The long awaited report by the S.E.C , NYSE et al about the May 6 "flash crash"was published today. It didn't answer the burning question,"What started the selling"? Instead they gave a broad description of everything else that happened. Not what caused the sequence of events. Why do we pay these people?
They didn't even mention the erroneous price trade of Dow component Proctor & Gamble. I believe that the 30 point price error in P&G stock started the panic. It's like yelling fire in a crowded theater. A 30 point decline in P&G equals app. minus 200 Dow points. So when the Dow signaled an instant drop of 200 points most of the day trading herd headed for the exits.
I have one question. How and who put that bum priced P&G trade into the system? Was it China? Was it a hedge fund who was short?