On Thursday the bears got a gift from the market in the form of a sell order for 17 million shares on the QQQQ. The order caused thousands of sell stops to be hit and knocked -1.66 off the QQQQ in just minutes. That was magnified in the broader market with the Dow falling from 14198 all the way to support at 13950. That -250 point dive shook up the markets but the impact was brief. Since there was nothing in the news the selling was initially attributed to a technical sell program. It was not until after the close that the QQQQ trade hit the wires.
Regards,
Now we know
Started by
Doug
, Oct 14 2007 04:40 PM
2 replies to this topic
#2
JAP
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Posted 14 October 2007 - 06:00 PM
On Thursday the bears got a gift from the market in the form of a sell order for 17 million shares on the QQQQ. The order caused thousands of sell stops to be hit and knocked -1.66 off the QQQQ in just minutes. That was magnified in the broader market with the Dow falling from 14198 all the way to support at 13950. That -250 point dive shook up the markets but the impact was brief. Since there was nothing in the news the selling was initially attributed to a technical sell program. It was not until after the close that the QQQQ trade hit the wires.
Regards,
I can see the huge red volume bar on the QQQQ on Thursday, but I'm curious where you got this info.
#3
Doug
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Posted 14 October 2007 - 07:25 PM
On Thursday the bears got a gift from the market in the form of a sell order for 17 million shares on the QQQQ. The order caused thousands of sell stops to be hit and knocked -1.66 off the QQQQ in just minutes. That was magnified in the broader market with the Dow falling from 14198 all the way to support at 13950. That -250 point dive shook up the markets but the impact was brief. Since there was nothing in the news the selling was initially attributed to a technical sell program. It was not until after the close that the QQQQ trade hit the wires.
Regards,
I can see the huge red volume bar on the QQQQ on Thursday, but I'm curious where you got this info.
Jim Brown, editor and chief strategist of the Market Monitor. His finger is usually on the pulse.
Regards,
