May 11, 2010

NASDAQ has do overs?

More than 10,000 trades undone... losers made whole, winners lose...
Only trades that occurred between 2:40 p.m. and 3 p.m. EST at prices at least 60 percent above or below a security's price at 2:40 p.m. were cancelled, prompting howls of protest from some investors.

Many complaining investors suffered considerable losses, but below the 60 percent threshold, when the inexplicable plunge triggered long-standing stop-loss sell orders. Others who complained had winning trades unwound. They said they should not be punished for stepping in to support the market and help end the steep price slide.
This seems to be the story of the last year or so... restore those who made bad decisions and flatten the winners.

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