financial terrorism -feedback loop destruction, page-4

I'm stunned by the lack of reaction on HC about this. When I logged on and posted on general about this I suspected it would have already been everywhere instead of the media greece woes bollocks still. Greece had nothing to do with the Dow last night it was 100% caused by a bot. Yet headlines were all about investors worried about Greece and Europe. Knowing Americans extremely limited knowledge of geography most wouldn't have a clue where Greece was let alone give a damn if it defaulted, just another Iceland.

And the trading day bears that out. The Dow was putting along quite normally not doing anything special when suddenly at 2.40pm, several hours after open, the bot went bezerk and crashed P&G from over $60 down to $39 and lead the index down 1000pts in just over 10 minutes. Interestingly P&G closed back at just over $60, so somebody made 50% in just over an hour or so.

If Greece woes were going to have any effect on the Dow we would have seen it from open and all day long in a slow decline with a few minor reversals but generally down.

Now what ripple effect did it have on the ASX market, the Nikkei and other Asian indices? All pretty negative and most traders believed the media hype about Greece trouble instead of the real story about this rogue bot.

We are also being told it might have been a mistake, an extra digit etc. but nobody is owning up. All we know so far is it happened in Chicago. Suspicious. Considering the profits that were made on the ride back up after 1000s of investors stop losses were triggered and the fertile scare market at the moment I can't help thinking it was orchestrated and somebody or bodies made an obscene amount of money today.

Mistake or not this is reason enough for the ASX to ban bots. Seriously, as if I'm not already, we could have had another GFC today had that beast continued out of control or even worse- a total collapse of financial markets.