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Markets crash, a technical glitch?

Posted by Eric LeRiche | May 6, 2010 .

Around 2:45 this afternoon, the market went over a cliff! At one point, the Dow Jones Industrials were down 1,000 points on the day. And then it recovered about 500 of those points as quickly as it lost them. Moments before the close, the Dow was down 347.80 at 10,520.32.

The market action must have blown up the computers at BigCharts.com, which shows a 600-point gap up in the Dow shortly after 3:00 p.m. – with no data after 3:19. Volume data doesn’t show up at all.

We’ve been furiously emailing our colleagues and associates around the world to get a handle on what’s happening. Because the mainstream media explanation – “fears over Greece” – just doesn’t cut it. Nothing fundamentally changed about Greece between 9:30 a.m. and 2:00 p.m.

The election in the U.K….? Seems like a stretch.

There are also reports of a computer glitch sending shares of Proctor & Gamble tumbling… and questions about volume going to zero after the Dow dropped past 10,000… then opening back up 600 points higher.

Any way you slice it, strange happenings are afoot. We’ll report our findings ASAP

Stay tuned

InvestorRules

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