Plunge

Nasdaq OMX Group Inc. said it will cancel stock trades on all of its exchanges that were more than 60 percent above or below prices at 2:40 p.m. New York time, just as U.S. equities plummeted from down approximately 300 points to down nearly 1,000.

Nasdaq, which investigated trades between 2:40 p.m. and 3 p.m., said it will provide a list of stocks affected and the prices at which the trades will be canceled. The decision cannot be appealed.


  1. Oops I typed in the wrong info. The economy is just fine !
    Yeah ! That's the ticket !

  2. I have several comments. First, I did a Google Finance chart of QTEC, and contrasted it with QQQQ, and found a dramatic down of fourty percent. Some day traders who were short could have captured that loss, their gain, before QTEC moved back up.

    I can see their action from their point of view.

    Yet I also see how dangerous it is to trade stocks at this time because sudden losses can occur at this point in time.

    And I see that their decision is authoritarian. I see how dangerous these times are -- we live in an increasingly authoritarian age.

    Authoritarianism just doesn't happen out of the blue. It creeps in, like a cockroach. I believe that Authoritarian rule started gradually when Clinton used NATO in Ceckoslovakia. And Bush certainly was an authoritarian when he announced the Security and Prosperity Partnership of North America, and the SEC barred short selling of some financial stocks. So we will see more authoritarian rule.