“At around 1:45 pm EST today (Thursday) Apple (AAPL) experienced a mini-flash crash where the stock briefly went into complete free-fall before immediately recovering half of its losses,” Andy Zaky reports via Seeking Alpha. “From high to low, the stock lost $10 in 20 minutes and saw big gap downs from $352.50 to $348.00 ($4.50) over a 1-2 minute period of time.”
“I watched the May flash crash live and can attest that this sell-off was extraordinarily similar in nature to the May sell-off,” Zaky reports. “My initial reaction to this disorderly sell-off was that Steve Jobs must have gotten hit by a bus without a stock halt. Later it was discovered that the selling pressure was attributed to reports of thin crowds in Verizon (VZ) stores during the iPhone launch.”
Zaky reports, “Yet, whatever the reason for sell-off I can attest that the sell-pressure was entirely disorderly. It seems that we still have issues with specialists being unable to keep things afloat ahead of huge orders in the market. The volume spike was enormous as millions upon millions of shares were sold in the scope of 15 minutes.”
Read more in the full article here.
MacDailyNews Take: Somebody made some cash today and something’s still broken, SEC.
[Thanks to MacDailyNews reader “Fred Mertz” for the heads up.]