Here is the test from a Dow Jones news release I saw shortly after the Big Drop:
DOW JONES NEWSWIRES
A human trading error at a "major firm" is to blame for the huge plunge the stock market suffered Thursday afternoon, CNBC reported, citing several sources.
Fox Business Network, meanwhile, cited sources that said a bad trade caused Procter & Gamble's stock to drop so dramatically Thursday afternoon. The New York Stock Exchange reported no system error, according to CNBC.
-Dow Jones Newswires; 212-416-2900
May 06, 2010 15:55 ET (19:55 GMT)
CNBC, huh? Yeah, pull the other one.
Of course, the natural reaction to a drop in PG is to rush into gold, right? Anyone?
Today's drop had "HFT" written all over it. Whether it was indeed an accident, or they were going after stops, or whatever the hell they were doing, we just saw what happens when the computers drop their bids. Like the oil spill in the Gulf, we wiull see more of this in the future.
All your stops are belong to us.
I will have the new highs update in a bit.