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Author Topic: APPL market depth  (Read 1306 times)
proudhon
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March 24, 2012, 03:40:53 PM
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WTF?  An errant 100 share sell-off causes the price to fall 9%?  I assumed the market would be a lot deeper than that.  Am I missing something here?  If I were holding a bunch of APPL right now I'd be a little nervous.
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March 24, 2012, 08:23:26 PM
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WTF?  An errant 100 share sell-off causes the price to fall 9%?  I assumed the market would be a lot deeper than that.  Am I missing something here?  If I were holding a bunch of APPL right now I'd be a little nervous.

presumably there was an internally matched bid on BATS system, which would then have been announced externally?

If so kudos to the owner whose AAPL shares value have increased by 5000$.

http://www.appleinsider.com/articles/12/03/23/sudden_9_drop_in_apple_stock_triggers_temporary_trading_halt.html
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Update: The culprit of the AAPL stock price drop has been linked to volatility caused by three erroneous trades from BATS' systems. BATS Global Markets Chief Executive Joe Ratterman announced that he was withdrawing his company's IPO after Friday's fiasco. The original price for the 6.3 million share IPO was set between $16 and $18 a share, but the stock ended the day down 99.76 percent to finish at $0.04. Apple shares leveled out and finished the trading day at $596.05, down 0.55 percent.

Well, confidence in that has dropped...



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Phinnaeus Gage
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March 24, 2012, 10:53:49 PM
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When I first read that article, Mt. Bats came to mind.
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March 25, 2012, 12:37:44 AM
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WTF?  An errant 100 share sell-off causes the price to fall 9%?  I assumed the market would be a lot deeper than that.  Am I missing something here?  If I were holding a bunch of APPL right now I'd be a little nervous.

presumably there was an internally matched bid on BATS system, which would then have been announced externally?

If so kudos to the owner whose AAPL shares value have increased by 5000$.
The trades were reversed.

Quote
http://www.appleinsider.com/articles/12/03/23/sudden_9_drop_in_apple_stock_triggers_temporary_trading_halt.html
Quote
Update: The culprit of the AAPL stock price drop has been linked to volatility caused by three erroneous trades from BATS' systems. BATS Global Markets Chief Executive Joe Ratterman announced that he was withdrawing his company's IPO after Friday's fiasco. The original price for the 6.3 million share IPO was set between $16 and $18 a share, but the stock ended the day down 99.76 percent to finish at $0.04. Apple shares leveled out and finished the trading day at $596.05, down 0.55 percent.


Forum thread at macrumors with some traders opinions
http://forums.macrumors.com/showthread.php?t=1347376

nanex research report with BATS and AAPL
http://www.nanex.net/aqck/2970.html   http://www.nanex.net/aqck/3077.html

http://www.nanex.net/FlashCrash/OngoingResearch.html

So in essence, BATS went insane, and took itself with it. AAPL didn't even notice and carried on.


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