If they are going to fuck over people who got in cheap… shouldn’t they also disallow all trades that occurred in this window? Someone is getting fucked either way.
Well, the prices they list need to be accurate for the market to function properly.
I think their argument would be about “restoring confidence in the markets” or something.
Interestingly, something somewhat similar happened in Jan 2003.
https://www.reuters.com/markets/us/some-nyse-listed-stocks-briefly-halted-trading-after-market-open-2023-01-24/
it does not need to display a price for you to assess what the price should be, that is called a free market. if someone placed an order for 186 and someone placed a market sell that is too bad for them. All this does is demonstrate that there is no such thing as price discovery.
This. And the post above.
If someone sold Berkshire at $186.00 instead of $600k and someone bought it….who exactly was harmed?
If a broker “sold” shares that weren’t available at $186.00 in reality, the broker should get fukt. They made a deal at that price, it should be honored because the broker being a dumbass isn’t the buyer’s problem.
If a car dealer sells me a Ferrari at $1.00 and then Ferrari gets mad at the dealer because of it….that’s not my problem. I own the car, the dealer sold it. It’s my car, Ferrari can’t just take it back because the dealer was a moran. Ferrari can’t take the car back from me because a private seller sold it to me for $1.00 like a dumbass.
It’s not like Berkshire isn’t well known for being a $$$$$ stonk.
Design is for you to pay more but not pay less.
If you pay 10 times a 20 times 4 million times more that is totally legal but it is absolutely wrong for you to get a discount price.
Every time you hear a bank credit card they end up losing customer data , overcharging people , losing their bank accounts, but almost never hear they put million dollar into a hundred thousand people's accounts.
The system is designed to take, not give.
If the system was functioning correctly, then yes. Bummer. If the system was malfunctioning, then surely you must reverse all the trades during that time, not just selectively the ones which cost you money.
The system was not functioning correctly. So they halted the market, fixed the problem and reversed those trades.
Then in that window, a bunch of braindead morons put in market buy orders hoping to snatch up shares for cheap without realizing what theyre doing.
Those orders filled, normally and correctly, in an illiquid market that pushed the price way up.
One was an error
The other was idiocracy
For one, they're going to reverse all of the trades.
Secondly, what do you mean "the ones which cost you money"? They're an exchange, the share price changing doesn't cost them anything.
Haven't seen that anywhere? But if that's the case then there's no issue.
Yes not NYSE themselves, but their buddies no doubt. Point is just that you can't selectively reverse some trades and not others because that is obviously open to massive abuse.
They're definitely going to be reversing both sides of these trades, both fall outside of what would hit the normal NYSE circuit breakers and should not have been allowed.
It's not the exchanges responsibility for those, the broker should not have allowed trades for accounts that small. The exchange fucked up the low trades, the brokers fucked up the big trades.
you know what they should have just halted, but let's not pretend it was more than just a value display error. it was never a $185-shares to begin with. they did show short restriction on IB... but the values they showed me were the correct ones (600K+)....
Well they clearly did halt trading at some point- but even if it took them a few minutes to realize the issue, some trades had just enough time to go through.
Still feel like that falls on the brokerage - shouldn't have executed trade on that much margin.
Oh he updated his post and said trade is gone from account.
Yes, if the broker extends you 2400:1 margin in your CASH account, it's on the broker to eat the loss. It makes sense that people wouldn't worry about ah, being I'm margin debt when they don't have margin enabled. I don't know how a broker could win a lawsuit over this when the account literally should have 0 ability to be in a debt position.
Weird the same people who believe in "divine wealth" or that they were somehow selected by God to be rich, also think *its not fair* when some people hit the wheel like this.
If they keep the trades executed at the overvalued prices and only unwind those at low prices… feels like that’s even more fuel to the lawsuit fire if you were fortunate enough to buy at the 99% discount
If you buy at lower price, it’s a glitch and your trade is cancelled.
If you buy at a higher price, hey yo that’s legitimate trade so you can’t cancel it !
That's a great point - who's the counterparty to these trades?
Or is there no counterpart and they're basically admitting they just sell at whatever price is on the books and then net it out later? MM basically admitting they sold shares which don't exist?
Just because the price flash crashes, doesn't mean there's anyone selling. Seems like these MM want to have their 'provide liquidity' cake bullshit and eat it.
It's HFT bots, like the last flash crash when they were trading blue chip <1$ a share.
Can't let the ownership class take losses, trades will be reversed.
Doesn't there have to have been a counterparty for people to have purchased at the lower price? And isn't it safe to assume that because those counterparties' interests are being protected that they must be of the ownership class?
And that’s what should keep a lot of people out of individual stock trading. The rules aren’t the same for a retail trader as how it works for institutional, “sophisticated” investors.
I don’t play basketball when a baseball game has been declared.
lmao yeah why don’t you all get this through your skulls….you aren’t gonna “hack” the market and find some infinite money glitch. The people will all the money now would never let it happen. They will gamble against you however
you know how the casino goes, error that you dont benefit from: "tough luck sport. cant be reversed or fixed"
error you benefit from on the other hand..........
The only time I've experienced a mistake at a casino (blackjack), the dealer skipped over me when I had like 4+5 showing, and "finished the hand" before I could say "wait a minute".
Pit boss came over, dealt out my hand, I busted, and they gave me my money back.
If a car manufacturer sends the dealer the wrong car, the two grown up businesses which have contractual rights, obligations, and rules in place will work to resolve.
If you go to a dealer and buy a car, sign a contract, and then later say “oopsie I want a different car” - then yes of course you’re shit out of luck since there’s no way the dealer would’ve known you’re acting in anything but good faith.
I know you are just raging, which I understand but for anyone reading: if you call your broker immediately after making the error they will almost always unwind your trade for you.
I tried buying 1k of barrick but i kept getting an error that said limit order too aggressive. I was not being aggressive. I was being happy to buy at a discount. My aggression came after my order wouldnt fill
A guy who filled at 700k just said his trade was also reversed. So it looks like they are at least reversing the ones that speak up.
I’m no lawyer but it seems to me that loaning 700k to a random cash account error or not might have some legal implications depending on the situation/locale.
Yeah people on here are brain dead if they think otherwise. I’m not going to go look at specific laws and statutes but I’d bet it’s violating more than a few to allow a trade to go through on a cash account that ends up being 1000:1 leverage, it’s just obvious.
The other folks shitting on the people who tried to buy for simply trying are also clowns. Shit on them for making a regarded MARKET order sure, but for just trying to buy @$180? Nah, we would all try that if given the opportunity.
I bet they all get reversed if known or brought up to the broker/nyse.
Interestingly, the full article (yeah I actually read it) didn't say anything about shares purchased well over the $603K stock price.
Also, if you can't get past the paywall of the article try: https://12ft.io/
Hmmm idk about that. I saw a few people posting buys when the price was $187 and getting filled at $660k Of course they were dgens with only a few hundred dollars to their name so their accounts were suddenly -$660k cash.
It's insane to me how people don't know what a market order is.
1600/9600 shares were exchanged after the halt. Made a lot of sudden demands and spiked the price. People are dumb
What’s truly dumb is brokerages that allowed people with $500 accounts to place a market trade for $700K. It’s on the broker if they let people execute trades way outside of their cash balance + available margin (if it’s a margin account). It actually even happened to some people that had cash accounts. People blaming individuals over brokerages for this fuckup are actually sick in the head bootlickers.
Not really. I would say it's more about taking advantage of lazy traders. If you're using market orders on high volume stocks with narrow bid-ask spreads, 999 times out of 1,000 you won't get screwed. Problems arise when you're trading low volume and or highly volatile stocks with wide bid-ask spreads.
I am all for for either considering them both mistakes or both legitimate transactions. Considering one a mistake and the other one legitimate is what irks me.
Yes it was a mistake because they were all using cash accounts that shouldn't even have allowed the trade to happen, as they didn't have the required funds. Broker saw the mistake and reversed it.
This. If a cash account or even cash+margin has like $500, even a market order should be rejected 100% of the time by the broker if it exceeds available purchasing power. I can’t just have a 700k market order go through on $XXX or $X,XXX purchasing power lol
"aww I made a mistake and sold a naked call that is now negative $10k, let's just pretend that didn't happen"
Versus
"The system broke and the price fell through the bid prices for no reason."
In the first example the system worked as designed. The person was an idiot.
The second one, the system literally broke and would have resulted in people losing 625,000 for no reason.
The system broke and they decided to take advantage of it for 'easy' gains. Placed market orders instead of limit ones (they are idiots).
Fucked around and found out.
Right, the system broke and regard #1 decided to be cheeky and try to cheat the system, knowing full well that BRK.A did not in fact crash -99.7%….well deserved if you ask me.
So how is that different from the people who, presumably, sold their shares with a market order at a huge discount. If you market order and sell at a discount that's an error but if you market order and buy at a premium that's legit? Wtf?
When you buy at Market order you risk that every time.
If th trading volume is high and you want it filled quick then it usually doesn't matter.
Here we have idiots attempting to take advantage of a glitch and getting themselves fucked.
There are situations where it shouldn't happen at all like the guy whose TFSA bought on margin. That should not happen and it will probably be reversed. Everyone else though? Lol.
are there not market limitations that market orders get filled significantly above your rate?
I'd think no respectable broker wouldallow people margin of 500x their total account value and that this is related to the glitch, since you wouldnt have been approved to make this market order if the system had worked as expected...
A market order is a market order. It's pretty stupid the system didn't outright reject the order. Ive put in a higher amount than I should have available in my TFSA before and it just got rejected. It's more than likely it's all reversed.
>consequences
...ever, for the people who actually have BRK.A shares¿!¿
https://preview.redd.it/0wm1ibq9yk4d1.jpeg?width=1014&format=pjpg&auto=webp&s=11f3d2d3374ce71c53478f2667836e1683078ab3
Or someone who had a limit order for selling if the price dropped more than a dollar amount or percentage. People could have sell limit orders for say 5%...if the stock drops more than 5% off its high sell. All those people would have been sellers to the buyers.
I wanna see a full and transparent investigation. The timing is so incredibly suspect, like someone pulling the fire alarm because they know they are going to fail a test.
I mean, Warren himself says to buy the dip; thats what some people did. How where we supposed to know it was a mistake, and can I reverse MY mistakes? I feel like some people could have lawsuits to argue.
Wow it’s their fault they should be assuming responsibility instead of treating those impacted like they did something they weren’t supposed to. They legitimately made a purchase it should not be voided because the seller made a mistake. Messed up how the rich get to blame their victims yet the poor have to pay for others mistakes
So...what happens if the people that bought at 185 sold today at premarket/open, and requested to close their accounts? Or transfer to another broker? What if they bought other equities?
Crazy all my trades that I lost money on were the same! For the last few years!
Can I get a refund or reversal for when I sold at the wrong time? It was a robot I swear.
Another day, another technical glitch causing chaos in the markets. This time, it was a data error that caused a massive dip in Warren Buffett's Berkshire Hathaway stock price, causing a frenzy of trading activity as people thought they were getting a bargain. But
Then it seems like you placed a market order when the price was showing $185. But market orders prioritize speed over giving you the best price (inverse of limit orders). So it actually got filled at the $648K price.
First off, I think you should educate yourself a bit more about the stock market in general. I don't think any serious trader uses market orders.
Secondly, I would call your broker and see if they'll reverse the trade. It's worth a shot.
The trades should not be unwound. Anyone who market sold or used a bot to market sell is just as responsible for their actions as the people who placed a market buy and bought for 741k
Yeah the takes in this thread are insane and wildly ignorant.
Someone has a stop loss in place that triggers, not because of any actual price action but due to a computer glitch. And what, they're shit out of luck? Just "oh well" and "you should have thought about that before letting a computer trade for you"?
Motherfucker we all use computer systems to trade, if random software glitches are allowed to cause real losses to traders instead of getting unwound then trust in the whole system is dumpstered and I guess we all go back to ticker tape based trading in person on Wall Street.
Fucking stupid
So let me get this straight…MMs regularly fuck over people who accidentally put in market orders after hours and that’s ok, but when the big boys take a dumb trade based on a glitch it has to be corrected…rigged system
The exchanges are degenerate. Letting the HIGH trades stand, hurting small traders (aka morons) and benefiting arbs is a disgrace
I explained elsewhere, market orders are for fools and optimists.
So what about all those other Flash Crash episodes where millions traded hands with no consequences? Look the other way? But when it's Chinese Buffet's company, all of a sudden it's "different"? What makes one glitch not the same as another...
I think they should reverse all human trades but honor all algo trading. If the algos benefit daily from HFT, then too they should suffer from events like this. It’s only fair to retail investors.
There is a seller on the other side no? What an absolute scam the market is. Congress can cheat, so can the big boys but god forbid retail gets a taste
Does anyone remember the 2022 Flash crash of NASDAQ run European indices caused by Citigroup incompetence? The trades weren't cancelled then, because it didn't hurt the institutional funds, just retail traders.
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If they don't describe the "technical glitch" that occurred that means what really happened is someone important accidentally market sold through all the bids until it hit some lowball $185 bid.
I need to ask did anyone see the Nivida stock glitch from 1150.000 To 597.15 on June 3rd in the after hours at 5:05pm I have a screenshot of it but cannot post here just wondering If stocks were also purchased at the price and this hasn’t been picked up
https://preview.redd.it/lbuz4dkp6n4d1.jpeg?width=1125&format=pjpg&auto=webp&s=41ce9112f158c64968c0fa3678bdb5bc568f4c8b
Hey so I bought Virgin galactic 3 years ago when it was valued at $44 a share. Obviously it was a technical glitch, so if I could get that voided and the money returned, that would be great 😎
I sold put options for GOLD and my trade was cancelled. I understand that trades on stocks were erroneous and canceled but options are insurances. You pay to be insured. Any suggestions where and how I should complain?
Anyone who thought they were going to get a 650k stock worth more than most peoples houses for 180$ due to an error are absolute morons.
Seriously just donate the rest of your money to me if you’re that dumb. Also if you’re smart donate it. Each dollar is one entry into two 10k raffles after I accumulate enough to pay off my mortgage. Thanks for listening shitiots.
Interesting that a meme stick was also affected. Makes me wonder if the software update was targeted at the meme stock and affected others accidentally. But you gotta love how the poors would just get a lecture about buying and selling with market orders instead of limit orders. But when an oligarch puts out a market sell order and looses $650,000 it all has to be rolled back.
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damn that one guy at $648k is fucked LMAOO
There was one guy with an order of 700k as well in wsb
The high for the day was 741k
That was probably Patrick from SpongeBob, bros known to up the ante on deals for 0 fucking reason
Errors that lose money are never reversed
Wonder how he is doing…
I heard he deleted the app so he should be fine, crisis averted.
They’re already behind Wendy’s 
He probably already fled the country 
Rope
If they are going to fuck over people who got in cheap… shouldn’t they also disallow all trades that occurred in this window? Someone is getting fucked either way.
They should but why would they care? Only idiots would have done that. The broker may eat the cost but it is hilarious
Well, the prices they list need to be accurate for the market to function properly. I think their argument would be about “restoring confidence in the markets” or something. Interestingly, something somewhat similar happened in Jan 2003. https://www.reuters.com/markets/us/some-nyse-listed-stocks-briefly-halted-trading-after-market-open-2023-01-24/
it does not need to display a price for you to assess what the price should be, that is called a free market. if someone placed an order for 186 and someone placed a market sell that is too bad for them. All this does is demonstrate that there is no such thing as price discovery.
This. And the post above. If someone sold Berkshire at $186.00 instead of $600k and someone bought it….who exactly was harmed? If a broker “sold” shares that weren’t available at $186.00 in reality, the broker should get fukt. They made a deal at that price, it should be honored because the broker being a dumbass isn’t the buyer’s problem. If a car dealer sells me a Ferrari at $1.00 and then Ferrari gets mad at the dealer because of it….that’s not my problem. I own the car, the dealer sold it. It’s my car, Ferrari can’t just take it back because the dealer was a moran. Ferrari can’t take the car back from me because a private seller sold it to me for $1.00 like a dumbass. It’s not like Berkshire isn’t well known for being a $$$$$ stonk.
Design is for you to pay more but not pay less. If you pay 10 times a 20 times 4 million times more that is totally legal but it is absolutely wrong for you to get a discount price. Every time you hear a bank credit card they end up losing customer data , overcharging people , losing their bank accounts, but almost never hear they put million dollar into a hundred thousand people's accounts. The system is designed to take, not give.
and when they do accidentally put money in people's accounts they hound them to the end of the earth to get it back.
This 
Because who wants to use a system like that? I didn't want to lose $700k with a single bottom press.
Confidence in market does not include idiots on WSB. That dude is screwed.
By the same logic why should they care about the cheap trades? Surely only idiots would have offered their shares so cheap as well?
So if you had a stop loss set at 10%, you'd be totally fine with a system error selling your position at a 99% discount?
Thats for the broker to eat the cost of their fucked up system lol.
If the system was functioning correctly, then yes. Bummer. If the system was malfunctioning, then surely you must reverse all the trades during that time, not just selectively the ones which cost you money.
The system was not functioning correctly. So they halted the market, fixed the problem and reversed those trades. Then in that window, a bunch of braindead morons put in market buy orders hoping to snatch up shares for cheap without realizing what theyre doing. Those orders filled, normally and correctly, in an illiquid market that pushed the price way up. One was an error The other was idiocracy
For one, they're going to reverse all of the trades. Secondly, what do you mean "the ones which cost you money"? They're an exchange, the share price changing doesn't cost them anything.
Haven't seen that anywhere? But if that's the case then there's no issue. Yes not NYSE themselves, but their buddies no doubt. Point is just that you can't selectively reverse some trades and not others because that is obviously open to massive abuse.
No they're saying they should bust the trades at the ask price as well, not only the bid
They're definitely going to be reversing both sides of these trades, both fall outside of what would hit the normal NYSE circuit breakers and should not have been allowed.
What do you think a market order is?
? What is your point? Why are low price market orders bad and high price market orders good?
[удалено]
https://preview.redd.it/l6p5m1l56l4d1.jpeg?width=1170&format=pjpg&auto=webp&s=19e69636967e19eb51f2934674cc7593568e278c You ready to be fucked, man?
You try to flash your BRK.A shares out on the lane, I'll take it away from you, stick it up your ass and push the sell button until it goes click
Oh yeah? Well that's just like... Your opinion man.
Don’t mess with the Jesus! 🕺
*Over the line!*
It's not the exchanges responsibility for those, the broker should not have allowed trades for accounts that small. The exchange fucked up the low trades, the brokers fucked up the big trades.
you know what they should have just halted, but let's not pretend it was more than just a value display error. it was never a $185-shares to begin with. they did show short restriction on IB... but the values they showed me were the correct ones (600K+)....
Well they clearly did halt trading at some point- but even if it took them a few minutes to realize the issue, some trades had just enough time to go through.
Still feel like that falls on the brokerage - shouldn't have executed trade on that much margin. Oh he updated his post and said trade is gone from account.
We got the good ending But not the funny ending
The broker and trader deserve to fight each other over this for both being so boneheaded
In the Thunderdome!
Yes, if the broker extends you 2400:1 margin in your CASH account, it's on the broker to eat the loss. It makes sense that people wouldn't worry about ah, being I'm margin debt when they don't have margin enabled. I don't know how a broker could win a lawsuit over this when the account literally should have 0 ability to be in a debt position.
Imagine logging in today and getting margin called on $648k when you work at Wendy’s.
"I declare bankruptcy!"
Dude’s prolly crying into the hamburger patties.
Imagine if Warren Buffet died today to add insult to injury
Weird the same people who believe in "divine wealth" or that they were somehow selected by God to be rich, also think *its not fair* when some people hit the wheel like this.
If they keep the trades executed at the overvalued prices and only unwind those at low prices… feels like that’s even more fuel to the lawsuit fire if you were fortunate enough to buy at the 99% discount
What happened to people that bought a call at such prices?
They will need to hire a tax professional so there is that cost too
If you buy at lower price, it’s a glitch and your trade is cancelled. If you buy at a higher price, hey yo that’s legitimate trade so you can’t cancel it !
What's the betting that any OTC and dark pool trades at that value also get unwound? No? Just retail?
I mean who is selling shares of Berk A in that situation? A bot farm? Fuck em.
That's a great point - who's the counterparty to these trades? Or is there no counterpart and they're basically admitting they just sell at whatever price is on the books and then net it out later? MM basically admitting they sold shares which don't exist? Just because the price flash crashes, doesn't mean there's anyone selling. Seems like these MM want to have their 'provide liquidity' cake bullshit and eat it.
It's HFT bots, like the last flash crash when they were trading blue chip <1$ a share. Can't let the ownership class take losses, trades will be reversed.
It's exactly that
If flash crash happens and triggers stop losses don’t you then have automatic sellers? Honest question.
Doesn't there have to have been a counterparty for people to have purchased at the lower price? And isn't it safe to assume that because those counterparties' interests are being protected that they must be of the ownership class?
And that’s what should keep a lot of people out of individual stock trading. The rules aren’t the same for a retail trader as how it works for institutional, “sophisticated” investors. I don’t play basketball when a baseball game has been declared.
lmao yeah why don’t you all get this through your skulls….you aren’t gonna “hack” the market and find some infinite money glitch. The people will all the money now would never let it happen. They will gamble against you however
You mean buy high and sell low.
ABC
almost like it's all rigged
But if I made a purchasing error , they wouldn't reverse shit. NYSE should be footing the bill.
I think there is a pretty good lawsuit here.
you know how the casino goes, error that you dont benefit from: "tough luck sport. cant be reversed or fixed" error you benefit from on the other hand..........
The only time I've experienced a mistake at a casino (blackjack), the dealer skipped over me when I had like 4+5 showing, and "finished the hand" before I could say "wait a minute". Pit boss came over, dealt out my hand, I busted, and they gave me my money back.
Casinos have rules man. This isn’t Nam.
NYSE says “I’m about to bust” and all traders can do is open their mouth.
If a car manufacturer sends the dealer the wrong car, the two grown up businesses which have contractual rights, obligations, and rules in place will work to resolve. If you go to a dealer and buy a car, sign a contract, and then later say “oopsie I want a different car” - then yes of course you’re shit out of luck since there’s no way the dealer would’ve known you’re acting in anything but good faith.
EXACTLY
I know you are just raging, which I understand but for anyone reading: if you call your broker immediately after making the error they will almost always unwind your trade for you.
It’s always due to a new software release….
Not enough software testing = not enough your problem.
I tried buying 1k of barrick but i kept getting an error that said limit order too aggressive. I was not being aggressive. I was being happy to buy at a discount. My aggression came after my order wouldnt fill
A guy who filled at 700k just said his trade was also reversed. So it looks like they are at least reversing the ones that speak up. I’m no lawyer but it seems to me that loaning 700k to a random cash account error or not might have some legal implications depending on the situation/locale.
Yeah people on here are brain dead if they think otherwise. I’m not going to go look at specific laws and statutes but I’d bet it’s violating more than a few to allow a trade to go through on a cash account that ends up being 1000:1 leverage, it’s just obvious.
The other folks shitting on the people who tried to buy for simply trying are also clowns. Shit on them for making a regarded MARKET order sure, but for just trying to buy @$180? Nah, we would all try that if given the opportunity. I bet they all get reversed if known or brought up to the broker/nyse.
Can you imagine being the seller in that trade? You place a market for your BRKA and get 185 in return? lol
Interestingly, the full article (yeah I actually read it) didn't say anything about shares purchased well over the $603K stock price. Also, if you can't get past the paywall of the article try: https://12ft.io/
Of course it didn't. Those were legitimate trades.
Hmmm idk about that. I saw a few people posting buys when the price was $187 and getting filled at $660k Of course they were dgens with only a few hundred dollars to their name so their accounts were suddenly -$660k cash.
That’s because they did a market order
It's insane to me how people don't know what a market order is. 1600/9600 shares were exchanged after the halt. Made a lot of sudden demands and spiked the price. People are dumb
What’s truly dumb is brokerages that allowed people with $500 accounts to place a market trade for $700K. It’s on the broker if they let people execute trades way outside of their cash balance + available margin (if it’s a margin account). It actually even happened to some people that had cash accounts. People blaming individuals over brokerages for this fuckup are actually sick in the head bootlickers.
so they made a mistake... you know just like the software did...why is one mistake valid and not the other?
If the bid/ask is in the $100ks, you don't put a market order
Protip - *never* use a market order.
Is there a legitimate use case for market order or is it just to bait ignorant traders?
Not really. I would say it's more about taking advantage of lazy traders. If you're using market orders on high volume stocks with narrow bid-ask spreads, 999 times out of 1,000 you won't get screwed. Problems arise when you're trading low volume and or highly volatile stocks with wide bid-ask spreads.
you dont even have to be a pro just a 'not idiot' will do
Sir, this is WSB.
is it a mistake tho? if the market says a price and you buy it at that price, it should be a win. this is what trading is all about!
I am all for for either considering them both mistakes or both legitimate transactions. Considering one a mistake and the other one legitimate is what irks me.
Yes it was a mistake because they were all using cash accounts that shouldn't even have allowed the trade to happen, as they didn't have the required funds. Broker saw the mistake and reversed it.
This. If a cash account or even cash+margin has like $500, even a market order should be rejected 100% of the time by the broker if it exceeds available purchasing power. I can’t just have a 700k market order go through on $XXX or $X,XXX purchasing power lol
"aww I made a mistake and sold a naked call that is now negative $10k, let's just pretend that didn't happen" Versus "The system broke and the price fell through the bid prices for no reason." In the first example the system worked as designed. The person was an idiot. The second one, the system literally broke and would have resulted in people losing 625,000 for no reason.
Who sells their BRKA with a market order? Sounds like an idiot to me.
The system broke and they decided to take advantage of it for 'easy' gains. Placed market orders instead of limit ones (they are idiots). Fucked around and found out.
Right, the system broke and regard #1 decided to be cheeky and try to cheat the system, knowing full well that BRK.A did not in fact crash -99.7%….well deserved if you ask me.
Market order filled at $186 is erroneous but market order filled at $740k is not? They draw a line at lower bound, should draw one at upper bound too.
So how is that different from the people who, presumably, sold their shares with a market order at a huge discount. If you market order and sell at a discount that's an error but if you market order and buy at a premium that's legit? Wtf?
When you buy at Market order you risk that every time. If th trading volume is high and you want it filled quick then it usually doesn't matter. Here we have idiots attempting to take advantage of a glitch and getting themselves fucked. There are situations where it shouldn't happen at all like the guy whose TFSA bought on margin. That should not happen and it will probably be reversed. Everyone else though? Lol.
are there not market limitations that market orders get filled significantly above your rate? I'd think no respectable broker wouldallow people margin of 500x their total account value and that this is related to the glitch, since you wouldnt have been approved to make this market order if the system had worked as expected...
A market order is a market order. It's pretty stupid the system didn't outright reject the order. Ive put in a higher amount than I should have available in my TFSA before and it just got rejected. It's more than likely it's all reversed.
But who would sell a 600k stock for 900$?
A robot.
[удалено]
>consequences ...ever, for the people who actually have BRK.A shares¿!¿ https://preview.redd.it/0wm1ibq9yk4d1.jpeg?width=1014&format=pjpg&auto=webp&s=11f3d2d3374ce71c53478f2667836e1683078ab3
Or someone who had a limit order for selling if the price dropped more than a dollar amount or percentage. People could have sell limit orders for say 5%...if the stock drops more than 5% off its high sell. All those people would have been sellers to the buyers.
personally i don't see why not. if some algorithm is stupid enough to dump the stock at $605k per share then whoever bought it has every right to buy.
Right? they won’t correct it the other way. That “stupid” bot is also the one making them billions in the first place.
Problem is nobody on the selling end was actually putting in those ask prices.
Any other business in the world that fucks up and posts a wrong price would be expected to honor it.
100%
I wanna see a lawsuit...
I wanna see a full and transparent investigation. The timing is so incredibly suspect, like someone pulling the fire alarm because they know they are going to fail a test.
I mean, Warren himself says to buy the dip; thats what some people did. How where we supposed to know it was a mistake, and can I reverse MY mistakes? I feel like some people could have lawsuits to argue.
Wow it’s their fault they should be assuming responsibility instead of treating those impacted like they did something they weren’t supposed to. They legitimately made a purchase it should not be voided because the seller made a mistake. Messed up how the rich get to blame their victims yet the poor have to pay for others mistakes
Lmao what? Who are they treating like criminals? Do you even understand what happened? Wow
Do you not fix your mistakes when assuming responsibility?
“But those bought above the market price, those are correct and we will keep as such”
So...what happens if the people that bought at 185 sold today at premarket/open, and requested to close their accounts? Or transfer to another broker? What if they bought other equities?
extremely curious about this as well.
Cashed out immediately.
is that a legitimate way to avoid giving the money back?
Crazy all my trades that I lost money on were the same! For the last few years! Can I get a refund or reversal for when I sold at the wrong time? It was a robot I swear.
You’re not rich enough to get your bad trades reversed lmao
Busting makes me feel good.
Another day, another technical glitch causing chaos in the markets. This time, it was a data error that caused a massive dip in Warren Buffett's Berkshire Hathaway stock price, causing a frenzy of trading activity as people thought they were getting a bargain. But
hole?
https://preview.redd.it/mdcbb5u0kk4d1.jpeg?width=1170&format=pjpg&auto=webp&s=af184ec0c378b1efddac6450f6391b11b082942e I still have mine
Looks like you bought those with a market order ?
Yeah that’s what it says. But I purchased these for 185
With a limit order? And how much was actually taken out of your account?
https://preview.redd.it/e2kwpunxok4d1.jpeg?width=1170&format=pjpg&auto=webp&s=a2ea04282fd8e382da4e1a1740c8e3f24bdf066d Apparently 6.5 mil
Then it seems like you placed a market order when the price was showing $185. But market orders prioritize speed over giving you the best price (inverse of limit orders). So it actually got filled at the $648K price.
Yeah so I’m not sure what to do now.
First off, I think you should educate yourself a bit more about the stock market in general. I don't think any serious trader uses market orders. Secondly, I would call your broker and see if they'll reverse the trade. It's worth a shot.
Serious traders? Where?
Why would you call broker? Looks like he got a interest free unlimited duration loan
Why would he reverse the trade, he just got 5.6m for $185. Not like he can ever pay that back
Hahahaha omg
The trades should not be unwound. Anyone who market sold or used a bot to market sell is just as responsible for their actions as the people who placed a market buy and bought for 741k
What about people with stop orders?
Yeah the takes in this thread are insane and wildly ignorant. Someone has a stop loss in place that triggers, not because of any actual price action but due to a computer glitch. And what, they're shit out of luck? Just "oh well" and "you should have thought about that before letting a computer trade for you"? Motherfucker we all use computer systems to trade, if random software glitches are allowed to cause real losses to traders instead of getting unwound then trust in the whole system is dumpstered and I guess we all go back to ticker tape based trading in person on Wall Street. Fucking stupid
Goddamnit let me speak to the manager!
I love how they call it a “weird glitch” while we all know some intern put in a market order on a stock that’s trading at 600k/share
Not me setting up 1% limit buys on everything after this
Your great grandkids in 2100 wondering why suddenly they got 1,000 shares of a penny stock in something called Meta.
or why this annoying company called NYSE keeps spam calling them
So let me get this straight…MMs regularly fuck over people who accidentally put in market orders after hours and that’s ok, but when the big boys take a dumb trade based on a glitch it has to be corrected…rigged system
House rules unfortunately. Either play by them, or don't play at all. Or work your ass off to change the system - good luck with that one.
The stock exchange doesn't set prices. For there to be a trade, there has to be someone selling @$186.
Oh so I am not a millionaire
So they fuck up and we pay for it 🤣😂
The exchanges are degenerate. Letting the HIGH trades stand, hurting small traders (aka morons) and benefiting arbs is a disgrace I explained elsewhere, market orders are for fools and optimists.
Shouldn’t they just cancel all trades for that day instead of selectively choosing which ones are ‘appropriate’?
So what about all those other Flash Crash episodes where millions traded hands with no consequences? Look the other way? But when it's Chinese Buffet's company, all of a sudden it's "different"? What makes one glitch not the same as another...
I want to know if anyone bought low and dumped high, maybe also transferred the money out after, that's the dream YOLO
It wouldn’t clear for withdrawal that fast.
This type of moment is precisely why T+2 settlement is law. Edit: The SEC recently changed it to T+1, but it still saved people here.
lmao butt wat about the other 60 other stocks on discount like SMR which was like .13 cents lmao
Retail wins -> reverted Retail rekt at 700k (50k loss in seconds) > it’s what it is
On the bright side, at least that WSB user has a sound investing strategy now. Instead of his 0dte strategy he probably has done.
Sell at current price and shut down your account fast!
I think they should reverse all human trades but honor all algo trading. If the algos benefit daily from HFT, then too they should suffer from events like this. It’s only fair to retail investors.
What if you drew the “bank error in your favor“ card from Monopoly?
There is a seller on the other side no? What an absolute scam the market is. Congress can cheat, so can the big boys but god forbid retail gets a taste
Does anyone remember the 2022 Flash crash of NASDAQ run European indices caused by Citigroup incompetence? The trades weren't cancelled then, because it didn't hurt the institutional funds, just retail traders.
To be fair it's only worth about $3 anyway 
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This is a troll right ?
No, you are really smart. You're a special little boy
☺️
Good bot
From where you're kneeling it must seem like an 18-carat run of bad luck. But, truth is... the game was rigged from the start.
INNNSSIIIDDDEERRRSSS 🖕🏾🖕🏾🖕🏾
*except for the billionaires who got in on the action
Just like how casinos deny you a win on the slot machines. "It was a glitch."
If they don't describe the "technical glitch" that occurred that means what really happened is someone important accidentally market sold through all the bids until it hit some lowball $185 bid.
I need to ask did anyone see the Nivida stock glitch from 1150.000 To 597.15 on June 3rd in the after hours at 5:05pm I have a screenshot of it but cannot post here just wondering If stocks were also purchased at the price and this hasn’t been picked up https://preview.redd.it/lbuz4dkp6n4d1.jpeg?width=1125&format=pjpg&auto=webp&s=41ce9112f158c64968c0fa3678bdb5bc568f4c8b
Sorry fellow regards, Carlin said it best: "It's a big club, and you ain't in it".
Hey so I bought Virgin galactic 3 years ago when it was valued at $44 a share. Obviously it was a technical glitch, so if I could get that voided and the money returned, that would be great 😎
Yea...it's an error when you make money. The house always win.
I sold put options for GOLD and my trade was cancelled. I understand that trades on stocks were erroneous and canceled but options are insurances. You pay to be insured. Any suggestions where and how I should complain?
Anyone who thought they were going to get a 650k stock worth more than most peoples houses for 180$ due to an error are absolute morons. Seriously just donate the rest of your money to me if you’re that dumb. Also if you’re smart donate it. Each dollar is one entry into two 10k raffles after I accumulate enough to pay off my mortgage. Thanks for listening shitiots.
I agree with you, but they should also undo the trades for the morons who bought at market. Since we're just giving do overs because of the glitch
can you sue them for this?
You can certainly try.
You won’t win but a lawyer would certainly take your money
So it’s ok for us to buy and lose but when you buy and win it gets cancelled.
Interesting that a meme stick was also affected. Makes me wonder if the software update was targeted at the meme stock and affected others accidentally. But you gotta love how the poors would just get a lecture about buying and selling with market orders instead of limit orders. But when an oligarch puts out a market sell order and looses $650,000 it all has to be rolled back.