its vewry qwiet in here....., page-8

"Rumours coming out that the big drop in the dow due to trading glitch."

"Mistaken trade may have sent US markets tumbling: reports
7/05/2010 8:48:01 AM
A mistaken trade may have been partially to blame for a huge crash in the US markets on Thursday, reports said, as observers questioned why Proctor & Gamble's stock tumbled precipitously.

Both Fox News and CNBC reported that a trading error involving P&G stock could have been responsible for part of a dip that dragged the Dow Jones Industrial Average within a hair's breadth of a 1,000-point drop.

The Dow fell 998.5 points, slipping well under 10,000 after a sudden sell-off that saw investors desert stocks wholesale.

But P&G's stock, which had been trading at 62 dollars, suddenly began to crash, falling around 20 percent at one point for no apparent reason.

The stock recovered, to close around 60 dollars, but the company said it was looking into reports that a trader accidentally entered a sale in billions rather than millions.

CNBC and Business Insider reported that a trader from Citigroup was to blame, though a Citi spokesman cautioned it was too early to tell what had happened.

"At this point we have no evidence that Citi was involved in any erroneous transaction," Stephen Cohen told AFP.

Suspicions that an error, whether mechanical or human, had contributed to the market dive emerged shortly after the Dow leveled off, and it began to climb almost as quickly as it had fallen.

By the close, the Dow had moved up 400 points from its lowest level.

The New York Stock Exchange said it had no information that a computer error was at fault."

(For those that hadn't seen the news report)

There is no reason why there should be a dramatic fall in CER unless the lemmings dominate the market.