The total event was less than 70 ms and involved just over $100M worth of trades. These flash crashes/dashes happen now every day and are usually not noticed - the exception being the Apple flash crash on Dec. 1 that briefly took the stock down by 6%.
The increase of flash crashes is increasing as confirmed by Eric Hunsader for Nanaex, LLC:
Combined with the deteriorating market breath, wild market swings as witnessed by last week, and wild gyrations of individual stocks, this points to unhealthy market. The last weeks V-recovery gives impression of a strong market but it is actually a sign of unstable market that is on verge of hitting an air pocket.
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